Funding arb · Price arb /

ZEC

all ZEC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0032%/8h= −3.5% APRpaid last 24h −0.003%

Price spread now: Phemex against RISEx+0.054%7-day average −0.003% · 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−$39as in the Price arb table

costs, in and out, $10k−$440.443% of the position

Long on RISEx Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.226%−$23 on $10k

Price spread, last 3 days (all we have)+0.208%+$21 · spread now +0.054%, 7d avg −0.003%

Together, before fees−0.018%−$2 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Phemex is 0.057% dearer against RISEx than usual: you sell high and buy low (spread +0.054% now, against its 7-day average of −0.003%): +$6 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 5.9 days. At the pace of the last 3 days (−0.226% in total) that is about 20 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	RISEx ZEC/USDC	1,471.6	0.0132	pay 0.0017% / 1h	43m 11s	$825K	$1.2M	10x
Short	Phemex ZECUSDT	1,472.4	0.0100	get 0.0100% / 8h	43m 11s	$3.9M	$5.3M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against RISEx. 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 RISExbpFee PhemexbpOrdersPrice spread, now +0.054%Rate

Funding earned: −$6.74
Price spread: +0.054% → −0.003%: $5.66
Slippage, 4 orders: −$26.28
Fee RISEx: 3 bp × 2 orders: −$6
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$45.36
Costs to cover: 0.443%
Break-even: never at this rate

Slippage from RISEx: live order book, 1 min ago; Phemex: live order book, 6 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 RISEx live order book, 1 min ago	0.81 bp	3.8 bp −$4	7.6 bp −$76	doesn't fit	doesn't fit
Sell Phemex live order book, 6 min ago	0.75 bp	19.9 bp −$20	doesn't fit	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	−0.3089%	1h	1,471.5	−0.010%	$34K	$275K	12x	as long as short
Kraken Futures PF_ZECUSD	−0.0225%	1h	1,472	+0.023%	$17.9M	$44.3M	25x	as long as short
Ondo Perps ZEC-USD.P	−0.0198%	1h	1,468.5	−0.212%	$398K	$515K	5x	as long as short
BloFin ZEC-USDT	−0.0105%	8h	1,472	+0.024%	$29.6M	$75.4M	75x	as long as short
ApeX Omni ZECUSDT	−0.0097%	1h	1,469.5	−0.147%	$431K	$831K	50x	as long as short
Bybit ZECUSDT	−0.0096%	8h	1,471.4	−0.013%	$274.8M	$657.1M	75x	as long as short
Hotstuff ZEC-PERP	−0.0080%	1h	1,470.3	−0.088%	$6K	$2K	10x	as long as short
Variational Omni ZEC	−0.0043%	8h	1,468.6	−0.205%	$46.8M	$33.7M	—	as long as short
dYdX ZEC-USD	0.0000%	1h	1,470.2	−0.098%	$414K	$104K	5x	as long as short
Kalshi KXZECPERP	0.0000%	8h	1,471.4	−0.016%	$902K	$5.6M	2.2x	as long as short

