Funding arb · Price arb /

ZEC

all ZEC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0034%/8h= −3.7% APRpaid last 24h −0.001%

Price spread now: KuCoin against Phoenix−0.181%63s7-day average −0.140% · you buy dearer than you sell

Net, funding: paid 7d − costs−$93as 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−$360.364% of the position

Long on Phoenix Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.566%−$57 on $10k

Price spread, last 7 days+0.028%+$3 · spread now −0.181%, 7d avg −0.140%

Together, before fees−0.539%−$54 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and KuCoin is 0.041% cheaper against Phoenix than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of −0.140%). Swap the legs. The two prices were read 63 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	1,501.5	0.0134	pay 0.0017% / 1h	16m 13s	$4.8M	$1.4M	10x
Short	KuCoin ZECUSDTM	1,498.8	0.0100	get 0.0100% / 8h	1h 16m	$103.1M	$57.4M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now −0.181%Rate

Funding earned: −$7.06
Price spread: −0.181% → −0.140%: −$4.14
Slippage, 4 orders: −$17.37
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$47.56
Costs to cover: 0.364%
Break-even: never at this rate

Slippage from Phoenix: live order book, 3 min ago; KuCoin: 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 Phoenix live order book, 3 min ago	1.87 bp	6.8 bp −$7	15.7 bp −$157	133.4 bp −$13.3K	doesn't fit
Sell KuCoin live order book, 3 min ago	0.67 bp	12.0 bp −$12	15.1 bp −$151	doesn't fit	doesn't fit

ZEC on 50 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	−0.3684%	1h	1,478.1	−1.558%	$36K	$275K	12x	as long as short
Perpl ZEC	−0.0447%	43m	1,498	−0.234%	$61K	$304K	10x	as long as short
BloFin ZEC-USDT	−0.0157%	8h	1,502.3	+0.057%	$30.7M	$75.2M	75x	as long as short
Kraken Futures PF_ZECUSD	−0.0096%	1h	1,499.9	−0.106%	$18.2M	$46.5M	25x	as long as short
Hotstuff ZEC-PERP	−0.0080%	1h	1,501.3	−0.015%	$6K	$1K	10x	as long as short
Bulk ZEC-USD	−0.0051%	1h	1,487.2	−0.955%	$898K	$9K	10x	as long as short
dYdX ZEC-USD	0.0000%	1h	1,501.2	−0.020%	$417K	$35K	5x	as long as short
Kalshi KXZECPERP	0.0000%	8h	1,502.7	+0.080%	$1.6M	$4.6M	2.2x	as long as short
gTrade (Gains Network) ZEC/USD	L +0.0007% / S −0.0006%	1h	1,501.3	−0.012%	$5.3M	—	150x	as long as short
Deribit ZEC_USDC-PERPETUAL	+0.0038%	1h	1,500.1	−0.091%	$685K	$1.4M	25x	as long as short

