Funding arb · Price arb /

ZEC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 20:00 UTC−0.0009%/8hnext payment −$0.01 per $10,000 · paid last 24h +0.028%

Price spread now: Deribit against Bulk−0.195%7-day average +0.093% · 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−$52as in the Price arb table

costs, in and out, $10k−$240.236% of the position

Long on Bulk Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.057%+$6 on $10k

Price spread, last 3 days (all we have)+0.909%+$91 · spread now −0.195%, 7d avg +0.093%

Together, before fees+0.966%+$97 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: Deribit is 0.288% cheaper against Bulk than usual: you would sell low and buy high, −$29 on $10k if it goes back to its 7-day average of +0.093%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bulk ZEC-USD	1,476.1	0.0100	pay 0.0013% / 1h	7m 05s	$909K	$21K	10x
Short	Deribit ZEC_USDC-PERPETUAL	1,473.2	0.0091	get 0.0011% / 1h	7m 05s	$576K	$1.3M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against Bulk. 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 BulkbpFee DeribitbpOrdersPrice spread, now −0.195%Rate

Funding earned: −$1.83
Price spread: −0.195% → +0.093%: −$28.78
Slippage, 4 orders: −$9.62
Fee Bulk: 3.5 bp × 2 orders: −$7
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$54.23
Costs to cover: 0.236%
Break-even: never at this rate

Slippage from Bulk: live order book, 26 min ago; Deribit: 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 Bulk live order book, 26 min ago	0.03 bp	3.5 bp −$4	4.6 bp −$46	8.7 bp −$871	14.3 bp −$7,169
Sell Deribit live order book, 1 min ago	4.72 bp	8.3 bp −$8	14.8 bp −$148	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	−0.3655%	1h	1,460.2	−1.076%	$34K	$159K	12x	as long as short
Kraken Futures PF_ZECUSD	−0.0435%	1h	1,472.2	−0.261%	$17.9M	$46.1M	25x	as long as short
ApeX Omni ZECUSDT	−0.0326%	1h	1,470	−0.409%	$958K	$431K	50x	as long as short
Variational Omni ZEC	−0.0146%	8h	1,470.7	−0.363%	$48.1M	$31.1M	—	as long as short
Bybit ZECUSDT	−0.0144%	8h	1,472.4	−0.253%	$275.6M	$719.2M	75x	as long as short
BloFin ZEC-USDT	−0.0086%	8h	1,472.1	−0.267%	$30.1M	$78.9M	75x	as long as short
Hotstuff ZEC-PERP	−0.0080%	1h	1,472.7	−0.230%	$6K	$2K	10x	as long as short
Ondo Perps ZEC-USD.P	−0.0068%	1h	1,473.3	−0.188%	$399K	$577K	5x	as long as short
Orderly PERP_ZEC_USDC	−0.0014%	8h	1,472.6	−0.235%	$284K	$1.7M	20x	as long as short
01 Exchange ZECUSD	−0.0008%	1h	1,473.5	−0.178%	$9K	$10K	5x	as long as short

