Funding arb · Price arb /

ZEC

all ZEC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0364%/8h= +39.9% APRpaid last 24h +0.110%

Price spread now: Coinbase International against Bybit+0.095%7-day average +0.142% · you sell dearer than you buy

Net, funding: paid 7d − costs−$32as in the Funding arb table

Net, price: spread back to 7d avg − costs−$39as in the Price arb table

costs, in and out, $10k−$340.339% of the position

Long on Bybit Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+0.022%+$2 on $10k

Price spread, last 4 days (all we have)+0.510%+$51 · spread now +0.095%, 7d avg +0.142%

Together, before fees+0.532%+$53 on $10k · with fees, hour by hour

Funding pays, the price is against you. Coinbase International is 0.047% cheaper against Bybit than usual: you would sell low and buy high (spread +0.095% now, against its 7-day average of +0.142%). If the spread goes back, that is −$5 on $10k: about 10 hours of funding at the current rate (+$11 a day). At the pace of the last 7 days (+0.022% in total) that is about 15 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.022% in total (about 1.1% 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	Bybit ZECUSDT	1,457.2	0.0100	pay 0.0100% / 8h	3h 24m	$261.1M	$598.8M	75x
Short	Coinbase International ZEC-PERP-INTX	1,458.6	0.0464	get 0.0058% / 1h	24m 03s	$3.8M	$9.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against Bybit. 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 BybitbpFee Coinbase InternationalbpOrdersPrice spread, now +0.095%Rate

Funding earned: $76.44
Price spread: +0.095% → +0.142%: −$4.66
Slippage, 4 orders: −$12.9
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: $37.88
Costs to cover: 0.339%
Break-even: 3.5 days

Slippage from Bybit: live order book, 5 min ago; Coinbase International: 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 Bybit live order book, 5 min ago	0.03 bp	5.5 bp −$6	8.4 bp −$84	16.8 bp −$1,680	doesn't fit
Sell Coinbase International live order book, 5 min ago	1.89 bp	14.4 bp −$14	18.2 bp −$182	46.7 bp −$4,671	doesn't fit

ZEC on 51 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
Injective ZEC/USDC PERP	−0.3042%	1h	1,458	+0.052%	$34K	$272K	12x	as long as short
Hotstuff ZEC-PERP	−0.0080%	1h	1,456.4	−0.056%	$6K	$1K	10x	as long as short
BloFin ZEC-USDT	−0.0071%	8h	1,456.5	−0.051%	$29.4M	$70.6M	75x	as long as short
dYdX ZEC-USD	0.0000%	1h	1,456.3	−0.062%	$410K	$36K	5x	as long as short
Perpl ZEC	0.0000%	43m	1,455.6	−0.110%	$83K	$239K	10x	as long as short
gTrade (Gains Network) ZEC/USD	L +0.0007% / S −0.0006%	1h	1,456.6	−0.043%	$5.2M	—	150x	as long as short
Orderly PERP_ZEC_USDC	+0.0063%	8h	1,456.1	−0.076%	$291K	$943K	20x	as long as short
GMX ZEC/USD [WBTC.b-USDC]	L +0.0084% / S −0.0035%	1h	1,456.6	−0.042%	$434K	—	100x	as long as short
Popdex ZECUSDT	+0.0096%	1h	1,456.2	−0.068%	$174K	$1.7M	50x	as long as short
Katana Perps ZEC-USD	+0.0100%	8h	1,456.4	−0.058%	$14K	$820K	10x	as long as short

