Funding arb · Price arb /

ZEC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.3778%/8h= −413.7% APRpaid last 24h −0.511%

Price spread now: Injective against Bybit+0.360%118s7-day average +0.103% · you sell dearer than you buy

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

Long on Bybit Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days−2.346%−$235 on $10k

Price spread, last 3 days (all we have)−0.235%−$23 · spread now +0.360%, 7d avg +0.103%

Together, before fees−2.580%−$258 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Injective is 0.257% dearer against Bybit than usual: you sell high and buy low (spread +0.360% now, against its 7-day average of +0.103%): +$26 on $10k if it goes back. Holding the pair costs −$113 a day in funding at the current rate, which eats that in about 5 hours. At the pace of the last 7 days (−2.346% in total) that is about 18 hours. The two prices were read 118 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 -2.346% in total (about -122.3% 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	1,472.2	0.0100	pay 0.0100% / 8h	6h 45m	$271.6M	$626.7M	75x
Short	Injective ZEC/USDC PERP	1,477.5	−0.3678	pay 0.0460% / 1h	45m 24s	$34K	$274K	12x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against Bybit. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 InjectivebpOrdersPrice spread, now +0.360%Rate

Funding earned: −$793.44
Price spread: +0.360% → +0.103%: $25.69
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$778.78
Costs to cover: 0.110%
Break-even: from the start

Slippage unknown: Bybit: live order book, 4 min ago; Injective: live order book, 24 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 Bybit live order book, 4 min ago	0.03 bp	5.6 bp −$6	8.2 bp −$82	15.2 bp −$1,516	32.8 bp −$16.4K
Sell Injective live order book, 24 min ago	65.73 bp	doesn't fit	doesn't fit	doesn't fit	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 PERPshort	−0.3678%	1h	1,477.5	+0.360%	$34K	$274K	12x
Ondo Perps ZEC-USD.P	−0.0086%	1h	1,473	+0.052%	$400K	$517K	5x	as long as short
Hotstuff ZEC-PERP	−0.0080%	1h	1,472.7	+0.031%	$6K	$1K	10x	as long as short
Kraken Futures PF_ZECUSD	−0.0002%	1h	1,474.7	+0.171%	$18.0M	$43.4M	25x	as long as short
dYdX ZEC-USD	0.0000%	1h	1,473.1	+0.060%	$415K	$103K	5x	as long as short
Kalshi KXZECPERP	0.0000%	8h	1,475.5	+0.223%	$960K	$5.0M	2.2x	as long as short
Perpl ZEC	0.0000%	43m	1,472.8	+0.041%	$84K	$405K	10x	as long as short
gTrade (Gains Network) ZEC/USD	L +0.0007% / S −0.0006%	1h	1,472.6	+0.028%	$5.2M	—	150x	as long as short
BloFin ZEC-USDT	+0.0012%	8h	1,475.2	+0.202%	$29.6M	$73.3M	75x	as long as short
Variational Omni ZEC	+0.0016%	8h	1,474	+0.121%	$48.1M	$33.4M	—	as long as short

