Funding arb · Price arb /

ZEC

all ZEC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0078%/8h= +8.6% APRpaid last 24h +0.002%

Price spread now: Backpack against Phemex+0.028%7-day average −0.030% · you sell dearer than you buy

Net, funding: paid 7d − costs−$69as in the Funding arb table

Net, price: spread back to 7d avg − costs−$42as in the Price arb table

costs, in and out, $10k−$480.480% of the position

Long on Phemex Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days−0.206%−$21 on $10k

Price spread, last 3 days (all we have)−0.518%−$52 · spread now +0.028%, 7d avg −0.030%

Together, before fees−0.724%−$72 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and Backpack is 0.058% dearer against Phemex than usual: you sell high and buy low: +$6 more if the spread goes back to its 7-day average of −0.030%. Mind the row above: over the last 7 days funding on this pair cost −0.206%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex ZECUSDT	1,464.2	0.0100	pay 0.0100% / 8h	1h 20m	$3.8M	$5.3M	50x
Short	Backpack ZEC_USDC_PERP	1,464.6	0.0178	get 0.0022% / 1h	20m 57s	$2.3M	$3.8M	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Phemex. 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 PhemexbpFee BackpackbpOrdersPrice spread, now +0.028%Rate

Funding earned: $16.42
Price spread: +0.028% → −0.030%: $5.8
Slippage, 4 orders: −$26.01
Fee Phemex: 6 bp × 2 orders: −$12
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$25.79
Costs to cover: 0.480%
Break-even: 18.0 days

Slippage from Phemex: live order book, 3 min ago; Backpack: live order book, 3 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 Phemex live order book, 3 min ago	4.68 bp	17.6 bp −$18	27.2 bp −$272	doesn't fit	doesn't fit
Sell Backpack live order book, 3 min ago	0.03 bp	6.7 bp −$7	23.4 bp −$234	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	−0.3310%	1h	1,465.9	+0.117%	$34K	$275K	12x	as long as short
Kraken Futures PF_ZECUSD	−0.0405%	1h	1,464	−0.011%	$17.8M	$44.6M	25x	as long as short
Ondo Perps ZEC-USD.P	−0.0235%	1h	1,464.3	+0.010%	$397K	$514K	5x	as long as short
BloFin ZEC-USDT	−0.0087%	8h	1,463.4	−0.051%	$29.2M	$75.3M	75x	as long as short
Hotstuff ZEC-PERP	−0.0080%	1h	1,463.6	−0.037%	$6K	$2K	10x	as long as short
Bulk ZEC-USD	−0.0065%	1h	1,462.1	−0.141%	$902K	$27K	10x	as long as short
Bybit ZECUSDT	−0.0064%	8h	1,463.3	−0.060%	$270.7M	$667.3M	75x	as long as short
Variational Omni ZEC	−0.0026%	8h	1,465.3	+0.080%	$46.6M	$33.5M	—	as long as short
dYdX ZEC-USD	0.0000%	1h	1,463	−0.082%	$412K	$104K	5x	as long as short
Kalshi KXZECPERP	0.0000%	8h	1,464	−0.010%	$884K	$5.6M	2.2x	as long as short

