Funding arb · Price arb /

ZEC

all ZEC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.003%

Price spread now: Derive against Polymarket Perps−0.292%50s7-day average −0.055% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Polymarket Perps Short on Derive

What this pair did over the last

the charts below follow

Funding, last 7 days+0.277%+$28 on $10k

Price spread, last 3 days (all we have)+0.642%+$64 · spread now −0.292%, 7d avg −0.055%

Together, before fees+0.918%+$92 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: Derive is 0.236% cheaper against Polymarket Perps than usual: you would sell low and buy high, −$24 on $10k if it goes back to its 7-day average of −0.055%. The two prices were read 50 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	Polymarket Perps ZEC-USD	1,466	0.0100	pay 0.0013% / 1h	16m 27s	$344K	$1.9M	10x
Short	Derive ZEC-PERP	1,461.7	0.0100	get 0.0013% / 1h	16m 27s	$447K	$502K	6.7x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Derive against Polymarket Perps. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 Polymarket PerpsbpFee DerivebpOrdersPrice spread, now −0.292%Rate

Funding earned: $0
Price spread: −0.292% → −0.055%: −$23.64
Slippage, 4 orders: no order book: not counted
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Fee Derive: 3 bp × 2 orders: −$6
Net: −$37.64
Costs to cover: 0.140%
Break-even: never at this rate

Slippage unknown: Polymarket Perps: live order book, 7 min ago; Derive: no order-book sample. Net counts fees only.

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 Polymarket Perps live order book, 7 min ago	1.71 bp	6.4 bp −$6	9.5 bp −$95	36.6 bp −$3,659	doesn't fit
Sell Derive no order-book sample	—	—	—	—	—

Derive: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.3310%	1h	1,466.7	+0.048%	$34K	$275K	12x	as long as short
Kraken Futures PF_ZECUSD	−0.0405%	1h	1,463.3	−0.184%	$17.8M	$44.6M	25x	as long as short
Ondo Perps ZEC-USD.P	−0.0237%	1h	1,463	−0.205%	$397K	$514K	5x	as long as short
BloFin ZEC-USDT	−0.0099%	8h	1,463.1	−0.197%	$29.2M	$75.3M	75x	as long as short
Hotstuff ZEC-PERP	−0.0080%	1h	1,463.8	−0.151%	$6K	$2K	10x	as long as short
Bybit ZECUSDT	−0.0065%	8h	1,465.4	−0.038%	$271.0M	$666.2M	75x	as long as short
Variational Omni ZEC	−0.0030%	8h	1,462.2	−0.256%	$46.6M	$33.4M	—	as long as short
dYdX ZEC-USD	0.0000%	1h	1,465.7	−0.023%	$413K	$104K	5x	as long as short
Kalshi KXZECPERP	0.0000%	8h	1,464.7	−0.091%	$884K	$5.6M	2.2x	as long as short
Perpl ZEC	0.0000%	43m	1,465.9	−0.010%	$83K	$404K	10x	as long as short

