Funding arb · Price arb /

ZEC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0030%/8h= −3.3% APRpaid last 24h +0.032%

Price spread now: Phoenix against Aster+0.145%55s7-day average +0.153% · you sell dearer than you buy

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

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$220.225% of the position

Long on Aster Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)+0.513%+$51 on $10k

Price spread, last 7 days+0.040%+$4 · spread now +0.145%, 7d avg +0.153%

Together, before fees+0.553%+ Points / potential airdropAster: Stage 5 · farm board+$55 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.153%, so right now this pair is about funding alone: −$1 a day on $10k at the current rate. Mind the row above: over the last 5 days funding on this pair paid +0.513%, so the current rate has only just turned against you. The two prices were read 55 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	Aster ZECUSDT	1,474	0.0100	pay 0.0100% / 8h	6h 22m	$14.9M	$30.4M	75x
Short	Phoenix ZEC	1,476.1	0.0070	get 0.0009% / 1h	22m 34s	$4.7M	$1.5M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Aster. 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 AsterbpFee PhoenixbpOrdersPrice spread, now +0.145%Rate

Funding earned: −$6.26
Price spread: +0.145% → +0.153%: −$0.8
Slippage, 4 orders: −$7.49
Fee Aster: 4 bp × 2 orders: −$8
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$29.55
Costs to cover: 0.225%
Break-even: never at this rate

Slippage from Aster: live order book, 1 min ago; Phoenix: live order book, 1 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 Aster live order book, 1 min ago	1.02 bp	5.1 bp −$5	7.1 bp −$71	16.9 bp −$1,686	72.1 bp −$36.1K
Sell Phoenix live order book, 1 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	−0.996%	$34K	$274K	12x	as long as short
Hotstuff ZEC-PERP	−0.0080%	1h	1,472.6	−0.092%	$6K	$1K	10x	as long as short
Ondo Perps ZEC-USD.P	−0.0016%	1h	1,471.4	−0.174%	$400K	$517K	5x	as long as short
Kraken Futures PF_ZECUSD	−0.0002%	1h	1,472.8	−0.082%	$18.1M	$43.8M	25x	as long as short
dYdX ZEC-USD	0.0000%	1h	1,472.9	−0.069%	$415K	$54K	5x	as long as short
Kalshi KXZECPERP	0.0000%	8h	1,473.1	−0.056%	$975K	$4.9M	2.2x	as long as short
Perpl ZEC	0.0000%	43m	1,472.5	−0.102%	$84K	$254K	10x	as long as short
gTrade (Gains Network) ZEC/USD	L +0.0007% / S −0.0006%	1h	1,472.2	−0.122%	$5.2M	—	150x	as long as short
Orderly PERP_ZEC_USDC	+0.0028%	8h	1,472.2	−0.123%	$294K	$1.0M	20x	as long as short
Variational Omni ZEC	+0.0048%	8h	1,474.4	+0.031%	$48.1M	$32.8M	—	as long as short

