Funding arb · Price arb /

ZEC

all ZEC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h +0.024%

Price spread now: Hyperliquid against Bulk+0.529%7-day average +0.051% · 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+$30as in the Price arb table

costs, in and out, $10k−$170.174% of the position

Long on Bulk Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.139%+$14 on $10k

Price spread, last 4 days (all we have)−0.562%−$56 · spread now +0.529%, 7d avg +0.051%

Together, before fees−0.423%+ Points / potential airdropHyperliquid: Season 2 · farm board−$42 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: Hyperliquid is 0.478% dearer against Bulk than usual: you sell high and buy low, +$48 on $10k if it goes back to its 7-day average of +0.051%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bulk ZEC-USD	1,472.4	0.0100	pay 0.0013% / 1h	23m 20s	$889K	$15K	10x
Short	Hyperliquid ZEC	1,480.2	0.0100	get 0.0013% / 1h	23m 20s	$772.2M	$421.5M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against Bulk. 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 BulkbpFee HyperliquidbpOrdersPrice spread, now +0.529%Rate

Funding earned: $0
Price spread: +0.529% → +0.051%: $47.78
Slippage, 4 orders: −$1.36
Fee Bulk: 3.5 bp × 2 orders: −$7
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: $30.42
Costs to cover: 0.174%
Break-even: from the start

