Funding arb · Price arb /

ZEC

all ZEC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0098%/8h= +10.7% APRpaid last 24h +0.032%

Price spread now: Phoenix against Variational Omni−0.037%7-day average +0.167% · you buy dearer than you sell

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

Long on Variational Omni Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.182%+$18 on $10k

Price spread, last 7 days+0.214%+$21 · spread now −0.037%, 7d avg +0.167%

Together, before fees+0.396%+ Points / potential airdropVariational Omni: Active · farm board+$40 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phoenix is 0.204% cheaper against Variational Omni than usual: you would sell low and buy high (spread −0.037% now, against its 7-day average of +0.167%). If the spread goes back, that is −$20 on $10k: about 7.0 days of funding at the current rate (+$3 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni ZEC	1,467.5	−0.0022	get 0.0022% / 8h	1h 51m	$46.8M	$34.4M	—
Short	Phoenix ZEC	1,467	0.0075	get 0.0009% / 1h	51m 24s	$4.6M	$1.6M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Variational Omni. 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 Variational OmnibpFee PhoenixbpOrdersPrice spread, now −0.037%Rate

Funding earned: $20.55
Price spread: −0.037% → +0.167%: −$20.43
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$6.88
Costs to cover: 0.070%
Break-even: 9.3 days

Slippage unknown: Variational Omni: RFQ quote, 3 min ago; Phoenix: live order book, 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 Variational Omni RFQ quote, 3 min ago	2.77 bp	doesn't fit	4.5 bp −$45	16.4 bp −$1,636	doesn't fit
Sell Phoenix live order book, 2 min ago	2.26 bp	7.4 bp −$7	17.6 bp −$176	57.6 bp −$5,763	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	−0.3310%	1h	1,462.9	−0.313%	$34K	$275K	12x	as long as short
Kraken Futures PF_ZECUSD	−0.0406%	1h	1,461.1	−0.438%	$17.7M	$44.6M	25x	as long as short
BloFin ZEC-USDT	−0.0094%	8h	1,461.5	−0.414%	$28.9M	$75.7M	75x	as long as short
Hotstuff ZEC-PERP	−0.0080%	1h	1,460.9	−0.452%	$6K	$2K	10x	as long as short
Ondo Perps ZEC-USD.P	−0.0063%	1h	1,466	−0.104%	$397K	$518K	5x	as long as short
Bybit ZECUSDT	−0.0045%	8h	1,459.8	−0.524%	$269.5M	$677.8M	75x	as long as short
Variational Omni ZEClong	−0.0022%	8h	1,467.5	long leg	$46.8M	$34.4M	—
ApeX Omni ZECUSDT	−0.0002%	1h	1,461.6	−0.408%	$429K	$817K	50x	as long as short
dYdX ZEC-USD	0.0000%	1h	1,459.9	−0.517%	$411K	$106K	5x	as long as short
Kalshi KXZECPERP	0.0000%	8h	1,462	−0.375%	$937K	$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	1,458.8	−0.595%	$83K	$401K	10x	as long as short
Deribit ZEC_USDC-PERPETUAL	0.0000%	1h	1,461.9	−0.381%	$595K	$1.3M	25x	as long as short
gTrade (Gains Network) ZEC/USD	L +0.0007% / S −0.0006%	1h	1,460.6	−0.470%	$5.2M	—	150x	as long as short
GMX ZEC/USD [WBTC.b-USDC]	L +0.0009% / S +0.0078%	1h	1,460.6	−0.475%	$558K	—	100x	as long as short