Show all 51 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
gTrade (Gains Network) ZEC/USD	L +0.0007% / S −0.0006%	1h	1,463.6	−0.166%	$5.2M	—	150x	as long as short
Orderly PERP_ZEC_USDC	+0.0011%	8h	1,463	−0.202%	$292K	$1.4M	20x	as long as short
Deribit ZEC_USDC-PERPETUAL	+0.0029%	1h	1,463.9	−0.141%	$596K	$1.3M	25x	as long as short
GMX ZEC/USD [WBTC.b-USDC]	L +0.0037% / S +0.0009%	1h	1,463.3	−0.185%	$355K	—	100x	as long as short
OKX ZEC-USDT-SWAP	+0.0044%	8h	1,466	−0.003%	$176.9M	$1.35B	50x	as long as short
Gate ZEC_USDT	+0.0045%	8h	1,466.2	+0.014%	$49.8M	$186.7M	75x	as long as short
01 Exchange ZECUSD	+0.0064%	1h	1,466.6	+0.040%	$8K	$8K	5x	as long as short
Phoenix ZEC	+0.0075%	1h	1,465.1	−0.061%	$4.6M	$1.6M	10x	as long as short
ApeX Omni ZECUSDT	+0.0084%	1h	1,463.5	−0.170%	$429K	$823K	50x	as long as short
Popdex ZECUSDT	+0.0096%	1h	1,466.1	+0.007%	$173K	$1.9M	50x	as long as short
Katana Perps ZEC-USD	+0.0096%	8h	1,466.8	+0.056%	$14K	$827K	10x	as long as short
Paradex ZEC-USD-PERP	+0.0100%	8h	1,465.9	−0.010%	$60K	$39K	10x	as long as short
Nado ZEC-PERP	+0.0100%	1h	1,466.3	+0.020%	$2.6M	$6.8M	10x	as long as short
Hyperliquid ZEC	+0.0100%	1h	1,467.2	+0.082%	$761.3M	$478.7M	10x	as long as short
Aster ZECUSDT	+0.0100%	8h	1,466	−0.001%	$15.6M	$32.6M	75x	as long as short
Pacifica ZEC	+0.0100%	1h	1,466.6	+0.044%	$1.7M	$3.0M	10x	as long as short
Binance ZECUSDT	+0.0100%	8h	1,466.2	+0.011%	$676.0M	$2.47B	75x	as long as short
Bulk ZEC-USD	+0.0100%	1h	1,463.9	−0.141%	$903K	$27K	10x	as long as short
MEXC ZEC_USDT	+0.0100%	8h	1,466.1	+0.007%	$222.1M	$867.6M	150x	as long as short
KuCoin ZECUSDTM	+0.0100%	8h	1,466.1	+0.009%	$103.7M	$55.8M	75x	as long as short
Bitget ZECUSDT	+0.0100%	8h	1,466.2	+0.013%	$162.6M	$304.2M	75x	as long as short
BingX ZEC-USDC	+0.0100%	8h	1,464.8	−0.082%	—	$6.7M	—	as long as short
edgeX ZECUSDC	+0.0100%	4h	1,463	−0.205%	$511K	$9.5M	20x	as long as short
GRVT ZEC_USDT_Perp	+0.0100%	8h	1,466.3	+0.023%	$3.0M	$481K	10x	as long as short
StandX ZEC-USD	+0.0100%	1h	1,465	−0.071%	$110K	$4.8M	30x	as long as short
Polymarket Perps ZEC-USDlong	+0.0100%	1h	1,466	long leg	$344K	$1.9M	10x
Bullet ZEC-USD	+0.0100%	1h	1,466	+0.001%	$127K	$160K	20x	as long as short
Derive ZEC-PERPshort	+0.0100%	1h	1,461.7	−0.292%	$447K	$502K	6.7x
SunX ZEC-USDT	+0.0100%	8h	1,465.9	−0.004%	$3K	$1.2M	20x	as long as short
SoDEX ZEC-USD	+0.0100%	1h	1,463.1	−0.196%	$222K	$4.5M	10x	as long as short
HTX ZEC-USDT	+0.0100%	8h	1,463	−0.203%	$2.5M	$23.7M	75x	as long as short
Phemex ZECUSDT	+0.0100%	8h	1,464.2	−0.124%	$3.8M	$5.3M	50x	as long as short
Extended ZEC-USD	+0.0104%	1h	1,466.7	+0.046%	$3.3M	$6.9M	10x	as long as short
Aevo ZEC-PERP	+0.0104%	1h	1,463.1	−0.195%	$36K	$366K	20x	as long as short
Lighter ZEC	+0.0128%	1h	1,466.2	+0.012%	$19.0M	$52.7M	20x	as long as short
Backpack ZEC_USDC_PERP	+0.0172%	1h	1,464.2	−0.126%	$2.3M	$3.7M	15x	as long as short
RISEx ZEC/USDC	+0.0190%	1h	1,466.9	+0.061%	$843K	$1.3M	10x	as long as short
Lighter RH ZEC	+0.0400%	1h	1,468.2	+0.149%	$2.0M	$8.3M	10x	as long as short
Coinbase International ZEC-PERP-INTX	+0.0424%	1h	1,465.6	−0.025%	$3.7M	$11.4M	50x	as long as short
Arcus ZEC-USD	+0.0444%	1h	1,467.5	+0.100%	$730K	$8.2M	10x	as long as short
Aftermath Perps ZECUSD	+0.0581%	1h	1,465.1	−0.064%	$41K	$34K	10x	as long as short