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Funding arb · Price arb /

ZEC

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Alert: funding
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Alert: spread
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Funding you earn now, next payment 04:00 UTC+0.0178%/8h= +19.5% APRnext payment +$0.22 per $10,000 · paid last 24h −0.073%
Price spread now: Kraken Futures against Hyperliquid−0.227%50s7-day average +0.010% · you buy dearer than you sell
Net, funding: paid 7d − costs−$81as in the Funding arb table
Net, price: spread back to 7d avg − costs—prices read too far apart to compare
costs, in and out, $10k−$310.308% of the position
Long on HyperliquidShort on Kraken Futures
What this pair did over the last
the charts below follow
Funding, last 7 days−0.499%−$50 on $10k
Price spread, last 4 days (all we have)+0.918%+$92 · spread now −0.227%, 7d avg +0.010%
Together, before fees+0.419%+ Points / potential airdropHyperliquid: Season 2 · farm board+$42 on $10k · with fees, hour by hour
Funding pays, the price is against you. Kraken Futures is 0.237% cheaper against Hyperliquid than usual: you would sell low and buy high (spread −0.227% now, against its 7-day average of +0.010%). If the spread goes back, that is −$24 on $10k: about 4.4 days of funding at the current rate (+$5 a day). Mind the row above: over the last 7 days funding on this pair cost −0.499%, so the current rate has only just turned in your favour. The two prices were read 50 seconds apart, so part of this spread may be the market moving, not a spread.
LegExchangePriceFunding /8hEach paymentNext inOIVol 24hMax lev
LongHyperliquid ZEC1,453.80.0100pay 0.0013% / 1h40m 33s$756.1M$435.0M10x
ShortKraken Futures PF_ZECUSD1,450.50.0278get 0.0035% / 1h40m 33s$18.0M$44.9M25x

Funding history

latest
Range statsloading…

Price spread between the two exchanges

Kraken Futures against Hyperliquid. Falling: the short leg gains. Rising: it loses.
latest
Price spreadloading…

Funding on every exchange

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latest
How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Funding earned
$37.42
Price spread: −0.227% → +0.010%
−$23.72
Slippage, 4 orders
−$11.82
Fee Hyperliquid: 4.5 bp × 2 orders
−$9
Fee Kraken Futures: 5 bp × 2 orders
−$10
Net
−$17.12
Costs to cover
0.308%
Break-even
10.2 days
Slippage from Hyperliquid: live order book, 4 min ago; Kraken Futures: live order book, 4 min ago.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again
LegHalf-spread$10k$100k$1M$5M
Buy Hyperliquid live order book, 4 min ago0.34 bp5.2 bp −$58.0 bp −$80doesn't fitdoesn't fit
Sell Kraken Futures live order book, 4 min ago2.90 bp9.4 bp −$913.3 bp −$13324.5 bp −$2,449106.0 bp −$53.0K

