Funding arb · Price arb /

ZEC

all ZEC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0030%/8h= −3.3% APRpaid last 24h +0.014%

Price spread now: Phoenix against SunX+0.207%7-day average −0.011% · you sell dearer than you buy

Net, funding: paid 7d − costs−$103as in the Funding arb table

Net, price: spread back to 7d avg − costs−$110as in the Price arb table

costs, in and out, $10k−$1321.316% of the position

Long on SunX Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.286%+$29 on $10k

Price spread, last 3 days (all we have)−0.354%−$35 · spread now +0.207%, 7d avg −0.011%

Together, before fees−0.068%−$7 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Phoenix is 0.219% dearer against SunX than usual: you sell high and buy low (spread +0.207% now, against its 7-day average of −0.011%): +$22 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 24 days. Mind the row above: over the last 7 days funding on this pair paid +0.286%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX ZEC-USDT	1,476.4	0.0100	pay 0.0100% / 8h	6h 47m	$3K	$1.2M	20x
Short	Phoenix ZEC	1,479.5	0.0070	get 0.0009% / 1h	47m 03s	$4.7M	$1.5M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against SunX. 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 SunXbpFee PhoenixbpOrdersPrice spread, now +0.207%Rate

Funding earned: −$6.26
Price spread: +0.207% → −0.011%: $21.85
Slippage, 4 orders: −$116.56
Fee SunX: 4 bp × 2 orders: −$8
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$115.97
Costs to cover: 1.316%
Break-even: never at this rate

Slippage from SunX: live order book, 7 min ago; Phoenix: live order book, 7 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 SunX live order book, 7 min ago	29.06 bp	50.3 bp −$50	doesn't fit	doesn't fit	doesn't fit
Sell Phoenix live order book, 7 min ago	1.49 bp	6.1 bp −$6	13.4 bp −$134	108.3 bp −$10.8K	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	−0.3678%	1h	1,477.5	+0.075%	$34K	$274K	12x	as long as short
Hotstuff ZEC-PERP	−0.0080%	1h	1,474.6	−0.125%	$6K	$1K	10x	as long as short
Ondo Perps ZEC-USD.P	−0.0070%	1h	1,477.6	+0.080%	$401K	$519K	5x	as long as short
Kraken Futures PF_ZECUSD	−0.0002%	1h	1,474.7	−0.117%	$18.0M	$43.4M	25x	as long as short
dYdX ZEC-USD	0.0000%	1h	1,475.3	−0.077%	$415K	$103K	5x	as long as short
Kalshi KXZECPERP	0.0000%	8h	1,474.7	−0.116%	$960K	$5.0M	2.2x	as long as short
Perpl ZEC	0.0000%	43m	1,474.6	−0.125%	$84K	$405K	10x	as long as short
gTrade (Gains Network) ZEC/USD	L +0.0007% / S −0.0006%	1h	1,475.3	−0.076%	$5.2M	—	150x	as long as short
Variational Omni ZEC	+0.0010%	8h	1,477.5	+0.075%	$48.2M	$33.5M	—	as long as short
BloFin ZEC-USDT	+0.0012%	8h	1,475.2	−0.083%	$29.6M	$73.3M	75x	as long as short

