Funding arb · Price arb /

ZEC

all ZEC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0030%/8h= +3.3% APRpaid last 24h −0.024%

Price spread now: BingX against Phoenix−0.483%79s7-day average −0.218% · you buy dearer than you sell

Net, funding: paid 7d − costs−$91as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$320.317% of the position

Long on Phoenix Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.589%−$59 on $10k

Price spread, last 7 days+0.263%+$26 · spread now −0.483%, 7d avg −0.218%

Together, before fees−0.326%−$33 on $10k · with fees, hour by hour

Funding pays, the price is against you. BingX is 0.264% cheaper against Phoenix than usual: you would sell low and buy high (spread −0.483% now, against its 7-day average of −0.218%). If the spread goes back, that is −$26 on $10k: about 30 days of funding at the current rate (+$1 a day). Mind the row above: over the last 7 days funding on this pair cost −0.589%, so the current rate has only just turned in your favour. The two prices were read 79 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix ZEC	1,479.5	0.0070	pay 0.0009% / 1h	46m 15s	$4.7M	$1.5M	10x
Short	BingX ZEC-USDC	1,472.3	0.0100	get 0.0100% / 8h	6h 46m	—	$6.7M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against Phoenix. 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 PhoenixbpFee BingXbpOrdersPrice spread, now −0.483%Rate

Funding earned: $6.26
Price spread: −0.483% → −0.218%: −$26.44
Slippage, 4 orders: −$14.67
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee BingX: 5 bp × 2 orders: −$10
Net: −$51.85
Costs to cover: 0.317%
Break-even: 65.0 days

Slippage from Phoenix: live order book, 8 min ago; BingX: 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 Phoenix live order book, 8 min ago	1.49 bp	6.1 bp −$6	13.3 bp −$133	111.1 bp −$11.1K	doesn't fit
Sell BingX live order book, 6 min ago	0.98 bp	9.4 bp −$9	14.2 bp −$142	37.5 bp −$3,750	81.3 bp −$40.7K

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	−0.3678%	1h	1,477.5	−0.132%	$34K	$274K	12x	as long as short
Hotstuff ZEC-PERP	−0.0080%	1h	1,474.6	−0.331%	$6K	$1K	10x	as long as short
Ondo Perps ZEC-USD.P	−0.0078%	1h	1,477.6	−0.127%	$400K	$519K	5x	as long as short
Kraken Futures PF_ZECUSD	−0.0002%	1h	1,474.7	−0.320%	$18.0M	$43.4M	25x	as long as short
dYdX ZEC-USD	0.0000%	1h	1,475.2	−0.286%	$415K	$103K	5x	as long as short
Kalshi KXZECPERP	0.0000%	8h	1,475.5	−0.268%	$960K	$5.0M	2.2x	as long as short
Perpl ZEC	0.0000%	43m	1,474.4	−0.341%	$84K	$405K	10x	as long as short
gTrade (Gains Network) ZEC/USD	L +0.0007% / S −0.0006%	1h	1,474.6	−0.332%	$5.2M	—	150x	as long as short
BloFin ZEC-USDT	+0.0012%	8h	1,475.2	−0.289%	$29.6M	$73.3M	75x	as long as short
Variational Omni ZEC	+0.0016%	8h	1,474	−0.370%	$48.1M	$33.4M	—	as long as short