Show all 51 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_ZEC_USDC	+0.0026%	8h	1,472.3	+0.007%	$294K	$1.1M	20x	as long as short
01 Exchange ZECUSD	+0.0032%	1h	1,473.1	+0.060%	$8K	$9K	5x	as long as short
GMX ZEC/USD [WBTC.b-USDC]	L +0.0055% / S −0.0010%	1h	1,474.4	+0.150%	$383K	—	100x	as long as short
Phoenix ZEC	+0.0070%	1h	1,473.7	+0.101%	$4.7M	$1.5M	10x	as long as short
Gate ZEC_USDT	+0.0075%	8h	1,472.6	+0.023%	$50.1M	$174.2M	75x	as long as short
OKX ZEC-USDT-SWAP	+0.0079%	8h	1,472.6	+0.023%	$181.3M	$1.28B	50x	as long as short
Popdex ZECUSDT	+0.0096%	1h	1,472.8	+0.037%	$172K	$1.8M	50x	as long as short
Katana Perps ZEC-USD	+0.0100%	8h	1,472.6	+0.026%	$14K	$832K	10x	as long as short
Paradex ZEC-USD-PERP	+0.0100%	8h	1,472.3	+0.002%	$61K	$39K	10x	as long as short
Nado ZEC-PERP	+0.0100%	1h	1,472.9	+0.048%	$2.6M	$6.5M	10x	as long as short
Hyperliquid ZEC	+0.0100%	1h	1,473.6	+0.093%	$766.8M	$449.9M	10x	as long as short
Aster ZECUSDT	+0.0100%	8h	1,472.5	+0.016%	$14.9M	$31.0M	75x	as long as short
Pacifica ZEC	+0.0100%	1h	1,472.8	+0.041%	$1.7M	$2.7M	10x	as long as short
Binance ZECUSDT	+0.0100%	8h	1,472.5	+0.017%	$682.4M	$2.34B	75x	as long as short
Bybit ZECUSDTlong	+0.0100%	8h	1,472.2	long leg	$271.6M	$626.7M	75x
MEXC ZEC_USDT	+0.0100%	8h	1,472.6	+0.027%	$218.5M	$792.9M	150x	as long as short
KuCoin ZECUSDTM	+0.0100%	8h	1,473.1	+0.056%	$103.7M	$56.0M	75x	as long as short
Bitget ZECUSDT	+0.0100%	8h	1,472.8	+0.038%	$163.3M	$286.4M	75x	as long as short
BingX ZEC-USDT	+0.0100%	8h	1,473.2	+0.063%	—	$100.2M	—	as long as short
edgeX ZECUSDC	+0.0100%	4h	1,474.3	+0.141%	$574K	$9.1M	20x	as long as short
GRVT ZEC_USDT_Perp	+0.0100%	8h	1,476	+0.253%	$3.0M	$443K	10x	as long as short
ApeX Omni ZECUSDT	+0.0100%	1h	1,474.5	+0.154%	$429K	$905K	50x	as long as short
StandX ZEC-USD	+0.0100%	1h	1,474.6	+0.162%	$71K	$4.7M	30x	as long as short
Polymarket Perps ZEC-USD	+0.0100%	1h	1,472.4	+0.012%	$342K	$1.7M	10x	as long as short
Bullet ZEC-USD	+0.0100%	1h	1,472.5	+0.019%	$128K	$158K	20x	as long as short
Derive ZEC-PERP	+0.0100%	1h	1,473	+0.054%	$459K	$510K	6.7x	as long as short
SunX ZEC-USDT	+0.0100%	8h	1,476.7	+0.302%	$3K	$1.2M	20x	as long as short
SoDEX ZEC-USD	+0.0100%	1h	1,474.4	+0.149%	$243K	$3.8M	10x	as long as short
HTX ZEC-USDT	+0.0100%	8h	1,474	+0.120%	$2.5M	$19.2M	75x	as long as short
Phemex ZECUSDT	+0.0100%	8h	1,475	+0.191%	$3.8M	$5.2M	50x	as long as short
Bulk ZEC-USD	+0.0100%	1h	1,474.6	+0.164%	$897K	$17K	10x	as long as short
Extended ZEC-USD	+0.0104%	1h	1,472.5	+0.017%	$3.2M	$7.0M	10x	as long as short
Aevo ZEC-PERP	+0.0104%	1h	1,474.2	+0.132%	$51K	$164K	20x	as long as short
Deribit ZEC_USDC-PERPETUAL	+0.0156%	1h	1,475.1	+0.198%	$607K	$1.3M	25x	as long as short
Lighter RH ZEC	+0.0208%	1h	1,474.1	+0.128%	$2.1M	$7.0M	10x	as long as short
Arcus ZEC-USD	+0.0254%	1h	1,473.9	+0.115%	$685K	$8.7M	10x	as long as short
Lighter ZEC	+0.0320%	1h	1,473.9	+0.111%	$19.2M	$48.0M	20x	as long as short
RISEx ZEC/USDC	+0.0374%	1h	1,473.3	+0.072%	$855K	$1.0M	10x	as long as short
Coinbase International ZEC-PERP-INTX	+0.0472%	1h	1,476.3	+0.273%	$3.7M	$9.7M	50x	as long as short
Backpack ZEC_USDC_PERP	+0.0568%	1h	1,474.3	+0.137%	$2.5M	$3.9M	15x	as long as short
Aftermath Perps ZECUSD	+0.0737%	1h	1,474.5	+0.153%	$44K	$46K	10x	as long as short