Funding arb · Price arb /

ZEC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0002%/8h= +0.2% APRpaid last 24h −0.023%

Price spread now: Variational Omni against Popdex+0.057%7-day average −0.037% · you sell dearer than you buy

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

Long on Popdex Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.022%−$2 on $10k

Price spread, last 7 days−0.085%−$9 · spread now +0.057%, 7d avg −0.037%

Together, before fees−0.107%+ Points / potential airdropVariational Omni: Active · farm board−$11 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: Variational Omni is 0.094% dearer against Popdex than usual: you sell high and buy low, +$9 on $10k if it goes back to its 7-day average of −0.037%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Popdex ZECUSDT	1,459	0.0096	pay 0.0012% / 1h	42m 04s	$173K	$1.8M	50x
Short	Variational Omni ZEC	1,459.8	0.0098	get 0.0098% / 8h	5h 42m	$47.4M	$31.8M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Popdex. 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 PopdexbpFee Variational OmnibpOrdersPrice spread, now +0.057%Rate

Funding earned: $0.41
Price spread: +0.057% → −0.037%: $9.42
Slippage, 4 orders: no order book: not counted
Fee Popdex: 3.2 bp × 2 orders: −$6.4
Fee Variational Omni: 0 bp × 2 orders: $0
Net: $3.43
Costs to cover: 0.064%
Break-even: from the start

Slippage unknown: Popdex: live order book, 2 min ago; Variational Omni: RFQ quote, 2 min ago. 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 Popdex live order book, 2 min ago	0.92 bp	4.8 bp −$5	12.6 bp −$126	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 2 min ago	2.77 bp	doesn't fit	5.2 bp −$52	15.0 bp −$1,496	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	−0.3244%	1h	1,462	+0.202%	$34K	$272K	12x	as long as short
Hotstuff ZEC-PERP	−0.0080%	1h	1,461.5	+0.172%	$6K	$1K	10x	as long as short
BloFin ZEC-USDT	−0.0078%	8h	1,459.5	+0.033%	$29.6M	$71.0M	75x	as long as short
dYdX ZEC-USD	0.0000%	1h	1,459.1	+0.009%	$411K	$45K	5x	as long as short
Kalshi KXZECPERP	0.0000%	8h	1,459.6	+0.042%	$963K	$4.6M	2.2x	as long as short
Perpl ZEC	0.0000%	43m	1,459.3	+0.018%	$83K	$249K	10x	as long as short
gTrade (Gains Network) ZEC/USD	L +0.0007% / S −0.0006%	1h	1,459.4	+0.026%	$5.2M	—	150x	as long as short
Orderly PERP_ZEC_USDC	+0.0038%	8h	1,459.5	+0.036%	$292K	$977K	20x	as long as short
Ondo Perps ZEC-USD.P	+0.0053%	1h	1,459	−0.001%	$396K	$433K	5x	as long as short
GMX ZEC/USD [WBTC.b-USDC]	L +0.0054% / S −0.0009%	1h	1,459.2	+0.012%	$378K	—	100x	as long as short

