Funding arb · Price arb /

ZM

RWAall ZM markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC+0.0067%/8h= +7.3% APRpaid last 24h +0.019%

Price spread now: QFEX against Binance−0.109%53s7-day average −0.011% · 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—prices read too far apart to compare

costs, in and out, $10k−$670.675% of the position

Long on Binance Short on QFEX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.026%+$3 on $10k

Price spread, last 2 days (all we have)+0.091%+$9 · spread now −0.109%, 7d avg −0.011%

Together, before fees+0.118%+$12 on $10k · with fees, hour by hour

Funding pays, the price is against you. QFEX is 0.099% cheaper against Binance than usual: you would sell low and buy high (spread −0.109% now, against its 7-day average of −0.011%). If the spread goes back, that is −$10 on $10k: about 4.9 days of funding at the current rate (+$2 a day). At the pace of the last 4 days (+0.026% in total) that is about 14 days. The two prices were read 53 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance ZMUSDT	91.500	0	get 0.0000% / 8h	6h 17m	$410K	$494K	20x
Short	QFEX ZM-USD	91.400	0.0067	get 0.0008% / 1h	17m 44s	$1.1M	$8.1M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

QFEX against Binance. 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 BinancebpFee QFEXbpOrdersPrice spread, now −0.109%Rate

Funding earned: $14.01
Price spread: −0.109% → −0.011%: −$9.86
Slippage, 4 orders: −$47.47
Fee Binance: 5 bp × 2 orders: −$10
Fee QFEX: 5 bp × 2 orders: −$10
Net: −$63.32
Costs to cover: 0.675%
Break-even: 38.6 days

Slippage from Binance: live order book, 22 min ago; QFEX: live order book, 4 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 Binance live order book, 22 min ago	1.10 bp	26.0 bp −$26	90.4 bp −$904	doesn't fit	doesn't fit
Sell QFEX live order book, 4 min ago	2.73 bp	11.8 bp −$12	doesn't fit	doesn't fit	doesn't fit

ZM on 13 exchanges

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
Aster ZMUSDT	0.0000%	8h	91.407	−0.101%	$7K	$598	20x	as long as short
Binance ZMUSDTlong	0.0000%	8h	91.500	long leg	$410K	$494K	20x
Bybit ZMUSDT	0.0000%	8h	91.380	−0.131%	$95K	$30K	25x	as long as short
OKX ZM-USDT-SWAP	0.0000%	8h	91.400	−0.109%	$167K	$108K	20x	as long as short
Gate ZM_USDT	0.0000%	8h	91.370	−0.142%	$248K	$129K	20x	as long as short
Bitget ZMUSDT	0.0000%	8h	91.480	−0.022%	$202K	$64K	20x	as long as short
Variational Omni ZM	0.0000%	8h	91.461	−0.042%	$12K	$20K	—	as long as short
SunX ZM-USDT	0.0000%	8h	91.470	−0.033%	$944	$514K	10x	as long as short
HTX ZM-USDT	0.0000%	8h	91.470	−0.033%	$6K	$36K	10x	as long as short
QFEX ZM-USDshort	+0.0067%	1h	91.400	−0.109%	$1.1M	$8.1M	10x

Show all 13 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Polymarket Perps ZM-USD	+0.0082%	1h	91.110	−0.426%	$105K	$381K	10x	as long as short
KuCoin ZMUSDTM	+0.0100%	8h	91.310	−0.208%	$59K	$1.5M	20x	as long as short
tradeXYZ xyz:ZM	+0.1100%	1h	91.262	−0.260%	$612K	$119K	10x	as long as short