Funding arb · Price arb /

ZEC

all ZEC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC−0.0001%/8h= −0.1% APRpaid last 24h −0.030%

Price spread now: Katana Perps against Backpack−0.056%7-day average −0.459% · you buy dearer than you sell

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

Long on Backpack Short on Katana Perps

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.052%−$5 on $10k

Price spread, last 7 days−0.154%−$15 · spread now −0.056%, 7d avg −0.459%

Together, before fees−0.205%−$21 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Katana Perps is 0.402% dearer against Backpack than usual: you sell high and buy low, +$40 on $10k if it goes back to its 7-day average of −0.459%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack ZEC_USDC_PERP	1,495.5	0.0100	pay 0.0013% / 1h	48m 39s	$2.2M	$3.6M	15x
Short	Katana Perps ZEC-USD	1,494.6	0.0099	get 0.0099% / 8h	4h 48m	$25K	$857K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Katana Perps against Backpack. 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 BackpackbpFee Katana PerpsbpOrdersPrice spread, now −0.056%Rate

Funding earned: −$0.28
Price spread: −0.056% → −0.459%: $40.25
Slippage, 4 orders: no order book: not counted
Fee Backpack: 5 bp × 2 orders: −$10
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Net: $26.17
Costs to cover: 0.138%
Break-even: from the start

Slippage unknown: Backpack: live order book, 3 min ago; Katana Perps: no order-book sample. 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 Backpack live order book, 3 min ago	0.03 bp	5.4 bp −$5	18.9 bp −$189	doesn't fit	doesn't fit
Sell Katana Perps no order-book sample	—	—	—	—	—

Katana Perps: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

ZEC on 51 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
Injective ZEC/USDC PERP	−0.3418%	1h	1,485.9	−0.642%	$36K	$267K	12x	as long as short
Perpl ZEC	−0.0447%	43m	1,493.4	−0.140%	$63K	$296K	10x	as long as short
Aftermath Perps ZECUSD	−0.0268%	1h	1,499.2	+0.246%	$47K	$76K	10x	as long as short
BloFin ZEC-USDT	−0.0178%	8h	1,494.5	−0.063%	$31.9M	$71.8M	75x	as long as short
Ondo Perps ZEC-USD.P	−0.0149%	1h	1,495.2	−0.018%	$407K	$480K	5x	as long as short
Hotstuff ZEC-PERP	−0.0080%	1h	1,499.7	+0.284%	$6K	$1K	10x	as long as short
dYdX ZEC-USD	0.0000%	1h	1,499.1	+0.245%	$413K	$29K	5x	as long as short
01 Exchange ZECUSD	0.0000%	1h	1,495.6	+0.011%	$8K	$6K	5x	as long as short
Kalshi KXZECPERP	0.0000%	8h	1,495.8	+0.021%	$1.5M	$4.9M	2.2x	as long as short
gTrade (Gains Network) ZEC/USD	L +0.0007% / S −0.0006%	1h	1,494.6	−0.061%	$5.3M	—	150x	as long as short

