Funding arb · Price arb /

ZEC

all ZEC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0023%/8h= +2.5% APRpaid last 24h +0.038%

Price spread now: Phoenix against Kalshi−0.117%74s7-day average +0.099% · you buy dearer than you sell

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−$380.379% of the position

Long on Kalshi Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.490%+$49 on $10k

Price spread, last 7 days+0.256%+$26 · spread now −0.117%, 7d avg +0.099%

Together, before fees+0.746%+$75 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phoenix is 0.216% cheaper against Kalshi than usual: you would sell low and buy high (spread −0.117% now, against its 7-day average of +0.099%). If the spread goes back, that is −$22 on $10k: about 31 days of funding at the current rate (+$1 a day). At the pace of the last 7 days (+0.490% in total) that is about 3.1 days. The two prices were read 74 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	1,461.8	0.0100	pay 0.0100% / 8h	13m 35s	$1.5M	$4.5M	2.2x
Short	Phoenix ZEC	1,460.1	0.0123	get 0.0015% / 1h	13m 35s	$4.6M	$1.3M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now −0.117%Rate

Funding earned: $4.81
Price spread: −0.117% → +0.099%: −$21.6
Slippage, 4 orders: −$20.93
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$54.72
Costs to cover: 0.379%
Break-even: 86.6 days

Slippage from Kalshi: live order book, 5 min ago; Phoenix: 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, 5 min ago	7.81 bp	12.8 bp −$13	18.0 bp −$180	doesn't fit	doesn't fit
Sell Phoenix live order book, 5 min ago	1.51 bp	6.2 bp −$6	13.5 bp −$135	51.8 bp −$5,176	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	−0.3166%	1h	1,445.2	−1.134%	$33K	$272K	12x	as long as short
Hotstuff ZEC-PERP	−0.0080%	1h	1,462.2	+0.029%	$6K	$1K	10x	as long as short
BloFin ZEC-USDT	−0.0069%	8h	1,460.4	−0.095%	$29.5M	$71.0M	75x	as long as short
dYdX ZEC-USD	0.0000%	1h	1,461.1	−0.050%	$411K	$38K	5x	as long as short
Perpl ZEC	0.0000%	43m	1,461.5	−0.018%	$84K	$240K	10x	as long as short
gTrade (Gains Network) ZEC/USD	L +0.0007% / S −0.0006%	1h	1,462	+0.012%	$5.2M	—	150x	as long as short
Orderly PERP_ZEC_USDC	+0.0063%	8h	1,462	+0.012%	$292K	$952K	20x	as long as short
GMX ZEC/USD [WBTC.b-USDC]	L +0.0070% / S −0.0020%	1h	1,461.8	−0.002%	$410K	—	100x	as long as short
01 Exchange ZECUSD	+0.0072%	1h	1,461	−0.056%	$8K	$7K	5x	as long as short
Popdex ZECUSDT	+0.0096%	1h	1,460.6	−0.080%	$173K	$1.7M	50x	as long as short

