Funding arb · Price arb /

ZEC

all ZEC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0026%/8h= −2.8% APRpaid last 24h +0.047%

Price spread now: Phoenix against Bybit+0.191%7-day average +0.135% · you sell dearer than you buy

Net, funding: paid 7d − costs+$15as in the Funding arb table

Net, price: spread back to 7d avg − costs−$20as in the Price arb table

costs, in and out, $10k−$260.258% of the position

Long on Bybit Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.407%+$41 on $10k

Price spread, last 7 days−0.029%−$3 · spread now +0.191%, 7d avg +0.135%

Together, before fees+0.378%+$38 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Phoenix is 0.056% dearer against Bybit than usual: you sell high and buy low (spread +0.191% now, against its 7-day average of +0.135%): +$6 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 7.2 days. Mind the row above: over the last 7 days funding on this pair paid +0.407%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit ZECUSDT	1,455.6	0.0100	pay 0.0100% / 8h	5h 13m	$264.3M	$605.3M	75x
Short	Phoenix ZEC	1,458.4	0.0074	get 0.0009% / 1h	13m 00s	$4.6M	$1.4M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now +0.191%Rate

Funding earned: −$5.46
Price spread: +0.191% → +0.135%: $5.61
Slippage, 4 orders: −$7.8
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$25.64
Costs to cover: 0.258%
Break-even: never at this rate

Slippage from Bybit: live order book, 1 min ago; Phoenix: live order book, 6 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 Bybit live order book, 1 min ago	0.03 bp	5.8 bp −$6	8.0 bp −$80	17.2 bp −$1,722	doesn't fit
Sell Phoenix live order book, 6 min ago	1.51 bp	6.1 bp −$6	13.5 bp −$135	108.4 bp −$10.8K	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	−0.3244%	1h	1,456.6	+0.065%	$34K	$272K	12x	as long as short
BloFin ZEC-USDT	−0.0084%	8h	1,455.7	+0.003%	$29.4M	$70.6M	75x	as long as short
Hotstuff ZEC-PERP	−0.0080%	1h	1,456.7	+0.077%	$6K	$1K	10x	as long as short
dYdX ZEC-USD	0.0000%	1h	1,457	+0.096%	$410K	$43K	5x	as long as short
Kalshi KXZECPERP	0.0000%	8h	1,457.2	+0.110%	$1.5M	$4.5M	2.2x	as long as short
Perpl ZEC	0.0000%	43m	1,456.7	+0.078%	$83K	$241K	10x	as long as short
gTrade (Gains Network) ZEC/USD	L +0.0007% / S −0.0006%	1h	1,456.7	+0.078%	$5.2M	—	150x	as long as short
Orderly PERP_ZEC_USDC	+0.0051%	8h	1,456.5	+0.060%	$291K	$966K	20x	as long as short
GMX ZEC/USD [WBTC.b-USDC]	L +0.0061% / S −0.0011%	1h	1,456.3	+0.050%	$409K	—	100x	as long as short
Phoenix ZECshort	+0.0074%	1h	1,458.4	+0.191%	$4.6M	$1.4M	10x

