Funding arb · Price arb /

ZEC

all ZEC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.3525%/8h= +386.0% APRpaid last 24h +0.757%

Price spread now: Orderly against Injective+1.070%58s7-day average −0.040% · you sell dearer than you buy

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

Long on Injective Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 7 days+2.187%+$219 on $10k

Price spread, last 4 days (all we have)−1.006%−$101 · spread now +1.070%, 7d avg −0.040%

Together, before fees+1.181%+$118 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$106 a day on $10k at the current rate, and Orderly is 1.111% dearer against Injective than usual: you sell high and buy low: +$111 more if the spread goes back to its 7-day average of −0.040%. The two prices were read 58 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 2.187% in total (about 114.1% 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	Injective ZEC/USDC PERP	1,478.8	−0.3442	get 0.0430% / 1h	21m 47s	$36K	$275K	12x
Short	Orderly PERP_ZEC_USDC	1,494.7	0.0084	get 0.0084% / 8h	21m 47s	$301K	$864K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly against Injective. 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 InjectivebpFee OrderlybpOrdersPrice spread, now +1.070%Rate

Funding earned: $740.29
Price spread: +1.070% → −0.040%: $111.06
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Orderly: 3 bp × 2 orders: −$6
Net: $845.32
Costs to cover: 0.060%
Break-even: from the start

Slippage unknown: Injective: live order book, 17 min ago; 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 Injective live order book, 17 min ago	63.85 bp	492043.8 bp −$492.0K	4976718.0 bp −$49.77M	49523820.0 bp −$4952.38M	246762416.0 bp −$123381.21M
Sell Orderly no order-book sample	—	—	—	—	—

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 PERPlong	−0.3442%	1h	1,478.8	long leg	$36K	$275K	12x
Perpl ZEC	−0.0447%	43m	1,493	+0.956%	$61K	$303K	10x	as long as short
BloFin ZEC-USDT	−0.0144%	8h	1,494.6	+1.068%	$31.1M	$75.5M	75x	as long as short
Aftermath Perps ZECUSD	−0.0105%	1h	1,494.3	+1.050%	$48K	$58K	10x	as long as short
Hotstuff ZEC-PERP	−0.0080%	1h	1,494.6	+1.065%	$6K	$1K	10x	as long as short
Bulk ZEC-USD	−0.0053%	1h	1,491.1	+0.833%	$858K	$48K	10x	as long as short
dYdX ZEC-USD	0.0000%	1h	1,494.9	+1.090%	$415K	$34K	5x	as long as short
Kalshi KXZECPERP	0.0000%	8h	1,495.1	+1.098%	$1.5M	$4.4M	2.2x	as long as short
gTrade (Gains Network) ZEC/USD	L +0.0007% / S −0.0006%	1h	1,494.2	+1.042%	$5.3M	—	150x	as long as short
Kraken Futures PF_ZECUSD	+0.0012%	1h	1,494.9	+1.089%	$17.9M	$47.0M	25x	as long as short

