Funding arb · Price arb /

ZEC

all ZEC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h +0.034%

Price spread now: Popdex against Bybit+0.068%52s7-day average +0.006% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$260.261% of the position

Long on Bybit Short on Popdex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.048%+$5 on $10k

Price spread, last 7 days−0.072%−$7 · spread now +0.068%, 7d avg +0.006%

Together, before fees−0.025%−$2 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: Popdex is 0.063% dearer against Bybit than usual: you sell high and buy low, +$6 on $10k if it goes back to its 7-day average of +0.006%. The two prices were read 52 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit ZECUSDT	1,508.1	0.0100	pay 0.0100% / 8h	12m 44s	$272.4M	$620.2M	75x
Short	Popdex ZECUSDT	1,509.1	0.0096	get 0.0012% / 1h	12m 44s	$180K	$1.8M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Popdex 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 PopdexbpOrdersPrice spread, now +0.068%Rate

Funding earned: −$0.84
Price spread: +0.068% → +0.006%: $6.26
Slippage, 4 orders: −$8.74
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Popdex: 3.2 bp × 2 orders: −$6.4
Net: −$20.72
Costs to cover: 0.261%
Break-even: never at this rate

Slippage from Bybit: live order book, 1 min ago; Popdex: live order book, 1 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, 1 min ago	0.03 bp	7.0 bp −$7	10.6 bp −$106	20.1 bp −$2,010	doesn't fit
Sell Popdex live order book, 1 min ago	1.96 bp	6.0 bp −$6	14.3 bp −$143	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 PERP	−0.3442%	1h	1,490.6	−1.157%	$36K	$275K	12x	as long as short
Perpl ZEC	−0.0447%	43m	1,506.9	−0.077%	$62K	$303K	10x	as long as short
BloFin ZEC-USDT	−0.0179%	8h	1,507.4	−0.047%	$31.1M	$76.3M	75x	as long as short
Bulk ZEC-USD	−0.0108%	1h	1,495.7	−0.820%	$810K	$100K	10x	as long as short
Aftermath Perps ZECUSD	−0.0086%	1h	1,503.1	−0.331%	$48K	$58K	10x	as long as short
Hotstuff ZEC-PERP	−0.0080%	1h	1,505.2	−0.190%	$6K	$1K	10x	as long as short
dYdX ZEC-USD	0.0000%	1h	1,508.6	+0.035%	$419K	$34K	5x	as long as short
Kalshi KXZECPERP	0.0000%	8h	1,509	+0.061%	$1.5M	$4.4M	2.2x	as long as short
Deribit ZEC_USDC-PERPETUAL	0.0000%	1h	1,508.6	+0.037%	$689K	$1.4M	25x	as long as short
gTrade (Gains Network) ZEC/USD	L +0.0007% / S −0.0006%	1h	1,508.7	+0.040%	$5.4M	—	150x	as long as short

