Funding arb · Price arb /

ZEC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0022%/8h= +2.4% APRpaid last 24h +0.038%

Price spread now: Phoenix against Variational Omni+0.115%99s7-day average +0.167% · you sell dearer than you buy

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

Long on Variational Omni Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.190%+$19 on $10k

Price spread, last 7 days+0.075%+$8 · spread now +0.115%, 7d avg +0.167%

Together, before fees+0.266%+ Points / potential airdropVariational Omni: Active · farm board+$27 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phoenix is 0.053% cheaper against Variational Omni than usual: you would sell low and buy high (spread +0.115% now, against its 7-day average of +0.167%). If the spread goes back, that is −$5 on $10k: about 8.1 days of funding at the current rate (+$1 a day). At the pace of the last 3 days (+0.190% in total) that is about 23 hours. The two prices were read 99 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	Variational Omni ZEC	1,474.4	0.0048	pay 0.0048% / 8h	6h 21m	$48.1M	$32.8M	—
Short	Phoenix ZEC	1,476.1	0.0070	get 0.0009% / 1h	21m 47s	$4.7M	$1.5M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Variational Omni. 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 Variational OmnibpFee PhoenixbpOrdersPrice spread, now +0.115%Rate

Funding earned: $4.56
Price spread: +0.115% → +0.167%: −$5.3
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$7.73
Costs to cover: 0.070%
Break-even: 18.9 days

Slippage unknown: Variational Omni: RFQ quote, 2 min ago; Phoenix: live order book, 2 min ago. 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 Variational Omni RFQ quote, 2 min ago	2.75 bp	doesn't fit	6.1 bp −$61	18.2 bp −$1,816	doesn't fit
Sell Phoenix live order book, 2 min ago	1.56 bp	6.2 bp −$6	13.6 bp −$136	47.3 bp −$4,727	doesn't fit

ZEC on 50 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	1,459.3	−1.026%	$34K	$274K	12x	as long as short
Hotstuff ZEC-PERP	−0.0080%	1h	1,472.6	−0.122%	$6K	$1K	10x	as long as short
Ondo Perps ZEC-USD.P	−0.0016%	1h	1,471.4	−0.205%	$400K	$517K	5x	as long as short
Kraken Futures PF_ZECUSD	−0.0002%	1h	1,474.4	−0.001%	$18.1M	$43.8M	25x	as long as short
dYdX ZEC-USD	0.0000%	1h	1,474.4	−0.004%	$415K	$54K	5x	as long as short
Kalshi KXZECPERP	0.0000%	8h	1,475.6	+0.077%	$976K	$4.9M	2.2x	as long as short
Perpl ZEC	0.0000%	43m	1,474.1	−0.024%	$84K	$254K	10x	as long as short
gTrade (Gains Network) ZEC/USD	L +0.0007% / S −0.0006%	1h	1,474.6	+0.011%	$5.2M	—	150x	as long as short
Orderly PERP_ZEC_USDC	+0.0028%	8h	1,474.1	−0.021%	$294K	$1.0M	20x	as long as short
Variational Omni ZEClong	+0.0048%	8h	1,474.4	long leg	$48.1M	$32.8M	—

