Funding arb · Price arb /

ZEC

all ZEC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h −0.029%

Price spread now: dYdX against Phemex+0.041%7-day average −0.032% · you sell dearer than you buy

Net, funding: paid 7d − costs−$104as in the Funding arb table

Net, price: spread back to 7d avg − costs−$110as in the Price arb table

costs, in and out, $10k−$1171.170% of the position

Long on Phemex Short on dYdX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.128%+$13 on $10k

Price spread, last 3 days (all we have)−0.203%−$20 · spread now +0.041%, 7d avg −0.032%

Together, before fees−0.074%−$7 on $10k · with fees, hour by hour

The price spread pays, funding is against you. dYdX is 0.074% dearer against Phemex than usual: you sell high and buy low (spread +0.041% now, against its 7-day average of −0.032%): +$7 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 2.5 days. Mind the row above: over the last 7 days funding on this pair paid +0.128%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex ZECUSDT	1,470.3	0.0100	pay 0.0100% / 8h	7h 03m	$3.8M	$5.2M	50x
Short	dYdX ZEC-USD	1,470.9	0	get 0.0000% / 1h	3m 01s	$414K	$103K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

dYdX 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 dYdXbpOrdersPrice spread, now +0.041%Rate

Funding earned: −$21
Price spread: +0.041% → −0.032%: $7.35
Slippage, 4 orders: −$95.02
Fee Phemex: 6 bp × 2 orders: −$12
Fee dYdX: 5 bp × 2 orders: −$10
Net: −$130.67
Costs to cover: 1.170%
Break-even: never at this rate

Slippage from Phemex: live order book, 6 min ago; dYdX: live order book, 6 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, 6 min ago	1.33 bp	15.0 bp −$15	doesn't fit	doesn't fit	doesn't fit
Sell dYdX live order book, 6 min ago	37.15 bp	42.2 bp −$42	43.9 bp −$439	86.0 bp −$8,599	179.0 bp −$89.5K

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	−0.3321%	1h	1,471.6	+0.092%	$34K	$275K	12x	as long as short
Kraken Futures PF_ZECUSD	−0.0343%	1h	1,470	−0.022%	$17.9M	$43.0M	25x	as long as short
Ondo Perps ZEC-USD.P	−0.0127%	1h	1,469.7	−0.039%	$400K	$516K	5x	as long as short
BloFin ZEC-USDT	−0.0115%	8h	1,469.5	−0.053%	$29.6M	$72.3M	75x	as long as short
Hotstuff ZEC-PERP	−0.0080%	1h	1,470.3	−0.001%	$6K	$2K	10x	as long as short
Variational Omni ZEC	−0.0015%	8h	1,469.6	−0.046%	$47.7M	$33.3M	—	as long as short
dYdX ZEC-USDshort	0.0000%	1h	1,470.9	+0.041%	$414K	$103K	5x
01 Exchange ZECUSD	0.0000%	1h	1,470.7	+0.029%	$8K	$9K	5x	as long as short
Kalshi KXZECPERP	0.0000%	8h	1,470.7	+0.031%	$959K	$5.2M	2.2x	as long as short
Perpl ZEC	0.0000%	43m	1,469.4	−0.061%	$84K	$405K	10x	as long as short

