Funding arb · Price arb /

ZEC

all ZEC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0096%/8h= −10.5% APRpaid last 24h −0.028%

Price spread now: Kalshi against Popdex+0.054%7-day average +0.029% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$29as in the Price arb table

costs, in and out, $10k−$320.319% of the position

Long on Popdex Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.103%−$10 on $10k

Price spread, last 7 days−0.129%−$13 · spread now +0.054%, 7d avg +0.029%

Together, before fees−0.232%−$23 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Kalshi is 0.025% dearer against Popdex than usual: you sell high and buy low (spread +0.054% now, against its 7-day average of +0.029%): +$3 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 21 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Popdex ZECUSDT	1,470.2	0.0096	pay 0.0012% / 1h	35m 18s	$174K	$1.6M	50x
Short	Kalshi KXZECPERP	1,471	0	get 0.0000% / 8h	6h 35m	$1.5M	$4.4M	2.2x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against Popdex. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

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 PopdexbpFee KalshibpOrdersPrice spread, now +0.054%Rate

Funding earned: −$20.16
Price spread: +0.054% → +0.029%: $2.52
Slippage, 4 orders: −$15.47
Fee Popdex: 3.2 bp × 2 orders: −$6.4
Fee Kalshi: 5 bp × 2 orders: −$10
Net: −$49.52
Costs to cover: 0.319%
Break-even: never at this rate

Slippage from Popdex: live order book, 4 min ago; Kalshi: live order book, 3 min ago.

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 Popdex live order book, 4 min ago	0.48 bp	4.2 bp −$4	8.8 bp −$88	doesn't fit	doesn't fit
Sell Kalshi live order book, 3 min ago	6.57 bp	11.6 bp −$12	17.0 bp −$170	doesn't fit	doesn't fit

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	−0.3243%	1h	1,471	+0.054%	$34K	$272K	12x	as long as short
Hotstuff ZEC-PERP	−0.0080%	1h	1,470.5	+0.018%	$6K	$1K	10x	as long as short
BloFin ZEC-USDT	−0.0080%	8h	1,469.8	−0.026%	$29.8M	$71.1M	75x	as long as short
dYdX ZEC-USD	0.0000%	1h	1,470.3	+0.011%	$409K	$37K	5x	as long as short
Kalshi KXZECPERPshort	0.0000%	8h	1,471	+0.054%	$1.5M	$4.4M	2.2x
Perpl ZEC	0.0000%	43m	1,469.7	−0.034%	$84K	$239K	10x	as long as short
Deribit ZEC_USDC-PERPETUAL	0.0000%	1h	1,470.2	0.000%	$619K	$1.3M	25x	as long as short
gTrade (Gains Network) ZEC/USD	L +0.0007% / S −0.0007%	1h	1,469.8	−0.024%	$5.2M	—	150x	as long as short
01 Exchange ZECUSD	+0.0056%	1h	1,470.5	+0.021%	$8K	$7K	5x	as long as short
Orderly PERP_ZEC_USDC	+0.0062%	8h	1,469.8	−0.028%	$294K	$902K	20x	as long as short