Show all 51 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Popdex ZECUSDT	+0.0096%	1h	1,456.9	+0.088%	$173K	$1.7M	50x	as long as short
Katana Perps ZEC-USD	+0.0100%	8h	1,456.7	+0.076%	$13K	$882K	10x	as long as short
Paradex ZEC-USD-PERP	+0.0100%	8h	1,456.7	+0.077%	$60K	$43K	10x	as long as short
Nado ZEC-PERP	+0.0100%	1h	1,457	+0.099%	$2.6M	$6.3M	10x	as long as short
Hyperliquid ZEC	+0.0100%	1h	1,456.7	+0.075%	$757.1M	$434.7M	10x	as long as short
Aster ZECUSDT	+0.0100%	8h	1,456.2	+0.039%	$14.5M	$28.1M	75x	as long as short
Pacifica ZEC	+0.0100%	1h	1,456.8	+0.083%	$1.7M	$2.5M	10x	as long as short
Binance ZECUSDT	+0.0100%	8h	1,456.1	+0.036%	$667.6M	$2.23B	75x	as long as short
Bybit ZECUSDTlong	+0.0100%	8h	1,455.6	long leg	$264.3M	$605.3M	75x
OKX ZEC-USDT-SWAP	+0.0100%	8h	1,456.1	+0.032%	$178.2M	$1.23B	50x	as long as short
Ondo Perps ZEC-USD.P	+0.0100%	1h	1,460.5	+0.336%	$396K	$439K	5x	as long as short
Bulk ZEC-USD	+0.0100%	1h	1,457.5	+0.126%	$883K	$21K	10x	as long as short
Gate ZEC_USDT	+0.0100%	8h	1,455.9	+0.019%	$50.1M	$175.0M	75x	as long as short
MEXC ZEC_USDT	+0.0100%	8h	1,455.9	+0.023%	$213.7M	$780.5M	150x	as long as short
KuCoin ZECUSDTM	+0.0100%	8h	1,456.7	+0.075%	$102.1M	$55.7M	75x	as long as short
Bitget ZECUSDT	+0.0100%	8h	1,456.3	+0.049%	$161.9M	$273.7M	75x	as long as short
BingX ZEC-USDC	+0.0100%	8h	1,454.9	−0.046%	—	$6.7M	—	as long as short
Backpack ZEC_USDC_PERP	+0.0100%	1h	1,456.6	+0.066%	$2.4M	$3.8M	15x	as long as short
Variational Omni ZEC	+0.0100%	8h	1,462.2	+0.455%	$47.8M	$32.8M	—	as long as short
edgeX ZECUSDC	+0.0100%	4h	1,460.6	+0.346%	$570K	$8.7M	20x	as long as short
GRVT ZEC_USDT_Perp	+0.0100%	8h	1,462.3	+0.458%	$3.0M	$432K	10x	as long as short
ApeX Omni ZECUSDT	+0.0100%	1h	1,461	+0.372%	$411K	$909K	50x	as long as short
StandX ZEC-USD	+0.0100%	1h	1,456.1	+0.033%	$49K	$4.7M	30x	as long as short
Polymarket Perps ZEC-USD	+0.0100%	1h	1,456.8	+0.082%	$369K	$1.9M	10x	as long as short
Bullet ZEC-USD	+0.0100%	1h	1,456.7	+0.072%	$160K	$185K	20x	as long as short
Derive ZEC-PERP	+0.0100%	1h	1,455.4	−0.013%	$444K	$521K	6.7x	as long as short
SunX ZEC-USDT	+0.0100%	8h	1,459.5	+0.266%	$4K	$1.2M	20x	as long as short
SoDEX ZEC-USD	+0.0100%	1h	1,456.3	+0.047%	$233K	$3.5M	10x	as long as short
HTX ZEC-USDT	+0.0100%	8h	1,456.3	+0.050%	$2.7M	$18.2M	75x	as long as short
Phemex ZECUSDT	+0.0100%	8h	1,456.4	+0.055%	$3.8M	$5.1M	50x	as long as short
Extended ZEC-USD	+0.0104%	1h	1,455.8	+0.015%	$2.8M	$7.7M	10x	as long as short
Aevo ZEC-PERP	+0.0104%	1h	1,456	+0.029%	$47K	$153K	20x	as long as short
01 Exchange ZECUSD	+0.0144%	1h	1,457.2	+0.109%	$8K	$7K	5x	as long as short
Kraken Futures PF_ZECUSD	+0.0196%	1h	1,456.3	+0.045%	$18.0M	$44.7M	25x	as long as short
Lighter ZEC	+0.0248%	1h	1,457.9	+0.155%	$19.1M	$46.7M	20x	as long as short
Arcus ZEC-USD	+0.0277%	1h	1,458.3	+0.185%	$713K	$8.5M	10x	as long as short
Lighter RH ZEC	+0.0368%	1h	1,457.5	+0.130%	$2.0M	$6.9M	10x	as long as short
Deribit ZEC_USDC-PERPETUAL	+0.0399%	1h	1,457.3	+0.119%	$612K	$1.3M	25x	as long as short
RISEx ZEC/USDC	+0.0409%	1h	1,457.4	+0.123%	$834K	$1.0M	10x	as long as short
Coinbase International ZEC-PERP-INTX	+0.0456%	1h	1,458.9	+0.225%	$3.7M	$9.2M	50x	as long as short
Aftermath Perps ZECUSD	+0.0692%	1h	1,458.8	+0.222%	$45K	$49K	10x	as long as short