Funding arb · Price arb /

ZEC

all ZEC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0036%/8h= −3.9% APRpaid last 24h −0.026%

Price spread now: Orderly against GMX+0.022%7-day average −0.017% · you sell dearer than you buy

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

Long on GMX Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.020%−$2 on $10k

Price spread, last 4 days (all we have)+0.084%+$8 · spread now +0.022%, 7d avg −0.017%

Together, before fees+0.064%+$6 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Orderly is 0.039% dearer against GMX than usual: you sell high and buy low (spread +0.022% now, against its 7-day average of −0.017%): +$4 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 3.6 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX ZEC/USD [WBTC.b-USDC]	1,472.6	L +0.0098% / S −0.0052%	pay 0.0012% / 1h	29m 57s	$439K	—	100x
Short	Orderly PERP_ZEC_USDC	1,472.9	0.0062	get 0.0062% / 8h	2h 29m	$294K	$896K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly against GMX. 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 GMXbpFee OrderlybpOrdersPrice spread, now +0.022%Rate

Funding earned: −$7.57
Price spread: +0.022% → −0.017%: $3.92
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$21.64
Costs to cover: 0.180%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; Orderly: no order-book sample. 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 GMX no order-book sample	—	—	—	—	—
Sell Orderly no order-book sample	—	—	—	—	—

GMX and Orderly: 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	−0.3243%	1h	1,473.3	+0.047%	$34K	$272K	12x	as long as short
Hotstuff ZEC-PERP	−0.0080%	1h	1,470.4	−0.147%	$6K	$1K	10x	as long as short
BloFin ZEC-USDT	−0.0079%	8h	1,472.6	+0.003%	$29.9M	$71.2M	75x	as long as short
dYdX ZEC-USD	0.0000%	1h	1,473.8	+0.085%	$410K	$37K	5x	as long as short
Kalshi KXZECPERP	0.0000%	8h	1,473.8	+0.079%	$1.5M	$4.4M	2.2x	as long as short
Perpl ZEC	0.0000%	43m	1,473	+0.028%	$84K	$239K	10x	as long as short
gTrade (Gains Network) ZEC/USD	L +0.0007% / S −0.0006%	1h	1,472.9	+0.021%	$5.2M	—	150x	as long as short
Orderly PERP_ZEC_USDCshort	+0.0062%	8h	1,472.9	+0.022%	$294K	$896K	20x
01 Exchange ZECUSD	+0.0064%	1h	1,473	+0.030%	$8K	$7K	5x	as long as short
Deribit ZEC_USDC-PERPETUAL	+0.0088%	1h	1,473.4	+0.056%	$620K	$1.3M	25x	as long as short

