Funding arb · Price arb /

ZEC

all ZEC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0023%/8h= −2.5% APRpaid last 24h −0.038%

Price spread now: Kalshi against Phoenix−0.025%7-day average −0.099% · you buy dearer than you sell

Net, funding: paid 7d − costs−$87as in the Funding arb table

Net, price: spread back to 7d avg − costs−$30as in the Price arb table

costs, in and out, $10k−$380.379% of the position

Long on Phoenix Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 7 days−0.490%−$49 on $10k

Price spread, last 7 days−0.114%−$11 · spread now −0.025%, 7d avg −0.099%

Together, before fees−0.604%−$60 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Kalshi is 0.074% dearer against Phoenix than usual: you sell high and buy low (spread −0.025% now, against its 7-day average of −0.099%): +$7 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 11 days. At the pace of the last 7 days (−0.490% in total) that is about 26 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix ZEC	1,461.5	0.0123	pay 0.0015% / 1h	13m 17s	$4.6M	$1.3M	10x
Short	Kalshi KXZECPERP	1,461.1	0.0100	get 0.0100% / 8h	13m 17s	$1.5M	$4.5M	2.2x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi 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 KalshibpOrdersPrice spread, now −0.025%Rate

Funding earned: −$4.81
Price spread: −0.025% → −0.099%: $7.44
Slippage, 4 orders: −$20.93
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Kalshi: 5 bp × 2 orders: −$10
Net: −$35.29
Costs to cover: 0.379%
Break-even: never at this rate

Slippage from Phoenix: live order book, 6 min ago; Kalshi: live order book, 5 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, 6 min ago	1.51 bp	6.2 bp −$6	13.4 bp −$134	88.6 bp −$8,861	doesn't fit
Sell Kalshi live order book, 5 min ago	7.81 bp	12.8 bp −$13	17.2 bp −$172	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	−0.3166%	1h	1,462.6	+0.078%	$34K	$272K	12x	as long as short
Hotstuff ZEC-PERP	−0.0080%	1h	1,462.2	+0.053%	$6K	$1K	10x	as long as short
BloFin ZEC-USDT	−0.0070%	8h	1,459	−0.167%	$29.4M	$71.0M	75x	as long as short
dYdX ZEC-USD	0.0000%	1h	1,461.1	−0.026%	$411K	$38K	5x	as long as short
Perpl ZEC	0.0000%	43m	1,460.8	−0.047%	$84K	$240K	10x	as long as short
gTrade (Gains Network) ZEC/USD	L +0.0007% / S −0.0006%	1h	1,460.6	−0.055%	$5.2M	—	150x	as long as short
Deribit ZEC_USDC-PERPETUAL	+0.0007%	1h	1,459.4	−0.142%	$616K	$1.3M	25x	as long as short
Orderly PERP_ZEC_USDC	+0.0063%	8h	1,459.2	−0.156%	$291K	$952K	20x	as long as short
GMX ZEC/USD [WBTC.b-USDC]	L +0.0070% / S −0.0021%	1h	1,460.7	−0.052%	$410K	—	100x	as long as short
01 Exchange ZECUSD	+0.0072%	1h	1,461	−0.032%	$8K	$7K	5x	as long as short