Show all 51 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Katana Perps ZEC-USD	+0.0100%	8h	1,460.9	−0.060%	$11K	$857K	10x	as long as short
Paradex ZEC-USD-PERP	+0.0100%	8h	1,460.8	−0.071%	$60K	$43K	10x	as long as short
Nado ZEC-PERP	+0.0100%	1h	1,462.6	+0.055%	$2.8M	$6.7M	10x	as long as short
Hyperliquid ZEC	+0.0100%	1h	1,462	+0.014%	$760.3M	$432.1M	10x	as long as short
Aster ZECUSDT	+0.0100%	8h	1,460.9	−0.060%	$14.8M	$28.0M	75x	as long as short
Pacifica ZEC	+0.0100%	1h	1,461	−0.052%	$1.7M	$2.4M	10x	as long as short
Binance ZECUSDT	+0.0100%	8h	1,460.7	−0.072%	$671.4M	$2.21B	75x	as long as short
Bybit ZECUSDT	+0.0100%	8h	1,460.1	−0.117%	$262.1M	$602.4M	75x	as long as short
OKX ZEC-USDT-SWAP	+0.0100%	8h	1,460.6	−0.085%	$178.4M	$1.23B	50x	as long as short
Ondo Perps ZEC-USD.P	+0.0100%	1h	1,459.2	−0.178%	$396K	$442K	5x	as long as short
Gate ZEC_USDT	+0.0100%	8h	1,460.6	−0.081%	$50.7M	$175.1M	75x	as long as short
MEXC ZEC_USDT	+0.0100%	8h	1,460.7	−0.073%	$216.5M	$774.3M	150x	as long as short
KuCoin ZECUSDTM	+0.0100%	8h	1,460.8	−0.066%	$103.1M	$53.9M	75x	as long as short
Bitget ZECUSDT	+0.0100%	8h	1,461	−0.057%	$166.2M	$271.0M	75x	as long as short
BingX ZEC-USDC	+0.0100%	8h	1,460.1	−0.115%	—	$6.7M	—	as long as short
Variational Omni ZEC	+0.0100%	8h	1,459.3	−0.172%	$47.9M	$32.7M	—	as long as short
edgeX ZECUSDC	+0.0100%	4h	1,460.1	−0.114%	$569K	$8.6M	20x	as long as short
GRVT ZEC_USDT_Perp	+0.0100%	8h	1,460.7	−0.078%	$3.0M	$437K	10x	as long as short
ApeX Omni ZECUSDT	+0.0100%	1h	1,460.8	−0.070%	$405K	$940K	50x	as long as short
StandX ZEC-USD	+0.0100%	1h	1,460.6	−0.082%	$49K	$4.7M	30x	as long as short
Polymarket Perps ZEC-USD	+0.0100%	1h	1,462	+0.014%	$355K	$1.8M	10x	as long as short
Bullet ZEC-USD	+0.0100%	1h	1,461.6	−0.016%	$161K	$185K	20x	as long as short
Derive ZEC-PERP	+0.0100%	1h	1,461.1	−0.051%	$446K	$521K	6.7x	as long as short
SunX ZEC-USDT	+0.0100%	8h	1,463.2	+0.096%	$3K	$1.1M	20x	as long as short
SoDEX ZEC-USD	+0.0100%	1h	1,461.9	+0.008%	$234K	$3.4M	10x	as long as short
HTX ZEC-USDT	+0.0100%	8h	1,461	−0.055%	$2.7M	$18.4M	75x	as long as short
Phemex ZECUSDT	+0.0100%	8h	1,461.5	−0.019%	$3.8M	$5.1M	50x	as long as short
Bulk ZEC-USD	+0.0100%	1h	1,460.6	−0.080%	$882K	$18K	10x	as long as short
Kalshi KXZECPERPlong	+0.0100%	8h	1,461.8	long leg	$1.5M	$4.5M	2.2x
Extended ZEC-USD	+0.0104%	1h	1,460.5	−0.088%	$2.8M	$7.7M	10x	as long as short
Aevo ZEC-PERP	+0.0104%	1h	1,461.8	+0.003%	$47K	$151K	20x	as long as short
Phoenix ZECshort	+0.0123%	1h	1,460.1	−0.117%	$4.6M	$1.3M	10x
Backpack ZEC_USDC_PERP	+0.0142%	1h	1,462.5	+0.049%	$2.4M	$3.8M	15x	as long as short
Deribit ZEC_USDC-PERPETUAL	+0.0187%	1h	1,462.8	+0.067%	$617K	$1.3M	25x	as long as short
Lighter ZEC	+0.0248%	1h	1,462	+0.010%	$19.2M	$46.0M	20x	as long as short
Kraken Futures PF_ZECUSD	+0.0276%	1h	1,461.7	−0.006%	$18.1M	$45.0M	25x	as long as short
Lighter RH ZEC	+0.0360%	1h	1,462.1	+0.020%	$2.1M	$7.0M	10x	as long as short
RISEx ZEC/USDC	+0.0412%	1h	1,460.9	−0.062%	$925K	$1.1M	10x	as long as short
Coinbase International ZEC-PERP-INTX	+0.0448%	1h	1,464.1	+0.155%	$3.8M	$9.1M	50x	as long as short
Arcus ZEC-USD	+0.0626%	1h	1,462	+0.015%	$680K	$8.3M	10x	as long as short
Aftermath Perps ZECUSD	+0.0680%	1h	1,461.3	−0.031%	$45K	$49K	10x	as long as short