Funding arb · Price arb /

ZEC

all ZEC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0016%/8h= +1.8% APRpaid last 24h +0.006%

Price spread now: Phoenix against Phemex−0.182%7-day average +0.060% · you buy dearer than you sell

Net, funding: paid 7d − costs$0as in the Funding arb table

Net, price: spread back to 7d avg − costs−$71as in the Price arb table

costs, in and out, $10k−$460.463% of the position

Long on Phemex Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.467%+$47 on $10k

Price spread, last 4 days (all we have)+0.080%+$8 · spread now −0.182%, 7d avg +0.060%

Together, before fees+0.547%+$55 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phoenix is 0.243% cheaper against Phemex than usual: you would sell low and buy high (spread −0.182% now, against its 7-day average of +0.060%). If the spread goes back, that is −$24 on $10k: about 50 days of funding at the current rate ($0 a day). At the pace of the last 7 days (+0.467% in total) that is about 3.6 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex ZECUSDT	1,460.2	0.0100	pay 0.0100% / 8h	3h 20m	$3.8M	$4.9M	50x
Short	Phoenix ZEC	1,457.6	0.0116	get 0.0015% / 1h	20m 35s	$4.6M	$1.3M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now −0.182%Rate

Funding earned: $3.39
Price spread: −0.182% → +0.060%: −$24.25
Slippage, 4 orders: −$27.27
Fee Phemex: 6 bp × 2 orders: −$12
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$67.14
Costs to cover: 0.463%
Break-even: 145.5 days

Slippage from Phemex: live order book, 3 min ago; Phoenix: 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	2.13 bp	13.9 bp −$14	doesn't fit	doesn't fit	doesn't fit
Sell Phoenix live order book, 3 min ago	1.64 bp	6.4 bp −$6	14.3 bp −$143	52.3 bp −$5,235	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	−0.3042%	1h	1,441.9	−1.256%	$33K	$272K	12x	as long as short
Hotstuff ZEC-PERP	−0.0080%	1h	1,461	+0.051%	$6K	$1K	10x	as long as short
BloFin ZEC-USDT	−0.0071%	8h	1,460	−0.016%	$29.5M	$70.7M	75x	as long as short
dYdX ZEC-USD	0.0000%	1h	1,461	+0.051%	$411K	$35K	5x	as long as short
Perpl ZEC	0.0000%	43m	1,460	−0.014%	$83K	$239K	10x	as long as short
gTrade (Gains Network) ZEC/USD	L +0.0007% / S −0.0006%	1h	1,460.4	+0.012%	$5.2M	—	150x	as long as short
Orderly PERP_ZEC_USDC	+0.0063%	8h	1,460.2	+0.001%	$292K	$932K	20x	as long as short
GMX ZEC/USD [WBTC.b-USDC]	L +0.0085% / S −0.0036%	1h	1,460.4	+0.016%	$434K	—	100x	as long as short
Popdex ZECUSDT	+0.0096%	1h	1,460.8	+0.040%	$174K	$1.7M	50x	as long as short
Katana Perps ZEC-USD	+0.0100%	8h	1,461	+0.056%	$14K	$810K	10x	as long as short