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	1,472.2	−0.120%	$385K	—	100x	as long as short
Phoenix ZECshort	+0.0070%	1h	1,476.1	+0.145%	$4.7M	$1.5M	10x
01 Exchange ZECUSD	+0.0072%	1h	1,474.6	+0.044%	$8K	$9K	5x	as long as short
Popdex ZECUSDT	+0.0096%	1h	1,474.4	+0.026%	$173K	$1.8M	50x	as long as short
OKX ZEC-USDT-SWAP	+0.0097%	8h	1,473.9	−0.002%	$181.7M	$1.27B	50x	as long as short
Katana Perps ZEC-USD	+0.0100%	8h	1,473.8	−0.014%	$14K	$842K	10x	as long as short
Paradex ZEC-USD-PERP	+0.0100%	8h	1,474.4	+0.031%	$61K	$39K	10x	as long as short
Nado ZEC-PERP	+0.0100%	1h	1,472.9	−0.070%	$2.6M	$6.6M	10x	as long as short
Hyperliquid ZEC	+0.0100%	1h	1,475.6	+0.111%	$768.2M	$442.7M	10x	as long as short
Aster ZECUSDTlong	+0.0100%	8h	1,474	long leg	$14.9M	$30.4M	75x
Pacifica ZEC	+0.0100%	1h	1,474.5	+0.039%	$1.7M	$2.7M	10x	as long as short
Binance ZECUSDT	+0.0100%	8h	1,474.5	+0.036%	$681.5M	$2.32B	75x	as long as short
Bybit ZECUSDT	+0.0100%	8h	1,474.3	+0.022%	$271.8M	$616.5M	75x	as long as short
Bulk ZEC-USD	+0.0100%	1h	1,476.6	+0.177%	$896K	$18K	10x	as long as short
Gate ZEC_USDT	+0.0100%	8h	1,474.3	+0.022%	$50.3M	$176.0M	75x	as long as short
MEXC ZEC_USDT	+0.0100%	8h	1,474.4	+0.029%	$216.2M	$800.4M	150x	as long as short
KuCoin ZECUSDTM	+0.0100%	8h	1,474.1	+0.011%	$103.6M	$56.4M	75x	as long as short
Bitget ZECUSDT	+0.0100%	8h	1,474.3	+0.023%	$163.8M	$283.2M	75x	as long as short
BingX ZEC-USDC	+0.0100%	8h	1,473.5	−0.029%	—	$6.7M	—	as long as short
edgeX ZECUSDC	+0.0100%	4h	1,475.3	+0.092%	$575K	$9.0M	20x	as long as short
GRVT ZEC_USDT_Perp	+0.0100%	8h	1,473.8	−0.015%	$3.0M	$443K	10x	as long as short
ApeX Omni ZECUSDT	+0.0100%	1h	1,474.6	+0.040%	$429K	$898K	50x	as long as short
StandX ZEC-USD	+0.0100%	1h	1,473.1	−0.056%	$71K	$4.7M	30x	as long as short
Polymarket Perps ZEC-USD	+0.0100%	1h	1,472.1	−0.127%	$346K	$1.8M	10x	as long as short
Bullet ZEC-USD	+0.0100%	1h	1,472.3	−0.115%	$128K	$160K	20x	as long as short
Derive ZEC-PERP	+0.0100%	1h	1,470.7	−0.221%	$457K	$511K	6.7x	as long as short
SunX ZEC-USDT	+0.0100%	8h	1,474.2	+0.018%	$3K	$1.2M	20x	as long as short
SoDEX ZEC-USD	+0.0100%	1h	1,472.2	−0.117%	$243K	$3.7M	10x	as long as short
HTX ZEC-USDT	+0.0100%	8h	1,472.3	−0.117%	$2.5M	$18.7M	75x	as long as short
Phemex ZECUSDT	+0.0100%	8h	1,473.2	−0.050%	$3.9M	$5.4M	50x	as long as short
Extended ZEC-USD	+0.0104%	1h	1,474.3	+0.021%	$3.2M	$7.1M	10x	as long as short
Aevo ZEC-PERP	+0.0104%	1h	1,472.3	−0.113%	$48K	$162K	20x	as long as short
Deribit ZEC_USDC-PERPETUAL	+0.0214%	1h	1,473	−0.068%	$613K	$1.3M	25x	as long as short
Arcus ZEC-USD	+0.0254%	1h	1,475.4	+0.100%	$690K	$8.6M	10x	as long as short
Lighter ZEC	+0.0272%	1h	1,475.9	+0.134%	$19.3M	$48.2M	20x	as long as short
Lighter RH ZEC	+0.0296%	1h	1,476.1	+0.145%	$2.1M	$7.1M	10x	as long as short
RISEx ZEC/USDC	+0.0374%	1h	1,474.9	+0.061%	$866K	$1.0M	10x	as long as short
Coinbase International ZEC-PERP-INTX	+0.0472%	1h	1,473.6	−0.026%	$3.6M	$9.4M	50x	as long as short
Backpack ZEC_USDC_PERP	+0.0484%	1h	1,472.8	−0.080%	$2.5M	$3.9M	15x	as long as short
Aftermath Perps ZECUSD	+0.0737%	1h	1,474.1	+0.008%	$44K	$46K	10x	as long as short