Funding arb · Price arb /

ZEC

all ZEC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 19:00 UTC−0.0007%/8hpaid last 24h −0.038%

Price spread now: Gate against Phoenix+0.025%47s7-day average −0.140% · you sell dearer than you buy

Net, funding: paid 7d − costs−$101as 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−$390.390% of the position

Long on Phoenix Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days−0.623%−$62 on $10k

Price spread, last 7 days−0.192%−$19 · spread now +0.025%, 7d avg −0.140%

Together, before fees−0.815%−$82 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: Gate is 0.166% dearer against Phoenix than usual: you sell high and buy low, +$17 on $10k if it goes back to its 7-day average of −0.140%. The two prices were read 47 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	1,472.4	0.0012	pay 0.0001% / 1h	6m 40s	$4.7M	$1.7M	10x
Short	Gate ZEC_USDT	1,472.7	0.0005	get 0.0005% / 8h	4h 06m	$51.1M	$196.9M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now +0.025%Rate

Funding earned: −$1.45
Price spread: +0.025% → −0.140%: $16.55
Slippage, 4 orders: −$17
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$23.89
Costs to cover: 0.390%
Break-even: never at this rate

Slippage from Phoenix: live order book, 2 min ago; Gate: live order book, 2 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, 2 min ago	2.17 bp	7.2 bp −$7	16.9 bp −$169	118.8 bp −$11.9K	doesn't fit
Sell Gate live order book, 2 min ago	0.20 bp	12.9 bp −$13	17.4 bp −$174	37.4 bp −$3,741	65.3 bp −$32.6K

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	−0.3655%	1h	1,460.2	−0.827%	$34K	$159K	12x	as long as short
Kraken Futures PF_ZECUSD	−0.0435%	1h	1,472.2	−0.010%	$17.9M	$46.1M	25x	as long as short
ApeX Omni ZECUSDT	−0.0326%	1h	1,470	−0.158%	$958K	$431K	50x	as long as short
Variational Omni ZEC	−0.0146%	8h	1,470.7	−0.112%	$48.1M	$31.1M	—	as long as short
Bybit ZECUSDT	−0.0141%	8h	1,472.4	−0.001%	$275.6M	$719.2M	75x	as long as short
BloFin ZEC-USDT	−0.0086%	8h	1,472.1	−0.016%	$30.1M	$78.9M	75x	as long as short
Hotstuff ZEC-PERP	−0.0080%	1h	1,472.7	+0.021%	$6K	$2K	10x	as long as short
Ondo Perps ZEC-USD.P	−0.0069%	1h	1,473.3	+0.063%	$399K	$572K	5x	as long as short
Orderly PERP_ZEC_USDC	−0.0014%	8h	1,472.6	+0.016%	$284K	$1.7M	20x	as long as short
01 Exchange ZECUSD	−0.0008%	1h	1,473.5	+0.073%	$9K	$10K	5x	as long as short