Show all 51 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Paradex ZEC-USD-PERP	+0.0100%	8h	1,456.8	−0.029%	$60K	$43K	10x	as long as short
Nado ZEC-PERP	+0.0100%	1h	1,456.9	−0.021%	$2.8M	$6.6M	10x	as long as short
Aster ZECUSDT	+0.0100%	8h	1,457.5	+0.016%	$14.5M	$27.9M	75x	as long as short
Pacifica ZEC	+0.0100%	1h	1,457.1	−0.011%	$1.7M	$2.4M	10x	as long as short
Binance ZECUSDT	+0.0100%	8h	1,457.7	+0.036%	$670.9M	$2.19B	75x	as long as short
Bybit ZECUSDTlong	+0.0100%	8h	1,457.2	long leg	$261.1M	$598.8M	75x
OKX ZEC-USDT-SWAP	+0.0100%	8h	1,457.8	+0.036%	$178.8M	$1.21B	50x	as long as short
Ondo Perps ZEC-USD.P	+0.0100%	1h	1,455.7	−0.105%	$395K	$434K	5x	as long as short
Bulk ZEC-USD	+0.0100%	1h	1,453.9	−0.231%	$878K	$18K	10x	as long as short
Gate ZEC_USDT	+0.0100%	8h	1,457.3	+0.005%	$51.4M	$171.7M	75x	as long as short
MEXC ZEC_USDT	+0.0100%	8h	1,457.1	−0.007%	$219.1M	$770.3M	150x	as long as short
KuCoin ZECUSDTM	+0.0100%	8h	1,456.3	−0.066%	$102.8M	$53.4M	75x	as long as short
Bitget ZECUSDT	+0.0100%	8h	1,457.9	+0.044%	$165.8M	$269.6M	75x	as long as short
BingX ZEC-USDT	+0.0100%	8h	1,457.2	−0.005%	—	$106.9M	—	as long as short
Variational Omni ZEC	+0.0100%	8h	1,455.5	−0.122%	$47.7M	$32.8M	—	as long as short
edgeX ZECUSDC	+0.0100%	4h	1,456.2	−0.072%	$567K	$8.5M	20x	as long as short
GRVT ZEC_USDT_Perp	+0.0100%	8h	1,456.5	−0.050%	$3.0M	$463K	10x	as long as short
ApeX Omni ZECUSDT	+0.0100%	1h	1,456.4	−0.055%	$402K	$943K	50x	as long as short
StandX ZEC-USD	+0.0100%	1h	1,456.6	−0.046%	$49K	$4.7M	30x	as long as short
Polymarket Perps ZEC-USD	+0.0100%	1h	1,456.4	−0.057%	$354K	$1.8M	10x	as long as short
Bullet ZEC-USD	+0.0100%	1h	1,456.5	−0.048%	$160K	$185K	20x	as long as short
Derive ZEC-PERP	+0.0100%	1h	1,455.1	−0.149%	$444K	$509K	6.7x	as long as short
SunX ZEC-USDT	+0.0100%	8h	1,459.1	+0.130%	$4K	$1.1M	20x	as long as short
SoDEX ZEC-USD	+0.0100%	1h	1,456.4	−0.058%	$233K	$3.2M	10x	as long as short
HTX ZEC-USDT	+0.0100%	8h	1,455.7	−0.107%	$2.7M	$18.4M	75x	as long as short
Phemex ZECUSDT	+0.0100%	8h	1,456.8	−0.033%	$3.8M	$4.9M	50x	as long as short
Extended ZEC-USD	+0.0104%	1h	1,457.5	+0.019%	$2.8M	$7.7M	10x	as long as short
Aevo ZEC-PERP	+0.0104%	1h	1,456.1	−0.080%	$47K	$151K	20x	as long as short
Lighter RH ZEC	+0.0112%	1h	1,457.7	+0.034%	$2.1M	$7.0M	10x	as long as short
Phoenix ZEC	+0.0116%	1h	1,457.6	+0.022%	$4.6M	$1.3M	10x	as long as short
01 Exchange ZECUSD	+0.0128%	1h	1,456.8	−0.030%	$8K	$7K	5x	as long as short
Lighter ZEC	+0.0144%	1h	1,458.3	+0.074%	$19.2M	$45.1M	20x	as long as short
Hyperliquid ZEC	+0.0145%	1h	1,458.9	+0.115%	$759.6M	$424.2M	10x	as long as short
Kalshi KXZECPERP	+0.0162%	8h	1,458	+0.053%	$1.5M	$4.4M	2.2x	as long as short
Backpack ZEC_USDC_PERP	+0.0188%	1h	1,457.8	+0.041%	$2.4M	$3.8M	15x	as long as short
RISEx ZEC/USDC	+0.0216%	1h	1,456.5	−0.054%	$921K	$1.1M	10x	as long as short
Deribit ZEC_USDC-PERPETUAL	+0.0308%	1h	1,456.9	−0.020%	$613K	$1.3M	25x	as long as short
Kraken Futures PF_ZECUSD	+0.0333%	1h	1,456.5	−0.048%	$18.0M	$45.2M	25x	as long as short
Arcus ZEC-USD	+0.0344%	1h	1,458.3	+0.072%	$697K	$8.2M	10x	as long as short
Coinbase International ZEC-PERP-INTXshort	+0.0464%	1h	1,458.6	+0.095%	$3.8M	$9.2M	50x
Aftermath Perps ZECUSD	+0.0677%	1h	1,456.7	−0.034%	$45K	$49K	10x	as long as short