Show all 51 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
gTrade (Gains Network) ZEC/USD	L +0.0007% / S −0.0006%	1h	1,470.1	−0.014%	$5.2M	—	150x	as long as short
Orderly PERP_ZEC_USDC	+0.0022%	8h	1,470.2	−0.004%	$294K	$1.1M	20x	as long as short
Phoenix ZEC	+0.0054%	1h	1,470.5	+0.016%	$4.6M	$1.6M	10x	as long as short
GMX ZEC/USD [WBTC.b-USDC]	L +0.0055% / S −0.0010%	1h	1,469.9	−0.025%	$378K	—	100x	as long as short
OKX ZEC-USDT-SWAP	+0.0067%	8h	1,470.3	+0.001%	$181.2M	$1.29B	50x	as long as short
Gate ZEC_USDT	+0.0093%	8h	1,469.6	−0.047%	$50.3M	$182.3M	75x	as long as short
Popdex ZECUSDT	+0.0096%	1h	1,469.5	−0.054%	$173K	$1.8M	50x	as long as short
Katana Perps ZEC-USD	+0.0100%	8h	1,469.7	−0.039%	$12K	$843K	10x	as long as short
Paradex ZEC-USD-PERP	+0.0100%	8h	1,470.3	−0.001%	$61K	$39K	10x	as long as short
Nado ZEC-PERP	+0.0100%	1h	1,470.2	−0.002%	$2.6M	$6.5M	10x	as long as short
Hyperliquid ZEC	+0.0100%	1h	1,470.4	+0.008%	$765.6M	$451.2M	10x	as long as short
Aster ZECUSDT	+0.0100%	8h	1,470.2	−0.008%	$14.9M	$31.3M	75x	as long as short
Pacifica ZEC	+0.0100%	1h	1,470.6	+0.021%	$1.7M	$2.8M	10x	as long as short
Binance ZECUSDT	+0.0100%	8h	1,469.7	−0.041%	$683.1M	$2.35B	75x	as long as short
Bybit ZECUSDT	+0.0100%	8h	1,469.9	−0.027%	$272.7M	$627.5M	75x	as long as short
Arcus ZEC-USD	+0.0100%	1h	1,471.8	+0.105%	$691K	$8.6M	10x	as long as short
Bulk ZEC-USD	+0.0100%	1h	1,467.8	−0.168%	$893K	$21K	10x	as long as short
MEXC ZEC_USDT	+0.0100%	8h	1,469.5	−0.055%	$218.3M	$832.2M	150x	as long as short
KuCoin ZECUSDTM	+0.0100%	8h	1,470.3	+0.003%	$104.1M	$55.5M	75x	as long as short
Bitget ZECUSDT	+0.0100%	8h	1,470.2	−0.005%	$163.6M	$289.1M	75x	as long as short
BingX ZEC-USDT	+0.0100%	8h	1,470	−0.018%	—	$100.1M	—	as long as short
edgeX ZECUSDC	+0.0100%	4h	1,471.6	+0.088%	$573K	$9.1M	20x	as long as short
GRVT ZEC_USDT_Perp	+0.0100%	8h	1,471.2	+0.063%	$3.0M	$450K	10x	as long as short
ApeX Omni ZECUSDT	+0.0100%	1h	1,469.7	−0.037%	$427K	$882K	50x	as long as short
StandX ZEC-USD	+0.0100%	1h	1,470.4	+0.006%	$71K	$4.7M	30x	as long as short
Polymarket Perps ZEC-USD	+0.0100%	1h	1,469.5	−0.053%	$340K	$1.7M	10x	as long as short
Bullet ZEC-USD	+0.0100%	1h	1,469.8	−0.033%	$128K	$158K	20x	as long as short
Derive ZEC-PERP	+0.0100%	1h	1,468.9	−0.096%	$458K	$510K	6.7x	as long as short
SunX ZEC-USDT	+0.0100%	8h	1,472.5	+0.148%	$3K	$1.2M	20x	as long as short
SoDEX ZEC-USD	+0.0100%	1h	1,470.1	−0.012%	$242K	$3.9M	10x	as long as short
HTX ZEC-USDT	+0.0100%	8h	1,470.3	+0.001%	$2.5M	$19.2M	75x	as long as short
Phemex ZECUSDTlong	+0.0100%	8h	1,470.3	long leg	$3.8M	$5.2M	50x
Extended ZEC-USD	+0.0104%	1h	1,470.2	−0.004%	$3.2M	$7.0M	10x	as long as short
Aevo ZEC-PERP	+0.0104%	1h	1,470.1	−0.015%	$53K	$162K	20x	as long as short
Lighter ZEC	+0.0216%	1h	1,470.8	+0.038%	$19.2M	$50.6M	20x	as long as short
Deribit ZEC_USDC-PERPETUAL	+0.0218%	1h	1,471.1	+0.058%	$605K	$1.3M	25x	as long as short
RISEx ZEC/USDC	+0.0228%	1h	1,470.8	+0.037%	$854K	$1.0M	10x	as long as short
Coinbase International ZEC-PERP-INTX	+0.0448%	1h	1,472.3	+0.136%	$3.7M	$9.7M	50x	as long as short
Backpack ZEC_USDC_PERP	+0.0507%	1h	1,470.3	+0.003%	$2.5M	$3.8M	15x	as long as short
Lighter RH ZEC	+0.0664%	1h	1,471.1	+0.056%	$2.1M	$8.5M	10x	as long as short
Aftermath Perps ZECUSD	+0.0746%	1h	1,470.6	+0.024%	$43K	$46K	10x	as long as short