Funding arb · Price arb /

ZEC

all ZEC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC−0.0093%/8h= −10.2% APRpaid last 24h −0.049%

Price spread now: Orderly against Phoenix−0.018%7-day average −0.086% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Phoenix Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 7 days−0.693%−$69 on $10k

Price spread, last 3 days (all we have)+0.373%+$37 · spread now −0.018%, 7d avg −0.086%

Together, before fees−0.321%−$32 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Orderly is 0.068% dearer against Phoenix than usual: you sell high and buy low (spread −0.018% now, against its 7-day average of −0.086%): +$7 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 2.4 days. At the pace of the last 7 days (−0.693% in total) that is about 16 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix ZEC	1,452.8	0.0103	pay 0.0013% / 1h	44m 40s	$4.6M	$1.6M	10x
Short	Orderly PERP_ZEC_USDC	1,452.6	0.0010	get 0.0010% / 8h	2h 44m	$291K	$1.5M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly against Phoenix. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee PhoenixbpFee OrderlybpOrdersPrice spread, now −0.018%Rate

Funding earned: −$19.53
Price spread: −0.018% → −0.086%: $6.8
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$25.73
Costs to cover: 0.130%
Break-even: never at this rate

Slippage unknown: Phoenix: live order book, 4 min ago; Orderly: no order-book sample. Net counts fees only.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy Phoenix live order book, 4 min ago	2.27 bp	7.4 bp −$7	16.5 bp −$165	121.9 bp −$12.2K	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

ZEC on 51 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective ZEC/USDC PERP	−0.3476%	1h	1,437.8	−1.035%	$33K	$275K	12x	as long as short
Hotstuff ZEC-PERP	−0.0080%	1h	1,452.6	−0.014%	$6K	$2K	10x	as long as short
Kraken Futures PF_ZECUSD	−0.0072%	1h	1,451.8	−0.069%	$17.6M	$44.3M	25x	as long as short
BloFin ZEC-USDT	−0.0066%	8h	1,451.8	−0.070%	$28.9M	$74.9M	75x	as long as short
Variational Omni ZEC	−0.0019%	8h	1,451.4	−0.100%	$45.7M	$32.0M	—	as long as short
Bybit ZECUSDT	−0.0008%	8h	1,452.8	−0.003%	$269.0M	$675.1M	75x	as long as short
dYdX ZEC-USD	0.0000%	1h	1,451.8	−0.071%	$409K	$106K	5x	as long as short
Kalshi KXZECPERP	0.0000%	8h	1,451.9	−0.063%	$845K	$5.5M	2.2x	as long as short
Perpl ZEC	0.0000%	43m	1,451.3	−0.108%	$82K	$401K	10x	as long as short
gTrade (Gains Network) ZEC/USD	L +0.0007% / S −0.0006%	1h	1,451.9	−0.068%	$5.1M	—	150x	as long as short

