Funding arb · Price arb /

ZM

RWAall ZM markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0080%/8h= −8.8% APRpaid last 24h +0.020%

Price spread now: QFEX against Gate+0.088%7-day average +0.110% · 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−$311as in the Price arb table

costs, in and out, $10k−$3093.088% of the position

Long on Gate Short on QFEX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.029%+$3 on $10k

Price spread, last 4 days (all we have)−0.088%−$9 · spread now +0.088%, 7d avg +0.110%

Together, before fees−0.058%−$6 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and QFEX is 0.022% cheaper against Gate than usual: you would sell low and buy high (−$2 if the spread goes back to its 7-day average of +0.110%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate ZM_USDT	91.110	0	get 0.0000% / 8h	7h 44m	$248K	$127K	20x
Short	QFEX ZM-USD	91.190	−0.0080	pay 0.0010% / 1h	44m 42s	$1.1M	$7.7M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

QFEX against Gate. 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 GatebpFee QFEXbpOrdersPrice spread, now +0.088%Rate

Funding earned: −$16.8
Price spread: +0.088% → +0.110%: −$2.2
Slippage, 4 orders: −$283.82
Fee Gate: 7.5 bp × 2 orders: −$15
Fee QFEX: 5 bp × 2 orders: −$10
Net: −$327.82
Costs to cover: 3.088%
Break-even: never at this rate

Slippage from Gate: live order book, 47 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 Gate live order book, 47 min ago	14.83 bp	52.8 bp −$53	doesn't fit	doesn't fit	doesn't fit
Sell QFEX live order book, 4 min ago	77.43 bp	85.0 bp −$85	doesn't fit	doesn't fit	doesn't fit

ZM on 13 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
QFEX ZM-USDshort	−0.0080%	1h	91.190	+0.088%	$1.1M	$7.7M	10x
Aster ZMUSDT	0.0000%	8h	91.174	+0.070%	$7K	$598	20x	as long as short
Binance ZMUSDT	0.0000%	8h	91.218	+0.119%	$411K	$491K	20x	as long as short
Bybit ZMUSDT	0.0000%	8h	91.170	+0.066%	$95K	$31K	25x	as long as short
OKX ZM-USDT-SWAP	0.0000%	8h	91.020	−0.099%	$167K	$108K	20x	as long as short
Gate ZM_USDTlong	0.0000%	8h	91.110	long leg	$248K	$127K	20x
Bitget ZMUSDT	0.0000%	8h	91.090	−0.022%	$200K	$64K	20x	as long as short
Variational Omni ZM	0.0000%	8h	91.190	+0.088%	$12K	$20K	—	as long as short
SunX ZM-USDT	0.0000%	8h	91.230	+0.132%	$1K	$497K	10x	as long as short
HTX ZM-USDT	0.0000%	8h	91.320	+0.230%	$6K	$36K	10x	as long as short

Show all 13 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Polymarket Perps ZM-USD	+0.0050%	1h	90.960	−0.165%	$105K	$383K	10x	as long as short
KuCoin ZMUSDTM	+0.0100%	8h	91.110	0.000%	$61K	$1.5M	20x	as long as short
tradeXYZ xyz:ZM	+0.0768%	1h	91.071	−0.043%	$555K	$88K	10x	as long as short