Show all 51 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_ZEC_USDC	+0.0026%	8h	1,474.1	−0.161%	$294K	$1.1M	20x	as long as short
01 Exchange ZECUSD	+0.0032%	1h	1,474.6	−0.125%	$8K	$9K	5x	as long as short
GMX ZEC/USD [WBTC.b-USDC]	L +0.0055% / S −0.0010%	1h	1,474.6	−0.124%	$383K	—	100x	as long as short
Phoenix ZECshort	+0.0070%	1h	1,479.5	+0.207%	$4.7M	$1.5M	10x
OKX ZEC-USDT-SWAP	+0.0079%	8h	1,475.5	−0.064%	$181.4M	$1.29B	50x	as long as short
Gate ZEC_USDT	+0.0080%	8h	1,475.4	−0.070%	$50.2M	$174.0M	75x	as long as short
Popdex ZECUSDT	+0.0096%	1h	1,474.2	−0.148%	$172K	$1.8M	50x	as long as short
Katana Perps ZEC-USD	+0.0100%	8h	1,474.2	−0.153%	$14K	$832K	10x	as long as short
Paradex ZEC-USD-PERP	+0.0100%	8h	1,474.4	−0.138%	$61K	$39K	10x	as long as short
Nado ZEC-PERP	+0.0100%	1h	1,474.8	−0.107%	$2.6M	$6.5M	10x	as long as short
Hyperliquid ZEC	+0.0100%	1h	1,476.8	+0.026%	$768.8M	$449.6M	10x	as long as short
Aster ZECUSDT	+0.0100%	8h	1,475	−0.096%	$14.9M	$31.0M	75x	as long as short
Pacifica ZEC	+0.0100%	1h	1,474.8	−0.113%	$1.7M	$2.7M	10x	as long as short
Binance ZECUSDT	+0.0100%	8h	1,475.7	−0.048%	$683.9M	$2.34B	75x	as long as short
Bybit ZECUSDT	+0.0100%	8h	1,475.4	−0.068%	$272.3M	$626.2M	75x	as long as short
MEXC ZEC_USDT	+0.0100%	8h	1,475.7	−0.048%	$219.3M	$792.6M	150x	as long as short
KuCoin ZECUSDTM	+0.0100%	8h	1,474.8	−0.110%	$103.7M	$56.0M	75x	as long as short
Bitget ZECUSDT	+0.0100%	8h	1,475.8	−0.042%	$163.7M	$286.6M	75x	as long as short
BingX ZEC-USDT	+0.0100%	8h	1,476.1	−0.020%	—	$100.2M	—	as long as short
edgeX ZECUSDC	+0.0100%	4h	1,476.7	+0.021%	$575K	$9.0M	20x	as long as short
GRVT ZEC_USDT_Perp	+0.0100%	8h	1,476	−0.031%	$3.0M	$443K	10x	as long as short
ApeX Omni ZECUSDT	+0.0100%	1h	1,475.5	−0.060%	$429K	$905K	50x	as long as short
StandX ZEC-USD	+0.0100%	1h	1,476.9	+0.035%	$71K	$4.7M	30x	as long as short
Polymarket Perps ZEC-USD	+0.0100%	1h	1,474.1	−0.157%	$342K	$1.7M	10x	as long as short
Bullet ZEC-USD	+0.0100%	1h	1,474.5	−0.128%	$128K	$158K	20x	as long as short
Derive ZEC-PERP	+0.0100%	1h	1,472.7	−0.252%	$459K	$510K	6.7x	as long as short
SunX ZEC-USDTlong	+0.0100%	8h	1,476.4	long leg	$3K	$1.2M	20x
SoDEX ZEC-USD	+0.0100%	1h	1,474.7	−0.117%	$243K	$3.8M	10x	as long as short
HTX ZEC-USDT	+0.0100%	8h	1,474	−0.167%	$2.5M	$19.2M	75x	as long as short
Phemex ZECUSDT	+0.0100%	8h	1,475.1	−0.090%	$3.8M	$5.2M	50x	as long as short
Bulk ZEC-USD	+0.0100%	1h	1,474.6	−0.120%	$897K	$17K	10x	as long as short
Extended ZEC-USD	+0.0104%	1h	1,474.2	−0.148%	$3.2M	$7.0M	10x	as long as short
Aevo ZEC-PERP	+0.0104%	1h	1,474	−0.166%	$51K	$164K	20x	as long as short
Deribit ZEC_USDC-PERPETUAL	+0.0179%	1h	1,475.1	−0.088%	$607K	$1.3M	25x	as long as short
Lighter RH ZEC	+0.0216%	1h	1,476.4	+0.001%	$2.1M	$7.0M	10x	as long as short
Arcus ZEC-USD	+0.0254%	1h	1,475.8	−0.041%	$681K	$8.7M	10x	as long as short
Lighter ZEC	+0.0320%	1h	1,476.3	−0.009%	$19.3M	$48.0M	20x	as long as short
RISEx ZEC/USDC	+0.0374%	1h	1,475	−0.100%	$856K	$1.0M	10x	as long as short
Coinbase International ZEC-PERP-INTX	+0.0472%	1h	1,476.1	−0.023%	$3.7M	$9.7M	50x	as long as short
Backpack ZEC_USDC_PERP	+0.0556%	1h	1,475.9	−0.037%	$2.5M	$3.9M	15x	as long as short
Aftermath Perps ZECUSD	+0.0743%	1h	1,475.5	−0.060%	$44K	$46K	10x	as long as short