Funding arb · Price arb /

ZEC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0508%/8h= −55.7% APRpaid last 24h −0.068%

Price spread now: Kalshi against Arcus−0.039%7-day average −0.011% · 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−$37as in the Price arb table

costs, in and out, $10k−$340.344% of the position

Long on Arcus Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.165%−$17 on $10k

Price spread, last 7 days−0.086%−$9 · spread now −0.039%, 7d avg −0.011%

Together, before fees−0.251%−$25 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$15 a day on $10k at the current rate, and Kalshi is 0.028% cheaper against Arcus than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of −0.011%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid -0.165% in total (about -16.5% 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	Arcus ZEC-USD	1,496.4	0.0508	pay 0.0064% / 1h	1m 44s	$617K	$8.6M	10x
Short	Kalshi KXZECPERP	1,495.8	0	get 0.0000% / 8h	6h 01m	$1.6M	$4.6M	2.2x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against Arcus. 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 ArcusbpFee KalshibpOrdersPrice spread, now −0.039%Rate

Funding earned: −$106.76
Price spread: −0.039% → −0.011%: −$2.77
Slippage, 4 orders: −$19.92
Fee Arcus: 2.25 bp × 2 orders: −$4.5
Fee Kalshi: 5 bp × 2 orders: −$10
Net: −$143.96
Costs to cover: 0.344%
Break-even: never at this rate

Slippage from Arcus: live order book, 2 min ago; Kalshi: live order book, 2 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 Arcus live order book, 2 min ago	0.83 bp	4.7 bp −$5	8.2 bp −$82	doesn't fit	doesn't fit
Sell Kalshi live order book, 2 min ago	6.92 bp	11.9 bp −$12	18.9 bp −$189	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	−0.3243%	1h	1,479.2	−1.149%	$34K	$273K	12x	as long as short
BloFin ZEC-USDT	−0.0117%	8h	1,495.8	−0.037%	$30.7M	$74.0M	75x	as long as short
Bulk ZEC-USD	−0.0102%	1h	1,494.5	−0.122%	$903K	$15K	10x	as long as short
Hotstuff ZEC-PERP	−0.0080%	1h	1,495.5	−0.056%	$6K	$1K	10x	as long as short
dYdX ZEC-USD	0.0000%	1h	1,493.8	−0.173%	$415K	$35K	5x	as long as short
Kalshi KXZECPERPshort	0.0000%	8h	1,495.8	−0.039%	$1.6M	$4.6M	2.2x
Perpl ZEC	0.0000%	43m	1,494.6	−0.118%	$85K	$239K	10x	as long as short
gTrade (Gains Network) ZEC/USD	L +0.0007% / S −0.0006%	1h	1,495.1	−0.087%	$5.3M	—	150x	as long as short
Orderly PERP_ZEC_USDC	+0.0070%	8h	1,494.6	−0.120%	$300K	$1.1M	20x	as long as short
01 Exchange ZECUSD	+0.0080%	1h	1,495.6	−0.048%	$8K	$7K	5x	as long as short

