Funding arb · Price arb /

ZEC

all ZEC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h +0.071%

Price spread now: Hyperliquid against Kalshi+0.037%46s7-day average −0.005% · you sell dearer than you buy

Net, funding: paid 7d − costs−$11as 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−$370.369% of the position

Long on Kalshi Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.264%+$26 on $10k

Price spread, last 7 days−0.124%−$12 · spread now +0.037%, 7d avg −0.005%

Together, before fees+0.140%+ Points / potential airdropHyperliquid: Season 2 · farm board+$14 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and Hyperliquid is 0.043% dearer against Kalshi than usual: you sell high and buy low: +$4 more if the spread goes back to its 7-day average of −0.005%. The two prices were read 46 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	1,470.4	0	get 0.0000% / 8h	3h 30m	$959K	$5.2M	2.2x
Short	Hyperliquid ZEC	1,470.9	0.0100	get 0.0013% / 1h	30m 20s	$762.8M	$455.0M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid 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 HyperliquidbpOrdersPrice spread, now +0.037%Rate

Funding earned: $21
Price spread: +0.037% → −0.005%: $4.27
Slippage, 4 orders: −$17.9
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$11.63
Costs to cover: 0.369%
Break-even: 10.9 days

Slippage from Kalshi: live order book, 3 min ago; Hyperliquid: live order book, 4 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, 3 min ago	8.23 bp	13.2 bp −$13	19.5 bp −$195	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 4 min ago	0.68 bp	5.2 bp −$5	7.0 bp −$70	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	−0.3321%	1h	1,472.2	+0.124%	$34K	$275K	12x	as long as short
Kraken Futures PF_ZECUSD	−0.0342%	1h	1,471.7	+0.090%	$17.9M	$42.9M	25x	as long as short
Ondo Perps ZEC-USD.P	−0.0119%	1h	1,467.9	−0.167%	$399K	$518K	5x	as long as short
BloFin ZEC-USDT	−0.0102%	8h	1,469.7	−0.046%	$29.7M	$73.1M	75x	as long as short
Hotstuff ZEC-PERP	−0.0080%	1h	1,470.3	−0.005%	$6K	$2K	10x	as long as short
Bybit ZECUSDT	−0.0062%	8h	1,470.2	−0.011%	$274.2M	$634.9M	75x	as long as short
Variational Omni ZEC	−0.0053%	8h	1,469	−0.089%	$47.6M	$33.8M	—	as long as short
dYdX ZEC-USD	0.0000%	1h	1,469.9	−0.031%	$414K	$103K	5x	as long as short
Kalshi KXZECPERPlong	0.0000%	8h	1,470.4	long leg	$959K	$5.2M	2.2x
Perpl ZEC	0.0000%	43m	1,469.7	−0.044%	$83K	$405K	10x	as long as short

