Funding arb · Price arb /

ZEC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0316%/8h= −34.6% APRpaid last 24h −0.076%

Price spread now: KuCoin against Coinbase International−0.110%7-day average −0.136% · you buy dearer than you sell

Net, funding: paid 7d − costs−$63as in the Funding arb table

Net, price: spread back to 7d avg − costs−$39as in the Price arb table

costs, in and out, $10k−$420.416% of the position

Long on Coinbase International Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.215%−$21 on $10k

Price spread, last 4 days (all we have)−0.204%−$20 · spread now −0.110%, 7d avg −0.136%

Together, before fees−0.419%−$42 on $10k · with fees, hour by hour

The price spread pays, funding is against you. KuCoin is 0.027% dearer against Coinbase International than usual: you sell high and buy low (spread −0.110% now, against its 7-day average of −0.136%): +$3 on $10k if it goes back. Holding the pair costs −$9 a day in funding at the current rate, which eats that in about 7 hours. At the pace of the last 7 days (−0.215% in total) that is about 21 hours.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.215% in total (about -11.2% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International ZEC-PERP-INTX	1,495	0.0416	pay 0.0052% / 1h	35m 11s	$3.7M	$10.1M	50x
Short	KuCoin ZECUSDTM	1,493.4	0.0100	get 0.0100% / 8h	35m 11s	$102.8M	$57.2M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin against Coinbase International. 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 Coinbase InternationalbpFee KuCoinbpOrdersPrice spread, now −0.110%Rate

Funding earned: −$66.36
Price spread: −0.110% → −0.136%: $2.67
Slippage, 4 orders: −$19.61
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$105.3
Costs to cover: 0.416%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 4 min ago; KuCoin: live order book, 4 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 Coinbase International live order book, 4 min ago	1.76 bp	9.5 bp −$9	13.3 bp −$133	40.3 bp −$4,029	doesn't fit
Sell KuCoin live order book, 4 min ago	0.76 bp	11.5 bp −$11	19.0 bp −$190	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	1,493.4	−0.108%	$36K	$275K	12x	as long as short
Perpl ZEC	−0.0447%	43m	1,492	−0.200%	$61K	$304K	10x	as long as short
BloFin ZEC-USDT	−0.0152%	8h	1,493.8	−0.078%	$30.9M	$75.5M	75x	as long as short
Aftermath Perps ZECUSD	−0.0082%	1h	1,499.2	+0.281%	$48K	$59K	10x	as long as short
Hotstuff ZEC-PERP	−0.0080%	1h	1,495.4	+0.027%	$6K	$1K	10x	as long as short
dYdX ZEC-USD	0.0000%	1h	1,496	+0.067%	$416K	$35K	5x	as long as short
Kalshi KXZECPERP	0.0000%	8h	1,493.9	−0.072%	$1.5M	$4.4M	2.2x	as long as short
Deribit ZEC_USDC-PERPETUAL	0.0000%	1h	1,493.7	−0.084%	$682K	$1.4M	25x	as long as short
gTrade (Gains Network) ZEC/USD	L +0.0007% / S −0.0006%	1h	1,493.7	−0.085%	$5.3M	—	150x	as long as short
Kraken Futures PF_ZECUSD	+0.0012%	1h	1,493.9	−0.071%	$17.9M	$47.2M	25x	as long as short

