Funding arb · Price arb /

ZEC

all ZEC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC+0.0003%/8h= +0.4% APRpaid last 24h +0.035%

Price spread now: Phoenix against Binance+0.025%75s7-day average +0.138% · you sell dearer than you buy

Net, funding: paid 7d − costs+$36as in the Funding arb table

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

costs, in and out, $10k−$230.234% of the position

Long on Binance Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.595%+$60 on $10k

Price spread, last 7 days+0.123%+$12 · spread now +0.025%, 7d avg +0.138%

Together, before fees+0.718%+$72 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Phoenix is 0.113% cheaper against Binance than usual: you would sell low and buy high, −$11 on $10k if it goes back to its 7-day average of +0.138%. The two prices were read 75 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	Binance ZECUSDT	1,457.1	0.0100	pay 0.0100% / 8h	2h 14m	$665.3M	$2.53B	75x
Short	Phoenix ZEC	1,457.5	0.0103	get 0.0013% / 1h	14m 09s	$4.6M	$1.6M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Binance. 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 BinancebpFee PhoenixbpOrdersPrice spread, now +0.025%Rate

Funding earned: $0.7
Price spread: +0.025% → +0.138%: −$11.31
Slippage, 4 orders: −$6.37
Fee Binance: 5 bp × 2 orders: −$10
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$33.97
Costs to cover: 0.234%
Break-even: 344.4 days

Slippage from Binance: live order book, 15 min ago; Phoenix: live order book, 5 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 Binance live order book, 15 min ago	0.03 bp	6.0 bp −$6	6.4 bp −$64	12.8 bp −$1,278	27.6 bp −$13.8K
Sell Phoenix live order book, 5 min ago	1.51 bp	6.2 bp −$6	13.5 bp −$135	48.0 bp −$4,801	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	−0.3476%	1h	1,433.1	−1.646%	$33K	$275K	12x	as long as short
BloFin ZEC-USDT	−0.0085%	8h	1,457.2	+0.001%	$28.7M	$75.4M	75x	as long as short
Hotstuff ZEC-PERP	−0.0080%	1h	1,457.1	−0.005%	$6K	$2K	10x	as long as short
Kraken Futures PF_ZECUSD	−0.0071%	1h	1,456.8	−0.026%	$17.7M	$44.6M	25x	as long as short
Bybit ZECUSDT	−0.0009%	8h	1,456.3	−0.056%	$268.8M	$677.4M	75x	as long as short
dYdX ZEC-USD	0.0000%	1h	1,457.2	+0.004%	$410K	$106K	5x	as long as short
Kalshi KXZECPERP	0.0000%	8h	1,457.5	+0.022%	$934K	$5.7M	2.2x	as long as short
Perpl ZEC	0.0000%	43m	1,456.8	−0.025%	$83K	$401K	10x	as long as short
Deribit ZEC_USDC-PERPETUAL	0.0000%	1h	1,457.9	+0.051%	$593K	$1.3M	25x	as long as short
Variational Omni ZEC	+0.0002%	8h	1,456.6	−0.037%	$45.6M	$33.4M	—	as long as short