Show all 51 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Paradex ZEC-USD-PERP	+0.0100%	8h	1,461.7	+0.104%	$60K	$43K	10x	as long as short
Nado ZEC-PERP	+0.0100%	1h	1,460.5	+0.022%	$2.8M	$6.6M	10x	as long as short
Aster ZECUSDT	+0.0100%	8h	1,461.1	+0.059%	$14.6M	$27.8M	75x	as long as short
Pacifica ZEC	+0.0100%	1h	1,461.5	+0.088%	$1.7M	$2.4M	10x	as long as short
Binance ZECUSDT	+0.0100%	8h	1,460.9	+0.046%	$672.1M	$2.18B	75x	as long as short
Bybit ZECUSDT	+0.0100%	8h	1,461.4	+0.084%	$261.6M	$591.2M	75x	as long as short
OKX ZEC-USDT-SWAP	+0.0100%	8h	1,461.3	+0.075%	$179.1M	$1.21B	50x	as long as short
Ondo Perps ZEC-USD.P	+0.0100%	1h	1,456.9	−0.227%	$396K	$434K	5x	as long as short
Bulk ZEC-USD	+0.0100%	1h	1,457.9	−0.159%	$881K	$17K	10x	as long as short
Gate ZEC_USDT	+0.0100%	8h	1,461.3	+0.077%	$51.7M	$172.1M	75x	as long as short
MEXC ZEC_USDT	+0.0100%	8h	1,461.5	+0.088%	$220.2M	$771.5M	150x	as long as short
KuCoin ZECUSDTM	+0.0100%	8h	1,461.1	+0.064%	$103.0M	$53.1M	75x	as long as short
Bitget ZECUSDT	+0.0100%	8h	1,461.6	+0.095%	$166.1M	$268.3M	75x	as long as short
BingX ZEC-USDT	+0.0100%	8h	1,461.7	+0.105%	—	$106.9M	—	as long as short
Variational Omni ZEC	+0.0100%	8h	1,459.8	−0.029%	$47.8M	$32.7M	—	as long as short
edgeX ZECUSDC	+0.0100%	4h	1,457.5	−0.186%	$567K	$8.5M	20x	as long as short
GRVT ZEC_USDT_Perp	+0.0100%	8h	1,456.6	−0.250%	$3.0M	$463K	10x	as long as short
ApeX Omni ZECUSDT	+0.0100%	1h	1,457.2	−0.209%	$402K	$943K	50x	as long as short
StandX ZEC-USD	+0.0100%	1h	1,458	−0.154%	$49K	$4.7M	30x	as long as short
Polymarket Perps ZEC-USD	+0.0100%	1h	1,460.5	+0.020%	$355K	$1.8M	10x	as long as short
Bullet ZEC-USD	+0.0100%	1h	1,460.4	+0.014%	$161K	$185K	20x	as long as short
Derive ZEC-PERP	+0.0100%	1h	1,459.5	−0.052%	$446K	$509K	6.7x	as long as short
SunX ZEC-USDT	+0.0100%	8h	1,462.8	+0.178%	$3K	$1.1M	20x	as long as short
SoDEX ZEC-USD	+0.0100%	1h	1,460.4	+0.013%	$234K	$3.2M	10x	as long as short
HTX ZEC-USDT	+0.0100%	8h	1,459.6	−0.041%	$2.7M	$18.3M	75x	as long as short
Phemex ZECUSDTlong	+0.0100%	8h	1,460.2	long leg	$3.8M	$4.9M	50x
Extended ZEC-USD	+0.0104%	1h	1,461.3	+0.073%	$2.8M	$7.7M	10x	as long as short
Aevo ZEC-PERP	+0.0104%	1h	1,460	−0.017%	$47K	$151K	20x	as long as short
Phoenix ZECshort	+0.0116%	1h	1,457.6	−0.182%	$4.6M	$1.3M	10x
Lighter RH ZEC	+0.0120%	1h	1,462.6	+0.164%	$2.1M	$7.0M	10x	as long as short
01 Exchange ZECUSD	+0.0120%	1h	1,461.7	+0.101%	$8K	$7K	5x	as long as short
Hyperliquid ZEC	+0.0143%	1h	1,462.5	+0.157%	$761.8M	$424.5M	10x	as long as short
Lighter ZEC	+0.0160%	1h	1,462.7	+0.171%	$19.4M	$45.2M	20x	as long as short
Kalshi KXZECPERP	+0.0192%	8h	1,460.4	+0.015%	$1.5M	$4.4M	2.2x	as long as short
RISEx ZEC/USDC	+0.0216%	1h	1,461.4	+0.084%	$924K	$1.1M	10x	as long as short
Backpack ZEC_USDC_PERP	+0.0218%	1h	1,461.2	+0.069%	$2.4M	$3.8M	15x	as long as short
Kraken Futures PF_ZECUSD	+0.0332%	1h	1,460.3	+0.005%	$18.1M	$45.2M	25x	as long as short
Deribit ZEC_USDC-PERPETUAL	+0.0340%	1h	1,461.3	+0.074%	$615K	$1.3M	25x	as long as short
Arcus ZEC-USD	+0.0344%	1h	1,462.6	+0.163%	$688K	$8.2M	10x	as long as short
Coinbase International ZEC-PERP-INTX	+0.0464%	1h	1,463	+0.191%	$3.8M	$9.2M	50x	as long as short
Aftermath Perps ZECUSD	+0.0677%	1h	1,457.9	−0.157%	$45K	$49K	10x	as long as short