Funding arb · Price arb /

ZEC

all ZEC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h −0.030%

Price spread now: Kalshi against Derive+0.151%66s7-day average +0.091% · you sell dearer than you buy

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

Long on Derive Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 7 days−0.165%−$17 on $10k

Price spread, last 4 days (all we have)−1.425%−$142 · spread now +0.151%, 7d avg +0.091%

Together, before fees−1.590%−$159 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Kalshi is 0.060% dearer against Derive than usual: you sell high and buy low (spread +0.151% now, against its 7-day average of +0.091%): +$6 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 2.0 days. The two prices were read 66 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	Derive ZEC-PERP	1,511.3	0.0100	pay 0.0013% / 1h	42m 19s	$451K	$408K	6.7x
Short	Kalshi KXZECPERP	1,513.6	0	get 0.0000% / 8h	3h 42m	$1.6M	$5.0M	2.2x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against Derive. 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 DerivebpFee KalshibpOrdersPrice spread, now +0.151%Rate

Funding earned: −$21
Price spread: +0.151% → +0.091%: $6
Slippage, 4 orders: no order book: not counted
Fee Derive: 3 bp × 2 orders: −$6
Fee Kalshi: 5 bp × 2 orders: −$10
Net: −$31
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: Derive: no order-book sample; Kalshi: live order book, 1 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 Derive no order-book sample	—	—	—	—	—
Sell Kalshi live order book, 1 min ago	6.64 bp	11.6 bp −$12	17.1 bp −$171	doesn't fit	doesn't fit

Derive: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.3702%	1h	1,500.6	−0.707%	$37K	$275K	12x	as long as short
Perpl ZEC	−0.0447%	43m	1,513	+0.115%	$62K	$305K	10x	as long as short
BloFin ZEC-USDT	−0.0157%	8h	1,514.5	+0.213%	$31.7M	$77.1M	75x	as long as short
Aftermath Perps ZECUSD	−0.0140%	1h	1,514.1	+0.188%	$48K	$58K	10x	as long as short
Bulk ZEC-USD	−0.0101%	1h	1,517.9	+0.436%	$781K	$147K	10x	as long as short
Hotstuff ZEC-PERP	−0.0080%	1h	1,512.2	+0.057%	$6K	$1K	10x	as long as short
ApeX Omni ZECUSDT	−0.0022%	1h	1,512.6	+0.088%	$415K	$952K	50x	as long as short
dYdX ZEC-USD	0.0000%	1h	1,513.5	+0.145%	$420K	$34K	5x	as long as short
Kalshi KXZECPERPshort	0.0000%	8h	1,513.6	+0.151%	$1.6M	$5.0M	2.2x
gTrade (Gains Network) ZEC/USD	L +0.0007% / S −0.0006%	1h	1,512.5	+0.081%	$5.4M	—	150x	as long as short

