Funding arb · Price arb /

ZEC

all ZEC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.3542%/8h= +387.8% APRpaid last 24h +0.781%

Price spread now: Phemex against Injective+1.621%65s7-day average −0.023% · you sell dearer than you buy

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

Long on Injective Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days+2.390%+$239 on $10k

Price spread, last 4 days (all we have)−1.560%−$156 · spread now +1.621%, 7d avg −0.023%

Together, before fees+0.830%+$83 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$106 a day on $10k at the current rate, and Phemex is 1.643% dearer against Injective than usual: you sell high and buy low: +$164 more if the spread goes back to its 7-day average of −0.023%. 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 2.390% in total (about 124.6% 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	Injective ZEC/USDC PERP	1,479.6	−0.3442	get 0.0430% / 1h	17m 22s	$36K	$275K	12x
Short	Phemex ZECUSDT	1,503.6	0.0100	get 0.0100% / 8h	17m 22s	$4.0M	$4.9M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Injective. 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 InjectivebpFee PhemexbpOrdersPrice spread, now +1.621%Rate

Funding earned: $743.72
Price spread: +1.621% → −0.023%: $164.34
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Phemex: 6 bp × 2 orders: −$12
Net: $896.04
Costs to cover: 0.120%
Break-even: from the start

Slippage unknown: Injective: live order book, 22 min ago; Phemex: live order book, 1 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 Injective live order book, 22 min ago	63.85 bp	492043.8 bp −$492.0K	4976718.0 bp −$49.77M	49523820.0 bp −$4952.38M	246762416.0 bp −$123381.21M
Sell Phemex live order book, 1 min ago	5.98 bp	23.7 bp −$24	37.4 bp −$374	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 PERPlong	−0.3442%	1h	1,479.6	long leg	$36K	$275K	12x
Perpl ZEC	−0.0447%	43m	1,504	+1.652%	$62K	$303K	10x	as long as short
BloFin ZEC-USDT	−0.0148%	8h	1,504.3	+1.669%	$31.3M	$76.0M	75x	as long as short
Bulk ZEC-USD	−0.0108%	1h	1,495.7	+1.090%	$810K	$100K	10x	as long as short
Aftermath Perps ZECUSD	−0.0101%	1h	1,498.6	+1.288%	$48K	$58K	10x	as long as short
Hotstuff ZEC-PERP	−0.0080%	1h	1,503.3	+1.601%	$6K	$1K	10x	as long as short
dYdX ZEC-USD	0.0000%	1h	1,505.2	+1.730%	$418K	$34K	5x	as long as short
Kalshi KXZECPERP	0.0000%	8h	1,504.3	+1.671%	$1.5M	$4.4M	2.2x	as long as short
gTrade (Gains Network) ZEC/USD	L +0.0007% / S −0.0006%	1h	1,505.4	+1.744%	$5.4M	—	150x	as long as short
Kraken Futures PF_ZECUSD	+0.0012%	1h	1,504.5	+1.686%	$18.0M	$47.1M	25x	as long as short

