Funding arb · Price arb /

ZEC

all ZEC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0188%/8h= −20.6% APRpaid last 24h −0.045%

Price spread now: Variational Omni against Lighter−0.257%7-day average −0.105% · you buy dearer than you sell

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

Long on Lighter Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.197%−$20 on $10k

Price spread, last 7 days+0.170%+$17 · spread now −0.257%, 7d avg −0.105%

Together, before fees−0.027%+ Points / potential airdropLighter: Season 3 · Variational Omni: Active · farm board−$3 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$6 a day on $10k at the current rate, and Variational Omni is 0.152% cheaper against Lighter than usual: you would sell low and buy high (−$15 if the spread goes back to its 7-day average of −0.105%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter ZEC	1,464.1	0.0288	pay 0.0036% / 1h	20m 45s	$19.3M	$46.0M	20x
Short	Variational Omni ZEC	1,460.3	0.0100	get 0.0100% / 8h	4h 20m	$47.9M	$32.7M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Lighter. 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 LighterbpFee Variational OmnibpOrdersPrice spread, now −0.257%Rate

Funding earned: −$39.48
Price spread: −0.257% → −0.105%: −$15.16
Slippage, 4 orders: no order book: not counted
Fee Lighter: 0 bp × 2 orders: $0
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$54.64
Costs to cover: 0.000%
Break-even: never at this rate

Slippage unknown: Lighter: live order book, 8 min ago; Variational Omni: RFQ quote, 3 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 Lighter live order book, 8 min ago	0.23 bp	0.8 bp −$1	2.6 bp −$26	10.1 bp −$1,008	68.8 bp −$34.4K
Sell Variational Omni RFQ quote, 3 min ago	2.77 bp	doesn't fit	6.1 bp −$61	15.8 bp −$1,579	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	1,462.9	−0.083%	$34K	$272K	12x	as long as short
Hotstuff ZEC-PERP	−0.0080%	1h	1,462.3	−0.119%	$6K	$1K	10x	as long as short
BloFin ZEC-USDT	−0.0069%	8h	1,461.1	−0.201%	$29.4M	$71.1M	75x	as long as short
dYdX ZEC-USD	0.0000%	1h	1,462.8	−0.087%	$412K	$38K	5x	as long as short
Kalshi KXZECPERP	0.0000%	8h	1,463	−0.072%	$1.5M	$4.4M	2.2x	as long as short
Perpl ZEC	0.0000%	43m	1,461	−0.207%	$84K	$240K	10x	as long as short
gTrade (Gains Network) ZEC/USD	L +0.0007% / S −0.0006%	1h	1,461	−0.210%	$5.2M	—	150x	as long as short
Orderly PERP_ZEC_USDC	+0.0063%	8h	1,460.9	−0.214%	$292K	$952K	20x	as long as short
GMX ZEC/USD [WBTC.b-USDC]	L +0.0069% / S −0.0019%	1h	1,460.9	−0.213%	$410K	—	100x	as long as short
01 Exchange ZECUSD	+0.0080%	1h	1,461.7	−0.165%	$8K	$7K	5x	as long as short

