Funding arb · Price arb /

ZEC

all ZEC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0153%/8h= +16.8% APRpaid last 24h +0.021%

Price spread now: Phemex against Bulk+0.326%7-day average +0.050% · 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−$14as in the Price arb table

costs, in and out, $10k−$420.420% of the position

Long on Bulk Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.006%+$1 on $10k

Price spread, last 4 days (all we have)+0.326%+$33 · spread now +0.326%, 7d avg +0.050%

Together, before fees+0.332%+$33 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$5 a day on $10k at the current rate, and Phemex is 0.276% dearer against Bulk than usual: you sell high and buy low: +$28 more if the spread goes back to its 7-day average of +0.050%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bulk ZEC-USD	1,491.1	−0.0053	get 0.0007% / 1h	21m 02s	$858K	$48K	10x
Short	Phemex ZECUSDT	1,496	0.0100	get 0.0100% / 8h	21m 02s	$4.0M	$4.9M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now +0.326%Rate

Funding earned: $32.17
Price spread: +0.326% → +0.050%: $27.56
Slippage, 4 orders: −$22.97
Fee Bulk: 3.5 bp × 2 orders: −$7
Fee Phemex: 6 bp × 2 orders: −$12
Net: $17.77
Costs to cover: 0.420%
Break-even: 3.1 days

Slippage from Bulk: live order book, 18 min ago; Phemex: live order book, 3 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, 18 min ago	0.03 bp	3.5 bp −$4	4.6 bp −$46	7.2 bp −$716	16.7 bp −$8,345
Sell Phemex live order book, 3 min ago	3.08 bp	19.1 bp −$19	32.3 bp −$323	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	−0.3442%	1h	1,479.6	−0.775%	$36K	$275K	12x	as long as short
Perpl ZEC	−0.0447%	43m	1,494.4	+0.217%	$61K	$303K	10x	as long as short
BloFin ZEC-USDT	−0.0143%	8h	1,495.8	+0.315%	$31.1M	$75.5M	75x	as long as short
Aftermath Perps ZECUSD	−0.0107%	1h	1,494.5	+0.229%	$48K	$58K	10x	as long as short
Hotstuff ZEC-PERP	−0.0080%	1h	1,494.7	+0.241%	$6K	$1K	10x	as long as short
Bulk ZEC-USDlong	−0.0053%	1h	1,491.1	long leg	$858K	$48K	10x
dYdX ZEC-USD	0.0000%	1h	1,495.1	+0.266%	$415K	$34K	5x	as long as short
Kalshi KXZECPERP	0.0000%	8h	1,495.9	+0.321%	$1.5M	$4.4M	2.2x	as long as short
gTrade (Gains Network) ZEC/USD	L +0.0007% / S −0.0006%	1h	1,495.9	+0.321%	$5.3M	—	150x	as long as short
Kraken Futures PF_ZECUSD	+0.0012%	1h	1,496.2	+0.341%	$17.9M	$47.0M	25x	as long as short

