Funding arb · Price arb /

ZEC

all ZEC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0096%/8h= −10.5% APRpaid last 24h −0.028%

Price spread now: Kalshi against Popdex−0.071%7-day average +0.029% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$43as in the Price arb table

costs, in and out, $10k−$330.330% of the position

Long on Popdex Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.104%−$10 on $10k

Price spread, last 7 days+0.015%+$2 · spread now −0.071%, 7d avg +0.029%

Together, before fees−0.089%−$9 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Kalshi is 0.100% cheaper against Popdex than usual: you would sell low and buy high (−$10 if the spread goes back to its 7-day average of +0.029%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Popdex ZECUSDT	1,480.6	0.0096	pay 0.0012% / 1h	25m 47s	$165K	$1.8M	50x
Short	Kalshi KXZECPERP	1,479.5	0	get 0.0000% / 8h	5h 25m	$1.5M	$4.6M	2.2x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against Popdex. 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 PopdexbpFee KalshibpOrdersPrice spread, now −0.071%Rate

Funding earned: −$20.16
Price spread: −0.071% → +0.029%: −$9.97
Slippage, 4 orders: −$16.59
Fee Popdex: 3.2 bp × 2 orders: −$6.4
Fee Kalshi: 5 bp × 2 orders: −$10
Net: −$63.11
Costs to cover: 0.330%
Break-even: never at this rate

Slippage from Popdex: live order book, 3 min ago; Kalshi: 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 Popdex live order book, 3 min ago	0.20 bp	3.6 bp −$4	6.1 bp −$61	doesn't fit	doesn't fit
Sell Kalshi live order book, 3 min ago	7.82 bp	12.8 bp −$13	18.0 bp −$180	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	−0.3684%	1h	1,462	−1.252%	$36K	$275K	12x	as long as short
Bulk ZEC-USD	−0.0166%	1h	1,477.1	−0.234%	$892K	$9K	10x	as long as short
BloFin ZEC-USDT	−0.0126%	8h	1,476.8	−0.256%	$30.4M	$73.8M	75x	as long as short
Kraken Futures PF_ZECUSD	−0.0097%	1h	1,481.3	+0.050%	$18.0M	$46.7M	25x	as long as short
Hotstuff ZEC-PERP	−0.0080%	1h	1,477.2	−0.231%	$6K	$1K	10x	as long as short
dYdX ZEC-USD	0.0000%	1h	1,479.5	−0.073%	$411K	$35K	5x	as long as short
Kalshi KXZECPERPshort	0.0000%	8h	1,479.5	−0.071%	$1.5M	$4.6M	2.2x
Perpl ZEC	0.0000%	43m	1,479.2	−0.092%	$62K	$304K	10x	as long as short
gTrade (Gains Network) ZEC/USD	L +0.0007% / S −0.0006%	1h	1,481.3	+0.047%	$5.3M	—	150x	as long as short
Orderly PERP_ZEC_USDC	+0.0077%	8h	1,480.8	+0.013%	$298K	$1.1M	20x	as long as short