Show all 51 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps ZEC-USD.P	+0.0038%	1h	1,493.6	+0.999%	$408K	$554K	5x	as long as short
Orderly PERP_ZEC_USDCshort	+0.0084%	8h	1,494.7	+1.070%	$301K	$864K	20x
01 Exchange ZECUSD	+0.0088%	1h	1,493.6	+1.002%	$8K	$6K	5x	as long as short
Phoenix ZEC	+0.0096%	1h	1,494.2	+1.041%	$4.8M	$1.4M	10x	as long as short
Popdex ZECUSDT	+0.0096%	1h	1,493.2	+0.970%	$182K	$1.8M	50x	as long as short
Katana Perps ZEC-USD	+0.0098%	8h	1,493.3	+0.978%	$17K	$881K	10x	as long as short
Paradex ZEC-USD-PERP	+0.0100%	8h	1,493.5	+0.992%	$62K	$20K	10x	as long as short
Nado ZEC-PERP	+0.0100%	1h	1,494	+1.026%	$3.1M	$7.6M	10x	as long as short
Hyperliquid ZEC	+0.0100%	1h	1,495.7	+1.141%	$781.4M	$438.9M	10x	as long as short
Aster ZECUSDT	+0.0100%	8h	1,493.8	+1.011%	$14.0M	$30.8M	75x	as long as short
Pacifica ZEC	+0.0100%	1h	1,494.7	+1.074%	$1.7M	$2.4M	10x	as long as short
Binance ZECUSDT	+0.0100%	8h	1,494.3	+1.048%	$700.0M	$2.30B	75x	as long as short
Bybit ZECUSDT	+0.0100%	8h	1,494.5	+1.059%	$267.8M	$616.1M	75x	as long as short
OKX ZEC-USDT-SWAP	+0.0100%	8h	1,494.7	+1.075%	$183.8M	$1.33B	50x	as long as short
Gate ZEC_USDT	+0.0100%	8h	1,494	+1.027%	$56.5M	$185.2M	75x	as long as short
MEXC ZEC_USDT	+0.0100%	8h	1,494.6	+1.069%	$238.2M	$802.3M	150x	as long as short
KuCoin ZECUSDTM	+0.0100%	8h	1,494.2	+1.043%	$102.7M	$56.3M	75x	as long as short
Bitget ZECUSDT	+0.0100%	8h	1,494.5	+1.062%	$161.4M	$288.7M	75x	as long as short
BingX ZEC-USDT	+0.0100%	8h	1,494.2	+1.039%	—	$116.9M	—	as long as short
Variational Omni ZEC	+0.0100%	8h	1,492.9	+0.951%	$48.8M	$34.6M	—	as long as short
edgeX ZECUSDC	+0.0100%	4h	1,492.8	+0.946%	$572K	$9.0M	20x	as long as short
GRVT ZEC_USDT_Perp	+0.0100%	8h	1,492.1	+0.900%	$3.1M	$514K	10x	as long as short
ApeX Omni ZECUSDT	+0.0100%	1h	1,491.9	+0.884%	$411K	$945K	50x	as long as short
StandX ZEC-USD	+0.0100%	1h	1,494.4	+1.052%	$56K	$4.6M	30x	as long as short
Polymarket Perps ZEC-USD	+0.0100%	1h	1,493.1	+0.966%	$357K	$1.6M	10x	as long as short
Bullet ZEC-USD	+0.0100%	1h	1,494.1	+1.036%	$164K	$184K	20x	as long as short
Derive ZEC-PERP	+0.0100%	1h	1,493.5	+0.992%	$456K	$469K	6.7x	as long as short
SunX ZEC-USDT	+0.0100%	8h	1,496.3	+1.183%	$3K	$1.2M	20x	as long as short
SoDEX ZEC-USD	+0.0100%	1h	1,494.8	+1.081%	$253K	$3.4M	10x	as long as short
HTX ZEC-USDT	+0.0100%	8h	1,493.4	+0.983%	$2.7M	$20.7M	75x	as long as short
Phemex ZECUSDT	+0.0100%	8h	1,494.8	+1.081%	$4.0M	$4.9M	50x	as long as short
Extended ZEC-USD	+0.0104%	1h	1,494.3	+1.048%	$2.8M	$7.9M	10x	as long as short
Aevo ZEC-PERP	+0.0104%	1h	1,494.5	+1.061%	$43K	$151K	20x	as long as short
Deribit ZEC_USDC-PERPETUAL	+0.0109%	1h	1,495.3	+1.114%	$683K	$1.4M	25x	as long as short
Lighter RH ZEC	+0.0120%	1h	1,496.2	+1.174%	$2.1M	$7.4M	10x	as long as short
RISEx ZEC/USDC	+0.0128%	1h	1,493.7	+1.008%	$940K	$1.1M	10x	as long as short
GMX ZEC/USD [WBTC.b-USDC]	L +0.0144% / S −0.0141%	1h	1,494.5	+1.058%	$332K	—	100x	as long as short
Lighter ZEC	+0.0208%	1h	1,496.4	+1.186%	$19.8M	$45.6M	20x	as long as short
Arcus ZEC-USD	+0.0403%	1h	1,494.9	+1.086%	$617K	$8.7M	10x	as long as short
Coinbase International ZEC-PERP-INTX	+0.0416%	1h	1,496.6	+1.202%	$3.7M	$9.9M	50x	as long as short
Backpack ZEC_USDC_PERP	+0.0538%	1h	1,494.8	+1.078%	$2.3M	$3.8M	15x	as long as short