Funding arb · Price arb /

ZEC

all ZEC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:23 UTC−0.0547%/8h= −59.8% APRpaid last 24h −0.018%

Price spread now: Perpl against SoDEX−0.301%52s7-day average −0.061% · you buy dearer than you sell

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

Long on SoDEX Short on Perpl

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.187%−$19 on $10k

Price spread, last 4 days (all we have)+0.128%+$13 · spread now −0.301%, 7d avg −0.061%

Together, before fees−0.059%+ Points / potential airdropPerpl: Active · farm board−$6 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$16 a day on $10k at the current rate, and Perpl is 0.240% cheaper against SoDEX than usual: you would sell low and buy high (−$24 if the spread goes back to its 7-day average of −0.061%). Swap the legs. The two prices were read 52 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid -0.187% in total (about -19.7% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SoDEX ZEC-USD	1,496.5	0.0100	pay 0.0013% / 1h	35m 26s	$253K	$3.5M	10x
Short	Perpl ZEC	1,492	−0.0447	pay 0.0040% / 43m	24m 26s	$61K	$304K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Perpl against SoDEX. 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 SoDEXbpFee PerplbpOrdersPrice spread, now −0.301%Rate

Funding earned: −$114.77
Price spread: −0.301% → −0.061%: −$23.97
Slippage, 4 orders: no order book: not counted
Fee SoDEX: 4 bp × 2 orders: −$8
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Net: −$160.54
Costs to cover: 0.218%
Break-even: never at this rate

Slippage unknown: SoDEX: live order book, 4 min ago; Perpl: 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 SoDEX live order book, 4 min ago	0.03 bp	4.4 bp −$4	14.5 bp −$145	106.6 bp −$10.7K	doesn't fit
Sell Perpl no order-book sample	—	—	—	—	—

