Funding arb · Price arb /

ZEC

all ZEC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0456%/8h= −49.9% APRpaid last 24h −0.106%

Price spread now: Kalshi against Coinbase International−0.056%7-day average −0.106% · you buy dearer than you sell

Net, funding: paid 7d − costs−$60as in the Funding arb table

Net, price: spread back to 7d avg − costs−$46as in the Price arb table

costs, in and out, $10k−$510.508% of the position

Long on Coinbase International Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 7 days−0.089%−$9 on $10k

Price spread, last 4 days (all we have)−1.425%−$142 · spread now −0.056%, 7d avg −0.106%

Together, before fees−1.514%−$151 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Kalshi is 0.050% dearer against Coinbase International than usual: you sell high and buy low (spread −0.056% now, against its 7-day average of −0.106%): +$5 on $10k if it goes back. Holding the pair costs −$14 a day in funding at the current rate, which eats that in about 9 hours. At the pace of the last 7 days (−0.089% in total) that is about 3.9 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.089% in total (about -4.6% 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	Coinbase International ZEC-PERP-INTX	1,456.9	0.0456	pay 0.0057% / 1h	27m 15s	$3.7M	$9.1M	50x
Short	Kalshi KXZECPERP	1,456.1	0	get 0.0000% / 8h	1h 27m	$1.5M	$5.1M	2.2x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against Coinbase International. 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 Coinbase InternationalbpFee KalshibpOrdersPrice spread, now −0.056%Rate

Funding earned: −$95.76
Price spread: −0.056% → −0.106%: $4.97
Slippage, 4 orders: −$30.78
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Kalshi: 5 bp × 2 orders: −$10
Net: −$141.58
Costs to cover: 0.508%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 2 min ago; Kalshi: 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 Coinbase International live order book, 2 min ago	0.07 bp	12.9 bp −$13	16.3 bp −$163	50.7 bp −$5,069	doesn't fit
Sell Kalshi live order book, 1 min ago	7.72 bp	12.7 bp −$13	17.8 bp −$178	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	−0.3244%	1h	1,457.3	+0.024%	$34K	$272K	12x	as long as short
BloFin ZEC-USDT	−0.0083%	8h	1,455.2	−0.119%	$29.1M	$70.9M	75x	as long as short
Hotstuff ZEC-PERP	−0.0080%	1h	1,457.1	+0.010%	$6K	$1K	10x	as long as short
dYdX ZEC-USD	0.0000%	1h	1,455.8	−0.077%	$410K	$43K	5x	as long as short
Kalshi KXZECPERPshort	0.0000%	8h	1,456.1	−0.056%	$1.5M	$5.1M	2.2x
Perpl ZEC	0.0000%	43m	1,455.2	−0.121%	$83K	$243K	10x	as long as short
gTrade (Gains Network) ZEC/USD	L +0.0007% / S −0.0006%	1h	1,454.9	−0.139%	$5.2M	—	150x	as long as short
Orderly PERP_ZEC_USDC	+0.0045%	8h	1,455.1	−0.128%	$291K	$979K	20x	as long as short
GMX ZEC/USD [WBTC.b-USDC]	L +0.0061% / S −0.0011%	1h	1,454.7	−0.152%	$408K	—	100x	as long as short
Phoenix ZEC	+0.0074%	1h	1,459.6	+0.181%	$4.6M	$1.4M	10x	as long as short

