Funding arb · Price arb /

ZM

RWAall ZM markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0325%/8h= −35.6% APRpaid last 24h +0.177%

Price spread now: KuCoin against QFEX−0.055%7-day average −0.065% · 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−$6,811as in the Price arb table

costs, in and out, $10k−$6,81268.119% of the position

Long on QFEX Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.115%−$12 on $10k

Price spread, last 7 days−0.166%−$17 · spread now −0.055%, 7d avg −0.065%

Together, before fees−0.281%−$28 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.065%, so right now this pair is about funding alone: −$10 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid -0.115% in total (about -11.9% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	QFEX ZM-USD	90.940	0.0160	pay 0.0020% / 1h	55m 25s	$1.1M	$5.4M	10x
Short	KuCoin ZMUSDTM	90.890	−0.0165	pay 0.0165% / 8h	4h 55m	$90K	$1.5M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin against QFEX. 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 QFEXbpFee KuCoinbpOrdersPrice spread, now −0.055%Rate

Funding earned: −$68.25
Price spread: −0.055% → −0.065%: $0.97
Slippage, 4 orders: −$6,789.9
Fee QFEX: 5 bp × 2 orders: −$10
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$6,879.18
Costs to cover: 68.119%
Break-even: never at this rate

Slippage from QFEX: live order book, 3 min ago; KuCoin: live order book, 5 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 QFEX live order book, 3 min ago	3.30 bp	11.3 bp −$11	doesn't fit	doesn't fit	doesn't fit
Sell KuCoin live order book, 5 min ago	3.85 bp	210.0 bp −$210	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
tradeXYZ xyz:ZM	−0.0250%	1h	90.864	−0.084%	$524K	$80K	10x	as long as short
KuCoin ZMUSDTMshort	−0.0165%	8h	90.890	−0.055%	$90K	$1.5M	20x
Aster ZMUSDT	0.0000%	8h	90.923	−0.019%	$7K	$598	20x	as long as short
Binance ZMUSDT	0.0000%	8h	90.988	+0.053%	$414K	$548K	20x	as long as short
Bybit ZMUSDT	0.0000%	8h	91.000	+0.066%	$95K	$34K	25x	as long as short
OKX ZM-USDT-SWAP	0.0000%	8h	90.860	−0.088%	$166K	$113K	20x	as long as short
Gate ZM_USDT	0.0000%	8h	90.850	−0.099%	$246K	$142K	20x	as long as short
Bitget ZMUSDT	0.0000%	8h	90.990	+0.055%	$200K	$73K	20x	as long as short
Variational Omni ZM	0.0000%	8h	90.945	+0.005%	$11K	$52K	—	as long as short
SunX ZM-USDT	0.0000%	8h	90.950	+0.011%	$1K	$509K	10x	as long as short

Show all 13 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX ZM-USDT	0.0000%	8h	91.020	+0.088%	$6K	$36K	10x	as long as short
Polymarket Perps ZM-USD	+0.0050%	1h	90.990	+0.055%	$99K	$392K	10x	as long as short
QFEX ZM-USDlong	+0.0160%	1h	90.940	long leg	$1.1M	$5.4M	10x