Funding arb · Price arb /

ZM

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0250%/8h= −27.4% APRpaid last 24h +0.076%

Price spread now: tradeXYZ against SunX−0.095%52s7-day average −0.102% · you buy dearer than you sell

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

Long on SunX Short on tradeXYZ

What this pair did over the last

the charts below follow

Funding, last 7 days+0.015%+$2 on $10k

Price spread, last 4 days (all we have)−0.051%−$5 · spread now −0.095%, 7d avg −0.102%

Together, before fees−0.036%+ Points / potential airdroptradeXYZ: Active · farm board−$4 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.102%, so right now this pair is about funding alone: −$8 a day on $10k at the current rate. The two prices were read 52 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.015% in total (about 0.8% 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	SunX ZM-USDT	90.950	0	get 0.0000% / 8h	4h 55m	$1K	$509K	10x
Short	tradeXYZ xyz:ZM	90.864	−0.0250	pay 0.0031% / 1h	55m 24s	$524K	$80K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

tradeXYZ against SunX. 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 SunXbpFee tradeXYZbpOrdersPrice spread, now −0.095%Rate

Funding earned: −$52.57
Price spread: −0.095% → −0.102%: $0.74
Slippage, 4 orders: no order book: not counted
Fee SunX: 4 bp × 2 orders: −$8
Fee tradeXYZ: 9 bp × 2 orders: −$18
Net: −$77.83
Costs to cover: 0.260%
Break-even: never at this rate

Slippage unknown: SunX: live order book, 36 min ago; tradeXYZ: live order book, 41 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 SunX live order book, 36 min ago	47.30 bp	84.6 bp −$85	doesn't fit	doesn't fit	doesn't fit
Sell tradeXYZ live order book, 41 min ago	14.09 bp	34.6 bp −$35	107.8 bp −$1,078	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:ZMshort	−0.0250%	1h	90.864	−0.095%	$524K	$80K	10x
KuCoin ZMUSDTM	−0.0165%	8h	90.890	−0.066%	$90K	$1.5M	20x	as long as short
Aster ZMUSDT	0.0000%	8h	90.923	−0.030%	$7K	$598	20x	as long as short
Binance ZMUSDT	0.0000%	8h	90.988	+0.042%	$414K	$548K	20x	as long as short
Bybit ZMUSDT	0.0000%	8h	91.000	+0.055%	$95K	$34K	25x	as long as short
OKX ZM-USDT-SWAP	0.0000%	8h	90.860	−0.099%	$166K	$113K	20x	as long as short
Gate ZM_USDT	0.0000%	8h	90.850	−0.110%	$246K	$142K	20x	as long as short
Bitget ZMUSDT	0.0000%	8h	90.990	+0.044%	$200K	$73K	20x	as long as short
Variational Omni ZM	0.0000%	8h	90.945	−0.006%	$11K	$52K	—	as long as short
SunX ZM-USDTlong	0.0000%	8h	90.950	long leg	$1K	$509K	10x

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	+0.077%	$6K	$36K	10x	as long as short
Polymarket Perps ZM-USD	+0.0050%	1h	90.990	+0.044%	$99K	$392K	10x	as long as short
QFEX ZM-USD	+0.0160%	1h	90.940	−0.011%	$1.1M	$5.4M	10x	as long as short