Show all 51 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
ApeX Omni ZECUSDT	+0.0094%	1h	1,456.7	−0.016%	$410K	$911K	50x	as long as short
Popdex ZECUSDT	+0.0096%	1h	1,455.3	−0.110%	$173K	$1.8M	50x	as long as short
Katana Perps ZEC-USD	+0.0100%	8h	1,456.2	−0.049%	$23K	$869K	10x	as long as short
Paradex ZEC-USD-PERP	+0.0100%	8h	1,455.6	−0.088%	$60K	$43K	10x	as long as short
Nado ZEC-PERP	+0.0100%	1h	1,455.4	−0.103%	$2.6M	$6.5M	10x	as long as short
Hyperliquid ZEC	+0.0100%	1h	1,456.6	−0.022%	$762.3M	$438.9M	10x	as long as short
Aster ZECUSDT	+0.0100%	8h	1,455.2	−0.115%	$14.4M	$28.3M	75x	as long as short
Pacifica ZEC	+0.0100%	1h	1,456	−0.064%	$1.7M	$2.6M	10x	as long as short
Binance ZECUSDT	+0.0100%	8h	1,455.4	−0.107%	$666.6M	$2.26B	75x	as long as short
Bybit ZECUSDT	+0.0100%	8h	1,454.8	−0.143%	$265.8M	$611.8M	75x	as long as short
OKX ZEC-USDT-SWAP	+0.0100%	8h	1,455.1	−0.124%	$178.4M	$1.24B	50x	as long as short
Ondo Perps ZEC-USD.P	+0.0100%	1h	1,457.5	+0.040%	$396K	$431K	5x	as long as short
Bulk ZEC-USD	+0.0100%	1h	1,451.2	−0.391%	$879K	$21K	10x	as long as short
Gate ZEC_USDT	+0.0100%	8h	1,455.1	−0.128%	$49.5M	$173.8M	75x	as long as short
MEXC ZEC_USDT	+0.0100%	8h	1,455.4	−0.105%	$213.7M	$776.7M	150x	as long as short
KuCoin ZECUSDTM	+0.0100%	8h	1,455.1	−0.126%	$101.9M	$56.2M	75x	as long as short
Bitget ZECUSDT	+0.0100%	8h	1,455.3	−0.111%	$161.7M	$278.0M	75x	as long as short
BingX ZEC-USDC	+0.0100%	8h	1,456	−0.067%	—	$6.7M	—	as long as short
Backpack ZEC_USDC_PERP	+0.0100%	1h	1,457.2	+0.016%	$2.4M	$3.8M	15x	as long as short
Variational Omni ZEC	+0.0100%	8h	1,454.2	−0.185%	$47.0M	$32.4M	—	as long as short
edgeX ZECUSDC	+0.0100%	4h	1,457	+0.007%	$567K	$8.7M	20x	as long as short
GRVT ZEC_USDT_Perp	+0.0100%	8h	1,456.5	−0.030%	$3.0M	$432K	10x	as long as short
StandX ZEC-USD	+0.0100%	1h	1,457.2	+0.019%	$49K	$4.7M	30x	as long as short
Polymarket Perps ZEC-USD	+0.0100%	1h	1,454.8	−0.146%	$331K	$1.8M	10x	as long as short
Bullet ZEC-USD	+0.0100%	1h	1,455.2	−0.118%	$160K	$185K	20x	as long as short
Derive ZEC-PERP	+0.0100%	1h	1,453.6	−0.228%	$444K	$521K	6.7x	as long as short
SunX ZEC-USDT	+0.0100%	8h	1,458	+0.072%	$3K	$1.2M	20x	as long as short
SoDEX ZEC-USD	+0.0100%	1h	1,455.2	−0.117%	$232K	$3.5M	10x	as long as short
HTX ZEC-USDT	+0.0100%	8h	1,454.6	−0.162%	$2.6M	$18.4M	75x	as long as short
Phemex ZECUSDT	+0.0100%	8h	1,455.8	−0.074%	$3.8M	$5.1M	50x	as long as short
Extended ZEC-USD	+0.0104%	1h	1,454.9	−0.139%	$2.8M	$7.7M	10x	as long as short
Aevo ZEC-PERP	+0.0104%	1h	1,455	−0.129%	$47K	$153K	20x	as long as short
01 Exchange ZECUSD	+0.0136%	1h	1,455.9	−0.068%	$8K	$7K	5x	as long as short
Lighter ZEC	+0.0192%	1h	1,456.7	−0.015%	$19.0M	$46.6M	20x	as long as short
Kraken Futures PF_ZECUSD	+0.0196%	1h	1,455.2	−0.118%	$18.0M	$44.6M	25x	as long as short
Deribit ZEC_USDC-PERPETUAL	+0.0224%	1h	1,455.5	−0.095%	$612K	$1.3M	25x	as long as short
Arcus ZEC-USD	+0.0277%	1h	1,457.5	+0.039%	$709K	$8.5M	10x	as long as short
Lighter RH ZEC	+0.0352%	1h	1,457.1	+0.014%	$2.0M	$6.9M	10x	as long as short
RISEx ZEC/USDC	+0.0409%	1h	1,455.8	−0.077%	$831K	$1.0M	10x	as long as short
Coinbase International ZEC-PERP-INTXlong	+0.0456%	1h	1,456.9	long leg	$3.7M	$9.1M	50x
Aftermath Perps ZECUSD	+0.0693%	1h	1,455.9	−0.069%	$45K	$49K	10x	as long as short