Funding arb · Price arb /

ZEC

all ZEC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.3802%/8h= −416.3% APRpaid last 24h −0.823%

Price spread now: Injective against HTX−0.532%65s7-day average +0.062% · you buy dearer than you sell

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

Long on HTX Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days−2.195%−$220 on $10k

Price spread, last 4 days (all we have)+1.322%+$132 · spread now −0.532%, 7d avg +0.062%

Together, before fees−0.873%−$87 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$114 a day on $10k at the current rate, and Injective is 0.594% cheaper against HTX than usual: you would sell low and buy high (−$59 if the spread goes back to its 7-day average of +0.062%). Swap the legs. The two prices were read 65 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 -2.195% in total (about -114.5% 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	HTX ZEC-USDT	1,505.1	0.0100	pay 0.0100% / 8h	7h 38m	$2.7M	$21.2M	75x
Short	Injective ZEC/USDC PERP	1,497.1	−0.3702	pay 0.0463% / 1h	38m 09s	$36K	$275K	12x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against HTX. 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 HTXbpFee InjectivebpOrdersPrice spread, now −0.532%Rate

Funding earned: −$798.4
Price spread: −0.532% → +0.062%: −$59.37
Slippage, 4 orders: no order book: not counted
Fee HTX: 6 bp × 2 orders: −$12
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$869.79
Costs to cover: 0.120%
Break-even: never at this rate

Slippage unknown: HTX: live order book, 1 min ago; Injective: live order book, 61 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 HTX live order book, 1 min ago	3.32 bp	9.4 bp −$9	14.8 bp −$148	38.9 bp −$3,885	doesn't fit
Sell Injective live order book, 61 min ago	63.85 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	−0.3702%	1h	1,497.1	−0.532%	$36K	$275K	12x
Perpl ZEC	−0.0447%	43m	1,506.2	+0.079%	$62K	$305K	10x	as long as short
Aftermath Perps ZECUSD	−0.0170%	1h	1,511	+0.394%	$48K	$58K	10x	as long as short
BloFin ZEC-USDT	−0.0155%	8h	1,507.1	+0.139%	$31.7M	$76.7M	75x	as long as short
Bulk ZEC-USD	−0.0098%	1h	1,506.5	+0.099%	$775K	$147K	10x	as long as short
Hotstuff ZEC-PERP	−0.0080%	1h	1,507	+0.128%	$6K	$1K	10x	as long as short
dYdX ZEC-USD	0.0000%	1h	1,506.1	+0.072%	$418K	$34K	5x	as long as short
Kalshi KXZECPERP	0.0000%	8h	1,507	+0.132%	$1.6M	$5.0M	2.2x	as long as short
gTrade (Gains Network) ZEC/USD	L +0.0007% / S −0.0006%	1h	1,505.7	+0.041%	$5.4M	—	150x	as long as short
Kraken Futures PF_ZECUSD	+0.0019%	1h	1,506.4	+0.087%	$18.2M	$47.9M	25x	as long as short