Show all 51 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bulk ZEC-USD	+0.0021%	1h	1,505.9	+0.728%	$910K	$2K	10x	as long as short
Ondo Perps ZEC-USD.P	+0.0023%	1h	1,494	−0.067%	$408K	$560K	5x	as long as short
Orderly PERP_ZEC_USDC	+0.0083%	8h	1,493.2	−0.122%	$301K	$1.1M	20x	as long as short
Phoenix ZEC	+0.0096%	1h	1,498.3	+0.220%	$4.8M	$1.4M	10x	as long as short
Popdex ZECUSDT	+0.0096%	1h	1,494.5	−0.033%	$175K	$1.8M	50x	as long as short
Katana Perps ZEC-USD	+0.0098%	8h	1,495.1	+0.005%	$16K	$878K	10x	as long as short
Paradex ZEC-USD-PERP	+0.0100%	8h	1,495.3	+0.019%	$62K	$28K	10x	as long as short
Nado ZEC-PERP	+0.0100%	1h	1,493.4	−0.108%	$3.1M	$7.6M	10x	as long as short
Hyperliquid ZEC	+0.0100%	1h	1,494.7	−0.020%	$780.8M	$444.5M	10x	as long as short
Aster ZECUSDT	+0.0100%	8h	1,493.3	−0.116%	$14.0M	$31.1M	75x	as long as short
Pacifica ZEC	+0.0100%	1h	1,495.9	+0.059%	$1.7M	$2.4M	10x	as long as short
Binance ZECUSDT	+0.0100%	8h	1,493	−0.132%	$698.8M	$2.32B	75x	as long as short
Bybit ZECUSDT	+0.0100%	8h	1,493	−0.136%	$268.2M	$623.2M	75x	as long as short
OKX ZEC-USDT-SWAP	+0.0100%	8h	1,492.8	−0.147%	$183.9M	$1.34B	50x	as long as short
Gate ZEC_USDT	+0.0100%	8h	1,492.9	−0.141%	$55.9M	$184.0M	75x	as long as short
MEXC ZEC_USDT	+0.0100%	8h	1,493.2	−0.120%	$236.9M	$797.0M	150x	as long as short
KuCoin ZECUSDTMshort	+0.0100%	8h	1,493.4	−0.110%	$102.8M	$57.2M	75x
Bitget ZECUSDT	+0.0100%	8h	1,493.2	−0.118%	$161.3M	$290.2M	75x	as long as short
BingX ZEC-USDT	+0.0100%	8h	1,493.6	−0.094%	—	$118.4M	—	as long as short
Variational Omni ZEC	+0.0100%	8h	1,495.9	+0.058%	$48.8M	$34.7M	—	as long as short
edgeX ZECUSDC	+0.0100%	4h	1,496.6	+0.106%	$573K	$9.0M	20x	as long as short
GRVT ZEC_USDT_Perp	+0.0100%	8h	1,503.3	+0.556%	$3.1M	$507K	10x	as long as short
ApeX Omni ZECUSDT	+0.0100%	1h	1,495.2	+0.014%	$412K	$947K	50x	as long as short
StandX ZEC-USD	+0.0100%	1h	1,496	+0.064%	$56K	$4.6M	30x	as long as short
Polymarket Perps ZEC-USD	+0.0100%	1h	1,494.2	−0.054%	$357K	$1.7M	10x	as long as short
Bullet ZEC-USD	+0.0100%	1h	1,493.8	−0.079%	$164K	$184K	20x	as long as short
Derive ZEC-PERP	+0.0100%	1h	1,492.5	−0.170%	$456K	$489K	6.7x	as long as short
SunX ZEC-USDT	+0.0100%	8h	1,496.7	+0.116%	$3K	$1.2M	20x	as long as short
SoDEX ZEC-USD	+0.0100%	1h	1,493.5	−0.103%	$253K	$3.5M	10x	as long as short
HTX ZEC-USDT	+0.0100%	8h	1,493.3	−0.116%	$2.7M	$20.7M	75x	as long as short
Phemex ZECUSDT	+0.0100%	8h	1,493.7	−0.088%	$4.0M	$4.9M	50x	as long as short
Extended ZEC-USD	+0.0104%	1h	1,493.5	−0.100%	$2.8M	$7.9M	10x	as long as short
Aevo ZEC-PERP	+0.0104%	1h	1,493.3	−0.116%	$43K	$151K	20x	as long as short
01 Exchange ZECUSD	+0.0112%	1h	1,495	+0.001%	$8K	$6K	5x	as long as short
RISEx ZEC/USDC	+0.0128%	1h	1,495.1	+0.004%	$941K	$1.1M	10x	as long as short
Lighter RH ZEC	+0.0128%	1h	1,494.6	−0.024%	$2.1M	$7.4M	10x	as long as short
GMX ZEC/USD [WBTC.b-USDC]	L +0.0146% / S −0.0154%	1h	1,493.3	−0.113%	$360K	—	100x	as long as short
Lighter ZEC	+0.0200%	1h	1,495.1	+0.008%	$19.8M	$45.5M	20x	as long as short
Arcus ZEC-USD	+0.0403%	1h	1,496	+0.064%	$612K	$8.8M	10x	as long as short
Coinbase International ZEC-PERP-INTXlong	+0.0416%	1h	1,495	long leg	$3.7M	$10.1M	50x
Backpack ZEC_USDC_PERP	+0.0548%	1h	1,494	−0.068%	$2.3M	$3.9M	15x	as long as short