Show all 51 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX ZEC-USDT-SWAP	−0.0004%	8h	1,472.8	−0.221%	$177.0M	$1.46B	50x	as long as short
Aster ZECUSDT	−0.0001%	8h	1,472.7	−0.230%	$15.0M	$36.1M	75x	as long as short
dYdX ZEC-USD	0.0000%	1h	1,473.8	−0.157%	$415K	$107K	5x	as long as short
Kalshi KXZECPERP	0.0000%	8h	1,473.2	−0.196%	$979K	$5.7M	2.2x	as long as short
Perpl ZEC	0.0000%	43m	1,472.6	−0.238%	$80K	$436K	10x	as long as short
Gate ZEC_USDT	+0.0004%	8h	1,472.7	−0.230%	$51.1M	$196.8M	75x	as long as short
gTrade (Gains Network) ZEC/USD	L +0.0007% / S −0.0006%	1h	1,473.2	−0.198%	$5.2M	—	150x	as long as short
Phoenix ZEC	+0.0012%	1h	1,472.4	−0.251%	$4.7M	$1.7M	10x	as long as short
MEXC ZEC_USDT	+0.0032%	8h	1,472.5	−0.241%	$226.6M	$978.8M	150x	as long as short
Binance ZECUSDT	+0.0034%	8h	1,472.8	−0.224%	$674.5M	$2.67B	75x	as long as short
GMX ZEC/USD [WBTC.b-USDC]	L +0.0071% / S +0.0044%	1h	1,472.9	−0.213%	$577K	—	100x	as long as short
Polymarket Perps ZEC-USD	+0.0074%	1h	1,472.2	−0.263%	$321K	$2.5M	10x	as long as short
Aevo ZEC-PERP	+0.0088%	1h	1,472.4	−0.251%	$37K	$362K	20x	as long as short
Katana Perps ZEC-USD	+0.0091%	8h	1,473.1	−0.203%	$12K	$889K	10x	as long as short
Deribit ZEC_USDC-PERPETUALshort	+0.0091%	1h	1,473.2	−0.195%	$576K	$1.3M	25x
Popdex ZECUSDT	+0.0096%	1h	1,472.7	−0.227%	$176K	$2.1M	50x	as long as short
Paradex ZEC-USD-PERP	+0.0099%	8h	1,472.8	−0.225%	$61K	$37K	10x	as long as short
RISEx ZEC/USDC	+0.0100%	1h	1,473.5	−0.176%	$853K	$2.6M	10x	as long as short
Nado ZEC-PERP	+0.0100%	1h	1,473.2	−0.195%	$3.1M	$7.3M	10x	as long as short
Hyperliquid ZEC	+0.0100%	1h	1,473.2	−0.195%	$768.5M	$558.9M	10x	as long as short
Pacifica ZEC	+0.0100%	1h	1,472.9	−0.213%	$1.6M	$3.3M	10x	as long as short
Arcus ZEC-USD	+0.0100%	1h	1,475	−0.074%	$730K	$7.4M	10x	as long as short
Bulk ZEC-USDlong	+0.0100%	1h	1,476.1	long leg	$909K	$21K	10x
KuCoin ZECUSDTM	+0.0100%	8h	1,472.6	−0.236%	$103.6M	$62.5M	75x	as long as short
Bitget ZECUSDT	+0.0100%	8h	1,472.8	−0.222%	$170.6M	$332.2M	75x	as long as short
BingX ZEC-USDT	+0.0100%	8h	1,473	−0.206%	—	$115.9M	—	as long as short
Backpack ZEC_USDC_PERP	+0.0100%	1h	1,473.3	−0.191%	$2.4M	$3.8M	15x	as long as short
edgeX ZECUSDC	+0.0100%	4h	1,473.3	−0.185%	$494K	$10.4M	20x	as long as short
GRVT ZEC_USDT_Perp	+0.0100%	8h	1,472.2	−0.265%	$3.0M	$510K	10x	as long as short
StandX ZEC-USD	+0.0100%	1h	1,473.9	−0.145%	$110K	$4.8M	30x	as long as short
Bullet ZEC-USD	+0.0100%	1h	1,472.7	−0.226%	$128K	$162K	20x	as long as short
Derive ZEC-PERP	+0.0100%	1h	1,470.9	−0.349%	$447K	$493K	6.7x	as long as short
SunX ZEC-USDT	+0.0100%	8h	1,476.5	+0.026%	$3K	$1.3M	20x	as long as short
SoDEX ZEC-USD	+0.0100%	1h	1,472.2	−0.263%	$224K	$5.2M	10x	as long as short
HTX ZEC-USDT	+0.0100%	8h	1,473	−0.207%	$2.4M	$28.6M	75x	as long as short
Phemex ZECUSDT	+0.0100%	8h	1,472.7	−0.232%	$3.8M	$6.0M	50x	as long as short
Extended ZEC-USD	+0.0104%	1h	1,473	−0.209%	$3.2M	$4.6M	10x	as long as short
Lighter ZEC	+0.0112%	1h	1,473.8	−0.157%	$19.5M	$59.4M	20x	as long as short
Lighter RH ZEC	+0.0216%	1h	1,474	−0.144%	$1.8M	$7.7M	10x	as long as short
Coinbase International ZEC-PERP-INTX	+0.0384%	1h	1,475	−0.075%	$3.8M	$12.5M	50x	as long as short
Aftermath Perps ZECUSD	+0.0512%	1h	1,473.6	−0.169%	$39K	$33K	10x	as long as short