Show all 51 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Kraken Futures PF_ZECUSD	+0.0019%	1h	1,514.6	+0.216%	$18.4M	$47.8M	25x	as long as short
01 Exchange ZECUSD	+0.0024%	1h	1,513.6	+0.151%	$8K	$6K	5x	as long as short
Gate ZEC_USDT	+0.0078%	8h	1,512.3	+0.068%	$60.3M	$184.0M	75x	as long as short
Phoenix ZEC	+0.0082%	1h	1,512.4	+0.075%	$4.8M	$1.4M	10x	as long as short
Orderly PERP_ZEC_USDC	+0.0084%	8h	1,512.3	+0.063%	$305K	$861K	20x	as long as short
Lighter ZEC	+0.0096%	1h	1,514.6	+0.215%	$19.6M	$44.7M	20x	as long as short
Lighter RH ZEC	+0.0096%	1h	1,514.6	+0.217%	$2.1M	$7.5M	10x	as long as short
Popdex ZECUSDT	+0.0096%	1h	1,513.2	+0.125%	$172K	$1.8M	50x	as long as short
Paradex ZEC-USD-PERP	+0.0100%	8h	1,514.1	+0.185%	$62K	$19K	10x	as long as short
Katana Perps ZEC-USD	+0.0100%	8h	1,513	+0.114%	$16K	$902K	10x	as long as short
Nado ZEC-PERP	+0.0100%	1h	1,513.6	+0.155%	$3.1M	$7.7M	10x	as long as short
Hyperliquid ZEC	+0.0100%	1h	1,513.8	+0.165%	$792.5M	$448.9M	10x	as long as short
Aster ZECUSDT	+0.0100%	8h	1,512.3	+0.064%	$14.2M	$30.9M	75x	as long as short
Pacifica ZEC	+0.0100%	1h	1,514.2	+0.193%	$1.7M	$2.4M	10x	as long as short
Binance ZECUSDT	+0.0100%	8h	1,512.6	+0.088%	$715.1M	$2.33B	75x	as long as short
Bybit ZECUSDT	+0.0100%	8h	1,512	+0.045%	$271.9M	$628.6M	75x	as long as short
OKX ZEC-USDT-SWAP	+0.0100%	8h	1,512.5	+0.077%	$185.6M	$1.38B	50x	as long as short
Ondo Perps ZEC-USD.P	+0.0100%	1h	1,511.6	+0.020%	$413K	$546K	5x	as long as short
Arcus ZEC-USD	+0.0100%	1h	1,514.1	+0.185%	$599K	$9.0M	10x	as long as short
MEXC ZEC_USDT	+0.0100%	8h	1,512.8	+0.099%	$407.7M	$830.7M	150x	as long as short
KuCoin ZECUSDTM	+0.0100%	8h	1,513.2	+0.123%	$103.4M	$57.4M	75x	as long as short
Bitget ZECUSDT	+0.0100%	8h	1,512.3	+0.065%	$163.9M	$295.1M	75x	as long as short
BingX ZEC-USDC	+0.0100%	8h	1,512.1	+0.049%	—	$6.7M	—	as long as short
Variational Omni ZEC	+0.0100%	8h	1,515.2	+0.255%	$50.2M	$36.0M	—	as long as short
edgeX ZECUSDC	+0.0100%	4h	1,512.9	+0.103%	$558K	$9.2M	20x	as long as short
GRVT ZEC_USDT_Perp	+0.0100%	8h	1,512.3	+0.068%	$3.1M	$530K	10x	as long as short
StandX ZEC-USD	+0.0100%	1h	1,514.1	+0.185%	$51K	$4.6M	30x	as long as short
Polymarket Perps ZEC-USD	+0.0100%	1h	1,513.6	+0.152%	$376K	$1.7M	10x	as long as short
Bullet ZEC-USD	+0.0100%	1h	1,512.7	+0.093%	$169K	$194K	20x	as long as short
Derive ZEC-PERPlong	+0.0100%	1h	1,511.3	long leg	$451K	$408K	6.7x
SunX ZEC-USDT	+0.0100%	8h	1,514.8	+0.233%	$3K	$1.2M	20x	as long as short
SoDEX ZEC-USD	+0.0100%	1h	1,513.8	+0.162%	$256K	$3.6M	10x	as long as short
HTX ZEC-USDT	+0.0100%	8h	1,512.8	+0.100%	$2.7M	$21.3M	75x	as long as short
Phemex ZECUSDT	+0.0100%	8h	1,514.8	+0.232%	$4.0M	$4.9M	50x	as long as short
Extended ZEC-USD	+0.0104%	1h	1,513.3	+0.135%	$2.8M	$8.0M	10x	as long as short
Aevo ZEC-PERP	+0.0104%	1h	1,512.5	+0.080%	$45K	$153K	20x	as long as short
GMX ZEC/USD [WBTC.b-USDC]	L +0.0156% / S −0.0159%	1h	1,512.2	+0.058%	$336K	—	100x	as long as short
RISEx ZEC/USDC	+0.0157%	1h	1,513.6	+0.152%	$965K	$1.1M	10x	as long as short
Deribit ZEC_USDC-PERPETUAL	+0.0217%	1h	1,514.6	+0.221%	$692K	$1.4M	25x	as long as short
Coinbase International ZEC-PERP-INTX	+0.0368%	1h	1,514.4	+0.207%	$3.8M	$10.0M	50x	as long as short
Backpack ZEC_USDC_PERP	+0.0506%	1h	1,515	+0.244%	$2.4M	$3.8M	15x	as long as short