Show all 51 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps ZEC-USD.P	+0.0050%	1h	1,498	+1.245%	$408K	$555K	5x	as long as short
Orderly PERP_ZEC_USDC	+0.0083%	8h	1,503.7	+1.633%	$303K	$864K	20x	as long as short
01 Exchange ZECUSD	+0.0088%	1h	1,505.4	+1.746%	$8K	$6K	5x	as long as short
Phoenix ZEC	+0.0096%	1h	1,496	+1.110%	$4.8M	$1.4M	10x	as long as short
Popdex ZECUSDT	+0.0096%	1h	1,505.2	+1.731%	$183K	$1.8M	50x	as long as short
Katana Perps ZEC-USD	+0.0098%	8h	1,505.3	+1.738%	$12K	$891K	10x	as long as short
Paradex ZEC-USD-PERP	+0.0100%	8h	1,505.4	+1.744%	$62K	$20K	10x	as long as short
Nado ZEC-PERP	+0.0100%	1h	1,505.6	+1.757%	$3.1M	$7.6M	10x	as long as short
Hyperliquid ZEC	+0.0100%	1h	1,505.7	+1.765%	$786.5M	$439.6M	10x	as long as short
Aster ZECUSDT	+0.0100%	8h	1,504.9	+1.714%	$14.0M	$30.7M	75x	as long as short
Pacifica ZEC	+0.0100%	1h	1,505.8	+1.769%	$1.7M	$2.4M	10x	as long as short
Binance ZECUSDT	+0.0100%	8h	1,505.2	+1.735%	$704.2M	$2.30B	75x	as long as short
Bybit ZECUSDT	+0.0100%	8h	1,504.7	+1.695%	$270.6M	$617.9M	75x	as long as short
OKX ZEC-USDT-SWAP	+0.0100%	8h	1,504.9	+1.713%	$184.1M	$1.35B	50x	as long as short
Gate ZEC_USDT	+0.0100%	8h	1,505.2	+1.732%	$57.0M	$185.6M	75x	as long as short
MEXC ZEC_USDT	+0.0100%	8h	1,505.6	+1.759%	$243.5M	$804.4M	150x	as long as short
KuCoin ZECUSDTM	+0.0100%	8h	1,505.5	+1.749%	$103.3M	$56.4M	75x	as long as short
Bitget ZECUSDT	+0.0100%	8h	1,505.4	+1.745%	$162.8M	$289.0M	75x	as long as short
BingX ZEC-USDC	+0.0100%	8h	1,504.4	+1.675%	—	$6.7M	—	as long as short
Variational Omni ZEC	+0.0100%	8h	1,495.2	+1.055%	$48.9M	$34.4M	—	as long as short
edgeX ZECUSDC	+0.0100%	4h	1,501.5	+1.481%	$575K	$9.1M	20x	as long as short
GRVT ZEC_USDT_Perp	+0.0100%	8h	1,503.1	+1.587%	$3.1M	$510K	10x	as long as short
ApeX Omni ZECUSDT	+0.0100%	1h	1,504.4	+1.675%	$414K	$946K	50x	as long as short
StandX ZEC-USD	+0.0100%	1h	1,503.4	+1.612%	$56K	$4.6M	30x	as long as short
Polymarket Perps ZEC-USD	+0.0100%	1h	1,505.2	+1.732%	$361K	$1.6M	10x	as long as short
Bullet ZEC-USD	+0.0100%	1h	1,505.4	+1.743%	$165K	$184K	20x	as long as short
Derive ZEC-PERP	+0.0100%	1h	1,502.7	+1.563%	$459K	$469K	6.7x	as long as short
SunX ZEC-USDT	+0.0100%	8h	1,506.1	+1.795%	$3K	$1.2M	20x	as long as short
SoDEX ZEC-USD	+0.0100%	1h	1,503.8	+1.638%	$254K	$3.4M	10x	as long as short
HTX ZEC-USDT	+0.0100%	8h	1,502.1	+1.522%	$2.7M	$20.7M	75x	as long as short
Phemex ZECUSDTshort	+0.0100%	8h	1,503.6	+1.621%	$4.0M	$4.9M	50x
Lighter RH ZEC	+0.0104%	1h	1,506.6	+1.829%	$2.1M	$7.4M	10x	as long as short
Extended ZEC-USD	+0.0104%	1h	1,505.3	+1.740%	$2.8M	$7.9M	10x	as long as short
Aevo ZEC-PERP	+0.0104%	1h	1,503.9	+1.647%	$43K	$151K	20x	as long as short
Deribit ZEC_USDC-PERPETUAL	+0.0115%	1h	1,504.6	+1.694%	$687K	$1.4M	25x	as long as short
RISEx ZEC/USDC	+0.0128%	1h	1,505.5	+1.751%	$948K	$1.1M	10x	as long as short
GMX ZEC/USD [WBTC.b-USDC]	L +0.0146% / S −0.0143%	1h	1,504	+1.648%	$334K	—	100x	as long as short
Lighter ZEC	+0.0208%	1h	1,506.6	+1.827%	$20.0M	$45.8M	20x	as long as short
Arcus ZEC-USD	+0.0403%	1h	1,505.9	+1.778%	$609K	$8.8M	10x	as long as short
Coinbase International ZEC-PERP-INTX	+0.0416%	1h	1,504.8	+1.707%	$3.7M	$9.8M	50x	as long as short
Backpack ZEC_USDC_PERP	+0.0524%	1h	1,504.3	+1.667%	$2.3M	$3.8M	15x	as long as short