Funding arb · Price arb /

ZEC

all ZEC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.001%

Price spread now: Popdex against Phoenix+0.614%7-day average −0.126% · 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+$53as in the Price arb table

costs, in and out, $10k−$210.214% of the position

Long on Phoenix Short on Popdex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.173%−$17 on $10k

Price spread, last 7 days−0.786%−$79 · spread now +0.614%, 7d avg −0.126%

Together, before fees−0.959%−$96 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 0.740% dearer against Phoenix than usual: you sell high and buy low, +$74 on $10k if it goes back to its 7-day average of −0.126%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix ZEC	1,496	0.0096	pay 0.0012% / 1h	16m 42s	$4.8M	$1.4M	10x
Short	Popdex ZECUSDT	1,505.2	0.0096	get 0.0012% / 1h	16m 42s	$183K	$1.8M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Popdex 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 PopdexbpOrdersPrice spread, now +0.614%Rate

Funding earned: $0.09
Price spread: +0.614% → −0.126%: $73.96
Slippage, 4 orders: −$8.02
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Popdex: 3.2 bp × 2 orders: −$6.4
Net: $52.62
Costs to cover: 0.214%
Break-even: from the start

Slippage from Phoenix: live order book, 2 min ago; Popdex: 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	1.60 bp	6.3 bp −$6	13.8 bp −$138	91.8 bp −$9,178	doesn't fit
Sell Popdex live order book, 2 min ago	0.63 bp	4.7 bp −$5	12.5 bp −$125	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	−0.3442%	1h	1,479.6	−1.098%	$36K	$275K	12x	as long as short
Perpl ZEC	−0.0447%	43m	1,504	+0.536%	$62K	$303K	10x	as long as short
BloFin ZEC-USDT	−0.0158%	8h	1,505.2	+0.613%	$31.3M	$76.1M	75x	as long as short
Bulk ZEC-USD	−0.0108%	1h	1,495.7	−0.020%	$810K	$100K	10x	as long as short
Aftermath Perps ZECUSD	−0.0101%	1h	1,498.6	+0.176%	$48K	$58K	10x	as long as short
Hotstuff ZEC-PERP	−0.0080%	1h	1,503.3	+0.485%	$6K	$1K	10x	as long as short
dYdX ZEC-USD	0.0000%	1h	1,505.6	+0.639%	$418K	$34K	5x	as long as short
Kalshi KXZECPERP	0.0000%	8h	1,505.5	+0.632%	$1.5M	$4.4M	2.2x	as long as short
gTrade (Gains Network) ZEC/USD	L +0.0007% / S −0.0006%	1h	1,505.4	+0.627%	$5.4M	—	150x	as long as short
Kraken Futures PF_ZECUSD	+0.0012%	1h	1,505.7	+0.646%	$18.1M	$47.1M	25x	as long as short

