Funding arb · Price arb /

ZEC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h −0.003%

Price spread now: Kalshi against Ondo Perps+0.267%7-day average +0.074% · you sell dearer than you buy

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

Long on Ondo Perps Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 7 days−0.155%−$16 on $10k

Price spread, last 4 days (all we have)−0.674%−$67 · spread now +0.267%, 7d avg +0.074%

Together, before fees−0.829%+ Points / potential airdropOndo Perps: Active · farm board−$83 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Kalshi is 0.193% dearer against Ondo Perps than usual: you sell high and buy low (spread +0.267% now, against its 7-day average of +0.074%): +$19 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 6.4 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Ondo Perps ZEC-USD.P	1,450.5	0.0100	pay 0.0013% / 1h	42m 23s	$394K	$432K	5x
Short	Kalshi KXZECPERP	1,454.4	0	get 0.0000% / 8h	7h 42m	$1.5M	$4.4M	2.2x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against Ondo Perps. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 Ondo PerpsbpFee KalshibpOrdersPrice spread, now +0.267%Rate

Funding earned: −$21
Price spread: +0.267% → +0.074%: $19.33
Slippage, 4 orders: no order book: not counted
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Fee Kalshi: 5 bp × 2 orders: −$10
Net: −$16.67
Costs to cover: 0.150%
Break-even: from the start

Slippage unknown: Ondo Perps: no order-book sample; Kalshi: 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 Ondo Perps no order-book sample	—	—	—	—	—
Sell Kalshi live order book, 1 min ago	6.53 bp	11.5 bp −$12	17.6 bp −$176	doesn't fit	doesn't fit

