Funding arb · Price arb /

ZEC

all ZEC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0348%/8h= −38.1% APRpaid last 24h −0.074%

Price spread now: SunX against Coinbase International+0.106%7-day average −0.024% · you sell dearer than you buy

Net, funding: paid 7d − costs−$131as in the Funding arb table

Net, price: spread back to 7d avg − costs−$129as in the Price arb table

costs, in and out, $10k−$1421.424% of the position

Long on Coinbase International Short on SunX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.110%+$11 on $10k

Price spread, last 4 days (all we have)−0.492%−$49 · spread now +0.106%, 7d avg −0.024%

Together, before fees−0.382%−$38 on $10k · with fees, hour by hour

The price spread pays, funding is against you. SunX is 0.130% dearer against Coinbase International than usual: you sell high and buy low (spread +0.106% now, against its 7-day average of −0.024%): +$13 on $10k if it goes back. Holding the pair costs −$10 a day in funding at the current rate, which eats that in about 30 hours. Mind the row above: over the last 7 days funding on this pair paid +0.110%, so the current rate has only just turned against you.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.110% in total (about 5.8% 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	1,462.6	0.0448	pay 0.0056% / 1h	18m 36s	$3.8M	$9.1M	50x
Short	SunX ZEC-USDT	1,464.2	0.0100	get 0.0100% / 8h	4h 18m	$3K	$1.1M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX 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 SunXbpOrdersPrice spread, now +0.106%Rate