Show all 51 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aftermath Perps ZECUSD	+0.0083%	1h	1,477.4	−0.211%	$47K	$64K	10x	as long as short
Popdex ZECUSDTlong	+0.0096%	1h	1,480.6	long leg	$165K	$1.8M	50x
Katana Perps ZEC-USD	+0.0098%	8h	1,479.7	−0.056%	$10K	$871K	10x	as long as short
Nado ZEC-PERP	+0.0100%	1h	1,480.6	+0.002%	$2.7M	$7.0M	10x	as long as short
Aster ZECUSDT	+0.0100%	8h	1,482	+0.094%	$13.8M	$30.9M	75x	as long as short
Pacifica ZEC	+0.0100%	1h	1,482.7	+0.145%	$1.7M	$2.4M	10x	as long as short
Binance ZECUSDT	+0.0100%	8h	1,482.7	+0.143%	$690.6M	$2.30B	75x	as long as short
Bybit ZECUSDT	+0.0100%	8h	1,482.6	+0.137%	$264.9M	$633.0M	75x	as long as short
OKX ZEC-USDT-SWAP	+0.0100%	8h	1,483	+0.163%	$179.0M	$1.32B	50x	as long as short
Ondo Perps ZEC-USD.P	+0.0100%	1h	1,482.2	+0.110%	$403K	$511K	5x	as long as short
Gate ZEC_USDT	+0.0100%	8h	1,482.6	+0.137%	$54.1M	$183.5M	75x	as long as short
MEXC ZEC_USDT	+0.0100%	8h	1,483.2	+0.176%	$245.0M	$786.1M	150x	as long as short
KuCoin ZECUSDTM	+0.0100%	8h	1,482.5	+0.131%	$101.4M	$57.5M	75x	as long as short
Bitget ZECUSDT	+0.0100%	8h	1,482.2	+0.109%	$159.4M	$288.9M	75x	as long as short
BingX ZEC-USDC	+0.0100%	8h	1,482.6	+0.136%	—	$6.7M	—	as long as short
Backpack ZEC_USDC_PERP	+0.0100%	1h	1,483.4	+0.190%	$2.3M	$3.9M	15x	as long as short
Variational Omni ZEC	+0.0100%	8h	1,480.4	−0.010%	$48.2M	$34.4M	—	as long as short
edgeX ZECUSDC	+0.0100%	4h	1,477.5	−0.206%	$565K	$8.9M	20x	as long as short
GRVT ZEC_USDT_Perp	+0.0100%	8h	1,478.3	−0.150%	$3.0M	$498K	10x	as long as short
ApeX Omni ZECUSDT	+0.0100%	1h	1,476.6	−0.267%	$406K	$936K	50x	as long as short
StandX ZEC-USD	+0.0100%	1h	1,477.3	−0.222%	$56K	$4.6M	30x	as long as short
Polymarket Perps ZEC-USD	+0.0100%	1h	1,480.6	+0.002%	$356K	$1.7M	10x	as long as short
Bullet ZEC-USD	+0.0100%	1h	1,481.1	+0.037%	$163K	$184K	20x	as long as short
Derive ZEC-PERP	+0.0100%	1h	1,473.4	−0.484%	$450K	$500K	6.7x	as long as short
SunX ZEC-USDT	+0.0100%	8h	1,481	+0.030%	$3K	$1.2M	20x	as long as short
SoDEX ZEC-USD	+0.0100%	1h	1,481.1	+0.034%	$252K	$3.5M	10x	as long as short
HTX ZEC-USDT	+0.0100%	8h	1,480.3	−0.020%	$2.6M	$19.7M	75x	as long as short
Phemex ZECUSDT	+0.0100%	8h	1,481.9	+0.087%	$3.9M	$5.0M	50x	as long as short
Paradex ZEC-USD-PERP	+0.0100%	8h	1,482.6	+0.139%	$61K	$43K	10x	as long as short
Extended ZEC-USD	+0.0104%	1h	1,483.1	+0.169%	$2.7M	$8.0M	10x	as long as short
Aevo ZEC-PERP	+0.0104%	1h	1,481.2	+0.046%	$42K	$152K	20x	as long as short
RISEx ZEC/USDC	+0.0129%	1h	1,481.2	+0.041%	$927K	$1.1M	10x	as long as short
Phoenix ZEC	+0.0134%	1h	1,478.9	−0.115%	$4.7M	$1.4M	10x	as long as short
01 Exchange ZECUSD	+0.0136%	1h	1,480.8	+0.014%	$8K	$7K	5x	as long as short
GMX ZEC/USD [WBTC.b-USDC]	L +0.0145% / S −0.0154%	1h	1,476.9	−0.247%	$478K	—	100x	as long as short
Arcus ZEC-USD	+0.0221%	1h	1,481.5	+0.065%	$638K	$8.6M	10x	as long as short
Lighter RH ZEC	+0.0248%	1h	1,484.4	+0.261%	$2.1M	$7.4M	10x	as long as short
Hyperliquid ZEC	+0.0255%	1h	1,483.4	+0.191%	$769.8M	$442.6M	10x	as long as short
Lighter ZEC	+0.0320%	1h	1,484.2	+0.248%	$19.5M	$45.9M	20x	as long as short
Deribit ZEC_USDC-PERPETUAL	+0.0360%	1h	1,482.2	+0.109%	$677K	$1.4M	25x	as long as short
Coinbase International ZEC-PERP-INTX	+0.0480%	1h	1,482.7	+0.146%	$3.6M	$9.9M	50x	as long as short