Funding arb · Price arb /

ZEC

all ZEC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0380%/8h= +41.6% APRpaid last 24h +0.076%

Price spread now: Coinbase International against Phemex+0.102%7-day average +0.099% · you sell dearer than you buy

Net, funding: paid 7d − costs−$51as in the Funding arb table

Net, price: spread back to 7d avg − costs−$61as in the Price arb table

costs, in and out, $10k−$610.615% of the position

Long on Phemex Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+0.103%+$10 on $10k

Price spread, last 4 days (all we have)+0.013%+$1 · spread now +0.102%, 7d avg +0.099%

Together, before fees+0.116%+$12 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.099%, so right now this pair is about funding alone: +$11 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.103% in total (about 5.4% 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	Phemex ZECUSDT	1,486.5	0.0100	pay 0.0100% / 8h	1h 45m	$4.0M	$5.0M	50x
Short	Coinbase International ZEC-PERP-INTX	1,488	0.0480	get 0.0060% / 1h	45m 07s	$3.6M	$9.9M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International 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 Coinbase InternationalbpOrdersPrice spread, now +0.102%Rate

Funding earned: $79.8
Price spread: +0.102% → +0.099%: $0.34
Slippage, 4 orders: −$39.46
Fee Phemex: 6 bp × 2 orders: −$12
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: $18.68
Costs to cover: 0.615%
Break-even: 5.4 days