Show all 51 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Perpl ZEC	0.0000%	43m	1,471.2	−0.029%	$84K	$404K	10x	as long as short
gTrade (Gains Network) ZEC/USD	L +0.0007% / S −0.0006%	1h	1,472.9	+0.084%	$5.2M	—	150x	as long as short
Orderly PERP_ZEC_USDC	+0.0010%	8h	1,472.3	+0.047%	$294K	$1.4M	20x	as long as short
Phoenix ZEC	+0.0024%	1h	1,470.7	−0.065%	$4.6M	$1.6M	10x	as long as short
01 Exchange ZECUSD	+0.0032%	1h	1,471.4	−0.018%	$8K	$8K	5x	as long as short
OKX ZEC-USDT-SWAP	+0.0037%	8h	1,472.2	+0.041%	$180.6M	$1.35B	50x	as long as short
Gate ZEC_USDT	+0.0045%	8h	1,472.2	+0.041%	$51.4M	$185.6M	75x	as long as short
GMX ZEC/USD [WBTC.b-USDC]	L +0.0054% / S −0.0010%	1h	1,472.7	+0.076%	$372K	—	100x	as long as short
Deribit ZEC_USDC-PERPETUAL	+0.0079%	1h	1,473	+0.093%	$614K	$1.3M	25x	as long as short
Lighter ZEC	+0.0096%	1h	1,473.8	+0.146%	$19.1M	$52.1M	20x	as long as short
Popdex ZECUSDT	+0.0096%	1h	1,471.1	−0.037%	$177K	$1.9M	50x	as long as short
Katana Perps ZEC-USD	+0.0097%	8h	1,470.8	−0.054%	$13K	$838K	10x	as long as short
Paradex ZEC-USD-PERP	+0.0100%	8h	1,470.1	−0.106%	$60K	$39K	10x	as long as short
Nado ZEC-PERP	+0.0100%	1h	1,473.4	+0.120%	$2.6M	$6.8M	10x	as long as short
Hyperliquid ZEC	+0.0100%	1h	1,473.2	+0.107%	$763.7M	$475.1M	10x	as long as short
Aster ZECUSDT	+0.0100%	8h	1,472.4	+0.050%	$15.1M	$32.7M	75x	as long as short
Pacifica ZEC	+0.0100%	1h	1,470.2	−0.094%	$1.7M	$2.9M	10x	as long as short
Binance ZECUSDT	+0.0100%	8h	1,472.1	+0.033%	$682.6M	$2.46B	75x	as long as short
Arcus ZEC-USD	+0.0100%	1h	1,472	+0.028%	$723K	$8.3M	10x	as long as short
Bulk ZEC-USD	+0.0100%	1h	1,472	+0.026%	$908K	$26K	10x	as long as short
MEXC ZEC_USDT	+0.0100%	8h	1,472.1	+0.033%	$230.0M	$834.2M	150x	as long as short
KuCoin ZECUSDTM	+0.0100%	8h	1,472.5	+0.060%	$103.9M	$55.8M	75x	as long as short
Bitget ZECUSDT	+0.0100%	8h	1,472.3	+0.048%	$163.0M	$302.5M	75x	as long as short
BingX ZEC-USDT	+0.0100%	8h	1,472.4	+0.050%	—	$102.4M	—	as long as short
edgeX ZECUSDC	+0.0100%	4h	1,469.5	−0.146%	$513K	$9.3M	20x	as long as short
GRVT ZEC_USDT_Perp	+0.0100%	8h	1,469.7	−0.128%	$3.0M	$454K	10x	as long as short
StandX ZEC-USD	+0.0100%	1h	1,471.2	−0.026%	$110K	$4.8M	30x	as long as short
Polymarket Perps ZEC-USD	+0.0100%	1h	1,472	+0.026%	$346K	$1.8M	10x	as long as short
Bullet ZEC-USD	+0.0100%	1h	1,472.2	+0.041%	$128K	$159K	20x	as long as short
Derive ZEC-PERP	+0.0100%	1h	1,470.8	−0.057%	$448K	$498K	6.7x	as long as short
SunX ZEC-USDT	+0.0100%	8h	1,472.6	+0.067%	$3K	$1.2M	20x	as long as short
SoDEX ZEC-USD	+0.0100%	1h	1,471.7	+0.006%	$238K	$4.4M	10x	as long as short
HTX ZEC-USDT	+0.0100%	8h	1,471.6	+0.001%	$2.5M	$23.1M	75x	as long as short
Phemex ZECUSDTshort	+0.0100%	8h	1,472.4	+0.054%	$3.9M	$5.3M	50x
Extended ZEC-USD	+0.0104%	1h	1,472.2	+0.036%	$3.3M	$6.9M	10x	as long as short
Aevo ZEC-PERP	+0.0104%	1h	1,472.3	+0.048%	$37K	$366K	20x	as long as short
RISEx ZEC/USDClong	+0.0132%	1h	1,471.6	long leg	$825K	$1.2M	10x
Coinbase International ZEC-PERP-INTX	+0.0432%	1h	1,472.6	+0.065%	$3.8M	$10.7M	50x	as long as short
Backpack ZEC_USDC_PERP	+0.0437%	1h	1,473.5	+0.124%	$2.4M	$3.7M	15x	as long as short
Lighter RH ZEC	+0.0520%	1h	1,474	+0.164%	$2.0M	$8.2M	10x	as long as short
Aftermath Perps ZECUSD	+0.0671%	1h	1,472.8	+0.080%	$46K	$47K	10x	as long as short