Perpl: 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	−0.3442%	1h	1,504.2	+0.513%	$37K	$275K	12x	as long as short
Perpl ZECshort	−0.0447%	43m	1,492	−0.301%	$61K	$304K	10x
BloFin ZEC-USDT	−0.0153%	8h	1,495.9	−0.042%	$30.8M	$75.6M	75x	as long as short
Aftermath Perps ZECUSD	−0.0081%	1h	1,500	+0.232%	$48K	$59K	10x	as long as short
Hotstuff ZEC-PERP	−0.0080%	1h	1,495.4	−0.074%	$6K	$1K	10x	as long as short
dYdX ZEC-USD	0.0000%	1h	1,496	−0.034%	$416K	$35K	5x	as long as short
Kalshi KXZECPERP	0.0000%	8h	1,497.4	+0.062%	$1.5M	$4.4M	2.2x	as long as short
gTrade (Gains Network) ZEC/USD	L +0.0007% / S −0.0006%	1h	1,496.6	+0.007%	$5.3M	—	150x	as long as short
Kraken Futures PF_ZECUSD	+0.0012%	1h	1,497.2	+0.044%	$18.0M	$47.2M	25x	as long as short
Bulk ZEC-USD	+0.0021%	1h	1,505.9	+0.627%	$910K	$2K	10x	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	+0.0023%	1h	1,494	−0.168%	$408K	$560K	5x	as long as short
Deribit ZEC_USDC-PERPETUAL	+0.0066%	1h	1,497.4	+0.058%	$684K	$1.4M	25x	as long as short
Orderly PERP_ZEC_USDC	+0.0083%	8h	1,496.6	+0.003%	$301K	$1.1M	20x	as long as short
Phoenix ZEC	+0.0096%	1h	1,498.3	+0.119%	$4.8M	$1.4M	10x	as long as short
Popdex ZECUSDT	+0.0096%	1h	1,494.5	−0.134%	$175K	$1.8M	50x	as long as short
Katana Perps ZEC-USD	+0.0098%	8h	1,495.1	−0.096%	$16K	$878K	10x	as long as short
Paradex ZEC-USD-PERP	+0.0100%	8h	1,495.3	−0.082%	$62K	$28K	10x	as long as short
Nado ZEC-PERP	+0.0100%	1h	1,493.4	−0.209%	$3.1M	$7.6M	10x	as long as short
Hyperliquid ZEC	+0.0100%	1h	1,495.6	−0.061%	$781.3M	$444.5M	10x	as long as short
Aster ZECUSDT	+0.0100%	8h	1,494.2	−0.153%	$14.0M	$31.1M	75x	as long as short
Pacifica ZEC	+0.0100%	1h	1,495.9	−0.042%	$1.7M	$2.4M	10x	as long as short
Binance ZECUSDT	+0.0100%	8h	1,494.7	−0.123%	$699.6M	$2.31B	75x	as long as short
Bybit ZECUSDT	+0.0100%	8h	1,494.1	−0.162%	$268.5M	$623.4M	75x	as long as short
OKX ZEC-USDT-SWAP	+0.0100%	8h	1,492.2	−0.285%	$183.7M	$1.34B	50x	as long as short
Gate ZEC_USDT	+0.0100%	8h	1,495.2	−0.086%	$56.0M	$183.9M	75x	as long as short
MEXC ZEC_USDT	+0.0100%	8h	1,495.4	−0.076%	$237.0M	$796.6M	150x	as long as short
KuCoin ZECUSDTM	+0.0100%	8h	1,495.8	−0.049%	$102.9M	$57.2M	75x	as long as short
Bitget ZECUSDT	+0.0100%	8h	1,492.7	−0.257%	$161.2M	$290.1M	75x	as long as short
BingX ZEC-USDT	+0.0100%	8h	1,495.3	−0.080%	—	$118.3M	—	as long as short
Variational Omni ZEC	+0.0100%	8h	1,495.9	−0.043%	$48.8M	$34.7M	—	as long as short
edgeX ZECUSDC	+0.0100%	4h	1,496.6	+0.005%	$573K	$9.0M	20x	as long as short
GRVT ZEC_USDT_Perp	+0.0100%	8h	1,503.3	+0.455%	$3.1M	$507K	10x	as long as short
ApeX Omni ZECUSDT	+0.0100%	1h	1,495.2	−0.087%	$412K	$947K	50x	as long as short
StandX ZEC-USD	+0.0100%	1h	1,496	−0.037%	$56K	$4.6M	30x	as long as short
Polymarket Perps ZEC-USD	+0.0100%	1h	1,494.2	−0.154%	$357K	$1.7M	10x	as long as short
Bullet ZEC-USD	+0.0100%	1h	1,496.5	+0.002%	$164K	$184K	20x	as long as short
Derive ZEC-PERP	+0.0100%	1h	1,495.4	−0.076%	$457K	$489K	6.7x	as long as short
SunX ZEC-USDT	+0.0100%	8h	1,499	+0.167%	$3K	$1.2M	20x	as long as short
SoDEX ZEC-USDlong	+0.0100%	1h	1,496.5	long leg	$253K	$3.5M	10x
HTX ZEC-USDT	+0.0100%	8h	1,495.6	−0.064%	$2.7M	$20.7M	75x	as long as short
Phemex ZECUSDT	+0.0100%	8h	1,496.6	+0.004%	$4.0M	$4.9M	50x	as long as short
Extended ZEC-USD	+0.0104%	1h	1,495.4	−0.071%	$2.8M	$7.9M	10x	as long as short
Aevo ZEC-PERP	+0.0104%	1h	1,496.7	+0.015%	$43K	$151K	20x	as long as short
01 Exchange ZECUSD	+0.0112%	1h	1,495	−0.100%	$8K	$6K	5x	as long as short
Lighter RH ZEC	+0.0120%	1h	1,497.1	+0.039%	$2.1M	$7.4M	10x	as long as short
RISEx ZEC/USDC	+0.0128%	1h	1,495.1	−0.096%	$941K	$1.1M	10x	as long as short
GMX ZEC/USD [WBTC.b-USDC]	L +0.0146% / S −0.0154%	1h	1,496.5	+0.002%	$360K	—	100x	as long as short
Lighter ZEC	+0.0200%	1h	1,497.2	+0.045%	$19.8M	$45.5M	20x	as long as short
Arcus ZEC-USD	+0.0403%	1h	1,496	−0.037%	$612K	$8.8M	10x	as long as short
Coinbase International ZEC-PERP-INTX	+0.0416%	1h	1,497.9	+0.094%	$3.7M	$10.1M	50x	as long as short
Backpack ZEC_USDC_PERP	+0.0552%	1h	1,496.8	+0.021%	$2.3M	$3.9M	15x	as long as short