ZEC on 51 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
Injective ZEC/USDC PERP−0.3166%1h1,450−0.262%$33K$272K12xas long as short
Hotstuff ZEC-PERP−0.0080%1h1,453.3−0.036%$6K$1K10xas long as short
BloFin ZEC-USDT−0.0070%8h1,451.3−0.171%$29.2M$70.6M75xas long as short
dYdX ZEC-USD0.0000%1h1,452.5−0.091%$409K$40K5xas long as short
Kalshi KXZECPERP0.0000%8h1,450.1−0.251%$1.5M$4.4M2.2xas long as short
Perpl ZEC0.0000%43m1,453−0.056%$83K$240K10xas long as short
gTrade (Gains Network) ZEC/USDL +0.0007% / S −0.0006%1h1,450−0.263%$5.1M—150xas long as short
Orderly PERP_ZEC_USDC+0.0060%8h1,450.2−0.248%$290K$957K20xas long as short
GMX ZEC/USD [WBTC.b-USDC]L +0.0065% / S −0.0016%1h1,449.9−0.268%$407K—100xas long as short
01 Exchange ZECUSD+0.0072%1h1,452.9−0.059%$8K$7K5xas long as short
Show all 51 venues
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
Popdex ZECUSDT+0.0096%1h1,452.7−0.074%$174K$1.7M50xas long as short
Katana Perps ZEC-USD+0.0100%8h1,452.1−0.120%$11K$872K10xas long as short
Paradex ZEC-USD-PERP+0.0100%8h1,453−0.057%$60K$43K10xas long as short
Nado ZEC-PERP+0.0100%1h1,453−0.057%$2.5M$6.3M10xas long as short
Hyperliquid ZEClong+0.0100%1h1,453.8long leg$756.1M$435.0M10x
Aster ZECUSDT+0.0100%8h1,452.7−0.074%$14.4M$27.7M75xas long as short
Pacifica ZEC+0.0100%1h1,453−0.054%$1.6M$2.4M10xas long as short
Binance ZECUSDT+0.0100%8h1,452.8−0.066%$666.8M$2.22B75xas long as short
Bybit ZECUSDT+0.0100%8h1,452.3−0.102%$261.2M$602.8M75xas long as short
OKX ZEC-USDT-SWAP+0.0100%8h1,452.6−0.080%$177.4M$1.22B50xas long as short
Ondo Perps ZEC-USD.P+0.0100%1h1,448.7−0.351%$394K$444K5xas long as short
Bulk ZEC-USD+0.0100%1h1,450.7−0.213%$875K$29K10xas long as short
Gate ZEC_USDT+0.0100%8h1,452.7−0.074%$50.0M$173.1M75xas long as short
MEXC ZEC_USDT+0.0100%8h1,452.9−0.065%$216.4M$769.9M150xas long as short
KuCoin ZECUSDTM+0.0100%8h1,452.8−0.069%$102.2M$54.8M75xas long as short
Bitget ZECUSDT+0.0100%8h1,452.9−0.063%$165.0M$273.7M75xas long as short
BingX ZEC-USDC+0.0100%8h1,452.2−0.113%—$6.7M—as long as short
Backpack ZEC_USDC_PERP+0.0100%1h1,451.9−0.133%$2.4M$3.9M15xas long as short
Variational Omni ZEC+0.0100%8h1,449.4−0.301%$47.5M$32.8M—as long as short
edgeX ZECUSDC+0.0100%4h1,450.6−0.220%$565K$8.6M20xas long as short
GRVT ZEC_USDT_Perp+0.0100%8h1,450.6−0.222%$3.0M$437K10xas long as short
ApeX Omni ZECUSDT+0.0100%1h1,449.9−0.269%$403K$921K50xas long as short
StandX ZEC-USD+0.0100%1h1,450.2−0.246%$49K$4.7M30xas long as short
Polymarket Perps ZEC-USD+0.0100%1h1,452.3−0.103%$366K$1.8M10xas long as short
Bullet ZEC-USD+0.0100%1h1,452.7−0.074%$160K$185K20xas long as short
Derive ZEC-PERP+0.0100%1h1,449.1−0.323%$442K$521K6.7xas long as short
SunX ZEC-USDT+0.0100%8h1,452.4−0.095%$3K$1.2M20xas long as short
SoDEX ZEC-USD+0.0100%1h1,450.4−0.234%$232K$3.4M10xas long as short
HTX ZEC-USDT+0.0100%8h1,450−0.264%$2.6M$18.2M75xas long as short
Phemex ZECUSDT+0.0100%8h1,451−0.192%$3.8M$5.1M50xas long as short
Extended ZEC-USD+0.0104%1h1,452.6−0.082%$2.8M$7.7M10xas long as short
Aevo ZEC-PERP+0.0104%1h1,449.7−0.284%$47K$151K20xas long as short
Phoenix ZEC+0.0123%1h1,450.5−0.230%$4.6M$1.3M10xas long as short
Deribit ZEC_USDC-PERPETUAL+0.0278%1h1,450.9−0.202%$609K$1.3M25xas long as short
Kraken Futures PF_ZECUSDshort+0.0278%1h1,450.5−0.227%$18.0M$44.9M25x
Lighter ZEC+0.0328%1h1,454.3+0.033%$19.1M$45.9M20xas long as short
RISEx ZEC/USDC+0.0412%1h1,452.9−0.060%$920K$1.1M10xas long as short
Coinbase International ZEC-PERP-INTX+0.0448%1h1,452.2−0.113%$3.8M$9.0M50xas long as short
Lighter RH ZEC+0.0480%1h1,454.8+0.067%$2.0M$6.9M10xas long as short
Arcus ZEC-USD+0.0626%1h1,450.8−0.209%$738K$8.3M10xas long as short
Aftermath Perps ZECUSD+0.0675%1h1,450.9−0.202%$44K$49K10xas long as short