Orderly PERP_ZEC_USDC	+0.0015%	8h	1,461	−0.446%	$293K	$1.5M	20x	as long as short
OKX ZEC-USDT-SWAP	+0.0052%	8h	1,459.5	−0.544%	$175.0M	$1.36B	50x	as long as short
Bulk ZEC-USD	+0.0054%	1h	1,460.6	−0.474%	$899K	$25K	10x	as long as short
01 Exchange ZECUSD	+0.0056%	1h	1,460.4	−0.487%	$8K	$8K	5x	as long as short
Gate ZEC_USDT	+0.0058%	8h	1,459.5	−0.551%	$49.8M	$183.5M	75x	as long as short
Phoenix ZECshort	+0.0075%	1h	1,467	−0.037%	$4.6M	$1.6M	10x
Katana Perps ZEC-USD	+0.0096%	8h	1,460.1	−0.509%	$14K	$862K	10x	as long as short
Lighter ZEC	+0.0096%	1h	1,461.2	−0.429%	$18.9M	$52.3M	20x	as long as short
Popdex ZECUSDT	+0.0096%	1h	1,459.5	−0.551%	$172K	$2.0M	50x	as long as short
Paradex ZEC-USD-PERP	+0.0100%	8h	1,459.3	−0.561%	$60K	$39K	10x	as long as short
Nado ZEC-PERP	+0.0100%	1h	1,461.2	−0.429%	$2.5M	$7.0M	10x	as long as short
Hyperliquid ZEC	+0.0100%	1h	1,460.6	−0.472%	$757.7M	$488.7M	10x	as long as short
Aster ZECUSDT	+0.0100%	8h	1,459.6	−0.542%	$15.3M	$33.6M	75x	as long as short
Pacifica ZEC	+0.0100%	1h	1,460	−0.512%	$1.7M	$3.1M	10x	as long as short
Binance ZECUSDT	+0.0100%	8h	1,460.3	−0.491%	$669.8M	$2.52B	75x	as long as short
MEXC ZEC_USDT	+0.0100%	8h	1,459.4	−0.551%	$219.8M	$851.3M	150x	as long as short
KuCoin ZECUSDTM	+0.0100%	8h	1,459.6	−0.542%	$103.0M	$56.7M	75x	as long as short
Bitget ZECUSDT	+0.0100%	8h	1,459.6	−0.542%	$161.6M	$309.3M	75x	as long as short
BingX ZEC-USDT	+0.0100%	8h	1,460.5	−0.482%	—	$103.4M	—	as long as short
edgeX ZECUSDC	+0.0100%	4h	1,461.1	−0.437%	$509K	$9.5M	20x	as long as short
GRVT ZEC_USDT_Perp	+0.0100%	8h	1,466.2	−0.088%	$3.0M	$492K	10x	as long as short
StandX ZEC-USD	+0.0100%	1h	1,461.3	−0.428%	$109K	$4.8M	30x	as long as short
Polymarket Perps ZEC-USD	+0.0100%	1h	1,459.9	−0.520%	$343K	$2.0M	10x	as long as short
Bullet ZEC-USD	+0.0100%	1h	1,460.3	−0.492%	$127K	$160K	20x	as long as short
Derive ZEC-PERP	+0.0100%	1h	1,459.2	−0.564%	$446K	$503K	6.7x	as long as short
SunX ZEC-USDT	+0.0100%	8h	1,463	−0.307%	$3K	$1.3M	20x	as long as short
SoDEX ZEC-USD	+0.0100%	1h	1,461.1	−0.440%	$222K	$4.7M	10x	as long as short
HTX ZEC-USDT	+0.0100%	8h	1,461	−0.445%	$2.4M	$24.1M	75x	as long as short
Phemex ZECUSDT	+0.0100%	8h	1,461.3	−0.422%	$3.8M	$5.4M	50x	as long as short
Extended ZEC-USD	+0.0104%	1h	1,460.1	−0.505%	$3.2M	$7.0M	10x	as long as short
Aevo ZEC-PERP	+0.0104%	1h	1,461.3	−0.423%	$36K	$362K	20x	as long as short
RISEx ZEC/USDC	+0.0190%	1h	1,460.1	−0.503%	$841K	$1.8M	10x	as long as short
Backpack ZEC_USDC_PERP	+0.0266%	1h	1,462.2	−0.366%	$2.3M	$4.0M	15x	as long as short
Lighter RH ZEC	+0.0416%	1h	1,461.4	−0.418%	$2.0M	$8.2M	10x	as long as short
Coinbase International ZEC-PERP-INTX	+0.0424%	1h	1,464.2	−0.230%	$3.7M	$11.7M	50x	as long as short
Arcus ZEC-USD	+0.0444%	1h	1,461.1	−0.440%	$741K	$8.1M	10x	as long as short
Aftermath Perps ZECUSD	+0.0512%	1h	1,463.4	−0.280%	$40K	$34K	10x	as long as short