Show all 51 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps ZEC-USD.P	+0.0059%	1h	1,498	+0.133%	$411K	$555K	5x	as long as short
Orderly PERP_ZEC_USDC	+0.0083%	8h	1,505.2	+0.616%	$303K	$864K	20x	as long as short
01 Exchange ZECUSD	+0.0088%	1h	1,505.4	+0.628%	$8K	$6K	5x	as long as short
Phoenix ZEClong	+0.0096%	1h	1,496	long leg	$4.8M	$1.4M	10x
Popdex ZECUSDTshort	+0.0096%	1h	1,505.2	+0.614%	$183K	$1.8M	50x
Katana Perps ZEC-USD	+0.0098%	8h	1,505.3	+0.621%	$12K	$891K	10x	as long as short
Paradex ZEC-USD-PERP	+0.0100%	8h	1,505.1	+0.605%	$62K	$20K	10x	as long as short
Nado ZEC-PERP	+0.0100%	1h	1,505.6	+0.640%	$3.1M	$7.6M	10x	as long as short
Hyperliquid ZEC	+0.0100%	1h	1,507.7	+0.781%	$787.5M	$439.7M	10x	as long as short
Aster ZECUSDT	+0.0100%	8h	1,505.3	+0.621%	$14.1M	$30.8M	75x	as long as short
Pacifica ZEC	+0.0100%	1h	1,505.8	+0.656%	$1.7M	$2.4M	10x	as long as short
Binance ZECUSDT	+0.0100%	8h	1,505.8	+0.651%	$704.4M	$2.30B	75x	as long as short
Bybit ZECUSDT	+0.0100%	8h	1,504.9	+0.597%	$270.7M	$618.4M	75x	as long as short
OKX ZEC-USDT-SWAP	+0.0100%	8h	1,505	+0.604%	$184.2M	$1.35B	50x	as long as short
Gate ZEC_USDT	+0.0100%	8h	1,507.1	+0.739%	$57.6M	$186.0M	75x	as long as short
MEXC ZEC_USDT	+0.0100%	8h	1,505.5	+0.634%	$243.2M	$804.7M	150x	as long as short
KuCoin ZECUSDTM	+0.0100%	8h	1,507.2	+0.747%	$103.4M	$56.4M	75x	as long as short
Bitget ZECUSDT	+0.0100%	8h	1,505.5	+0.636%	$162.8M	$289.5M	75x	as long as short
BingX ZEC-USDC	+0.0100%	8h	1,506.3	+0.684%	—	$6.7M	—	as long as short
Variational Omni ZEC	+0.0100%	8h	1,495.2	−0.055%	$48.9M	$34.4M	—	as long as short
edgeX ZECUSDC	+0.0100%	4h	1,501.5	+0.366%	$575K	$9.1M	20x	as long as short
GRVT ZEC_USDT_Perp	+0.0100%	8h	1,503.1	+0.471%	$3.1M	$510K	10x	as long as short
ApeX Omni ZECUSDT	+0.0100%	1h	1,504.4	+0.558%	$414K	$946K	50x	as long as short
StandX ZEC-USD	+0.0100%	1h	1,503.4	+0.496%	$56K	$4.6M	30x	as long as short
Polymarket Perps ZEC-USD	+0.0100%	1h	1,505.2	+0.614%	$361K	$1.6M	10x	as long as short
Bullet ZEC-USD	+0.0100%	1h	1,505.4	+0.625%	$165K	$184K	20x	as long as short
Derive ZEC-PERP	+0.0100%	1h	1,502.7	+0.447%	$459K	$469K	6.7x	as long as short
SunX ZEC-USDT	+0.0100%	8h	1,507.4	+0.758%	$3K	$1.2M	20x	as long as short
SoDEX ZEC-USD	+0.0100%	1h	1,505.2	+0.612%	$255K	$3.4M	10x	as long as short
HTX ZEC-USDT	+0.0100%	8h	1,504.1	+0.542%	$2.7M	$20.7M	75x	as long as short
Phemex ZECUSDT	+0.0100%	8h	1,505.6	+0.639%	$4.0M	$4.9M	50x	as long as short
Lighter RH ZEC	+0.0104%	1h	1,506.9	+0.726%	$2.2M	$7.5M	10x	as long as short
Extended ZEC-USD	+0.0104%	1h	1,507.2	+0.749%	$2.8M	$7.9M	10x	as long as short
Aevo ZEC-PERP	+0.0104%	1h	1,505.5	+0.633%	$43K	$151K	20x	as long as short
RISEx ZEC/USDC	+0.0128%	1h	1,505.5	+0.633%	$948K	$1.1M	10x	as long as short
GMX ZEC/USD [WBTC.b-USDC]	L +0.0146% / S −0.0144%	1h	1,505.5	+0.634%	$335K	—	100x	as long as short
Deribit ZEC_USDC-PERPETUAL	+0.0187%	1h	1,506.2	+0.683%	$688K	$1.4M	25x	as long as short
Lighter ZEC	+0.0208%	1h	1,507.3	+0.751%	$19.8M	$46.2M	20x	as long as short
Arcus ZEC-USD	+0.0403%	1h	1,505.9	+0.663%	$609K	$8.8M	10x	as long as short
Coinbase International ZEC-PERP-INTX	+0.0416%	1h	1,505.2	+0.614%	$3.7M	$9.8M	50x	as long as short
Backpack ZEC_USDC_PERP	+0.0514%	1h	1,505.9	+0.660%	$2.3M	$3.8M	15x	as long as short