Ondo Perps: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.3042%	1h	1,452	+0.103%	$33K	$272K	12x	as long as short
Hotstuff ZEC-PERP	−0.0080%	1h	1,454.1	+0.248%	$6K	$1K	10x	as long as short
BloFin ZEC-USDT	−0.0071%	8h	1,454.6	+0.281%	$29.4M	$70.5M	75x	as long as short
dYdX ZEC-USD	0.0000%	1h	1,453.1	+0.177%	$409K	$36K	5x	as long as short
Kalshi KXZECPERPshort	0.0000%	8h	1,454.4	+0.267%	$1.5M	$4.4M	2.2x
Perpl ZEC	0.0000%	43m	1,451.1	+0.043%	$83K	$240K	10x	as long as short
gTrade (Gains Network) ZEC/USD	L +0.0007% / S −0.0006%	1h	1,451.4	+0.064%	$5.1M	—	150x	as long as short
Orderly PERP_ZEC_USDC	+0.0063%	8h	1,451.3	+0.054%	$290K	$943K	20x	as long as short
GMX ZEC/USD [WBTC.b-USDC]	L +0.0080% / S −0.0030%	1h	1,451.3	+0.053%	$432K	—	100x	as long as short
Popdex ZECUSDT	+0.0096%	1h	1,452	+0.106%	$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	1,452.2	+0.118%	$15K	$832K	10x	as long as short
Paradex ZEC-USD-PERP	+0.0100%	8h	1,452.4	+0.134%	$60K	$43K	10x	as long as short
Nado ZEC-PERP	+0.0100%	1h	1,452.5	+0.137%	$2.8M	$6.6M	10x	as long as short
Aster ZECUSDT	+0.0100%	8h	1,452.5	+0.140%	$14.6M	$27.9M	75x	as long as short
Pacifica ZEC	+0.0100%	1h	1,452.8	+0.158%	$1.6M	$2.4M	10x	as long as short
Binance ZECUSDT	+0.0100%	8h	1,451.4	+0.061%	$666.7M	$2.20B	75x	as long as short
Bybit ZECUSDT	+0.0100%	8h	1,451	+0.033%	$260.9M	$600.0M	75x	as long as short
OKX ZEC-USDT-SWAP	+0.0100%	8h	1,451.5	+0.071%	$177.8M	$1.21B	50x	as long as short
Ondo Perps ZEC-USD.Plong	+0.0100%	1h	1,450.5	long leg	$394K	$432K	5x
Bulk ZEC-USD	+0.0100%	1h	1,452.9	+0.165%	$878K	$18K	10x	as long as short
Gate ZEC_USDT	+0.0100%	8h	1,451.4	+0.061%	$50.7M	$170.7M	75x	as long as short
MEXC ZEC_USDT	+0.0100%	8h	1,451.3	+0.057%	$217.9M	$767.0M	150x	as long as short
KuCoin ZECUSDTM	+0.0100%	8h	1,452.4	+0.130%	$102.3M	$53.5M	75x	as long as short
Bitget ZECUSDT	+0.0100%	8h	1,451.6	+0.074%	$165.0M	$270.2M	75x	as long as short
BingX ZEC-USDT	+0.0100%	8h	1,451.8	+0.090%	—	$105.5M	—	as long as short
Variational Omni ZEC	+0.0100%	8h	1,450.4	−0.004%	$47.6M	$32.8M	—	as long as short
edgeX ZECUSDC	+0.0100%	4h	1,451.6	+0.078%	$565K	$8.5M	20x	as long as short
GRVT ZEC_USDT_Perp	+0.0100%	8h	1,453.1	+0.177%	$3.0M	$463K	10x	as long as short
ApeX Omni ZECUSDT	+0.0100%	1h	1,451.7	+0.085%	$401K	$943K	50x	as long as short
StandX ZEC-USD	+0.0100%	1h	1,453.7	+0.221%	$49K	$4.7M	30x	as long as short
Polymarket Perps ZEC-USD	+0.0100%	1h	1,451.8	+0.090%	$352K	$1.8M	10x	as long as short
Bullet ZEC-USD	+0.0100%	1h	1,451.4	+0.062%	$160K	$185K	20x	as long as short
Derive ZEC-PERP	+0.0100%	1h	1,450.2	−0.022%	$443K	$521K	6.7x	as long as short
SunX ZEC-USDT	+0.0100%	8h	1,454.6	+0.284%	$3K	$1.1M	20x	as long as short
SoDEX ZEC-USD	+0.0100%	1h	1,451.5	+0.072%	$232K	$3.2M	10x	as long as short
HTX ZEC-USDT	+0.0100%	8h	1,451	+0.034%	$2.7M	$18.4M	75x	as long as short
Phemex ZECUSDT	+0.0100%	8h	1,452	+0.103%	$3.8M	$4.9M	50x	as long as short
Extended ZEC-USD	+0.0104%	1h	1,451.4	+0.065%	$2.8M	$7.7M	10x	as long as short
Aevo ZEC-PERP	+0.0104%	1h	1,451.3	+0.053%	$47K	$151K	20x	as long as short
Lighter RH ZEC	+0.0112%	1h	1,453.8	+0.228%	$2.1M	$7.0M	10x	as long as short
Hyperliquid ZEC	+0.0113%	1h	1,453.2	+0.186%	$755.9M	$428.7M	10x	as long as short
Phoenix ZEC	+0.0116%	1h	1,452.9	+0.163%	$4.6M	$1.3M	10x	as long as short
01 Exchange ZECUSD	+0.0120%	1h	1,452.4	+0.130%	$8K	$7K	5x	as long as short
Backpack ZEC_USDC_PERP	+0.0129%	1h	1,454.9	+0.300%	$2.4M	$3.9M	15x	as long as short
Lighter ZEC	+0.0192%	1h	1,453.7	+0.220%	$19.1M	$44.8M	20x	as long as short
Deribit ZEC_USDC-PERPETUAL	+0.0194%	1h	1,451.9	+0.097%	$613K	$1.3M	25x	as long as short
RISEx ZEC/USDC	+0.0216%	1h	1,452.3	+0.123%	$918K	$1.1M	10x	as long as short
Kraken Futures PF_ZECUSD	+0.0334%	1h	1,451.3	+0.056%	$18.0M	$45.2M	25x	as long as short
Arcus ZEC-USD	+0.0344%	1h	1,454.2	+0.254%	$691K	$8.2M	10x	as long as short
Coinbase International ZEC-PERP-INTX	+0.0464%	1h	1,452.1	+0.110%	$3.8M	$9.1M	50x	as long as short
Aftermath Perps ZECUSD	+0.0669%	1h	1,453.3	+0.194%	$44K	$49K	10x	as long as short