Funding arb · Price arb /

ZEC

all ZEC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC+0.0156%/8h= +17.1% APRpaid last 24h +0.032%

Price spread now: Deribit against Kalshi+0.172%56s7-day average +0.042% · you sell dearer than you buy

Net, funding: paid 7d − costs−$37as in the Funding arb table

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

costs, in and out, $10k−$430.435% of the position

Long on Kalshi Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.064%+$6 on $10k

Price spread, last 4 days (all we have)+0.357%+$36 · spread now +0.172%, 7d avg +0.042%

Together, before fees+0.421%+$42 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$5 a day on $10k at the current rate, and Deribit is 0.130% dearer against Kalshi than usual: you sell high and buy low: +$13 more if the spread goes back to its 7-day average of +0.042%. The two prices were read 56 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	Kalshi KXZECPERP	1,501.7	0	get 0.0000% / 8h	1h 02m	$1.5M	$4.9M	2.2x
Short	Deribit ZEC_USDC-PERPETUAL	1,504.2	0.0156	get 0.0020% / 1h	2m 17s	$694K	$1.3M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against Kalshi. 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 KalshibpFee DeribitbpOrdersPrice spread, now +0.172%Rate

Funding earned: $32.82
Price spread: +0.172% → +0.042%: $13.01
Slippage, 4 orders: −$26.5
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: $2.33
Costs to cover: 0.435%
Break-even: 6.5 days

Slippage from Kalshi: live order book, 4 min ago; Deribit: live order book, 5 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 Kalshi live order book, 4 min ago	8.12 bp	13.1 bp −$13	19.4 bp −$194	doesn't fit	doesn't fit
Sell Deribit live order book, 5 min ago	4.46 bp	8.0 bp −$8	14.3 bp −$143	doesn't fit	doesn't fit

ZEC on 51 exchanges

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	−0.4130%	1h	1,490.9	−0.713%	$36K	$267K	12x	as long as short
Aftermath Perps ZECUSD	−0.0282%	1h	1,503.8	+0.143%	$49K	$74K	10x	as long as short
BloFin ZEC-USDT	−0.0200%	8h	1,503.2	+0.103%	$31.9M	$72.2M	75x	as long as short
Ondo Perps ZEC-USD.P	−0.0110%	1h	1,502.4	+0.050%	$408K	$497K	5x	as long as short
Hotstuff ZEC-PERP	−0.0080%	1h	1,502.4	+0.051%	$6K	$1K	10x	as long as short
dYdX ZEC-USD	0.0000%	1h	1,502.9	+0.085%	$414K	$37K	5x	as long as short
Kalshi KXZECPERPlong	0.0000%	8h	1,501.7	long leg	$1.5M	$4.9M	2.2x
Perpl ZEC	0.0000%	43m	1,502.5	+0.058%	$63K	$297K	10x	as long as short
gTrade (Gains Network) ZEC/USD	L +0.0007% / S −0.0006%	1h	1,503	+0.088%	$5.3M	—	150x	as long as short
ApeX Omni ZECUSDT	+0.0017%	1h	1,503.3	+0.108%	$412K	$952K	50x	as long as short