Show all 51 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Perpl ZEC	0.0000%	43m	1,463.4	−0.054%	$83K	$404K	10x	as long as short
gTrade (Gains Network) ZEC/USD	L +0.0007% / S −0.0006%	1h	1,463.8	−0.025%	$5.2M	—	150x	as long as short
Orderly PERP_ZEC_USDC	+0.0012%	8h	1,463.6	−0.036%	$292K	$1.4M	20x	as long as short
GMX ZEC/USD [WBTC.b-USDC]	L +0.0037% / S +0.0009%	1h	1,463.6	−0.040%	$355K	—	100x	as long as short
Gate ZEC_USDT	+0.0043%	8h	1,463.4	−0.050%	$49.8M	$186.0M	75x	as long as short
OKX ZEC-USDT-SWAP	+0.0048%	8h	1,463.8	−0.023%	$176.5M	$1.35B	50x	as long as short
01 Exchange ZECUSD	+0.0064%	1h	1,464	−0.010%	$8K	$8K	5x	as long as short
Phoenix ZEC	+0.0075%	1h	1,465	+0.057%	$4.6M	$1.6M	10x	as long as short
ApeX Omni ZECUSDT	+0.0082%	1h	1,467.6	+0.234%	$431K	$822K	50x	as long as short
Popdex ZECUSDT	+0.0096%	1h	1,463.3	−0.060%	$173K	$1.9M	50x	as long as short
Katana Perps ZEC-USD	+0.0096%	8h	1,464.2	+0.003%	$14K	$832K	10x	as long as short
Paradex ZEC-USD-PERP	+0.0100%	8h	1,462.4	−0.119%	$60K	$39K	10x	as long as short
Nado ZEC-PERP	+0.0100%	1h	1,463.1	−0.073%	$2.5M	$6.8M	10x	as long as short
Hyperliquid ZEC	+0.0100%	1h	1,465.1	+0.065%	$760.2M	$478.5M	10x	as long as short
Aster ZECUSDT	+0.0100%	8h	1,464	−0.011%	$15.6M	$32.7M	75x	as long as short
Pacifica ZEC	+0.0100%	1h	1,463.3	−0.058%	$1.7M	$3.0M	10x	as long as short
Binance ZECUSDT	+0.0100%	8h	1,464.3	+0.006%	$674.6M	$2.48B	75x	as long as short
MEXC ZEC_USDT	+0.0100%	8h	1,464.1	−0.004%	$221.2M	$865.9M	150x	as long as short
KuCoin ZECUSDTM	+0.0100%	8h	1,464.1	−0.005%	$103.6M	$55.8M	75x	as long as short
Bitget ZECUSDT	+0.0100%	8h	1,464	−0.012%	$162.3M	$304.6M	75x	as long as short
BingX ZEC-USDC	+0.0100%	8h	1,463.1	−0.071%	—	$6.7M	—	as long as short
edgeX ZECUSDC	+0.0100%	4h	1,467.7	+0.239%	$512K	$9.5M	20x	as long as short
GRVT ZEC_USDT_Perp	+0.0100%	8h	1,467.4	+0.222%	$3.0M	$481K	10x	as long as short
StandX ZEC-USD	+0.0100%	1h	1,464.7	+0.034%	$110K	$4.8M	30x	as long as short
Polymarket Perps ZEC-USD	+0.0100%	1h	1,462.9	−0.086%	$343K	$1.9M	10x	as long as short
Bullet ZEC-USD	+0.0100%	1h	1,463.3	−0.061%	$127K	$160K	20x	as long as short
Derive ZEC-PERP	+0.0100%	1h	1,462.1	−0.141%	$447K	$502K	6.7x	as long as short
SunX ZEC-USDT	+0.0100%	8h	1,465.9	+0.115%	$3K	$1.2M	20x	as long as short
SoDEX ZEC-USD	+0.0100%	1h	1,463.6	−0.039%	$222K	$4.5M	10x	as long as short
HTX ZEC-USDT	+0.0100%	8h	1,462.9	−0.089%	$2.5M	$23.7M	75x	as long as short
Phemex ZECUSDTlong	+0.0100%	8h	1,464.2	long leg	$3.8M	$5.3M	50x
Extended ZEC-USD	+0.0104%	1h	1,464.3	+0.008%	$3.3M	$6.9M	10x	as long as short
Aevo ZEC-PERP	+0.0104%	1h	1,463.4	−0.051%	$36K	$366K	20x	as long as short
Deribit ZEC_USDC-PERPETUAL	+0.0108%	1h	1,464.4	+0.018%	$596K	$1.3M	25x	as long as short
Lighter ZEC	+0.0128%	1h	1,465.4	+0.082%	$19.0M	$52.7M	20x	as long as short
Backpack ZEC_USDC_PERPshort	+0.0178%	1h	1,464.6	+0.028%	$2.3M	$3.8M	15x
RISEx ZEC/USDC	+0.0190%	1h	1,464.1	−0.007%	$841K	$1.3M	10x	as long as short
Lighter RH ZEC	+0.0392%	1h	1,465.9	+0.116%	$2.0M	$8.3M	10x	as long as short
Coinbase International ZEC-PERP-INTX	+0.0424%	1h	1,465	+0.058%	$3.7M	$11.5M	50x	as long as short
Arcus ZEC-USD	+0.0444%	1h	1,464.8	+0.042%	$727K	$8.2M	10x	as long as short
Aftermath Perps ZECUSD	+0.0572%	1h	1,464.9	+0.051%	$40K	$34K	10x	as long as short