Funding arb · Price arb /

ZEC

all ZEC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h +0.002%

Price spread now: Phemex against Popdex−0.054%7-day average +0.031% · you buy dearer than you sell

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

Net, price: spread back to 7d avg − costs−$58as in the Price arb table

costs, in and out, $10k−$500.497% of the position

Long on Popdex Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.042%−$4 on $10k

Price spread, last 3 days (all we have)+0.305%+$30 · spread now −0.054%, 7d avg +0.031%

Together, before fees+0.263%+$26 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Phemex is 0.086% cheaper against Popdex than usual: you would sell low and buy high, −$9 on $10k if it goes back to its 7-day average of +0.031%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Popdex ZECUSDT	1,471.1	0.0096	pay 0.0012% / 1h	58m 39s	$175K	$1.9M	50x
Short	Phemex ZECUSDT	1,470.3	0.0100	get 0.0100% / 8h	7h 58m	$3.9M	$5.4M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now −0.054%Rate

Funding earned: $0.84
Price spread: −0.054% → +0.031%: −$8.56
Slippage, 4 orders: −$31.29
Fee Popdex: 3.2 bp × 2 orders: −$6.4
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$57.4
Costs to cover: 0.497%
Break-even: 485.3 days

Slippage from Popdex: live order book, 1 min ago; Phemex: live order book, 5 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, 1 min ago	1.67 bp	4.9 bp −$5	9.8 bp −$98	doesn't fit	doesn't fit
Sell Phemex live order book, 5 min ago	3.80 bp	17.2 bp −$17	29.1 bp −$291	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	−0.3321%	1h	1,472.6	+0.098%	$34K	$275K	12x	as long as short
Kraken Futures PF_ZECUSD	−0.0343%	1h	1,470	−0.075%	$17.9M	$43.8M	25x	as long as short
BloFin ZEC-USDT	−0.0101%	8h	1,469.8	−0.092%	$29.6M	$74.5M	75x	as long as short
Hotstuff ZEC-PERP	−0.0080%	1h	1,471.3	+0.013%	$6K	$2K	10x	as long as short
Variational Omni ZEC	−0.0063%	8h	1,469.3	−0.125%	$47.6M	$34.4M	—	as long as short
dYdX ZEC-USD	0.0000%	1h	1,470.4	−0.051%	$414K	$104K	5x	as long as short
Kalshi KXZECPERP	0.0000%	8h	1,471.1	+0.001%	$957K	$5.6M	2.2x	as long as short
Perpl ZEC	0.0000%	43m	1,470.1	−0.070%	$84K	$405K	10x	as long as short
Ondo Perps ZEC-USD.P	+0.0002%	1h	1,470	−0.076%	$399K	$520K	5x	as long as short
gTrade (Gains Network) ZEC/USD	L +0.0007% / S −0.0006%	1h	1,470.2	−0.062%	$5.2M	—	150x	as long as short