Show all 51 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phoenix ZEC	+0.0074%	1h	1,459.6	+0.040%	$4.6M	$1.4M	10x	as long as short
Popdex ZECUSDTlong	+0.0096%	1h	1,459	long leg	$173K	$1.8M	50x
Variational Omni ZECshort	+0.0098%	8h	1,459.8	+0.057%	$47.4M	$31.8M	—
Katana Perps ZEC-USD	+0.0100%	8h	1,459.6	+0.041%	$18K	$835K	10x	as long as short
Paradex ZEC-USD-PERP	+0.0100%	8h	1,459	+0.002%	$60K	$43K	10x	as long as short
Nado ZEC-PERP	+0.0100%	1h	1,459.4	+0.025%	$2.6M	$6.5M	10x	as long as short
Hyperliquid ZEC	+0.0100%	1h	1,460	+0.068%	$760.7M	$433.0M	10x	as long as short
Aster ZECUSDT	+0.0100%	8h	1,459.2	+0.015%	$14.4M	$28.8M	75x	as long as short
Pacifica ZEC	+0.0100%	1h	1,459.3	+0.022%	$1.7M	$2.6M	10x	as long as short
Binance ZECUSDT	+0.0100%	8h	1,458.4	−0.045%	$669.5M	$2.25B	75x	as long as short
Bybit ZECUSDT	+0.0100%	8h	1,457.9	−0.077%	$269.0M	$606.7M	75x	as long as short
OKX ZEC-USDT-SWAP	+0.0100%	8h	1,459.5	+0.034%	$179.8M	$1.23B	50x	as long as short
Bulk ZEC-USD	+0.0100%	1h	1,458.7	−0.025%	$886K	$16K	10x	as long as short
Gate ZEC_USDT	+0.0100%	8h	1,459.1	+0.008%	$50.0M	$170.9M	75x	as long as short
MEXC ZEC_USDT	+0.0100%	8h	1,459.3	+0.016%	$215.6M	$771.0M	150x	as long as short
KuCoin ZECUSDTM	+0.0100%	8h	1,459.6	+0.038%	$102.6M	$55.8M	75x	as long as short
Bitget ZECUSDT	+0.0100%	8h	1,459	0.000%	$161.8M	$275.5M	75x	as long as short
BingX ZEC-USDC	+0.0100%	8h	1,458.6	−0.031%	—	$6.7M	—	as long as short
Backpack ZEC_USDC_PERP	+0.0100%	1h	1,459.4	+0.023%	$2.4M	$3.8M	15x	as long as short
edgeX ZECUSDC	+0.0100%	4h	1,461.5	+0.173%	$569K	$8.9M	20x	as long as short
GRVT ZEC_USDT_Perp	+0.0100%	8h	1,459.3	+0.021%	$3.0M	$418K	10x	as long as short
ApeX Omni ZECUSDT	+0.0100%	1h	1,461.5	+0.171%	$421K	$883K	50x	as long as short
StandX ZEC-USD	+0.0100%	1h	1,459.8	+0.055%	$70K	$4.7M	30x	as long as short
Polymarket Perps ZEC-USD	+0.0100%	1h	1,458.6	−0.028%	$324K	$1.8M	10x	as long as short
Bullet ZEC-USD	+0.0100%	1h	1,459.1	+0.004%	$126K	$160K	20x	as long as short
Derive ZEC-PERP	+0.0100%	1h	1,458.4	−0.039%	$445K	$521K	6.7x	as long as short
SunX ZEC-USDT	+0.0100%	8h	1,462	+0.208%	$3K	$1.2M	20x	as long as short
SoDEX ZEC-USD	+0.0100%	1h	1,459.3	+0.018%	$240K	$3.5M	10x	as long as short
HTX ZEC-USDT	+0.0100%	8h	1,458.3	−0.048%	$2.6M	$18.3M	75x	as long as short
Phemex ZECUSDT	+0.0100%	8h	1,459.5	+0.036%	$3.8M	$5.1M	50x	as long as short
Extended ZEC-USD	+0.0104%	1h	1,459.3	+0.018%	$2.8M	$7.7M	10x	as long as short
01 Exchange ZECUSD	+0.0104%	1h	1,459.3	+0.023%	$8K	$7K	5x	as long as short
Aevo ZEC-PERP	+0.0104%	1h	1,458.9	−0.011%	$48K	$155K	20x	as long as short
Deribit ZEC_USDC-PERPETUAL	+0.0105%	1h	1,460.2	+0.084%	$608K	$1.3M	25x	as long as short
Kraken Futures PF_ZECUSD	+0.0195%	1h	1,459.2	+0.013%	$18.0M	$43.7M	25x	as long as short
Lighter ZEC	+0.0208%	1h	1,460.9	+0.130%	$19.1M	$46.0M	20x	as long as short
Arcus ZEC-USD	+0.0277%	1h	1,461.4	+0.162%	$707K	$8.5M	10x	as long as short
Lighter RH ZEC	+0.0328%	1h	1,461.4	+0.160%	$2.1M	$6.8M	10x	as long as short
RISEx ZEC/USDC	+0.0409%	1h	1,459.5	+0.033%	$831K	$1.0M	10x	as long as short
Coinbase International ZEC-PERP-INTX	+0.0456%	1h	1,461.3	+0.156%	$3.6M	$9.0M	50x	as long as short
Aftermath Perps ZECUSD	+0.0716%	1h	1,461.6	+0.176%	$43K	$46K	10x	as long as short