Show all 51 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Popdex ZECUSDT	+0.0096%	1h	1,460.6	−0.056%	$173K	$1.7M	50x	as long as short
Katana Perps ZEC-USD	+0.0100%	8h	1,460.9	−0.036%	$11K	$857K	10x	as long as short
Paradex ZEC-USD-PERP	+0.0100%	8h	1,460.8	−0.047%	$60K	$43K	10x	as long as short
Nado ZEC-PERP	+0.0100%	1h	1,461	−0.028%	$2.8M	$6.7M	10x	as long as short
Hyperliquid ZEC	+0.0100%	1h	1,461.9	+0.031%	$760.2M	$432.1M	10x	as long as short
Aster ZECUSDT	+0.0100%	8h	1,460.7	−0.054%	$14.8M	$28.0M	75x	as long as short
Pacifica ZEC	+0.0100%	1h	1,461	−0.029%	$1.7M	$2.4M	10x	as long as short
Binance ZECUSDT	+0.0100%	8h	1,458.7	−0.188%	$670.5M	$2.21B	75x	as long as short
Bybit ZECUSDT	+0.0100%	8h	1,458	−0.237%	$261.7M	$602.4M	75x	as long as short
OKX ZEC-USDT-SWAP	+0.0100%	8h	1,458.6	−0.194%	$178.3M	$1.22B	50x	as long as short
Ondo Perps ZEC-USD.P	+0.0100%	1h	1,459.2	−0.154%	$396K	$442K	5x	as long as short
Gate ZEC_USDT	+0.0100%	8h	1,460.5	−0.064%	$50.7M	$175.1M	75x	as long as short
MEXC ZEC_USDT	+0.0100%	8h	1,460.5	−0.062%	$216.7M	$774.3M	150x	as long as short
KuCoin ZECUSDTM	+0.0100%	8h	1,460.7	−0.051%	$103.0M	$53.9M	75x	as long as short
Bitget ZECUSDT	+0.0100%	8h	1,459.7	−0.117%	$166.0M	$271.1M	75x	as long as short
BingX ZEC-USDC	+0.0100%	8h	1,459.9	−0.103%	—	$6.7M	—	as long as short
Variational Omni ZEC	+0.0100%	8h	1,459.3	−0.148%	$47.9M	$32.7M	—	as long as short
edgeX ZECUSDC	+0.0100%	4h	1,460.1	−0.090%	$569K	$8.6M	20x	as long as short
GRVT ZEC_USDT_Perp	+0.0100%	8h	1,461.1	−0.026%	$3.0M	$437K	10x	as long as short
ApeX Omni ZECUSDT	+0.0100%	1h	1,460.1	−0.094%	$405K	$941K	50x	as long as short
StandX ZEC-USD	+0.0100%	1h	1,461.9	+0.031%	$49K	$4.7M	30x	as long as short
Polymarket Perps ZEC-USD	+0.0100%	1h	1,460.4	−0.072%	$355K	$1.8M	10x	as long as short
Bullet ZEC-USD	+0.0100%	1h	1,460.7	−0.054%	$160K	$185K	20x	as long as short
Derive ZEC-PERP	+0.0100%	1h	1,458.3	−0.216%	$445K	$521K	6.7x	as long as short
SunX ZEC-USDT	+0.0100%	8h	1,463	+0.106%	$3K	$1.1M	20x	as long as short
SoDEX ZEC-USD	+0.0100%	1h	1,458.7	−0.187%	$233K	$3.4M	10x	as long as short
HTX ZEC-USDT	+0.0100%	8h	1,459	−0.165%	$2.7M	$18.4M	75x	as long as short
Phemex ZECUSDT	+0.0100%	8h	1,459.3	−0.148%	$3.8M	$5.1M	50x	as long as short
Bulk ZEC-USD	+0.0100%	1h	1,460.6	−0.056%	$882K	$18K	10x	as long as short
Kalshi KXZECPERPshort	+0.0100%	8h	1,461.1	−0.025%	$1.5M	$4.5M	2.2x
Extended ZEC-USD	+0.0104%	1h	1,458.8	−0.181%	$2.8M	$7.7M	10x	as long as short
Aevo ZEC-PERP	+0.0104%	1h	1,458.7	−0.189%	$47K	$151K	20x	as long as short
Phoenix ZEClong	+0.0123%	1h	1,461.5	long leg	$4.6M	$1.3M	10x
Backpack ZEC_USDC_PERP	+0.0142%	1h	1,462.5	+0.073%	$2.4M	$3.8M	15x	as long as short
Lighter ZEC	+0.0248%	1h	1,460.1	−0.095%	$19.2M	$46.0M	20x	as long as short
Kraken Futures PF_ZECUSD	+0.0277%	1h	1,458.8	−0.184%	$18.1M	$45.0M	25x	as long as short
Lighter RH ZEC	+0.0352%	1h	1,460.2	−0.088%	$2.1M	$7.0M	10x	as long as short
RISEx ZEC/USDC	+0.0412%	1h	1,460.9	−0.038%	$925K	$1.1M	10x	as long as short
Coinbase International ZEC-PERP-INTX	+0.0448%	1h	1,461.6	+0.010%	$3.8M	$9.1M	50x	as long as short
Arcus ZEC-USD	+0.0626%	1h	1,462	+0.039%	$680K	$8.3M	10x	as long as short
Aftermath Perps ZECUSD	+0.0682%	1h	1,461.4	−0.003%	$45K	$49K	10x	as long as short