Show all 51 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit ZECUSDT	+0.0089%	8h	1,469.3	−0.063%	$261.4M	$589.6M	75x	as long as short
Phoenix ZEC	+0.0092%	1h	1,466.5	−0.251%	$4.7M	$1.3M	10x	as long as short
Popdex ZECUSDTlong	+0.0096%	1h	1,470.2	long leg	$174K	$1.6M	50x
GMX ZEC/USD [WBTC.b-USDC]	L +0.0096% / S −0.0050%	1h	1,469.5	−0.046%	$438K	—	100x	as long as short
Katana Perps ZEC-USD	+0.0100%	8h	1,469.8	−0.027%	$13K	$812K	10x	as long as short
Paradex ZEC-USD-PERP	+0.0100%	8h	1,470.3	+0.009%	$61K	$43K	10x	as long as short
Nado ZEC-PERP	+0.0100%	1h	1,470.7	+0.036%	$2.9M	$6.3M	10x	as long as short
Hyperliquid ZEC	+0.0100%	1h	1,470.9	+0.049%	$765.9M	$418.7M	10x	as long as short
Aster ZECUSDT	+0.0100%	8h	1,470	−0.016%	$14.4M	$28.0M	75x	as long as short
Pacifica ZEC	+0.0100%	1h	1,470.5	+0.019%	$1.7M	$2.4M	10x	as long as short
Binance ZECUSDT	+0.0100%	8h	1,469.7	−0.030%	$678.2M	$2.16B	75x	as long as short
OKX ZEC-USDT-SWAP	+0.0100%	8h	1,469	−0.080%	$178.5M	$1.21B	50x	as long as short
Ondo Perps ZEC-USD.P	+0.0100%	1h	1,465.3	−0.332%	$399K	$430K	5x	as long as short
Bulk ZEC-USD	+0.0100%	1h	1,462.7	−0.510%	$884K	$17K	10x	as long as short
Gate ZEC_USDT	+0.0100%	8h	1,469.9	−0.018%	$53.2M	$170.9M	75x	as long as short
MEXC ZEC_USDT	+0.0100%	8h	1,469.9	−0.020%	$222.6M	$760.9M	150x	as long as short
KuCoin ZECUSDTM	+0.0100%	8h	1,470.2	+0.001%	$103.3M	$52.8M	75x	as long as short
Bitget ZECUSDT	+0.0100%	8h	1,469.8	−0.027%	$166.3M	$267.5M	75x	as long as short
BingX ZEC-USDC	+0.0100%	8h	1,469.4	−0.056%	—	$6.7M	—	as long as short
Variational Omni ZEC	+0.0100%	8h	1,470.5	+0.024%	$48.2M	$32.4M	—	as long as short
edgeX ZECUSDC	+0.0100%	4h	1,468.1	−0.145%	$573K	$8.5M	20x	as long as short
GRVT ZEC_USDT_Perp	+0.0100%	8h	1,469.8	−0.028%	$3.0M	$467K	10x	as long as short
ApeX Omni ZECUSDT	+0.0100%	1h	1,469	−0.084%	$406K	$926K	50x	as long as short
StandX ZEC-USD	+0.0100%	1h	1,468.7	−0.103%	$49K	$4.6M	30x	as long as short
Polymarket Perps ZEC-USD	+0.0100%	1h	1,469.7	−0.033%	$360K	$1.7M	10x	as long as short
Bullet ZEC-USD	+0.0100%	1h	1,469.4	−0.051%	$162K	$186K	20x	as long as short
Derive ZEC-PERP	+0.0100%	1h	1,468.6	−0.106%	$448K	$506K	6.7x	as long as short
SunX ZEC-USDT	+0.0100%	8h	1,471.9	+0.114%	$3K	$1.1M	20x	as long as short
SoDEX ZEC-USD	+0.0100%	1h	1,469.7	−0.035%	$235K	$3.2M	10x	as long as short
HTX ZEC-USDT	+0.0100%	8h	1,469	−0.080%	$2.7M	$18.3M	75x	as long as short
Phemex ZECUSDT	+0.0100%	8h	1,470.3	+0.006%	$3.9M	$4.8M	50x	as long as short
Extended ZEC-USD	+0.0104%	1h	1,469.7	−0.032%	$2.8M	$7.8M	10x	as long as short
Aevo ZEC-PERP	+0.0104%	1h	1,469.7	−0.032%	$46K	$152K	20x	as long as short
Lighter RH ZEC	+0.0120%	1h	1,471.1	+0.060%	$2.1M	$7.1M	10x	as long as short
Lighter ZEC	+0.0136%	1h	1,471	+0.059%	$19.5M	$43.9M	20x	as long as short
Kraken Futures PF_ZECUSD	+0.0146%	1h	1,469.6	−0.038%	$18.0M	$45.6M	25x	as long as short
RISEx ZEC/USDC	+0.0154%	1h	1,470.2	+0.004%	$928K	$1.1M	10x	as long as short
Backpack ZEC_USDC_PERP	+0.0331%	1h	1,472.4	+0.152%	$2.4M	$3.7M	15x	as long as short
Coinbase International ZEC-PERP-INTX	+0.0496%	1h	1,473.7	+0.239%	$3.8M	$9.2M	50x	as long as short
Arcus ZEC-USD	+0.0508%	1h	1,471.7	+0.104%	$665K	$8.1M	10x	as long as short
Aftermath Perps ZECUSD	+0.0680%	1h	1,468	−0.150%	$45K	$49K	10x	as long as short