Show all 51 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX ZEC-USDT-SWAP	−0.0004%	8h	1,472.7	+0.020%	$177.1M	$1.45B	50x	as long as short
dYdX ZEC-USD	0.0000%	1h	1,473.8	+0.094%	$415K	$107K	5x	as long as short
Kalshi KXZECPERP	0.0000%	8h	1,473.2	+0.055%	$979K	$5.7M	2.2x	as long as short
Perpl ZEC	0.0000%	43m	1,472.6	+0.014%	$80K	$436K	10x	as long as short
Aster ZECUSDT	0.0000%	8h	1,472.8	+0.028%	$15.0M	$36.1M	75x	as long as short
Gate ZEC_USDTshort	+0.0005%	8h	1,472.7	+0.025%	$51.1M	$196.9M	75x
gTrade (Gains Network) ZEC/USD	L +0.0007% / S −0.0006%	1h	1,473.2	+0.054%	$5.2M	—	150x	as long as short
Phoenix ZEClong	+0.0012%	1h	1,472.4	long leg	$4.7M	$1.7M	10x
MEXC ZEC_USDT	+0.0033%	8h	1,472.8	+0.031%	$226.9M	$979.0M	150x	as long as short
Binance ZECUSDT	+0.0035%	8h	1,472.8	+0.029%	$674.6M	$2.67B	75x	as long as short
GMX ZEC/USD [WBTC.b-USDC]	L +0.0071% / S +0.0044%	1h	1,472.9	+0.039%	$577K	—	100x	as long as short
Polymarket Perps ZEC-USD	+0.0074%	1h	1,472.2	−0.012%	$321K	$2.5M	10x	as long as short
Aevo ZEC-PERP	+0.0088%	1h	1,472.4	0.000%	$37K	$362K	20x	as long as short
Katana Perps ZEC-USD	+0.0091%	8h	1,473.1	+0.049%	$12K	$889K	10x	as long as short
Deribit ZEC_USDC-PERPETUAL	+0.0091%	1h	1,473.2	+0.057%	$576K	$1.3M	25x	as long as short
Popdex ZECUSDT	+0.0096%	1h	1,472.7	+0.024%	$176K	$2.1M	50x	as long as short
Paradex ZEC-USD-PERP	+0.0099%	8h	1,472.8	+0.027%	$61K	$37K	10x	as long as short
RISEx ZEC/USDC	+0.0100%	1h	1,473.5	+0.079%	$853K	$2.6M	10x	as long as short
Nado ZEC-PERP	+0.0100%	1h	1,473.2	+0.056%	$3.1M	$7.3M	10x	as long as short
Hyperliquid ZEC	+0.0100%	1h	1,473.2	+0.055%	$768.5M	$558.9M	10x	as long as short
Pacifica ZEC	+0.0100%	1h	1,473.2	+0.054%	$1.6M	$3.3M	10x	as long as short
Arcus ZEC-USD	+0.0100%	1h	1,474.8	+0.165%	$731K	$7.4M	10x	as long as short
Bulk ZEC-USD	+0.0100%	1h	1,476.1	+0.252%	$909K	$21K	10x	as long as short
KuCoin ZECUSDTM	+0.0100%	8h	1,472.9	+0.037%	$103.6M	$62.3M	75x	as long as short
Bitget ZECUSDT	+0.0100%	8h	1,472.9	+0.033%	$170.6M	$331.9M	75x	as long as short
BingX ZEC-USDC	+0.0100%	8h	1,472.5	+0.008%	—	$6.8M	—	as long as short
Backpack ZEC_USDC_PERP	+0.0100%	1h	1,473.3	+0.060%	$2.4M	$3.8M	15x	as long as short
edgeX ZECUSDC	+0.0100%	4h	1,473.3	+0.066%	$494K	$10.4M	20x	as long as short
GRVT ZEC_USDT_Perp	+0.0100%	8h	1,472.2	−0.014%	$3.0M	$510K	10x	as long as short
StandX ZEC-USD	+0.0100%	1h	1,473.9	+0.107%	$110K	$4.8M	30x	as long as short
Bullet ZEC-USD	+0.0100%	1h	1,472.7	+0.025%	$128K	$162K	20x	as long as short
Derive ZEC-PERP	+0.0100%	1h	1,470.9	−0.098%	$447K	$493K	6.7x	as long as short
SunX ZEC-USDT	+0.0100%	8h	1,476.5	+0.278%	$3K	$1.3M	20x	as long as short
SoDEX ZEC-USD	+0.0100%	1h	1,472.2	−0.012%	$224K	$5.2M	10x	as long as short
HTX ZEC-USDT	+0.0100%	8h	1,473	+0.044%	$2.4M	$28.6M	75x	as long as short
Phemex ZECUSDT	+0.0100%	8h	1,472.7	+0.019%	$3.8M	$6.0M	50x	as long as short
Extended ZEC-USD	+0.0104%	1h	1,472.9	+0.034%	$3.2M	$4.6M	10x	as long as short
Lighter ZEC	+0.0112%	1h	1,474.2	+0.124%	$19.5M	$59.4M	20x	as long as short
Lighter RH ZEC	+0.0224%	1h	1,474.5	+0.142%	$1.8M	$7.7M	10x	as long as short
Coinbase International ZEC-PERP-INTX	+0.0384%	1h	1,475	+0.177%	$3.8M	$12.5M	50x	as long as short
Aftermath Perps ZECUSD	+0.0512%	1h	1,473.6	+0.083%	$39K	$33K	10x	as long as short