Show all 51 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_ZEC_USDCshort	+0.0010%	8h	1,452.6	−0.018%	$291K	$1.5M	20x
Deribit ZEC_USDC-PERPETUAL	+0.0025%	1h	1,453.2	+0.025%	$566K	$1.3M	25x	as long as short
GMX ZEC/USD [WBTC.b-USDC]	L +0.0036% / S +0.0066%	1h	1,451.7	−0.081%	$543K	—	100x	as long as short
OKX ZEC-USDT-SWAP	+0.0044%	8h	1,453.5	+0.045%	$171.8M	$1.36B	50x	as long as short
Aster ZECUSDT	+0.0062%	8h	1,452.8	−0.004%	$15.3M	$35.1M	75x	as long as short
01 Exchange ZECUSD	+0.0064%	1h	1,453.7	+0.060%	$8K	$8K	5x	as long as short
Gate ZEC_USDT	+0.0066%	8h	1,453.1	+0.021%	$49.2M	$185.7M	75x	as long as short
Ondo Perps ZEC-USD.P	+0.0074%	1h	1,449.7	−0.216%	$394K	$517K	5x	as long as short
Katana Perps ZEC-USD	+0.0095%	8h	1,454	+0.083%	$17K	$878K	10x	as long as short
Lighter ZEC	+0.0096%	1h	1,453.6	+0.055%	$18.7M	$53.9M	20x	as long as short
Popdex ZECUSDT	+0.0096%	1h	1,453.6	+0.052%	$177K	$2.0M	50x	as long as short
Paradex ZEC-USD-PERP	+0.0100%	8h	1,453.6	+0.055%	$60K	$37K	10x	as long as short
Nado ZEC-PERP	+0.0100%	1h	1,451.8	−0.075%	$3.0M	$6.8M	10x	as long as short
Hyperliquid ZEC	+0.0100%	1h	1,453.4	+0.039%	$751.6M	$495.1M	10x	as long as short
Pacifica ZEC	+0.0100%	1h	1,453.1	+0.020%	$1.6M	$3.1M	10x	as long as short
Binance ZECUSDT	+0.0100%	8h	1,453.2	+0.021%	$658.9M	$2.53B	75x	as long as short
Bulk ZEC-USD	+0.0100%	1h	1,455	+0.146%	$896K	$37K	10x	as long as short
MEXC ZEC_USDT	+0.0100%	8h	1,453.4	+0.038%	$218.7M	$883.7M	150x	as long as short
KuCoin ZECUSDTM	+0.0100%	8h	1,452.5	−0.021%	$103.7M	$56.9M	75x	as long as short
Bitget ZECUSDT	+0.0100%	8h	1,453.3	+0.030%	$161.9M	$314.0M	75x	as long as short
BingX ZEC-USDC	+0.0100%	8h	1,452.4	−0.028%	—	$6.8M	—	as long as short
Backpack ZEC_USDC_PERP	+0.0100%	1h	1,452.4	−0.030%	$2.3M	$4.1M	15x	as long as short
edgeX ZECUSDC	+0.0100%	4h	1,453.5	+0.049%	$487K	$9.8M	20x	as long as short
GRVT ZEC_USDT_Perp	+0.0100%	8h	1,452.3	−0.038%	$3.0M	$501K	10x	as long as short
ApeX Omni ZECUSDT	+0.0100%	1h	1,452.2	−0.042%	$706K	$606K	50x	as long as short
StandX ZEC-USD	+0.0100%	1h	1,452.4	−0.030%	$109K	$4.8M	30x	as long as short
Polymarket Perps ZEC-USD	+0.0100%	1h	1,451.2	−0.113%	$298K	$2.0M	10x	as long as short
Bullet ZEC-USD	+0.0100%	1h	1,451.6	−0.086%	$126K	$161K	20x	as long as short
Derive ZEC-PERP	+0.0100%	1h	1,451.3	−0.108%	$441K	$493K	6.7x	as long as short
SunX ZEC-USDT	+0.0100%	8h	1,454.4	+0.104%	$3K	$1.3M	20x	as long as short
SoDEX ZEC-USD	+0.0100%	1h	1,452.1	−0.054%	$219K	$4.7M	10x	as long as short
HTX ZEC-USDT	+0.0100%	8h	1,452.5	−0.023%	$2.4M	$24.9M	75x	as long as short
Phemex ZECUSDT	+0.0100%	8h	1,451.6	−0.085%	$3.7M	$5.4M	50x	as long as short
Phoenix ZEClong	+0.0103%	1h	1,452.8	long leg	$4.6M	$1.6M	10x
Aevo ZEC-PERP	+0.0104%	1h	1,452.7	−0.009%	$36K	$362K	20x	as long as short
Extended ZEC-USD	+0.0192%	1h	1,453.6	+0.049%	$3.3M	$7.0M	10x	as long as short
RISEx ZEC/USDC	+0.0219%	1h	1,454.1	+0.087%	$863K	$2.5M	10x	as long as short
Coinbase International ZEC-PERP-INTX	+0.0440%	1h	1,454.1	+0.087%	$3.7M	$11.5M	50x	as long as short
Aftermath Perps ZECUSD	+0.0451%	1h	1,453.2	+0.025%	$39K	$32K	10x	as long as short
Arcus ZEC-USD	+0.0518%	1h	1,455.3	+0.172%	$755K	$7.8M	10x	as long as short
Lighter RH ZEC	+0.0736%	1h	1,455.2	+0.160%	$1.9M	$8.4M	10x	as long as short