Slippage from Bulk: live order book, 26 min ago; Hyperliquid: live order book, 11 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	0.34 bp	3.8 bp −$4	3.8 bp −$38	5.1 bp −$513	7.7 bp −$3,828
Sell Hyperliquid live order book, 11 min ago	0.34 bp	4.8 bp −$5	7.0 bp −$70	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	1,461.8	−0.722%	$34K	$272K	12x	as long as short
BloFin ZEC-USDT	−0.0098%	8h	1,482.6	+0.695%	$30.1M	$71.9M	75x	as long as short
Hotstuff ZEC-PERP	−0.0080%	1h	1,479.5	+0.480%	$6K	$1K	10x	as long as short
dYdX ZEC-USD	0.0000%	1h	1,480	+0.518%	$411K	$37K	5x	as long as short
Kalshi KXZECPERP	0.0000%	8h	1,480.5	+0.551%	$1.6M	$4.5M	2.2x	as long as short
Perpl ZEC	0.0000%	43m	1,479.1	+0.455%	$85K	$239K	10x	as long as short
gTrade (Gains Network) ZEC/USD	L +0.0007% / S −0.0007%	1h	1,479.5	+0.479%	$5.3M	—	150x	as long as short
Deribit ZEC_USDC-PERPETUAL	+0.0050%	1h	1,480.3	+0.533%	$629K	$1.3M	25x	as long as short
Orderly PERP_ZEC_USDC	+0.0063%	8h	1,479.3	+0.469%	$296K	$896K	20x	as long as short
01 Exchange ZECUSD	+0.0064%	1h	1,480.1	+0.519%	$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
Bybit ZECUSDT	+0.0092%	8h	1,479.3	+0.466%	$263.5M	$598.0M	75x	as long as short
Phoenix ZEC	+0.0092%	1h	1,475.1	+0.183%	$4.7M	$1.3M	10x	as long as short
Popdex ZECUSDT	+0.0096%	1h	1,479.7	+0.498%	$174K	$1.6M	50x	as long as short
GMX ZEC/USD [WBTC.b-USDC]	L +0.0100% / S −0.0054%	1h	1,479.3	+0.465%	$441K	—	100x	as long as short
Katana Perps ZEC-USD	+0.0100%	8h	1,479.3	+0.469%	$11K	$824K	10x	as long as short
Paradex ZEC-USD-PERP	+0.0100%	8h	1,479.3	+0.470%	$61K	$43K	10x	as long as short
Nado ZEC-PERP	+0.0100%	1h	1,479.9	+0.506%	$2.9M	$6.3M	10x	as long as short
Hyperliquid ZECshort	+0.0100%	1h	1,480.2	+0.529%	$772.2M	$421.5M	10x
Aster ZECUSDT	+0.0100%	8h	1,479.6	+0.488%	$14.5M	$28.2M	75x	as long as short
Pacifica ZEC	+0.0100%	1h	1,479.9	+0.510%	$1.7M	$2.4M	10x	as long as short
Binance ZECUSDT	+0.0100%	8h	1,479.5	+0.482%	$686.7M	$2.17B	75x	as long as short
OKX ZEC-USDT-SWAP	+0.0100%	8h	1,479.1	+0.453%	$179.7M	$1.23B	50x	as long as short
Ondo Perps ZEC-USD.P	+0.0100%	1h	1,474.6	+0.149%	$400K	$433K	5x	as long as short
Bulk ZEC-USDlong	+0.0100%	1h	1,472.4	long leg	$889K	$15K	10x
Gate ZEC_USDT	+0.0100%	8h	1,479.4	+0.477%	$53.7M	$172.7M	75x	as long as short
MEXC ZEC_USDT	+0.0100%	8h	1,479.6	+0.488%	$229.1M	$765.9M	150x	as long as short
KuCoin ZECUSDTM	+0.0100%	8h	1,480.2	+0.529%	$105.5M	$53.0M	75x	as long as short
Bitget ZECUSDT	+0.0100%	8h	1,479.7	+0.493%	$166.9M	$269.1M	75x	as long as short
BingX ZEC-USDC	+0.0100%	8h	1,478.5	+0.416%	—	$6.7M	—	as long as short
Variational Omni ZEC	+0.0100%	8h	1,473.7	+0.086%	$48.3M	$32.4M	—	as long as short
edgeX ZECUSDC	+0.0100%	4h	1,475	+0.175%	$556K	$8.5M	20x	as long as short
GRVT ZEC_USDT_Perp	+0.0100%	8h	1,477.9	+0.375%	$3.0M	$462K	10x	as long as short
ApeX Omni ZECUSDT	+0.0100%	1h	1,472.9	+0.035%	$407K	$926K	50x	as long as short
StandX ZEC-USD	+0.0100%	1h	1,479.1	+0.457%	$50K	$4.6M	30x	as long as short
Polymarket Perps ZEC-USD	+0.0100%	1h	1,479.5	+0.482%	$365K	$1.7M	10x	as long as short
Bullet ZEC-USD	+0.0100%	1h	1,479.4	+0.476%	$163K	$183K	20x	as long as short
Derive ZEC-PERP	+0.0100%	1h	1,478.6	+0.421%	$451K	$506K	6.7x	as long as short
SunX ZEC-USDT	+0.0100%	8h	1,481.6	+0.626%	$3K	$1.1M	20x	as long as short
SoDEX ZEC-USD	+0.0100%	1h	1,480.1	+0.524%	$245K	$3.2M	10x	as long as short
HTX ZEC-USDT	+0.0100%	8h	1,477.2	+0.324%	$2.7M	$18.4M	75x	as long as short
Phemex ZECUSDT	+0.0100%	8h	1,481.5	+0.616%	$3.9M	$4.8M	50x	as long as short
Extended ZEC-USD	+0.0104%	1h	1,479.6	+0.487%	$2.8M	$7.8M	10x	as long as short
Aevo ZEC-PERP	+0.0104%	1h	1,479.6	+0.485%	$45K	$153K	20x	as long as short
Lighter RH ZEC	+0.0120%	1h	1,481.9	+0.643%	$2.1M	$7.1M	10x	as long as short
Kraken Futures PF_ZECUSD	+0.0145%	1h	1,480.1	+0.519%	$18.1M	$45.7M	25x	as long as short
RISEx ZEC/USDC	+0.0154%	1h	1,479.9	+0.512%	$934K	$1.1M	10x	as long as short
Lighter ZEC	+0.0192%	1h	1,481.9	+0.644%	$19.6M	$44.1M	20x	as long as short
Backpack ZEC_USDC_PERP	+0.0403%	1h	1,480.6	+0.553%	$2.4M	$3.7M	15x	as long as short
Coinbase International ZEC-PERP-INTX	+0.0496%	1h	1,482.2	+0.668%	$3.7M	$9.3M	50x	as long as short
Arcus ZEC-USD	+0.0508%	1h	1,480.9	+0.575%	$655K	$8.2M	10x	as long as short
Aftermath Perps ZECUSD	+0.0707%	1h	1,476	+0.244%	$45K	$49K	10x	as long as short