Funding arb · Price arb /

ZEC

all ZEC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h −0.002%

Price spread now: Popdex against Phemex+0.056%7-day average −0.031% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$32as in the Price arb table

costs, in and out, $10k−$410.406% of the position

Long on Phemex Short on Popdex

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.042%+$4 on $10k

Price spread, last 3 days (all we have)−0.307%−$31 · spread now +0.056%, 7d avg −0.031%

Together, before fees−0.264%−$26 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Popdex is 0.087% dearer against Phemex than usual: you sell high and buy low, +$9 on $10k if it goes back to its 7-day average of −0.031%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex ZECUSDT	1,474.8	0.0100	pay 0.0100% / 8h	7h 50m	$3.9M	$5.4M	50x
Short	Popdex ZECUSDT	1,475.6	0.0096	get 0.0012% / 1h	50m 09s	$175K	$1.9M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Popdex 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 PopdexbpOrdersPrice spread, now +0.056%Rate

Funding earned: −$0.84
Price spread: +0.056% → −0.031%: $8.75
Slippage, 4 orders: −$22.2
Fee Phemex: 6 bp × 2 orders: −$12
Fee Popdex: 3.2 bp × 2 orders: −$6.4
Net: −$32.7
Costs to cover: 0.406%
Break-even: never at this rate