Show all 50 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aftermath Perps ZECUSD	+0.0055%	1h	1,491.8	−0.646%	$47K	$64K	10x	as long as short
Orderly PERP_ZEC_USDC	+0.0079%	8h	1,499.3	−0.147%	$302K	$1.1M	20x	as long as short
Popdex ZECUSDT	+0.0096%	1h	1,498.5	−0.198%	$171K	$1.8M	50x	as long as short
Katana Perps ZEC-USD	+0.0098%	8h	1,499	−0.163%	$12K	$878K	10x	as long as short
Nado ZEC-PERP	+0.0100%	1h	1,500.2	−0.086%	$3.0M	$7.3M	10x	as long as short
Aster ZECUSDT	+0.0100%	8h	1,498.8	−0.179%	$14.0M	$30.9M	75x	as long as short
Pacifica ZEC	+0.0100%	1h	1,501	−0.032%	$1.7M	$2.4M	10x	as long as short
Binance ZECUSDT	+0.0100%	8h	1,499.2	−0.155%	$698.5M	$2.31B	75x	as long as short
Bybit ZECUSDT	+0.0100%	8h	1,499.1	−0.161%	$268.2M	$633.6M	75x	as long as short
OKX ZEC-USDT-SWAP	+0.0100%	8h	1,499.4	−0.139%	$183.2M	$1.34B	50x	as long as short
Ondo Perps ZEC-USD.P	+0.0100%	1h	1,497.5	−0.266%	$410K	$522K	5x	as long as short
Gate ZEC_USDT	+0.0100%	8h	1,499.1	−0.158%	$55.1M	$185.5M	75x	as long as short
MEXC ZEC_USDT	+0.0100%	8h	1,497.5	−0.267%	$248.2M	$793.3M	150x	as long as short
KuCoin ZECUSDTMshort	+0.0100%	8h	1,498.8	−0.181%	$103.1M	$57.4M	75x
Bitget ZECUSDT	+0.0100%	8h	1,499.4	−0.140%	$161.3M	$289.6M	75x	as long as short
BingX ZEC-USDT	+0.0100%	8h	1,498.9	−0.171%	—	$116.3M	—	as long as short
Variational Omni ZEC	+0.0100%	8h	1,485.5	−1.063%	$48.4M	$34.5M	—	as long as short
edgeX ZECUSDC	+0.0100%	4h	1,494.9	−0.439%	$572K	$9.0M	20x	as long as short
GRVT ZEC_USDT_Perp	+0.0100%	8h	1,497.4	−0.272%	$3.1M	$510K	10x	as long as short
ApeX Omni ZECUSDT	+0.0100%	1h	1,488.1	−0.890%	$410K	$942K	50x	as long as short
StandX ZEC-USD	+0.0100%	1h	1,500.6	−0.057%	$56K	$4.6M	30x	as long as short
Polymarket Perps ZEC-USD	+0.0100%	1h	1,498.6	−0.192%	$360K	$1.7M	10x	as long as short
Bullet ZEC-USD	+0.0100%	1h	1,498.7	−0.186%	$165K	$184K	20x	as long as short
SunX ZEC-USDT	+0.0100%	8h	1,500.9	−0.037%	$3K	$1.2M	20x	as long as short
SoDEX ZEC-USD	+0.0100%	1h	1,499.6	−0.129%	$255K	$3.6M	10x	as long as short
HTX ZEC-USDT	+0.0100%	8h	1,499.8	−0.115%	$2.7M	$20.3M	75x	as long as short
Phemex ZECUSDT	+0.0100%	8h	1,499	−0.168%	$4.0M	$5.0M	50x	as long as short
Paradex ZEC-USD-PERP	+0.0100%	8h	1,501.1	−0.027%	$62K	$43K	10x	as long as short
Extended ZEC-USD	+0.0104%	1h	1,499.7	−0.118%	$2.8M	$8.0M	10x	as long as short
Aevo ZEC-PERP	+0.0104%	1h	1,499.2	−0.150%	$43K	$152K	20x	as long as short
01 Exchange ZECUSD	+0.0120%	1h	1,502.2	+0.049%	$8K	$7K	5x	as long as short
RISEx ZEC/USDC	+0.0129%	1h	1,499.2	−0.153%	$938K	$1.1M	10x	as long as short
Phoenix ZEClong	+0.0134%	1h	1,501.5	long leg	$4.8M	$1.4M	10x
GMX ZEC/USD [WBTC.b-USDC]	L +0.0153% / S −0.0169%	1h	1,499.4	−0.137%	$485K	—	100x	as long as short
Backpack ZEC_USDC_PERP	+0.0197%	1h	1,503.3	+0.122%	$2.4M	$3.9M	15x	as long as short
Hyperliquid ZEC	+0.0206%	1h	1,499.4	−0.139%	$779.8M	$444.1M	10x	as long as short
Arcus ZEC-USD	+0.0221%	1h	1,500	−0.102%	$613K	$8.7M	10x	as long as short
Lighter RH ZEC	+0.0256%	1h	1,500.6	−0.062%	$2.1M	$7.4M	10x	as long as short
Lighter ZEC	+0.0304%	1h	1,500.8	−0.047%	$19.8M	$46.3M	20x	as long as short
Coinbase International ZEC-PERP-INTX	+0.0480%	1h	1,500.9	−0.041%	$3.7M	$10.1M	50x	as long as short