Funding arb · Price arb /

ZEC

all ZEC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.3266%/8h= −357.6% APRpaid last 24h −0.582%

Price spread now: Injective against Bybit−0.007%88s7-day average +0.086% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Bybit Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days−2.387%−$239 on $10k

Price spread, last 4 days (all we have)+0.997%+$100 · spread now −0.007%, 7d avg +0.086%

Together, before fees−1.390%−$139 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$98 a day on $10k at the current rate, and Injective is 0.093% cheaper against Bybit than usual: you would sell low and buy high (−$9 if the spread goes back to its 7-day average of +0.086%). Swap the legs. The two prices were read 88 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	Bybit ZECUSDT	1,460.7	0.0100	pay 0.0100% / 8h	4h 23m	$263.6M	$600.7M	75x
Short	Injective ZEC/USDC PERP	1,460.6	−0.3166	pay 0.0396% / 1h	23m 53s	$34K	$272K	12x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against Bybit. 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 BybitbpFee InjectivebpOrdersPrice spread, now −0.007%Rate

Funding earned: −$685.9
Price spread: −0.007% → +0.086%: −$9.3
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$706.22
Costs to cover: 0.110%
Break-even: never at this rate

Slippage unknown: Bybit: live order book, 5 min ago; Injective: live order book, 35 min ago. Net counts fees only.