Show all 51 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bullet ZEC-USD	+0.0012%	1h	1,469.5	−0.108%	$128K	$159K	20x	as long as short
Orderly PERP_ZEC_USDC	+0.0016%	8h	1,469.7	−0.098%	$294K	$1.4M	20x	as long as short
01 Exchange ZECUSD	+0.0016%	1h	1,471.9	+0.054%	$8K	$8K	5x	as long as short
Polymarket Perps ZEC-USD	+0.0023%	1h	1,469.9	−0.083%	$333K	$1.9M	10x	as long as short
Phoenix ZEC	+0.0024%	1h	1,471.4	+0.018%	$4.7M	$1.6M	10x	as long as short
ApeX Omni ZECUSDT	+0.0028%	1h	1,470.5	−0.044%	$431K	$845K	50x	as long as short
SoDEX ZEC-USD	+0.0028%	1h	1,469.7	−0.094%	$242K	$4.4M	10x	as long as short
OKX ZEC-USDT-SWAP	+0.0037%	8h	1,471	−0.005%	$181.8M	$1.34B	50x	as long as short
Gate ZEC_USDT	+0.0049%	8h	1,471.3	+0.013%	$51.1M	$177.4M	75x	as long as short
GMX ZEC/USD [WBTC.b-USDC]	L +0.0054% / S −0.0010%	1h	1,470.1	−0.070%	$371K	—	100x	as long as short
Lighter ZEC	+0.0096%	1h	1,472.7	+0.108%	$19.2M	$50.2M	20x	as long as short
Popdex ZECUSDTlong	+0.0096%	1h	1,471.1	long leg	$175K	$1.9M	50x
Katana Perps ZEC-USD	+0.0100%	8h	1,472.3	+0.080%	$12K	$844K	10x	as long as short
Paradex ZEC-USD-PERP	+0.0100%	8h	1,471.2	+0.006%	$60K	$39K	10x	as long as short
Nado ZEC-PERP	+0.0100%	1h	1,470.7	−0.027%	$2.6M	$6.8M	10x	as long as short
Hyperliquid ZEC	+0.0100%	1h	1,472	+0.060%	$763.2M	$473.5M	10x	as long as short
Aster ZECUSDT	+0.0100%	8h	1,471	−0.010%	$15.0M	$32.5M	75x	as long as short
Pacifica ZEC	+0.0100%	1h	1,471.6	+0.034%	$1.7M	$2.9M	10x	as long as short
Binance ZECUSDT	+0.0100%	8h	1,471	−0.006%	$683.4M	$2.45B	75x	as long as short
Bybit ZECUSDT	+0.0100%	8h	1,470.6	−0.036%	$274.7M	$649.5M	75x	as long as short
Arcus ZEC-USD	+0.0100%	1h	1,472.6	+0.103%	$701K	$8.5M	10x	as long as short
Bulk ZEC-USD	+0.0100%	1h	1,470.8	−0.025%	$895K	$33K	10x	as long as short
MEXC ZEC_USDT	+0.0100%	8h	1,471.3	+0.010%	$228.5M	$818.5M	150x	as long as short
KuCoin ZECUSDTM	+0.0100%	8h	1,471.6	+0.031%	$104.5M	$56.3M	75x	as long as short
Bitget ZECUSDT	+0.0100%	8h	1,471.4	+0.016%	$163.7M	$300.8M	75x	as long as short
BingX ZEC-USDT	+0.0100%	8h	1,471	−0.011%	—	$101.7M	—	as long as short
edgeX ZECUSDC	+0.0100%	4h	1,470.1	−0.071%	$549K	$9.2M	20x	as long as short
GRVT ZEC_USDT_Perp	+0.0100%	8h	1,470.6	−0.034%	$3.0M	$454K	10x	as long as short
StandX ZEC-USD	+0.0100%	1h	1,470.9	−0.016%	$110K	$4.8M	30x	as long as short
Derive ZEC-PERP	+0.0100%	1h	1,468.3	−0.193%	$458K	$508K	6.7x	as long as short
SunX ZEC-USDT	+0.0100%	8h	1,471.7	+0.037%	$3K	$1.2M	20x	as long as short
HTX ZEC-USDT	+0.0100%	8h	1,469	−0.144%	$2.5M	$22.5M	75x	as long as short
Phemex ZECUSDTshort	+0.0100%	8h	1,470.3	−0.054%	$3.9M	$5.4M	50x
Extended ZEC-USD	+0.0104%	1h	1,471.7	+0.038%	$3.2M	$7.0M	10x	as long as short
Aevo ZEC-PERP	+0.0104%	1h	1,470.2	−0.060%	$37K	$191K	20x	as long as short
Deribit ZEC_USDC-PERPETUAL	+0.0115%	1h	1,470.8	−0.019%	$613K	$1.3M	25x	as long as short
RISEx ZEC/USDC	+0.0228%	1h	1,472.3	+0.078%	$839K	$1.2M	10x	as long as short
Backpack ZEC_USDC_PERP	+0.0440%	1h	1,470.6	−0.033%	$2.5M	$3.8M	15x	as long as short
Coinbase International ZEC-PERP-INTX	+0.0448%	1h	1,472.9	+0.118%	$3.8M	$10.6M	50x	as long as short
Lighter RH ZEC	+0.0552%	1h	1,473.3	+0.146%	$2.0M	$7.9M	10x	as long as short
Aftermath Perps ZECUSD	+0.0778%	1h	1,472.1	+0.064%	$46K	$46K	10x	as long as short