Show all 51 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
gTrade (Gains Network) ZEC/USD	L +0.0007% / S −0.0006%	1h	1,457.6	+0.030%	$5.2M	—	150x	as long as short
Orderly PERP_ZEC_USDC	+0.0016%	8h	1,457.2	+0.005%	$292K	$1.5M	20x	as long as short
GMX ZEC/USD [WBTC.b-USDC]	L +0.0019% / S +0.0072%	1h	1,457.4	+0.021%	$557K	—	100x	as long as short
01 Exchange ZECUSD	+0.0048%	1h	1,456.8	−0.024%	$8K	$8K	5x	as long as short
OKX ZEC-USDT-SWAP	+0.0057%	8h	1,457.1	−0.005%	$173.9M	$1.36B	50x	as long as short
Ondo Perps ZEC-USD.P	+0.0064%	1h	1,452.8	−0.297%	$395K	$519K	5x	as long as short
Gate ZEC_USDT	+0.0069%	8h	1,457.1	−0.005%	$49.3M	$190.8M	75x	as long as short
Katana Perps ZEC-USD	+0.0095%	8h	1,456.7	−0.028%	$15K	$866K	10x	as long as short
Lighter ZEC	+0.0096%	1h	1,458.6	+0.100%	$18.8M	$54.7M	20x	as long as short
Popdex ZECUSDT	+0.0096%	1h	1,456.4	−0.049%	$173K	$2.0M	50x	as long as short
Aster ZECUSDT	+0.0096%	8h	1,457	−0.006%	$15.3M	$34.0M	75x	as long as short
Paradex ZEC-USD-PERP	+0.0100%	8h	1,456.2	−0.064%	$60K	$39K	10x	as long as short
Nado ZEC-PERP	+0.0100%	1h	1,457.4	+0.018%	$2.5M	$7.1M	10x	as long as short
Hyperliquid ZEC	+0.0100%	1h	1,457.3	+0.012%	$753.6M	$495.1M	10x	as long as short
Pacifica ZEC	+0.0100%	1h	1,456.8	−0.025%	$1.6M	$3.0M	10x	as long as short
Binance ZECUSDTlong	+0.0100%	8h	1,457.1	long leg	$665.3M	$2.53B	75x
MEXC ZEC_USDT	+0.0100%	8h	1,457.2	+0.005%	$218.3M	$898.4M	150x	as long as short
KuCoin ZECUSDTM	+0.0100%	8h	1,457.3	+0.013%	$103.1M	$57.0M	75x	as long as short
Bitget ZECUSDT	+0.0100%	8h	1,457.2	+0.007%	$161.3M	$312.4M	75x	as long as short
BingX ZEC-USDT	+0.0100%	8h	1,457.4	+0.019%	—	$101.4M	—	as long as short
Backpack ZEC_USDC_PERP	+0.0100%	1h	1,457.8	+0.046%	$2.3M	$4.1M	15x	as long as short
edgeX ZECUSDC	+0.0100%	4h	1,455.2	−0.133%	$489K	$9.6M	20x	as long as short
GRVT ZEC_USDT_Perp	+0.0100%	8h	1,456.7	−0.027%	$3.0M	$510K	10x	as long as short
ApeX Omni ZECUSDT	+0.0100%	1h	1,456.7	−0.031%	$428K	$814K	50x	as long as short
StandX ZEC-USD	+0.0100%	1h	1,457.7	+0.040%	$109K	$4.8M	30x	as long as short
Polymarket Perps ZEC-USD	+0.0100%	1h	1,457	−0.009%	$344K	$2.0M	10x	as long as short
Bullet ZEC-USD	+0.0100%	1h	1,457	−0.008%	$127K	$161K	20x	as long as short
Derive ZEC-PERP	+0.0100%	1h	1,456.1	−0.072%	$445K	$498K	6.7x	as long as short
SunX ZEC-USDT	+0.0100%	8h	1,459	+0.125%	$3K	$1.3M	20x	as long as short
SoDEX ZEC-USD	+0.0100%	1h	1,457.2	+0.005%	$221K	$4.7M	10x	as long as short
HTX ZEC-USDT	+0.0100%	8h	1,457.2	+0.001%	$2.4M	$24.9M	75x	as long as short
Phemex ZECUSDT	+0.0100%	8h	1,457.6	+0.033%	$3.8M	$5.4M	50x	as long as short
Bulk ZEC-USD	+0.0100%	1h	1,455	−0.147%	$896K	$26K	10x	as long as short
Phoenix ZECshort	+0.0103%	1h	1,457.5	+0.025%	$4.6M	$1.6M	10x
Extended ZEC-USD	+0.0104%	1h	1,457.7	+0.037%	$3.3M	$6.9M	10x	as long as short
Aevo ZEC-PERP	+0.0104%	1h	1,457.3	+0.009%	$36K	$362K	20x	as long as short
RISEx ZEC/USDC	+0.0219%	1h	1,457.2	+0.002%	$856K	$1.8M	10x	as long as short
Coinbase International ZEC-PERP-INTX	+0.0440%	1h	1,458.9	+0.120%	$3.8M	$11.5M	50x	as long as short
Aftermath Perps ZECUSD	+0.0468%	1h	1,457.3	+0.014%	$40K	$34K	10x	as long as short
Arcus ZEC-USD	+0.0518%	1h	1,458.3	+0.079%	$749K	$8.0M	10x	as long as short
Lighter RH ZEC	+0.0608%	1h	1,459.2	+0.143%	$1.9M	$8.5M	10x	as long as short