Show all 50 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GMX ZEC/USD [WBTC.b-USDC]	L +0.0055% / S −0.0009%	1h	1,474.4	0.000%	$385K	—	100x	as long as short
Phoenix ZECshort	+0.0070%	1h	1,476.1	+0.115%	$4.7M	$1.5M	10x
01 Exchange ZECUSD	+0.0072%	1h	1,474.6	+0.013%	$8K	$9K	5x	as long as short
Popdex ZECUSDT	+0.0096%	1h	1,474.4	−0.004%	$173K	$1.8M	50x	as long as short
OKX ZEC-USDT-SWAP	+0.0097%	8h	1,474.9	+0.029%	$181.8M	$1.27B	50x	as long as short
Katana Perps ZEC-USD	+0.0100%	8h	1,473.8	−0.045%	$14K	$842K	10x	as long as short
Paradex ZEC-USD-PERP	+0.0100%	8h	1,475.2	+0.052%	$61K	$39K	10x	as long as short
Nado ZEC-PERP	+0.0100%	1h	1,473.5	−0.060%	$2.6M	$6.6M	10x	as long as short
Hyperliquid ZEC	+0.0100%	1h	1,475.8	+0.094%	$768.5M	$443.0M	10x	as long as short
Aster ZECUSDT	+0.0100%	8h	1,474.4	−0.002%	$14.9M	$30.4M	75x	as long as short
Pacifica ZEC	+0.0100%	1h	1,475.2	+0.051%	$1.7M	$2.7M	10x	as long as short
Binance ZECUSDT	+0.0100%	8h	1,475	+0.041%	$682.4M	$2.32B	75x	as long as short
Bybit ZECUSDT	+0.0100%	8h	1,474.8	+0.023%	$272.3M	$617.1M	75x	as long as short
Bulk ZEC-USD	+0.0100%	1h	1,476.6	+0.146%	$896K	$18K	10x	as long as short
Gate ZEC_USDT	+0.0100%	8h	1,473.9	−0.039%	$50.3M	$176.0M	75x	as long as short
MEXC ZEC_USDT	+0.0100%	8h	1,475.1	+0.047%	$216.6M	$800.8M	150x	as long as short
KuCoin ZECUSDTM	+0.0100%	8h	1,474.8	+0.026%	$103.6M	$56.4M	75x	as long as short
Bitget ZECUSDT	+0.0100%	8h	1,474.8	+0.026%	$163.9M	$283.2M	75x	as long as short
BingX ZEC-USDC	+0.0100%	8h	1,473.2	−0.086%	—	$6.7M	—	as long as short
edgeX ZECUSDC	+0.0100%	4h	1,475.3	+0.061%	$575K	$9.0M	20x	as long as short
GRVT ZEC_USDT_Perp	+0.0100%	8h	1,473.8	−0.046%	$3.0M	$443K	10x	as long as short
ApeX Omni ZECUSDT	+0.0100%	1h	1,474.6	+0.009%	$429K	$898K	50x	as long as short
StandX ZEC-USD	+0.0100%	1h	1,473.1	−0.087%	$71K	$4.7M	30x	as long as short
Polymarket Perps ZEC-USD	+0.0100%	1h	1,474.4	−0.001%	$346K	$1.8M	10x	as long as short
Bullet ZEC-USD	+0.0100%	1h	1,474.7	+0.017%	$128K	$160K	20x	as long as short
Derive ZEC-PERP	+0.0100%	1h	1,472.8	−0.107%	$458K	$511K	6.7x	as long as short
SunX ZEC-USDT	+0.0100%	8h	1,476.8	+0.164%	$3K	$1.2M	20x	as long as short
SoDEX ZEC-USD	+0.0100%	1h	1,474.1	−0.024%	$243K	$3.6M	10x	as long as short
HTX ZEC-USDT	+0.0100%	8h	1,474.4	−0.005%	$2.5M	$18.7M	75x	as long as short
Phemex ZECUSDT	+0.0100%	8h	1,474.2	−0.012%	$3.9M	$5.4M	50x	as long as short
Extended ZEC-USD	+0.0104%	1h	1,473.7	−0.047%	$3.2M	$7.1M	10x	as long as short
Aevo ZEC-PERP	+0.0104%	1h	1,474.1	−0.019%	$48K	$162K	20x	as long as short
Arcus ZEC-USD	+0.0254%	1h	1,475.4	+0.069%	$690K	$8.6M	10x	as long as short
Lighter ZEC	+0.0256%	1h	1,476.5	+0.142%	$19.3M	$48.2M	20x	as long as short
Lighter RH ZEC	+0.0288%	1h	1,476.6	+0.149%	$2.1M	$7.1M	10x	as long as short
Deribit ZEC_USDC-PERPETUAL	+0.0295%	1h	1,475	+0.042%	$614K	$1.3M	25x	as long as short
RISEx ZEC/USDC	+0.0374%	1h	1,474.9	+0.030%	$866K	$1.0M	10x	as long as short
Coinbase International ZEC-PERP-INTX	+0.0472%	1h	1,476.3	+0.127%	$3.6M	$9.4M	50x	as long as short
Backpack ZEC_USDC_PERP	+0.0483%	1h	1,474.5	+0.004%	$2.5M	$3.9M	15x	as long as short
Aftermath Perps ZECUSD	+0.0739%	1h	1,475.1	+0.043%	$44K	$46K	10x	as long as short