Funding earned: −$73.08
Price spread: +0.106% → −0.024%: $13
Slippage, 4 orders: −$124.4
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee SunX: 4 bp × 2 orders: −$8
Net: −$202.48
Costs to cover: 1.424%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 5 min ago; SunX: live order book, 5 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, 5 min ago	2.73 bp	12.4 bp −$12	15.9 bp −$159	48.1 bp −$4,810	doesn't fit
Sell SunX live order book, 5 min ago	29.03 bp	67.7 bp −$68	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 PERP	−0.3166%	1h	1,462.9	+0.016%	$34K	$272K	12x	as long as short
Hotstuff ZEC-PERP	−0.0080%	1h	1,459.6	−0.208%	$6K	$1K	10x	as long as short
BloFin ZEC-USDT	−0.0069%	8h	1,461.4	−0.080%	$29.4M	$71.1M	75x	as long as short
dYdX ZEC-USD	0.0000%	1h	1,459.7	−0.196%	$411K	$38K	5x	as long as short
Kalshi KXZECPERP	0.0000%	8h	1,462.7	+0.009%	$1.5M	$4.4M	2.2x	as long as short
Perpl ZEC	0.0000%	43m	1,461.9	−0.046%	$84K	$240K	10x	as long as short
gTrade (Gains Network) ZEC/USD	L +0.0007% / S −0.0006%	1h	1,462	−0.045%	$5.2M	—	150x	as long as short
Orderly PERP_ZEC_USDC	+0.0063%	8h	1,461.9	−0.052%	$292K	$952K	20x	as long as short
GMX ZEC/USD [WBTC.b-USDC]	L +0.0069% / S −0.0020%	1h	1,461.9	−0.047%	$410K	—	100x	as long as short
01 Exchange ZECUSD	+0.0080%	1h	1,459.4	−0.221%	$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	1,459.3	−0.224%	$173K	$1.7M	50x	as long as short
Katana Perps ZEC-USD	+0.0100%	8h	1,459.4	−0.222%	$11K	$857K	10x	as long as short
Paradex ZEC-USD-PERP	+0.0100%	8h	1,459	−0.246%	$60K	$43K	10x	as long as short
Nado ZEC-PERP	+0.0100%	1h	1,462.6	0.000%	$2.9M	$6.6M	10x	as long as short
Hyperliquid ZEC	+0.0100%	1h	1,460.3	−0.158%	$759.1M	$431.8M	10x	as long as short
Aster ZECUSDT	+0.0100%	8h	1,459	−0.250%	$14.5M	$28.0M	75x	as long as short
Pacifica ZEC	+0.0100%	1h	1,459.1	−0.239%	$1.7M	$2.4M	10x	as long as short
Binance ZECUSDT	+0.0100%	8h	1,459.3	−0.225%	$670.7M	$2.21B	75x	as long as short
Bybit ZECUSDT	+0.0100%	8h	1,458.8	−0.258%	$262.1M	$602.5M	75x	as long as short
OKX ZEC-USDT-SWAP	+0.0100%	8h	1,459.2	−0.235%	$178.0M	$1.23B	50x	as long as short
Ondo Perps ZEC-USD.P	+0.0100%	1h	1,461	−0.110%	$397K	$443K	5x	as long as short
Bulk ZEC-USD	+0.0100%	1h	1,457.2	−0.369%	$880K	$18K	10x	as long as short
Gate ZEC_USDT	+0.0100%	8h	1,458.9	−0.257%	$50.6M	$174.7M	75x	as long as short
MEXC ZEC_USDT	+0.0100%	8h	1,458.8	−0.264%	$214.6M	$773.8M	150x	as long as short
KuCoin ZECUSDTM	+0.0100%	8h	1,458.7	−0.269%	$102.4M	$53.9M	75x	as long as short
Bitget ZECUSDT	+0.0100%	8h	1,459	−0.247%	$166.0M	$271.1M	75x	as long as short
BingX ZEC-USDT	+0.0100%	8h	1,459	−0.246%	—	$105.5M	—	as long as short
Variational Omni ZEC	+0.0100%	8h	1,460.3	−0.158%	$47.9M	$32.7M	—	as long as short
edgeX ZECUSDC	+0.0100%	4h	1,460.8	−0.124%	$569K	$8.6M	20x	as long as short
GRVT ZEC_USDT_Perp	+0.0100%	8h	1,462.4	−0.015%	$3.0M	$437K	10x	as long as short
ApeX Omni ZECUSDT	+0.0100%	1h	1,461.2	−0.095%	$406K	$938K	50x	as long as short
StandX ZEC-USD	+0.0100%	1h	1,462	−0.043%	$49K	$4.7M	30x	as long as short
Polymarket Perps ZEC-USD	+0.0100%	1h	1,461.8	−0.055%	$366K	$1.8M	10x	as long as short
Bullet ZEC-USD	+0.0100%	1h	1,461.8	−0.054%	$161K	$185K	20x	as long as short
Derive ZEC-PERP	+0.0100%	1h	1,461	−0.111%	$446K	$521K	6.7x	as long as short
SunX ZEC-USDTshort	+0.0100%	8h	1,464.2	+0.106%	$3K	$1.1M	20x
SoDEX ZEC-USD	+0.0100%	1h	1,461.8	−0.054%	$234K	$3.4M	10x	as long as short
HTX ZEC-USDT	+0.0100%	8h	1,460.8	−0.122%	$2.7M	$18.4M	75x	as long as short
Phemex ZECUSDT	+0.0100%	8h	1,461.7	−0.066%	$3.8M	$5.1M	50x	as long as short
Extended ZEC-USD	+0.0104%	1h	1,458.9	−0.255%	$2.8M	$7.7M	10x	as long as short
Aevo ZEC-PERP	+0.0104%	1h	1,462	−0.040%	$47K	$151K	20x	as long as short
Backpack ZEC_USDC_PERP	+0.0110%	1h	1,461.6	−0.067%	$2.4M	$3.8M	15x	as long as short
Deribit ZEC_USDC-PERPETUAL	+0.0112%	1h	1,462.6	−0.004%	$617K	$1.3M	25x	as long as short
Phoenix ZEC	+0.0123%	1h	1,462.1	−0.036%	$4.6M	$1.3M	10x	as long as short
Lighter ZEC	+0.0272%	1h	1,460.1	−0.173%	$19.2M	$46.0M	20x	as long as short
Kraken Futures PF_ZECUSD	+0.0276%	1h	1,461.6	−0.066%	$18.1M	$45.0M	25x	as long as short
Lighter RH ZEC	+0.0392%	1h	1,460	−0.178%	$2.1M	$7.0M	10x	as long as short
RISEx ZEC/USDC	+0.0412%	1h	1,459.2	−0.231%	$924K	$1.1M	10x	as long as short
Coinbase International ZEC-PERP-INTXlong	+0.0448%	1h	1,462.6	long leg	$3.8M	$9.1M	50x
Arcus ZEC-USD	+0.0626%	1h	1,460.2	−0.165%	$684K	$8.3M	10x	as long as short
Aftermath Perps ZECUSD	+0.0682%	1h	1,461	−0.111%	$45K	$49K	10x	as long as short