Show all 51 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Popdex ZECUSDT	+0.0096%	1h	1,461.2	−0.194%	$173K	$1.7M	50x	as long as short
Katana Perps ZEC-USD	+0.0100%	8h	1,461.6	−0.165%	$11K	$856K	10x	as long as short
Paradex ZEC-USD-PERP	+0.0100%	8h	1,461.8	−0.152%	$60K	$43K	10x	as long as short
Nado ZEC-PERP	+0.0100%	1h	1,462.1	−0.131%	$2.8M	$6.6M	10x	as long as short
Hyperliquid ZEC	+0.0100%	1h	1,463.4	−0.045%	$760.7M	$431.7M	10x	as long as short
Aster ZECUSDT	+0.0100%	8h	1,461.6	−0.165%	$14.5M	$28.0M	75x	as long as short
Pacifica ZEC	+0.0100%	1h	1,463.1	−0.067%	$1.7M	$2.4M	10x	as long as short
Binance ZECUSDT	+0.0100%	8h	1,462.9	−0.077%	$672.4M	$2.21B	75x	as long as short
Bybit ZECUSDT	+0.0100%	8h	1,462.6	−0.098%	$263.9M	$602.0M	75x	as long as short
OKX ZEC-USDT-SWAP	+0.0100%	8h	1,462.9	−0.081%	$178.5M	$1.23B	50x	as long as short
Ondo Perps ZEC-USD.P	+0.0100%	1h	1,461	−0.209%	$397K	$443K	5x	as long as short
Bulk ZEC-USD	+0.0100%	1h	1,457.2	−0.467%	$880K	$18K	10x	as long as short
Gate ZEC_USDT	+0.0100%	8h	1,461.2	−0.198%	$50.8M	$174.5M	75x	as long as short
MEXC ZEC_USDT	+0.0100%	8h	1,461.1	−0.203%	$215.4M	$773.3M	150x	as long as short
KuCoin ZECUSDTM	+0.0100%	8h	1,461.3	−0.190%	$102.7M	$53.9M	75x	as long as short
Bitget ZECUSDT	+0.0100%	8h	1,462.3	−0.121%	$166.5M	$271.1M	75x	as long as short
BingX ZEC-USDT	+0.0100%	8h	1,460.9	−0.214%	—	$104.5M	—	as long as short
Backpack ZEC_USDC_PERP	+0.0100%	1h	1,461.4	−0.182%	$2.4M	$3.8M	15x	as long as short
Variational Omni ZECshort	+0.0100%	8h	1,460.3	−0.257%	$47.9M	$32.7M	—
edgeX ZECUSDC	+0.0100%	4h	1,460.8	−0.223%	$569K	$8.6M	20x	as long as short
GRVT ZEC_USDT_Perp	+0.0100%	8h	1,462.4	−0.114%	$3.0M	$437K	10x	as long as short
ApeX Omni ZECUSDT	+0.0100%	1h	1,460.5	−0.241%	$407K	$927K	50x	as long as short
StandX ZEC-USD	+0.0100%	1h	1,461.7	−0.158%	$49K	$4.7M	30x	as long as short
Polymarket Perps ZEC-USD	+0.0100%	1h	1,461.1	−0.202%	$367K	$1.8M	10x	as long as short
Bullet ZEC-USD	+0.0100%	1h	1,460.8	−0.223%	$160K	$185K	20x	as long as short
Derive ZEC-PERP	+0.0100%	1h	1,460.1	−0.271%	$446K	$521K	6.7x	as long as short
SunX ZEC-USDT	+0.0100%	8h	1,463.9	−0.008%	$3K	$1.1M	20x	as long as short
SoDEX ZEC-USD	+0.0100%	1h	1,461.3	−0.188%	$234K	$3.4M	10x	as long as short
HTX ZEC-USDT	+0.0100%	8h	1,460.3	−0.254%	$2.7M	$18.4M	75x	as long as short
Phemex ZECUSDT	+0.0100%	8h	1,461.1	−0.206%	$3.8M	$5.1M	50x	as long as short
Extended ZEC-USD	+0.0104%	1h	1,461.2	−0.195%	$2.8M	$7.7M	10x	as long as short
Aevo ZEC-PERP	+0.0104%	1h	1,461.1	−0.202%	$47K	$151K	20x	as long as short
Phoenix ZEC	+0.0123%	1h	1,462.1	−0.134%	$4.6M	$1.3M	10x	as long as short
Deribit ZEC_USDC-PERPETUAL	+0.0134%	1h	1,461.7	−0.161%	$611K	$1.3M	25x	as long as short
Kraken Futures PF_ZECUSD	+0.0276%	1h	1,461.1	−0.203%	$18.1M	$45.0M	25x	as long as short
Lighter ZEClong	+0.0288%	1h	1,464.1	long leg	$19.3M	$46.0M	20x
RISEx ZEC/USDC	+0.0412%	1h	1,461.4	−0.179%	$925K	$1.1M	10x	as long as short
Lighter RH ZEC	+0.0416%	1h	1,464.5	+0.027%	$2.1M	$7.0M	10x	as long as short
Coinbase International ZEC-PERP-INTX	+0.0448%	1h	1,462.7	−0.090%	$3.8M	$9.1M	50x	as long as short
Arcus ZEC-USD	+0.0626%	1h	1,462.6	−0.101%	$686K	$8.3M	10x	as long as short
Aftermath Perps ZECUSD	+0.0683%	1h	1,459.9	−0.281%	$45K	$49K	10x	as long as short