Show all 51 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
gTrade (Gains Network) ZEC/USD	L +0.0007% / S −0.0006%	1h	1,470.3	−0.003%	$5.2M	—	150x	as long as short
Orderly PERP_ZEC_USDC	+0.0015%	8h	1,470.7	+0.025%	$294K	$1.3M	20x	as long as short
01 Exchange ZECUSD	+0.0024%	1h	1,470.3	−0.007%	$8K	$8K	5x	as long as short
OKX ZEC-USDT-SWAP	+0.0049%	8h	1,470.5	+0.010%	$181.8M	$1.30B	50x	as long as short
Phoenix ZEC	+0.0054%	1h	1,470.8	+0.030%	$4.7M	$1.6M	10x	as long as short
GMX ZEC/USD [WBTC.b-USDC]	L +0.0055% / S −0.0010%	1h	1,470.3	−0.001%	$378K	—	100x	as long as short
Popdex ZECUSDT	+0.0096%	1h	1,469.8	−0.035%	$179K	$1.8M	50x	as long as short
Katana Perps ZEC-USD	+0.0100%	8h	1,470.1	−0.020%	$14K	$832K	10x	as long as short
Paradex ZEC-USD-PERP	+0.0100%	8h	1,470.2	−0.008%	$60K	$39K	10x	as long as short
Nado ZEC-PERP	+0.0100%	1h	1,470.6	+0.014%	$2.6M	$6.6M	10x	as long as short
Hyperliquid ZECshort	+0.0100%	1h	1,470.9	+0.037%	$762.8M	$455.0M	10x
Aster ZECUSDT	+0.0100%	8h	1,470.3	−0.005%	$14.9M	$31.8M	75x	as long as short
Pacifica ZEC	+0.0100%	1h	1,470.5	+0.011%	$1.7M	$2.8M	10x	as long as short
Binance ZECUSDT	+0.0100%	8h	1,470.6	+0.014%	$684.7M	$2.38B	75x	as long as short
Arcus ZEC-USD	+0.0100%	1h	1,471.6	+0.086%	$699K	$8.5M	10x	as long as short
Bulk ZEC-USD	+0.0100%	1h	1,471	+0.043%	$895K	$25K	10x	as long as short
Gate ZEC_USDT	+0.0100%	8h	1,470.2	−0.011%	$51.3M	$179.2M	75x	as long as short
MEXC ZEC_USDT	+0.0100%	8h	1,470.1	−0.015%	$231.5M	$825.5M	150x	as long as short
KuCoin ZECUSDTM	+0.0100%	8h	1,470.2	−0.010%	$104.8M	$55.7M	75x	as long as short
Bitget ZECUSDT	+0.0100%	8h	1,470.6	+0.016%	$163.6M	$292.9M	75x	as long as short
BingX ZEC-USDT	+0.0100%	8h	1,470	−0.024%	—	$100.3M	—	as long as short
edgeX ZECUSDC	+0.0100%	4h	1,468.4	−0.131%	$571K	$9.2M	20x	as long as short
GRVT ZEC_USDT_Perp	+0.0100%	8h	1,468.3	−0.139%	$3.0M	$466K	10x	as long as short
ApeX Omni ZECUSDT	+0.0100%	1h	1,469.9	−0.032%	$430K	$866K	50x	as long as short
StandX ZEC-USD	+0.0100%	1h	1,470.6	+0.017%	$110K	$4.7M	30x	as long as short
Polymarket Perps ZEC-USD	+0.0100%	1h	1,470	−0.024%	$340K	$1.7M	10x	as long as short
Bullet ZEC-USD	+0.0100%	1h	1,470.3	−0.003%	$128K	$159K	20x	as long as short
Derive ZEC-PERP	+0.0100%	1h	1,468.9	−0.099%	$458K	$509K	6.7x	as long as short
SunX ZEC-USDT	+0.0100%	8h	1,472.4	+0.137%	$3K	$1.2M	20x	as long as short
SoDEX ZEC-USD	+0.0100%	1h	1,471.3	+0.061%	$242K	$3.9M	10x	as long as short
HTX ZEC-USDT	+0.0100%	8h	1,470	−0.027%	$2.5M	$21.3M	75x	as long as short
Phemex ZECUSDT	+0.0100%	8h	1,470.1	−0.020%	$3.9M	$5.3M	50x	as long as short
Extended ZEC-USD	+0.0104%	1h	1,470.5	+0.011%	$3.2M	$7.0M	10x	as long as short
Aevo ZEC-PERP	+0.0104%	1h	1,470.4	0.000%	$56K	$167K	20x	as long as short
Deribit ZEC_USDC-PERPETUAL	+0.0190%	1h	1,471.3	+0.067%	$605K	$1.3M	25x	as long as short
Lighter ZEC	+0.0192%	1h	1,471.7	+0.090%	$19.2M	$50.4M	20x	as long as short
RISEx ZEC/USDC	+0.0228%	1h	1,470.8	+0.028%	$852K	$1.1M	10x	as long as short
Coinbase International ZEC-PERP-INTX	+0.0448%	1h	1,471.8	+0.099%	$3.8M	$10.1M	50x	as long as short
Backpack ZEC_USDC_PERP	+0.0524%	1h	1,470.1	−0.016%	$2.5M	$3.8M	15x	as long as short
Aftermath Perps ZECUSD	+0.0772%	1h	1,471.3	+0.068%	$44K	$47K	10x	as long as short
Lighter RH ZEC	+0.0792%	1h	1,472.9	+0.173%	$2.0M	$8.1M	10x	as long as short