Slippage from Phemex: live order book, 4 min ago; Coinbase International: live order book, 4 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, 4 min ago	1.01 bp	15.7 bp −$16	27.9 bp −$279	doesn't fit	doesn't fit
Sell Coinbase International live order book, 4 min ago	0.20 bp	11.4 bp −$11	14.7 bp −$147	48.6 bp −$4,857	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	−0.3684%	1h	1,484.2	−0.153%	$34K	$273K	12x	as long as short
BloFin ZEC-USDT	−0.0118%	8h	1,486.7	+0.014%	$30.8M	$73.9M	75x	as long as short
Bulk ZEC-USD	−0.0097%	1h	1,490.7	+0.283%	$901K	$15K	10x	as long as short
Kraken Futures PF_ZECUSD	−0.0097%	1h	1,486.6	+0.010%	$18.0M	$46.5M	25x	as long as short
Hotstuff ZEC-PERP	−0.0080%	1h	1,485.5	−0.062%	$6K	$1K	10x	as long as short
dYdX ZEC-USD	0.0000%	1h	1,483.9	−0.170%	$412K	$35K	5x	as long as short
Kalshi KXZECPERP	0.0000%	8h	1,485.6	−0.056%	$1.6M	$4.7M	2.2x	as long as short
Perpl ZEC	0.0000%	43m	1,484.2	−0.155%	$61K	$297K	10x	as long as short
gTrade (Gains Network) ZEC/USD	L +0.0007% / S −0.0006%	1h	1,486.4	−0.005%	$5.3M	—	150x	as long as short
Orderly PERP_ZEC_USDC	+0.0073%	8h	1,486.4	−0.005%	$299K	$1.1M	20x	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	1,483.9	−0.170%	$158K	$1.7M	50x	as long as short
Nado ZEC-PERP	+0.0100%	1h	1,485.4	−0.069%	$2.8M	$6.6M	10x	as long as short
Aster ZECUSDT	+0.0100%	8h	1,485.3	−0.075%	$13.9M	$30.8M	75x	as long as short
Pacifica ZEC	+0.0100%	1h	1,483.9	−0.172%	$1.7M	$2.4M	10x	as long as short
Binance ZECUSDT	+0.0100%	8h	1,485.8	−0.043%	$691.6M	$2.29B	75x	as long as short
Bybit ZECUSDT	+0.0100%	8h	1,485.1	−0.089%	$269.8M	$624.8M	75x	as long as short
OKX ZEC-USDT-SWAP	+0.0100%	8h	1,484.5	−0.130%	$180.0M	$1.31B	50x	as long as short
Ondo Perps ZEC-USD.P	+0.0100%	1h	1,484.9	−0.104%	$405K	$508K	5x	as long as short
Gate ZEC_USDT	+0.0100%	8h	1,486.3	−0.011%	$54.5M	$180.4M	75x	as long as short
MEXC ZEC_USDT	+0.0100%	8h	1,486.4	−0.003%	$238.1M	$777.0M	150x	as long as short
KuCoin ZECUSDTM	+0.0100%	8h	1,486.4	−0.006%	$102.1M	$57.0M	75x	as long as short
Bitget ZECUSDT	+0.0100%	8h	1,486	−0.030%	$160.4M	$287.8M	75x	as long as short
BingX ZEC-USDT	+0.0100%	8h	1,486	−0.032%	—	$114.5M	—	as long as short
Backpack ZEC_USDC_PERP	+0.0100%	1h	1,486.7	+0.016%	$2.3M	$3.9M	15x	as long as short
Variational Omni ZEC	+0.0100%	8h	1,484.4	−0.140%	$48.5M	$33.9M	—	as long as short
edgeX ZECUSDC	+0.0100%	4h	1,483.7	−0.186%	$567K	$8.9M	20x	as long as short
GRVT ZEC_USDT_Perp	+0.0100%	8h	1,485.5	−0.064%	$3.0M	$488K	10x	as long as short
ApeX Omni ZECUSDT	+0.0100%	1h	1,484.3	−0.148%	$411K	$932K	50x	as long as short
StandX ZEC-USD	+0.0100%	1h	1,484.7	−0.117%	$56K	$4.6M	30x	as long as short
Polymarket Perps ZEC-USD	+0.0100%	1h	1,485.6	−0.057%	$359K	$1.7M	10x	as long as short
Bullet ZEC-USD	+0.0100%	1h	1,486.5	+0.004%	$163K	$185K	20x	as long as short
Derive ZEC-PERP	+0.0100%	1h	1,485.5	−0.065%	$453K	$500K	6.7x	as long as short
SunX ZEC-USDT	+0.0100%	8h	1,486.1	−0.026%	$3K	$1.2M	20x	as long as short
SoDEX ZEC-USD	+0.0100%	1h	1,486.6	+0.012%	$253K	$3.5M	10x	as long as short
HTX ZEC-USDT	+0.0100%	8h	1,485	−0.098%	$2.6M	$19.5M	75x	as long as short
Phemex ZECUSDTlong	+0.0100%	8h	1,486.5	long leg	$4.0M	$5.0M	50x
Paradex ZEC-USD-PERP	+0.0100%	8h	1,483.5	−0.198%	$61K	$43K	10x	as long as short
Katana Perps ZEC-USD	+0.0100%	8h	1,484	−0.162%	$11K	$864K	10x	as long as short
Extended ZEC-USD	+0.0104%	1h	1,486.7	+0.020%	$2.7M	$7.9M	10x	as long as short
Aevo ZEC-PERP	+0.0104%	1h	1,486.4	−0.001%	$43K	$152K	20x	as long as short
01 Exchange ZECUSD	+0.0120%	1h	1,484.4	−0.139%	$8K	$7K	5x	as long as short
GMX ZEC/USD [WBTC.b-USDC]	L +0.0124% / S −0.0111%	1h	1,486.4	−0.007%	$431K	—	100x	as long as short
RISEx ZEC/USDC	+0.0129%	1h	1,483.9	−0.169%	$928K	$1.2M	10x	as long as short
Phoenix ZEC	+0.0134%	1h	1,485	−0.100%	$4.7M	$1.4M	10x	as long as short
Hyperliquid ZEC	+0.0191%	1h	1,487.4	+0.064%	$772.7M	$440.8M	10x	as long as short
Aftermath Perps ZECUSD	+0.0192%	1h	1,485.7	−0.052%	$48K	$63K	10x	as long as short
Arcus ZEC-USD	+0.0221%	1h	1,485.7	−0.053%	$622K	$8.6M	10x	as long as short
Lighter ZEC	+0.0280%	1h	1,488	+0.106%	$19.5M	$45.5M	20x	as long as short
Lighter RH ZEC	+0.0312%	1h	1,488	+0.104%	$2.1M	$7.3M	10x	as long as short
Deribit ZEC_USDC-PERPETUAL	+0.0335%	1h	1,487.4	+0.062%	$707K	$1.4M	25x	as long as short
Coinbase International ZEC-PERP-INTXshort	+0.0480%	1h	1,488	+0.102%	$3.6M	$9.9M	50x