Show all 51 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps ZEC-USD.P	+0.0043%	1h	1,493.6	+0.165%	$408K	$554K	5x	as long as short
Orderly PERP_ZEC_USDC	+0.0084%	8h	1,495.5	+0.294%	$301K	$864K	20x	as long as short
01 Exchange ZECUSD	+0.0088%	1h	1,496.1	+0.334%	$8K	$6K	5x	as long as short
Phoenix ZEC	+0.0096%	1h	1,496	+0.327%	$4.8M	$1.4M	10x	as long as short
Popdex ZECUSDT	+0.0096%	1h	1,496	+0.327%	$182K	$1.8M	50x	as long as short
Katana Perps ZEC-USD	+0.0098%	8h	1,495.3	+0.280%	$17K	$881K	10x	as long as short
Paradex ZEC-USD-PERP	+0.0100%	8h	1,494.9	+0.250%	$62K	$20K	10x	as long as short
Nado ZEC-PERP	+0.0100%	1h	1,495.9	+0.322%	$3.1M	$7.6M	10x	as long as short
Hyperliquid ZEC	+0.0100%	1h	1,496.6	+0.366%	$781.9M	$439.0M	10x	as long as short
Aster ZECUSDT	+0.0100%	8h	1,495.5	+0.293%	$14.0M	$30.8M	75x	as long as short
Pacifica ZEC	+0.0100%	1h	1,495.4	+0.284%	$1.7M	$2.4M	10x	as long as short
Binance ZECUSDT	+0.0100%	8h	1,496.2	+0.336%	$700.9M	$2.30B	75x	as long as short
Bybit ZECUSDT	+0.0100%	8h	1,495.5	+0.291%	$267.9M	$616.0M	75x	as long as short
OKX ZEC-USDT-SWAP	+0.0100%	8h	1,495.7	+0.304%	$183.9M	$1.33B	50x	as long as short
Gate ZEC_USDT	+0.0100%	8h	1,495.7	+0.303%	$56.6M	$185.2M	75x	as long as short
MEXC ZEC_USDT	+0.0100%	8h	1,496.2	+0.337%	$239.2M	$802.6M	150x	as long as short
KuCoin ZECUSDTM	+0.0100%	8h	1,495.9	+0.321%	$102.8M	$56.3M	75x	as long as short
Bitget ZECUSDT	+0.0100%	8h	1,496	+0.326%	$161.6M	$288.7M	75x	as long as short
BingX ZEC-USDT	+0.0100%	8h	1,495.6	+0.299%	—	$116.9M	—	as long as short
Variational Omni ZEC	+0.0100%	8h	1,492.9	+0.117%	$48.8M	$34.6M	—	as long as short
edgeX ZECUSDC	+0.0100%	4h	1,493.9	+0.186%	$572K	$9.0M	20x	as long as short
GRVT ZEC_USDT_Perp	+0.0100%	8h	1,492.1	+0.066%	$3.1M	$514K	10x	as long as short
ApeX Omni ZECUSDT	+0.0100%	1h	1,494.6	+0.231%	$411K	$946K	50x	as long as short
StandX ZEC-USD	+0.0100%	1h	1,494.4	+0.217%	$56K	$4.6M	30x	as long as short
Polymarket Perps ZEC-USD	+0.0100%	1h	1,495.8	+0.313%	$358K	$1.6M	10x	as long as short
Bullet ZEC-USD	+0.0100%	1h	1,494.1	+0.201%	$164K	$184K	20x	as long as short
Derive ZEC-PERP	+0.0100%	1h	1,493.5	+0.157%	$456K	$469K	6.7x	as long as short
SunX ZEC-USDT	+0.0100%	8h	1,498.5	+0.496%	$3K	$1.2M	20x	as long as short
SoDEX ZEC-USD	+0.0100%	1h	1,496	+0.323%	$253K	$3.4M	10x	as long as short
HTX ZEC-USDT	+0.0100%	8h	1,494.7	+0.236%	$2.7M	$20.7M	75x	as long as short
Phemex ZECUSDTshort	+0.0100%	8h	1,496	+0.326%	$4.0M	$4.9M	50x
Extended ZEC-USD	+0.0104%	1h	1,495.9	+0.321%	$2.8M	$7.9M	10x	as long as short
Aevo ZEC-PERP	+0.0104%	1h	1,495.8	+0.314%	$43K	$151K	20x	as long as short
Deribit ZEC_USDC-PERPETUAL	+0.0108%	1h	1,496.6	+0.365%	$683K	$1.4M	25x	as long as short
Lighter RH ZEC	+0.0120%	1h	1,497.3	+0.413%	$2.1M	$7.4M	10x	as long as short
RISEx ZEC/USDC	+0.0128%	1h	1,496.2	+0.340%	$942K	$1.1M	10x	as long as short
GMX ZEC/USD [WBTC.b-USDC]	L +0.0144% / S −0.0142%	1h	1,495.9	+0.317%	$333K	—	100x	as long as short
Lighter ZEC	+0.0216%	1h	1,497.5	+0.424%	$19.8M	$45.6M	20x	as long as short
Arcus ZEC-USD	+0.0403%	1h	1,496.6	+0.363%	$618K	$8.7M	10x	as long as short
Coinbase International ZEC-PERP-INTX	+0.0416%	1h	1,496.6	+0.366%	$3.7M	$9.9M	50x	as long as short
Backpack ZEC_USDC_PERP	+0.0539%	1h	1,496.7	+0.373%	$2.3M	$3.8M	15x	as long as short