Show all 51 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit ZECUSDT	+0.0090%	8h	1,475.8	+0.220%	$262.4M	$589.1M	75x	as long as short
Phoenix ZEC	+0.0092%	1h	1,470.9	−0.115%	$4.7M	$1.3M	10x	as long as short
Popdex ZECUSDT	+0.0096%	1h	1,472.6	0.000%	$174K	$1.6M	50x	as long as short
GMX ZEC/USD [WBTC.b-USDC]long	L +0.0098% / S −0.0052%	1h	1,472.6	long leg	$439K	—	100x
Katana Perps ZEC-USD	+0.0100%	8h	1,472.1	−0.035%	$13K	$812K	10x	as long as short
Paradex ZEC-USD-PERP	+0.0100%	8h	1,473.3	+0.048%	$61K	$43K	10x	as long as short
Nado ZEC-PERP	+0.0100%	1h	1,473.4	+0.052%	$2.9M	$6.3M	10x	as long as short
Hyperliquid ZEC	+0.0100%	1h	1,477.2	+0.313%	$769.0M	$419.3M	10x	as long as short
Aster ZECUSDT	+0.0100%	8h	1,476.2	+0.248%	$14.5M	$28.0M	75x	as long as short
Pacifica ZEC	+0.0100%	1h	1,473.3	+0.047%	$1.7M	$2.4M	10x	as long as short
Binance ZECUSDT	+0.0100%	8h	1,476.3	+0.255%	$682.0M	$2.16B	75x	as long as short
OKX ZEC-USDT-SWAP	+0.0100%	8h	1,475.8	+0.217%	$179.6M	$1.22B	50x	as long as short
Ondo Perps ZEC-USD.P	+0.0100%	1h	1,466.9	−0.386%	$399K	$430K	5x	as long as short
Bulk ZEC-USD	+0.0100%	1h	1,472.4	−0.012%	$889K	$15K	10x	as long as short
Gate ZEC_USDT	+0.0100%	8h	1,476.1	+0.237%	$53.6M	$171.3M	75x	as long as short
MEXC ZEC_USDT	+0.0100%	8h	1,476	+0.234%	$223.8M	$763.0M	150x	as long as short
KuCoin ZECUSDTM	+0.0100%	8h	1,476.6	+0.273%	$103.8M	$52.5M	75x	as long as short
Bitget ZECUSDT	+0.0100%	8h	1,476.5	+0.266%	$167.2M	$267.8M	75x	as long as short
BingX ZEC-USDC	+0.0100%	8h	1,475.6	+0.205%	—	$6.7M	—	as long as short
Variational Omni ZEC	+0.0100%	8h	1,471.5	−0.076%	$48.3M	$32.4M	—	as long as short
edgeX ZECUSDC	+0.0100%	4h	1,469	−0.243%	$555K	$8.5M	20x	as long as short
GRVT ZEC_USDT_Perp	+0.0100%	8h	1,472.2	−0.024%	$3.0M	$455K	10x	as long as short
ApeX Omni ZECUSDT	+0.0100%	1h	1,470.8	−0.122%	$407K	$926K	50x	as long as short
StandX ZEC-USD	+0.0100%	1h	1,471.7	−0.058%	$49K	$4.6M	30x	as long as short
Polymarket Perps ZEC-USD	+0.0100%	1h	1,472.2	−0.026%	$361K	$1.7M	10x	as long as short
Bullet ZEC-USD	+0.0100%	1h	1,472.8	+0.012%	$162K	$186K	20x	as long as short
Derive ZEC-PERP	+0.0100%	1h	1,471.8	−0.051%	$449K	$506K	6.7x	as long as short
SunX ZEC-USDT	+0.0100%	8h	1,475.2	+0.179%	$3K	$1.1M	20x	as long as short
SoDEX ZEC-USD	+0.0100%	1h	1,473	+0.025%	$236K	$3.2M	10x	as long as short
HTX ZEC-USDT	+0.0100%	8h	1,471.6	−0.071%	$2.7M	$18.3M	75x	as long as short
Phemex ZECUSDT	+0.0100%	8h	1,473.2	+0.039%	$3.9M	$4.8M	50x	as long as short
Extended ZEC-USD	+0.0104%	1h	1,476.3	+0.249%	$2.8M	$7.8M	10x	as long as short
Aevo ZEC-PERP	+0.0104%	1h	1,472.9	+0.021%	$46K	$152K	20x	as long as short
Lighter RH ZEC	+0.0128%	1h	1,474.4	+0.124%	$2.1M	$7.1M	10x	as long as short
Kraken Futures PF_ZECUSD	+0.0146%	1h	1,472.7	+0.004%	$18.0M	$45.6M	25x	as long as short
RISEx ZEC/USDC	+0.0154%	1h	1,473.1	+0.035%	$930K	$1.1M	10x	as long as short
Lighter ZEC	+0.0192%	1h	1,474.8	+0.148%	$19.5M	$44.0M	20x	as long as short
Backpack ZEC_USDC_PERP	+0.0378%	1h	1,475	+0.162%	$2.4M	$3.7M	15x	as long as short
Coinbase International ZEC-PERP-INTX	+0.0496%	1h	1,475.5	+0.195%	$3.8M	$9.2M	50x	as long as short
Arcus ZEC-USD	+0.0508%	1h	1,474.2	+0.109%	$663K	$8.1M	10x	as long as short
Aftermath Perps ZECUSD	+0.0695%	1h	1,470.6	−0.136%	$45K	$49K	10x	as long as short