Show all 51 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_ZEC_USDC	+0.0056%	8h	1,494.5	−0.066%	$302K	$652K	20x	as long as short
Phoenix ZEC	+0.0064%	1h	1,501.3	+0.391%	$4.8M	$1.3M	10x	as long as short
ApeX Omni ZECUSDT	+0.0070%	1h	1,496.5	+0.068%	$408K	$959K	50x	as long as short
RISEx ZEC/USDC	+0.0083%	1h	1,495	−0.031%	$904K	$1.3M	10x	as long as short
Aster ZECUSDT	+0.0084%	8h	1,499.2	+0.249%	$14.3M	$25.5M	75x	as long as short
Gate ZEC_USDT	+0.0093%	8h	1,496.8	+0.088%	$64.7M	$163.4M	75x	as long as short
Lighter ZEC	+0.0096%	1h	1,500.7	+0.350%	$20.2M	$37.3M	20x	as long as short
Lighter RH ZEC	+0.0096%	1h	1,500	+0.305%	$2.1M	$7.0M	10x	as long as short
Popdex ZECUSDT	+0.0096%	1h	1,495.2	−0.018%	$168K	$1.3M	50x	as long as short
Katana Perps ZEC-USDshort	+0.0099%	8h	1,494.6	−0.056%	$25K	$857K	10x
Paradex ZEC-USD-PERP	+0.0100%	8h	1,499.5	+0.266%	$62K	$14K	10x	as long as short
Nado ZEC-PERP	+0.0100%	1h	1,494.9	−0.036%	$3.1M	$6.9M	10x	as long as short
Hyperliquid ZEC	+0.0100%	1h	1,498.2	+0.183%	$790.8M	$418.8M	10x	as long as short
Pacifica ZEC	+0.0100%	1h	1,499.5	+0.267%	$1.5M	$2.1M	10x	as long as short
Binance ZECUSDT	+0.0100%	8h	1,499.6	+0.279%	$701.8M	$2.12B	75x	as long as short
Bybit ZECUSDT	+0.0100%	8h	1,499.5	+0.267%	$274.7M	$577.1M	75x	as long as short
OKX ZEC-USDT-SWAP	+0.0100%	8h	1,499.4	+0.259%	$185.4M	$1.25B	50x	as long as short
Arcus ZEC-USD	+0.0100%	1h	1,500	+0.304%	$601K	$8.4M	10x	as long as short
Bulk ZEC-USD	+0.0100%	1h	1,501.7	+0.416%	$777K	$182K	10x	as long as short
MEXC ZEC_USDT	+0.0100%	8h	1,499.9	+0.296%	$179.9M	$799.2M	150x	as long as short
KuCoin ZECUSDTM	+0.0100%	8h	1,499.6	+0.275%	$105.5M	$50.9M	75x	as long as short
Bitget ZECUSDT	+0.0100%	8h	1,499.4	+0.263%	$163.9M	$269.7M	75x	as long as short
BingX ZEC-USDC	+0.0100%	8h	1,497.7	+0.149%	—	$6.6M	—	as long as short
Backpack ZEC_USDC_PERPlong	+0.0100%	1h	1,495.5	long leg	$2.2M	$3.6M	15x
Variational Omni ZEC	+0.0100%	8h	1,496.2	+0.047%	$49.4M	$32.6M	—	as long as short
edgeX ZECUSDC	+0.0100%	4h	1,496.2	+0.050%	$547K	$8.3M	20x	as long as short
GRVT ZEC_USDT_Perp	+0.0100%	8h	1,496.9	+0.096%	$3.1M	$642K	10x	as long as short
StandX ZEC-USD	+0.0100%	1h	1,494.6	−0.058%	$111K	$4.5M	30x	as long as short
Polymarket Perps ZEC-USD	+0.0100%	1h	1,494.6	−0.058%	$366K	$1.4M	10x	as long as short
Bullet ZEC-USD	+0.0100%	1h	1,494.7	−0.054%	$168K	$188K	20x	as long as short
Derive ZEC-PERP	+0.0100%	1h	1,494.3	−0.081%	$390K	$494K	6.7x	as long as short
SunX ZEC-USDT	+0.0100%	8h	1,497.1	+0.107%	$3K	$1.1M	20x	as long as short
SoDEX ZEC-USD	+0.0100%	1h	1,495.4	−0.005%	$256K	$3.4M	10x	as long as short
HTX ZEC-USDT	+0.0100%	8h	1,493.9	−0.107%	$2.7M	$20.0M	75x	as long as short
Phemex ZECUSDT	+0.0100%	8h	1,495.8	+0.022%	$4.0M	$4.7M	50x	as long as short
Extended ZEC-USD	+0.0104%	1h	1,496.4	+0.065%	$2.7M	$7.0M	10x	as long as short
Aevo ZEC-PERP	+0.0104%	1h	1,494.3	−0.076%	$37K	$163K	20x	as long as short
Kraken Futures PF_ZECUSD	+0.0179%	1h	1,495	−0.034%	$18.5M	$45.2M	25x	as long as short
GMX ZEC/USD [WBTC.b-USDC]	L +0.0204% / S −0.0225%	1h	1,494.6	−0.056%	$347K	—	100x	as long as short
Deribit ZEC_USDC-PERPETUAL	+0.0247%	1h	1,495.8	+0.021%	$691K	$1.3M	25x	as long as short
Coinbase International ZEC-PERP-INTX	+0.0392%	1h	1,497.1	+0.110%	$4.0M	$9.3M	50x	as long as short