Show all 51 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
01 Exchange ZECUSD	+0.0032%	1h	1,503.8	+0.143%	$8K	$6K	5x	as long as short
RISEx ZEC/USDC	+0.0032%	1h	1,504.1	+0.166%	$910K	$1.3M	10x	as long as short
Orderly PERP_ZEC_USDC	+0.0060%	8h	1,503.2	+0.103%	$303K	$715K	20x	as long as short
Phoenix ZEC	+0.0060%	1h	1,503.5	+0.122%	$4.8M	$1.3M	10x	as long as short
Aster ZECUSDT	+0.0085%	8h	1,503.8	+0.146%	$14.4M	$25.8M	75x	as long as short
Lighter ZEC	+0.0096%	1h	1,504.3	+0.176%	$19.9M	$39.9M	20x	as long as short
Lighter RH ZEC	+0.0096%	1h	1,504.6	+0.193%	$2.1M	$7.2M	10x	as long as short
Popdex ZECUSDT	+0.0096%	1h	1,503.7	+0.138%	$170K	$1.3M	50x	as long as short
Katana Perps ZEC-USD	+0.0098%	8h	1,503.1	+0.099%	$27K	$859K	10x	as long as short
Kraken Futures PF_ZECUSD	+0.0099%	1h	1,504	+0.157%	$18.6M	$45.3M	25x	as long as short
Paradex ZEC-USD-PERP	+0.0100%	8h	1,503.2	+0.101%	$62K	$14K	10x	as long as short
Nado ZEC-PERP	+0.0100%	1h	1,503.5	+0.124%	$3.1M	$6.9M	10x	as long as short
Hyperliquid ZEC	+0.0100%	1h	1,504.6	+0.196%	$794.1M	$421.1M	10x	as long as short
Pacifica ZEC	+0.0100%	1h	1,503.4	+0.117%	$1.6M	$2.1M	10x	as long as short
Binance ZECUSDT	+0.0100%	8h	1,504	+0.159%	$704.6M	$2.12B	75x	as long as short
Bybit ZECUSDT	+0.0100%	8h	1,503.7	+0.134%	$275.4M	$577.3M	75x	as long as short
OKX ZEC-USDT-SWAP	+0.0100%	8h	1,503.4	+0.114%	$187.1M	$1.26B	50x	as long as short
Arcus ZEC-USD	+0.0100%	1h	1,503.7	+0.136%	$597K	$8.3M	10x	as long as short
Bulk ZEC-USD	+0.0100%	1h	1,502.7	+0.073%	$778K	$182K	10x	as long as short
Gate ZEC_USDT	+0.0100%	8h	1,503.9	+0.149%	$64.5M	$175.7M	75x	as long as short
MEXC ZEC_USDT	+0.0100%	8h	1,504.1	+0.164%	$180.9M	$845.7M	150x	as long as short
KuCoin ZECUSDTM	+0.0100%	8h	1,503.9	+0.151%	$105.9M	$51.4M	75x	as long as short
Bitget ZECUSDT	+0.0100%	8h	1,503.8	+0.143%	$164.3M	$270.1M	75x	as long as short
BingX ZEC-USDT	+0.0100%	8h	1,503.9	+0.150%	—	$120.3M	—	as long as short
Backpack ZEC_USDC_PERP	+0.0100%	1h	1,503.5	+0.126%	$2.2M	$3.6M	15x	as long as short
Variational Omni ZEC	+0.0100%	8h	1,501.5	−0.008%	$49.6M	$33.0M	—	as long as short
edgeX ZECUSDC	+0.0100%	4h	1,502.6	+0.061%	$549K	$8.3M	20x	as long as short
GRVT ZEC_USDT_Perp	+0.0100%	8h	1,502.7	+0.071%	$3.1M	$635K	10x	as long as short
StandX ZEC-USD	+0.0100%	1h	1,502.2	+0.036%	$112K	$4.5M	30x	as long as short
Polymarket Perps ZEC-USD	+0.0100%	1h	1,503.7	+0.137%	$367K	$1.4M	10x	as long as short
Bullet ZEC-USD	+0.0100%	1h	1,504.2	+0.168%	$169K	$189K	20x	as long as short
Derive ZEC-PERP	+0.0100%	1h	1,503.9	+0.153%	$393K	$492K	6.7x	as long as short
SunX ZEC-USDT	+0.0100%	8h	1,506.4	+0.318%	$3K	$1.1M	20x	as long as short
SoDEX ZEC-USD	+0.0100%	1h	1,503.5	+0.124%	$257K	$3.4M	10x	as long as short
HTX ZEC-USDT	+0.0100%	8h	1,500.9	−0.049%	$2.7M	$20.0M	75x	as long as short
Phemex ZECUSDT	+0.0100%	8h	1,503.3	+0.110%	$4.0M	$4.7M	50x	as long as short
Extended ZEC-USD	+0.0104%	1h	1,503.6	+0.129%	$2.7M	$7.0M	10x	as long as short
Aevo ZEC-PERP	+0.0104%	1h	1,503.3	+0.107%	$37K	$163K	20x	as long as short
Deribit ZEC_USDC-PERPETUALshort	+0.0156%	1h	1,504.2	+0.172%	$694K	$1.3M	25x
GMX ZEC/USD [WBTC.b-USDC]	L +0.0199% / S −0.0218%	1h	1,502.5	+0.057%	$349K	—	100x	as long as short
Coinbase International ZEC-PERP-INTX	+0.0352%	1h	1,506.1	+0.297%	$3.9M	$9.2M	50x	as long as short