Show all 51 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Kraken Futures PF_ZECUSD	+0.0012%	1h	1,508.4	+0.022%	$18.1M	$47.4M	25x	as long as short
Ondo Perps ZEC-USD.P	+0.0054%	1h	1,507.4	−0.044%	$411K	$559K	5x	as long as short
01 Exchange ZECUSD	+0.0080%	1h	1,509.5	+0.095%	$8K	$6K	5x	as long as short
Orderly PERP_ZEC_USDC	+0.0083%	8h	1,507.8	−0.021%	$304K	$864K	20x	as long as short
Phoenix ZEC	+0.0096%	1h	1,508.1	+0.003%	$4.8M	$1.4M	10x	as long as short
Popdex ZECUSDTshort	+0.0096%	1h	1,509.1	+0.068%	$180K	$1.8M	50x
Katana Perps ZEC-USD	+0.0098%	8h	1,508.5	+0.028%	$14K	$894K	10x	as long as short
Paradex ZEC-USD-PERP	+0.0100%	8h	1,508.5	+0.026%	$62K	$19K	10x	as long as short
Nado ZEC-PERP	+0.0100%	1h	1,508.7	+0.044%	$3.1M	$7.6M	10x	as long as short
Hyperliquid ZEC	+0.0100%	1h	1,509.1	+0.068%	$789.9M	$441.7M	10x	as long as short
Aster ZECUSDT	+0.0100%	8h	1,508	−0.005%	$14.1M	$30.8M	75x	as long as short
Pacifica ZEC	+0.0100%	1h	1,509	+0.059%	$1.7M	$2.4M	10x	as long as short
Binance ZECUSDT	+0.0100%	8h	1,508.5	+0.030%	$705.6M	$2.30B	75x	as long as short
Bybit ZECUSDTlong	+0.0100%	8h	1,508.1	long leg	$272.4M	$620.2M	75x
OKX ZEC-USDT-SWAP	+0.0100%	8h	1,508.3	+0.016%	$184.3M	$1.36B	50x	as long as short
Gate ZEC_USDT	+0.0100%	8h	1,508.5	+0.029%	$58.8M	$187.3M	75x	as long as short
MEXC ZEC_USDT	+0.0100%	8h	1,508.5	+0.030%	$238.5M	$807.4M	150x	as long as short
KuCoin ZECUSDTM	+0.0100%	8h	1,508.4	+0.024%	$103.6M	$56.6M	75x	as long as short
Bitget ZECUSDT	+0.0100%	8h	1,508.7	+0.040%	$163.3M	$289.9M	75x	as long as short
BingX ZEC-USDC	+0.0100%	8h	1,507.6	−0.032%	—	$6.7M	—	as long as short
Variational Omni ZEC	+0.0100%	8h	1,501.9	−0.408%	$49.1M	$34.4M	—	as long as short
edgeX ZECUSDC	+0.0100%	4h	1,504.8	−0.220%	$576K	$9.1M	20x	as long as short
GRVT ZEC_USDT_Perp	+0.0100%	8h	1,507.4	−0.046%	$3.1M	$510K	10x	as long as short
ApeX Omni ZECUSDT	+0.0100%	1h	1,507.5	−0.035%	$415K	$946K	50x	as long as short
StandX ZEC-USD	+0.0100%	1h	1,505	−0.205%	$56K	$4.6M	30x	as long as short
Polymarket Perps ZEC-USD	+0.0100%	1h	1,508.9	+0.055%	$363K	$1.6M	10x	as long as short
Bullet ZEC-USD	+0.0100%	1h	1,508.9	+0.056%	$176K	$189K	20x	as long as short
Derive ZEC-PERP	+0.0100%	1h	1,506.9	−0.077%	$460K	$438K	6.7x	as long as short
SunX ZEC-USDT	+0.0100%	8h	1,510.3	+0.145%	$3K	$1.2M	20x	as long as short
SoDEX ZEC-USD	+0.0100%	1h	1,508	−0.005%	$255K	$3.5M	10x	as long as short
HTX ZEC-USDT	+0.0100%	8h	1,508	−0.005%	$2.7M	$20.8M	75x	as long as short
Phemex ZECUSDT	+0.0100%	8h	1,508.1	+0.004%	$4.0M	$4.9M	50x	as long as short
Lighter RH ZEC	+0.0104%	1h	1,509.9	+0.121%	$2.1M	$7.5M	10x	as long as short
Extended ZEC-USD	+0.0104%	1h	1,508.5	+0.030%	$2.8M	$7.9M	10x	as long as short
Aevo ZEC-PERP	+0.0104%	1h	1,508.1	+0.002%	$43K	$151K	20x	as long as short
RISEx ZEC/USDC	+0.0128%	1h	1,508.8	+0.050%	$950K	$1.1M	10x	as long as short
GMX ZEC/USD [WBTC.b-USDC]	L +0.0147% / S −0.0144%	1h	1,506	−0.137%	$335K	—	100x	as long as short
Lighter ZEC	+0.0192%	1h	1,509.6	+0.101%	$19.9M	$46.5M	20x	as long as short
Arcus ZEC-USD	+0.0403%	1h	1,508.9	+0.054%	$607K	$8.8M	10x	as long as short
Coinbase International ZEC-PERP-INTX	+0.0416%	1h	1,510.2	+0.138%	$3.7M	$9.7M	50x	as long as short
Backpack ZEC_USDC_PERP	+0.0492%	1h	1,508.5	+0.026%	$2.4M	$3.8M	15x	as long as short