Slippage from Phemex: live order book, 4 min ago; Popdex: 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	1.66 bp	12.2 bp −$12	24.0 bp −$240	doesn't fit	doesn't fit
Sell Popdex live order book, 4 min ago	0.68 bp	4.8 bp −$5	11.1 bp −$111	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	−0.3321%	1h	1,477.8	+0.206%	$34K	$275K	12x	as long as short
Kraken Futures PF_ZECUSD	−0.0342%	1h	1,474.2	−0.042%	$18.0M	$43.5M	25x	as long as short
Ondo Perps ZEC-USD.P	−0.0192%	1h	1,474.7	−0.007%	$400K	$517K	5x	as long as short
BloFin ZEC-USDT	−0.0104%	8h	1,473.4	−0.094%	$29.5M	$74.6M	75x	as long as short
Hotstuff ZEC-PERP	−0.0080%	1h	1,474.4	−0.026%	$6K	$2K	10x	as long as short
Bybit ZECUSDT	−0.0077%	8h	1,473.8	−0.067%	$275.0M	$646.0M	75x	as long as short
Variational Omni ZEC	−0.0061%	8h	1,473.2	−0.109%	$47.9M	$34.4M	—	as long as short
dYdX ZEC-USD	0.0000%	1h	1,475.6	+0.053%	$416K	$104K	5x	as long as short
Kalshi KXZECPERP	0.0000%	8h	1,475.3	+0.031%	$960K	$5.6M	2.2x	as long as short
Perpl ZEC	0.0000%	43m	1,474.4	−0.029%	$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	1,474.9	+0.007%	$5.2M	—	150x	as long as short
Orderly PERP_ZEC_USDC	+0.0015%	8h	1,474.2	−0.042%	$294K	$1.4M	20x	as long as short
OKX ZEC-USDT-SWAP	+0.0040%	8h	1,474.1	−0.045%	$182.1M	$1.33B	50x	as long as short
01 Exchange ZECUSD	+0.0048%	1h	1,476.1	+0.088%	$8K	$8K	5x	as long as short
Phoenix ZEC	+0.0054%	1h	1,477	+0.148%	$4.7M	$1.6M	10x	as long as short
GMX ZEC/USD [WBTC.b-USDC]	L +0.0055% / S −0.0010%	1h	1,474.7	−0.010%	$379K	—	100x	as long as short
Gate ZEC_USDT	+0.0064%	8h	1,474.4	−0.025%	$51.5M	$178.1M	75x	as long as short
Deribit ZEC_USDC-PERPETUAL	+0.0089%	1h	1,475	+0.014%	$615K	$1.3M	25x	as long as short
Lighter ZEC	+0.0096%	1h	1,475.6	+0.058%	$19.2M	$50.2M	20x	as long as short
Popdex ZECUSDTshort	+0.0096%	1h	1,475.6	+0.056%	$175K	$1.9M	50x
Katana Perps ZEC-USD	+0.0100%	8h	1,475.6	+0.052%	$13K	$850K	10x	as long as short
Paradex ZEC-USD-PERP	+0.0100%	8h	1,475.6	+0.054%	$61K	$39K	10x	as long as short
Nado ZEC-PERP	+0.0100%	1h	1,476.2	+0.097%	$2.6M	$6.7M	10x	as long as short
Hyperliquid ZEC	+0.0100%	1h	1,475.7	+0.061%	$765.3M	$459.4M	10x	as long as short
Aster ZECUSDT	+0.0100%	8h	1,474.9	+0.004%	$15.0M	$32.2M	75x	as long as short
Pacifica ZEC	+0.0100%	1h	1,475.8	+0.068%	$1.7M	$2.9M	10x	as long as short
Binance ZECUSDT	+0.0100%	8h	1,474.2	−0.043%	$684.6M	$2.43B	75x	as long as short
Arcus ZEC-USD	+0.0100%	1h	1,476.9	+0.142%	$692K	$8.5M	10x	as long as short
Bulk ZEC-USD	+0.0100%	1h	1,470.8	−0.275%	$895K	$33K	10x	as long as short
MEXC ZEC_USDT	+0.0100%	8h	1,474.4	−0.031%	$232.1M	$821.9M	150x	as long as short
KuCoin ZECUSDTM	+0.0100%	8h	1,474.5	−0.024%	$105.2M	$56.5M	75x	as long as short
Bitget ZECUSDT	+0.0100%	8h	1,474.4	−0.027%	$163.9M	$298.8M	75x	as long as short
BingX ZEC-USDT	+0.0100%	8h	1,474.4	−0.024%	—	$101.7M	—	as long as short
edgeX ZECUSDC	+0.0100%	4h	1,475.8	+0.070%	$575K	$9.2M	20x	as long as short
GRVT ZEC_USDT_Perp	+0.0100%	8h	1,477.2	+0.164%	$3.0M	$454K	10x	as long as short
ApeX Omni ZECUSDT	+0.0100%	1h	1,476.5	+0.117%	$432K	$858K	50x	as long as short
StandX ZEC-USD	+0.0100%	1h	1,474.3	−0.037%	$110K	$4.8M	30x	as long as short
Polymarket Perps ZEC-USD	+0.0100%	1h	1,474.9	+0.007%	$334K	$1.9M	10x	as long as short
Bullet ZEC-USD	+0.0100%	1h	1,474.6	−0.017%	$128K	$159K	20x	as long as short
Derive ZEC-PERP	+0.0100%	1h	1,472.5	−0.157%	$459K	$509K	6.7x	as long as short
SunX ZEC-USDT	+0.0100%	8h	1,477.8	+0.201%	$3K	$1.2M	20x	as long as short
SoDEX ZEC-USD	+0.0100%	1h	1,474	−0.054%	$243K	$4.3M	10x	as long as short
HTX ZEC-USDT	+0.0100%	8h	1,473.5	−0.087%	$2.5M	$22.2M	75x	as long as short
Phemex ZECUSDTlong	+0.0100%	8h	1,474.8	long leg	$3.9M	$5.4M	50x
Extended ZEC-USD	+0.0104%	1h	1,474.3	−0.037%	$3.2M	$7.0M	10x	as long as short
Aevo ZEC-PERP	+0.0104%	1h	1,471.3	−0.238%	$82K	$250K	20x	as long as short
RISEx ZEC/USDC	+0.0228%	1h	1,476.5	+0.113%	$844K	$1.2M	10x	as long as short
Coinbase International ZEC-PERP-INTX	+0.0448%	1h	1,477	+0.146%	$3.8M	$10.5M	50x	as long as short
Backpack ZEC_USDC_PERP	+0.0645%	1h	1,475.1	+0.020%	$2.5M	$3.8M	15x	as long as short
Lighter RH ZEC	+0.0664%	1h	1,476.5	+0.117%	$2.0M	$8.0M	10x	as long as short
Aftermath Perps ZECUSD	+0.0784%	1h	1,475.5	+0.050%	$44K	$48K	10x	as long as short