Show all 51 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
01 Exchange ZECUSD	+0.0032%	1h	1,506.9	+0.122%	$8K	$6K	5x	as long as short
Gate ZEC_USDT	+0.0051%	8h	1,506.7	+0.108%	$60.5M	$184.9M	75x	as long as short
ApeX Omni ZECUSDT	+0.0058%	1h	1,509.8	+0.315%	$415K	$952K	50x	as long as short
Phoenix ZEC	+0.0082%	1h	1,515.4	+0.689%	$4.8M	$1.4M	10x	as long as short
Orderly PERP_ZEC_USDC	+0.0085%	8h	1,505.3	+0.014%	$304K	$861K	20x	as long as short
Lighter ZEC	+0.0096%	1h	1,507.4	+0.154%	$19.5M	$44.8M	20x	as long as short
Lighter RH ZEC	+0.0096%	1h	1,507.4	+0.159%	$2.1M	$7.5M	10x	as long as short
Popdex ZECUSDT	+0.0096%	1h	1,506.6	+0.106%	$172K	$1.8M	50x	as long as short
Paradex ZEC-USD-PERP	+0.0100%	8h	1,506.7	+0.113%	$62K	$18K	10x	as long as short
Katana Perps ZEC-USD	+0.0100%	8h	1,506.5	+0.097%	$16K	$898K	10x	as long as short
Nado ZEC-PERP	+0.0100%	1h	1,506.5	+0.099%	$3.1M	$7.7M	10x	as long as short
Hyperliquid ZEC	+0.0100%	1h	1,508	+0.196%	$789.3M	$445.2M	10x	as long as short
Aster ZECUSDT	+0.0100%	8h	1,505.5	+0.032%	$14.1M	$30.8M	75x	as long as short
Pacifica ZEC	+0.0100%	1h	1,506.9	+0.125%	$1.7M	$2.4M	10x	as long as short
Binance ZECUSDT	+0.0100%	8h	1,506.4	+0.087%	$711.9M	$2.33B	75x	as long as short
Bybit ZECUSDT	+0.0100%	8h	1,506.2	+0.076%	$270.2M	$625.1M	75x	as long as short
OKX ZEC-USDT-SWAP	+0.0100%	8h	1,506.9	+0.124%	$185.6M	$1.38B	50x	as long as short
Ondo Perps ZEC-USD.P	+0.0100%	1h	1,505.7	+0.043%	$412K	$544K	5x	as long as short
Arcus ZEC-USD	+0.0100%	1h	1,507.5	+0.166%	$611K	$9.0M	10x	as long as short
MEXC ZEC_USDT	+0.0100%	8h	1,506.8	+0.119%	$406.8M	$832.8M	150x	as long as short
KuCoin ZECUSDTM	+0.0100%	8h	1,505.3	+0.017%	$102.9M	$57.4M	75x	as long as short
Bitget ZECUSDT	+0.0100%	8h	1,507	+0.129%	$163.1M	$295.6M	75x	as long as short
BingX ZEC-USDT	+0.0100%	8h	1,506.9	+0.124%	—	$120.0M	—	as long as short
Variational Omni ZEC	+0.0100%	8h	1,509.9	+0.321%	$50.1M	$36.0M	—	as long as short
edgeX ZECUSDC	+0.0100%	4h	1,511.6	+0.436%	$558K	$9.1M	20x	as long as short
GRVT ZEC_USDT_Perp	+0.0100%	8h	1,515.1	+0.666%	$3.1M	$530K	10x	as long as short
StandX ZEC-USD	+0.0100%	1h	1,507.9	+0.189%	$51K	$4.6M	30x	as long as short
Polymarket Perps ZEC-USD	+0.0100%	1h	1,509.1	+0.269%	$375K	$1.7M	10x	as long as short
Bullet ZEC-USD	+0.0100%	1h	1,505.8	+0.050%	$169K	$194K	20x	as long as short
Derive ZEC-PERP	+0.0100%	1h	1,508.1	+0.205%	$450K	$419K	6.7x	as long as short
SunX ZEC-USDT	+0.0100%	8h	1,507.8	+0.181%	$3K	$1.2M	20x	as long as short
SoDEX ZEC-USD	+0.0100%	1h	1,505.5	+0.031%	$255K	$3.6M	10x	as long as short
HTX ZEC-USDTlong	+0.0100%	8h	1,505.1	long leg	$2.7M	$21.2M	75x
Phemex ZECUSDT	+0.0100%	8h	1,506.6	+0.100%	$4.0M	$4.9M	50x	as long as short
Extended ZEC-USD	+0.0104%	1h	1,505.5	+0.027%	$2.7M	$8.0M	10x	as long as short
Aevo ZEC-PERP	+0.0104%	1h	1,505.5	+0.031%	$44K	$153K	20x	as long as short
Deribit ZEC_USDC-PERPETUAL	+0.0141%	1h	1,506.3	+0.084%	$689K	$1.4M	25x	as long as short
RISEx ZEC/USDC	+0.0157%	1h	1,506.5	+0.098%	$956K	$1.1M	10x	as long as short
GMX ZEC/USD [WBTC.b-USDC]	L +0.0157% / S −0.0161%	1h	1,505.6	+0.039%	$334K	—	100x	as long as short
Coinbase International ZEC-PERP-INTX	+0.0368%	1h	1,507.6	+0.169%	$3.8M	$10.0M	50x	as long as short
Backpack ZEC_USDC_PERP	+0.0440%	1h	1,507.3	+0.149%	$2.4M	$3.8M	15x	as long as short