Funding arb · Price arb /

ZEC

all ZEC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.3787%/8h= −414.6% APRpaid last 24h −0.801%

Price spread now: Injective against Orderly−0.923%7-day average +0.025% · you buy dearer than you sell

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

Long on Orderly Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days−2.228%−$223 on $10k

Price spread, last 4 days (all we have)+1.605%+$161 · spread now −0.923%, 7d avg +0.025%

Together, before fees−0.623%−$62 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$114 a day on $10k at the current rate, and Injective is 0.948% cheaper against Orderly than usual: you would sell low and buy high (−$95 if the spread goes back to its 7-day average of +0.025%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -2.228% in total (about -116.2% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_ZEC_USDC	1,505.3	0.0085	pay 0.0085% / 8h	7h 32m	$304K	$861K	20x
Short	Injective ZEC/USDC PERP	1,491.4	−0.3702	pay 0.0463% / 1h	32m 30s	$36K	$275K	12x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against Orderly. 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 OrderlybpFee InjectivebpOrdersPrice spread, now −0.923%Rate

Funding earned: −$795.2
Price spread: −0.923% → +0.025%: −$94.79
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$896.01
Costs to cover: 0.060%
Break-even: never at this rate

Slippage unknown: Orderly: no order-book sample; Injective: live order book, 2 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 Orderly no order-book sample	—	—	—	—	—
Sell Injective live order book, 2 min ago	59.09 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit

Orderly: 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 PERPshort	−0.3702%	1h	1,491.4	−0.923%	$36K	$275K	12x
Perpl ZEC	−0.0447%	43m	1,504.4	−0.064%	$62K	$305K	10x	as long as short
Aftermath Perps ZECUSD	−0.0201%	1h	1,507.8	+0.162%	$48K	$58K	10x	as long as short
BloFin ZEC-USDT	−0.0155%	8h	1,505.7	+0.028%	$31.8M	$76.5M	75x	as long as short
Bulk ZEC-USD	−0.0098%	1h	1,506.5	+0.081%	$775K	$147K	10x	as long as short
Hotstuff ZEC-PERP	−0.0080%	1h	1,505.9	+0.037%	$6K	$1K	10x	as long as short
dYdX ZEC-USD	0.0000%	1h	1,506.1	+0.053%	$418K	$34K	5x	as long as short
Kalshi KXZECPERP	0.0000%	8h	1,506.3	+0.064%	$1.6M	$5.0M	2.2x	as long as short
gTrade (Gains Network) ZEC/USD	L +0.0007% / S −0.0006%	1h	1,505.5	+0.012%	$5.4M	—	150x	as long as short
Kraken Futures PF_ZECUSD	+0.0019%	1h	1,505.8	+0.029%	$18.3M	$48.0M	25x	as long as short