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 Bybit live order book, 5 min ago	0.03 bp	5.5 bp −$6	8.5 bp −$85	18.7 bp −$1,866	doesn't fit
Sell Injective live order book, 35 min ago	48.95 bp	doesn't fit	doesn't fit	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 PERPshort	−0.3166%	1h	1,460.6	−0.007%	$34K	$272K	12x
Hotstuff ZEC-PERP	−0.0080%	1h	1,460.9	+0.014%	$6K	$1K	10x	as long as short
BloFin ZEC-USDT	−0.0069%	8h	1,460.7	−0.004%	$29.3M	$71.1M	75x	as long as short
dYdX ZEC-USD	0.0000%	1h	1,460.1	−0.044%	$411K	$38K	5x	as long as short
Kalshi KXZECPERP	0.0000%	8h	1,462.7	+0.133%	$1.5M	$4.5M	2.2x	as long as short
Perpl ZEC	0.0000%	43m	1,460.8	+0.003%	$84K	$240K	10x	as long as short
gTrade (Gains Network) ZEC/USD	L +0.0007% / S −0.0006%	1h	1,460.8	+0.006%	$5.2M	—	150x	as long as short
Orderly PERP_ZEC_USDC	+0.0063%	8h	1,460.9	+0.009%	$292K	$956K	20x	as long as short
GMX ZEC/USD [WBTC.b-USDC]	L +0.0068% / S −0.0019%	1h	1,460.7	0.000%	$410K	—	100x	as long as short
01 Exchange ZECUSD	+0.0080%	1h	1,460.9	+0.010%	$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
Popdex ZECUSDT	+0.0096%	1h	1,460.6	−0.012%	$173K	$1.7M	50x	as long as short
Katana Perps ZEC-USD	+0.0100%	8h	1,460.6	−0.011%	$11K	$856K	10x	as long as short
Paradex ZEC-USD-PERP	+0.0100%	8h	1,460.5	−0.019%	$60K	$43K	10x	as long as short
Nado ZEC-PERP	+0.0100%	1h	1,460.6	−0.009%	$2.8M	$6.6M	10x	as long as short
Hyperliquid ZEC	+0.0100%	1h	1,462.6	+0.128%	$760.2M	$431.5M	10x	as long as short
Aster ZECUSDT	+0.0100%	8h	1,461.8	+0.074%	$14.5M	$27.9M	75x	as long as short
Pacifica ZEC	+0.0100%	1h	1,460.8	+0.004%	$1.7M	$2.4M	10x	as long as short
Binance ZECUSDT	+0.0100%	8h	1,461.5	+0.051%	$671.5M	$2.21B	75x	as long as short
Bybit ZECUSDTlong	+0.0100%	8h	1,460.7	long leg	$263.6M	$600.7M	75x
OKX ZEC-USDT-SWAP	+0.0100%	8h	1,461.1	+0.025%	$178.3M	$1.23B	50x	as long as short
Ondo Perps ZEC-USD.P	+0.0100%	1h	1,455.7	−0.344%	$396K	$441K	5x	as long as short
Bulk ZEC-USD	+0.0100%	1h	1,457.2	−0.240%	$880K	$18K	10x	as long as short
Gate ZEC_USDT	+0.0100%	8h	1,461.5	+0.052%	$50.7M	$174.3M	75x	as long as short
MEXC ZEC_USDT	+0.0100%	8h	1,461.5	+0.051%	$216.9M	$773.0M	150x	as long as short
KuCoin ZECUSDTM	+0.0100%	8h	1,461.6	+0.061%	$102.7M	$53.9M	75x	as long as short
Bitget ZECUSDT	+0.0100%	8h	1,461.4	+0.047%	$166.4M	$271.1M	75x	as long as short
BingX ZEC-USDT	+0.0100%	8h	1,461.2	+0.034%	—	$103.4M	—	as long as short
Backpack ZEC_USDC_PERP	+0.0100%	1h	1,461.9	+0.081%	$2.4M	$3.8M	15x	as long as short
Variational Omni ZEC	+0.0100%	8h	1,457.9	−0.195%	$47.8M	$32.7M	—	as long as short
edgeX ZECUSDC	+0.0100%	4h	1,455.8	−0.339%	$567K	$8.6M	20x	as long as short
GRVT ZEC_USDT_Perp	+0.0100%	8h	1,457.4	−0.231%	$3.0M	$437K	10x	as long as short
ApeX Omni ZECUSDT	+0.0100%	1h	1,457	−0.257%	$406K	$927K	50x	as long as short
StandX ZEC-USD	+0.0100%	1h	1,460.7	−0.002%	$49K	$4.7M	30x	as long as short
Polymarket Perps ZEC-USD	+0.0100%	1h	1,460.6	−0.009%	$367K	$1.8M	10x	as long as short
Bullet ZEC-USD	+0.0100%	1h	1,460.7	+0.001%	$161K	$185K	20x	as long as short
Derive ZEC-PERP	+0.0100%	1h	1,460	−0.049%	$446K	$521K	6.7x	as long as short
SunX ZEC-USDT	+0.0100%	8h	1,462.9	+0.146%	$3K	$1.1M	20x	as long as short
SoDEX ZEC-USD	+0.0100%	1h	1,461.3	+0.038%	$234K	$3.4M	10x	as long as short
HTX ZEC-USDT	+0.0100%	8h	1,459.8	−0.067%	$2.7M	$18.3M	75x	as long as short
Phemex ZECUSDT	+0.0100%	8h	1,460.8	+0.006%	$3.8M	$5.1M	50x	as long as short
Extended ZEC-USD	+0.0104%	1h	1,461.3	+0.038%	$2.8M	$7.7M	10x	as long as short
Aevo ZEC-PERP	+0.0104%	1h	1,461.1	+0.024%	$47K	$151K	20x	as long as short
Phoenix ZEC	+0.0123%	1h	1,458.1	−0.179%	$4.6M	$1.3M	10x	as long as short
Deribit ZEC_USDC-PERPETUAL	+0.0191%	1h	1,461.8	+0.076%	$611K	$1.3M	25x	as long as short
Kraken Futures PF_ZECUSD	+0.0276%	1h	1,461.2	+0.033%	$18.1M	$45.0M	25x	as long as short
Lighter ZEC	+0.0288%	1h	1,462.3	+0.110%	$19.3M	$45.9M	20x	as long as short
RISEx ZEC/USDC	+0.0412%	1h	1,460.7	−0.004%	$924K	$1.1M	10x	as long as short
Coinbase International ZEC-PERP-INTX	+0.0448%	1h	1,463	+0.153%	$3.8M	$9.0M	50x	as long as short
Lighter RH ZEC	+0.0456%	1h	1,462.7	+0.138%	$2.1M	$7.0M	10x	as long as short
Arcus ZEC-USD	+0.0626%	1h	1,461.7	+0.066%	$688K	$8.3M	10x	as long as short
Aftermath Perps ZECUSD	+0.0682%	1h	1,458.1	−0.183%	$45K	$49K	10x	as long as short