Show all 51 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phoenix ZEC	+0.0092%	1h	1,500.8	+0.297%	$4.8M	$1.3M	10x	as long as short
Popdex ZECUSDT	+0.0096%	1h	1,495.5	−0.058%	$153K	$1.7M	50x	as long as short
Nado ZEC-PERP	+0.0100%	1h	1,494.7	−0.107%	$2.8M	$6.6M	10x	as long as short
Hyperliquid ZEC	+0.0100%	1h	1,495.4	−0.064%	$779.6M	$438.5M	10x	as long as short
Aster ZECUSDT	+0.0100%	8h	1,493.9	−0.166%	$14.2M	$29.5M	75x	as long as short
Pacifica ZEC	+0.0100%	1h	1,494.1	−0.150%	$1.7M	$2.4M	10x	as long as short
Binance ZECUSDT	+0.0100%	8h	1,493.8	−0.167%	$694.9M	$2.28B	75x	as long as short
Bybit ZECUSDT	+0.0100%	8h	1,493.6	−0.181%	$274.7M	$621.4M	75x	as long as short
OKX ZEC-USDT-SWAP	+0.0100%	8h	1,493.8	−0.173%	$181.3M	$1.31B	50x	as long as short
Ondo Perps ZEC-USD.P	+0.0100%	1h	1,495.1	−0.084%	$407K	$480K	5x	as long as short
Gate ZEC_USDT	+0.0100%	8h	1,494.3	−0.135%	$54.1M	$182.6M	75x	as long as short
MEXC ZEC_USDT	+0.0100%	8h	1,494	−0.156%	$232.3M	$785.8M	150x	as long as short
KuCoin ZECUSDTM	+0.0100%	8h	1,494.2	−0.143%	$103.0M	$56.1M	75x	as long as short
Bitget ZECUSDT	+0.0100%	8h	1,494	−0.159%	$161.1M	$285.5M	75x	as long as short
BingX ZEC-USDT	+0.0100%	8h	1,494.4	−0.132%	—	$114.0M	—	as long as short
Variational Omni ZEC	+0.0100%	8h	1,498.3	+0.133%	$49.0M	$33.3M	—	as long as short
edgeX ZECUSDC	+0.0100%	4h	1,496.8	+0.027%	$572K	$8.8M	20x	as long as short
GRVT ZEC_USDT_Perp	+0.0100%	8h	1,498.9	+0.170%	$3.1M	$477K	10x	as long as short
ApeX Omni ZECUSDT	+0.0100%	1h	1,495.8	−0.039%	$414K	$930K	50x	as long as short
StandX ZEC-USD	+0.0100%	1h	1,495.2	−0.080%	$57K	$4.6M	30x	as long as short
Polymarket Perps ZEC-USD	+0.0100%	1h	1,495.2	−0.077%	$362K	$1.7M	10x	as long as short
Bullet ZEC-USD	+0.0100%	1h	1,495	−0.090%	$164K	$184K	20x	as long as short
Derive ZEC-PERP	+0.0100%	1h	1,493.7	−0.177%	$456K	$500K	6.7x	as long as short
SunX ZEC-USDT	+0.0100%	8h	1,497.1	+0.047%	$3K	$1.2M	20x	as long as short
SoDEX ZEC-USD	+0.0100%	1h	1,494.7	−0.111%	$254K	$3.5M	10x	as long as short
HTX ZEC-USDT	+0.0100%	8h	1,493.6	−0.185%	$2.6M	$19.6M	75x	as long as short
Phemex ZECUSDT	+0.0100%	8h	1,495	−0.091%	$4.0M	$5.0M	50x	as long as short
Paradex ZEC-USD-PERP	+0.0100%	8h	1,494	−0.158%	$62K	$43K	10x	as long as short
Katana Perps ZEC-USD	+0.0100%	8h	1,495.2	−0.080%	$12K	$858K	10x	as long as short
Extended ZEC-USD	+0.0104%	1h	1,494.7	−0.113%	$2.8M	$7.9M	10x	as long as short
Aevo ZEC-PERP	+0.0104%	1h	1,494.5	−0.121%	$45K	$149K	20x	as long as short
GMX ZEC/USD [WBTC.b-USDC]	L +0.0109% / S −0.0086%	1h	1,494.7	−0.112%	$404K	—	100x	as long as short
Kraken Futures PF_ZECUSD	+0.0144%	1h	1,494.8	−0.102%	$18.1M	$46.2M	25x	as long as short
RISEx ZEC/USDC	+0.0154%	1h	1,495.5	−0.058%	$933K	$1.2M	10x	as long as short
Deribit ZEC_USDC-PERPETUAL	+0.0198%	1h	1,495.4	−0.067%	$711K	$1.4M	25x	as long as short
Lighter ZEC	+0.0216%	1h	1,495.4	−0.061%	$19.6M	$45.9M	20x	as long as short
Lighter RH ZEC	+0.0216%	1h	1,495.5	−0.056%	$2.1M	$7.3M	10x	as long as short
Backpack ZEC_USDC_PERP	+0.0336%	1h	1,495.5	−0.055%	$2.3M	$3.9M	15x	as long as short
Aftermath Perps ZECUSD	+0.0365%	1h	1,497.3	+0.061%	$50K	$61K	10x	as long as short
Coinbase International ZEC-PERP-INTX	+0.0496%	1h	1,497	+0.042%	$3.7M	$9.9M	50x	as long as short
Arcus ZEC-USDlong	+0.0508%	1h	1,496.4	long leg	$617K	$8.6M	10x