Show all 51 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
01 Exchange ZECUSD	+0.0032%	1h	1,505.9	+0.041%	$8K	$6K	5x	as long as short
Gate ZEC_USDT	+0.0054%	8h	1,505.8	+0.034%	$60.6M	$185.5M	75x	as long as short
Phoenix ZEC	+0.0082%	1h	1,507	+0.112%	$4.8M	$1.4M	10x	as long as short
Orderly PERP_ZEC_USDClong	+0.0085%	8h	1,505.3	long leg	$304K	$861K	20x
ApeX Omni ZECUSDT	+0.0095%	1h	1,507.1	+0.118%	$414K	$952K	50x	as long as short
Lighter ZEC	+0.0096%	1h	1,507.1	+0.121%	$19.5M	$44.9M	20x	as long as short
Lighter RH ZEC	+0.0096%	1h	1,507.2	+0.124%	$2.1M	$7.5M	10x	as long as short
Popdex ZECUSDT	+0.0096%	1h	1,504.2	−0.072%	$172K	$1.8M	50x	as long as short
Paradex ZEC-USD-PERP	+0.0100%	8h	1,506.1	+0.052%	$62K	$17K	10x	as long as short
Katana Perps ZEC-USD	+0.0100%	8h	1,505.1	−0.013%	$17K	$898K	10x	as long as short
Nado ZEC-PERP	+0.0100%	1h	1,504.5	−0.055%	$3.1M	$7.6M	10x	as long as short
Hyperliquid ZEC	+0.0100%	1h	1,506.4	+0.072%	$788.7M	$446.0M	10x	as long as short
Aster ZECUSDT	+0.0100%	8h	1,504.2	−0.074%	$14.1M	$30.7M	75x	as long as short
Pacifica ZEC	+0.0100%	1h	1,506.3	+0.068%	$1.7M	$2.4M	10x	as long as short
Binance ZECUSDT	+0.0100%	8h	1,505	−0.021%	$710.8M	$2.33B	75x	as long as short
Bybit ZECUSDT	+0.0100%	8h	1,503.7	−0.110%	$269.7M	$625.3M	75x	as long as short
OKX ZEC-USDT-SWAP	+0.0100%	8h	1,503.8	−0.098%	$185.4M	$1.37B	50x	as long as short
Ondo Perps ZEC-USD.P	+0.0100%	1h	1,501.6	−0.247%	$411K	$557K	5x	as long as short
Arcus ZEC-USD	+0.0100%	1h	1,506.8	+0.100%	$608K	$9.0M	10x	as long as short
MEXC ZEC_USDT	+0.0100%	8h	1,506.2	+0.059%	$407.7M	$834.4M	150x	as long as short
KuCoin ZECUSDTM	+0.0100%	8h	1,506	+0.045%	$102.8M	$57.3M	75x	as long as short
Bitget ZECUSDT	+0.0100%	8h	1,506.1	+0.050%	$162.9M	$295.7M	75x	as long as short
BingX ZEC-USDC	+0.0100%	8h	1,505.2	−0.006%	—	$6.7M	—	as long as short
Variational Omni ZEC	+0.0100%	8h	1,506.9	+0.108%	$49.9M	$35.9M	—	as long as short
edgeX ZECUSDC	+0.0100%	4h	1,506.7	+0.093%	$556K	$9.1M	20x	as long as short
GRVT ZEC_USDT_Perp	+0.0100%	8h	1,506.8	+0.095%	$3.1M	$533K	10x	as long as short
StandX ZEC-USD	+0.0100%	1h	1,505.6	+0.017%	$50K	$4.6M	30x	as long as short
Polymarket Perps ZEC-USD	+0.0100%	1h	1,505.3	−0.001%	$374K	$1.7M	10x	as long as short
Bullet ZEC-USD	+0.0100%	1h	1,505.7	+0.022%	$168K	$194K	20x	as long as short
Derive ZEC-PERP	+0.0100%	1h	1,506.3	+0.062%	$450K	$419K	6.7x	as long as short
SunX ZEC-USDT	+0.0100%	8h	1,508.2	+0.188%	$3K	$1.2M	20x	as long as short
SoDEX ZEC-USD	+0.0100%	1h	1,506	+0.043%	$255K	$3.6M	10x	as long as short
HTX ZEC-USDT	+0.0100%	8h	1,504.8	−0.036%	$2.7M	$21.2M	75x	as long as short
Phemex ZECUSDT	+0.0100%	8h	1,506.2	+0.055%	$4.0M	$4.9M	50x	as long as short
Extended ZEC-USD	+0.0104%	1h	1,506	+0.045%	$2.7M	$8.0M	10x	as long as short
Aevo ZEC-PERP	+0.0104%	1h	1,505.2	−0.005%	$44K	$153K	20x	as long as short
RISEx ZEC/USDC	+0.0157%	1h	1,505.9	+0.039%	$967K	$1.1M	10x	as long as short
GMX ZEC/USD [WBTC.b-USDC]	L +0.0159% / S −0.0163%	1h	1,505.4	+0.003%	$334K	—	100x	as long as short
Deribit ZEC_USDC-PERPETUAL	+0.0221%	1h	1,506.4	+0.071%	$689K	$1.4M	25x	as long as short
Backpack ZEC_USDC_PERP	+0.0362%	1h	1,506	+0.048%	$2.4M	$3.8M	15x	as long as short
Coinbase International ZEC-PERP-INTX	+0.0368%	1h	1,506.7	+0.093%	$3.8M	$10.0M	50x	as long as short