Show all 51 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_ZEC_USDC	+0.0026%	8h	1,474.2	−0.354%	$294K	$1.1M	20x	as long as short
01 Exchange ZECUSD	+0.0032%	1h	1,474.5	−0.337%	$8K	$9K	5x	as long as short
GMX ZEC/USD [WBTC.b-USDC]	L +0.0055% / S −0.0010%	1h	1,474.4	−0.341%	$383K	—	100x	as long as short
Phoenix ZEClong	+0.0070%	1h	1,479.5	long leg	$4.7M	$1.5M	10x
Gate ZEC_USDT	+0.0079%	8h	1,473.3	−0.421%	$50.2M	$174.1M	75x	as long as short
OKX ZEC-USDT-SWAP	+0.0079%	8h	1,473.2	−0.428%	$181.4M	$1.28B	50x	as long as short
Popdex ZECUSDT	+0.0096%	1h	1,474.9	−0.310%	$172K	$1.8M	50x	as long as short
Katana Perps ZEC-USD	+0.0100%	8h	1,474.8	−0.319%	$14K	$832K	10x	as long as short
Paradex ZEC-USD-PERP	+0.0100%	8h	1,474.8	−0.316%	$61K	$39K	10x	as long as short
Nado ZEC-PERP	+0.0100%	1h	1,476	−0.232%	$2.7M	$6.5M	10x	as long as short
Hyperliquid ZEC	+0.0100%	1h	1,474	−0.370%	$767.0M	$449.9M	10x	as long as short
Aster ZECUSDT	+0.0100%	8h	1,474.2	−0.360%	$14.9M	$31.0M	75x	as long as short
Pacifica ZEC	+0.0100%	1h	1,475.3	−0.285%	$1.7M	$2.7M	10x	as long as short
Binance ZECUSDT	+0.0100%	8h	1,474.3	−0.348%	$683.2M	$2.34B	75x	as long as short
Bybit ZECUSDT	+0.0100%	8h	1,472.8	−0.452%	$271.8M	$626.4M	75x	as long as short
MEXC ZEC_USDT	+0.0100%	8h	1,473.3	−0.420%	$218.6M	$792.7M	150x	as long as short
KuCoin ZECUSDTM	+0.0100%	8h	1,474.4	−0.341%	$103.8M	$56.0M	75x	as long as short
Bitget ZECUSDT	+0.0100%	8h	1,473.2	−0.427%	$163.4M	$286.5M	75x	as long as short
BingX ZEC-USDCshort	+0.0100%	8h	1,472.3	−0.483%	—	$6.7M	—
edgeX ZECUSDC	+0.0100%	4h	1,476.7	−0.185%	$575K	$9.0M	20x	as long as short
GRVT ZEC_USDT_Perp	+0.0100%	8h	1,476	−0.238%	$3.0M	$443K	10x	as long as short
ApeX Omni ZECUSDT	+0.0100%	1h	1,475.5	−0.266%	$429K	$905K	50x	as long as short
StandX ZEC-USD	+0.0100%	1h	1,474.2	−0.355%	$71K	$4.7M	30x	as long as short
Polymarket Perps ZEC-USD	+0.0100%	1h	1,474.3	−0.350%	$342K	$1.7M	10x	as long as short
Bullet ZEC-USD	+0.0100%	1h	1,474.4	−0.341%	$128K	$158K	20x	as long as short
Derive ZEC-PERP	+0.0100%	1h	1,473	−0.437%	$459K	$510K	6.7x	as long as short
SunX ZEC-USDT	+0.0100%	8h	1,476.7	−0.189%	$3K	$1.2M	20x	as long as short
SoDEX ZEC-USD	+0.0100%	1h	1,474.4	−0.341%	$243K	$3.8M	10x	as long as short
HTX ZEC-USDT	+0.0100%	8h	1,474	−0.370%	$2.5M	$19.2M	75x	as long as short
Phemex ZECUSDT	+0.0100%	8h	1,475	−0.300%	$3.8M	$5.2M	50x	as long as short
Bulk ZEC-USD	+0.0100%	1h	1,474.6	−0.327%	$897K	$17K	10x	as long as short
Extended ZEC-USD	+0.0104%	1h	1,474.3	−0.350%	$3.2M	$7.0M	10x	as long as short
Aevo ZEC-PERP	+0.0104%	1h	1,474.2	−0.358%	$51K	$164K	20x	as long as short
Deribit ZEC_USDC-PERPETUAL	+0.0156%	1h	1,475.1	−0.293%	$607K	$1.3M	25x	as long as short
Lighter RH ZEC	+0.0208%	1h	1,476.3	−0.214%	$2.1M	$7.0M	10x	as long as short
Arcus ZEC-USD	+0.0254%	1h	1,476	−0.235%	$682K	$8.7M	10x	as long as short
Lighter ZEC	+0.0320%	1h	1,476.1	−0.230%	$19.3M	$48.0M	20x	as long as short
RISEx ZEC/USDC	+0.0374%	1h	1,475.1	−0.295%	$856K	$1.0M	10x	as long as short
Coinbase International ZEC-PERP-INTX	+0.0472%	1h	1,476.3	−0.218%	$3.7M	$9.7M	50x	as long as short
Backpack ZEC_USDC_PERP	+0.0568%	1h	1,474.3	−0.354%	$2.5M	$3.9M	15x	as long as short
Aftermath Perps ZECUSD	+0.0736%	1h	1,475.6	−0.265%	$44K	$46K	10x	as long as short