Funding arb · Price arb /

ZEC

all ZEC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:33 UTC+0.3772%/8h= +413.1% APRpaid last 24h +0.826%

Price spread now: Perpl against Injective+1.366%7-day average −0.081% · you sell dearer than you buy

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

Long on Injective Short on Perpl

What this pair did over the last

the charts below follow

Funding, last 7 days+2.394%+$239 on $10k

Price spread, last 4 days (all we have)−2.338%−$234 · spread now +1.366%, 7d avg −0.081%

Together, before fees+0.056%+ Points / potential airdropPerpl: Active · farm board+$6 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$113 a day on $10k at the current rate, and Perpl is 1.446% dearer against Injective than usual: you sell high and buy low: +$145 more if the spread goes back to its 7-day average of −0.081%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 2.394% in total (about 124.8% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made; yellow are the hours one leg has not settled yet: what the other leg paid, plus the unsettled leg at its current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Injective ZEC/USDC PERP	1,480	−0.3772	get 0.0472% / 1h	19m 16s	$36K	$274K	12x
Short	Perpl ZEC	1,500.2	0	get 0.0000% / 43m	17m 16s	$62K	$298K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Perpl 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 PerplbpOrdersPrice spread, now +1.366%Rate

Funding earned: $792.21
Price spread: +1.366% → −0.081%: $144.65
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Net: $923.04
Costs to cover: 0.138%
Break-even: from the start

Slippage unknown: Injective: live order book, 32 min ago; Perpl: 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, 32 min ago	56.04 bp	2084587.4 bp −$2.08M	20364614.0 bp −$203.65M	198324352.0 bp −$19832.44M	977530880.0 bp −$488765.44M
Sell Perpl no order-book sample	—	—	—	—	—

Perpl: 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 50 exchanges

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	−0.3772%	1h	1,480	long leg	$36K	$274K	12x
BloFin ZEC-USDT	−0.0186%	8h	1,502.2	+1.503%	$31.6M	$75.1M	75x	as long as short
Aftermath Perps ZECUSD	−0.0119%	1h	1,501.2	+1.433%	$46K	$58K	10x	as long as short
Hotstuff ZEC-PERP	−0.0080%	1h	1,500.8	+1.404%	$6K	$1K	10x	as long as short
Ondo Perps ZEC-USD.P	−0.0052%	1h	1,498.6	+1.258%	$408K	$507K	5x	as long as short
01 Exchange ZECUSD	0.0000%	1h	1,501.3	+1.441%	$8K	$6K	5x	as long as short
Kalshi KXZECPERP	0.0000%	8h	1,502.1	+1.491%	$1.5M	$4.9M	2.2x	as long as short
Perpl ZECshort	0.0000%	43m	1,500.2	+1.366%	$62K	$298K	10x
gTrade (Gains Network) ZEC/USD	L +0.0007% / S −0.0006%	1h	1,501	+1.418%	$5.3M	—	150x	as long as short
Kraken Futures PF_ZECUSD	+0.0009%	1h	1,501.1	+1.429%	$18.4M	$47.0M	25x	as long as short

Show all 50 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
dYdX ZEC-USD	+0.0010%	1h	1,499.9	+1.347%	$413K	$34K	5x	as long as short
Orderly PERP_ZEC_USDC	+0.0075%	8h	1,500.1	+1.359%	$303K	$857K	20x	as long as short
RISEx ZEC/USDC	+0.0077%	1h	1,500.5	+1.386%	$922K	$1.3M	10x	as long as short
Lighter ZEC	+0.0096%	1h	1,502.2	+1.503%	$19.7M	$41.2M	20x	as long as short
Lighter RH ZEC	+0.0096%	1h	1,502.4	+1.515%	$2.1M	$7.3M	10x	as long as short
Popdex ZECUSDT	+0.0096%	1h	1,501.1	+1.426%	$173K	$1.6M	50x	as long as short
Paradex ZEC-USD-PERP	+0.0099%	8h	1,500.9	+1.413%	$62K	$16K	10x	as long as short
Katana Perps ZEC-USD	+0.0100%	8h	1,501.2	+1.435%	$19K	$879K	10x	as long as short
Nado ZEC-PERP	+0.0100%	1h	1,501.4	+1.448%	$3.1M	$7.2M	10x	as long as short
Hyperliquid ZEC	+0.0100%	1h	1,501.8	+1.474%	$787.4M	$430.8M	10x	as long as short
Aster ZECUSDT	+0.0100%	8h	1,500.7	+1.401%	$14.1M	$27.5M	75x	as long as short
Pacifica ZEC	+0.0100%	1h	1,501.5	+1.456%	$1.7M	$2.1M	10x	as long as short
Binance ZECUSDT	+0.0100%	8h	1,501.1	+1.429%	$707.5M	$2.24B	75x	as long as short
Bybit ZECUSDT	+0.0100%	8h	1,500.7	+1.398%	$275.5M	$595.3M	75x	as long as short
OKX ZEC-USDT-SWAP	+0.0100%	8h	1,500.6	+1.391%	$184.9M	$1.32B	50x	as long as short
Arcus ZEC-USD	+0.0100%	1h	1,502.1	+1.492%	$597K	$8.6M	10x	as long as short
Bulk ZEC-USD	+0.0100%	1h	1,494.1	+0.951%	$775K	$158K	10x	as long as short
Gate ZEC_USDT	+0.0100%	8h	1,501.1	+1.426%	$61.8M	$184.5M	75x	as long as short
MEXC ZEC_USDT	+0.0100%	8h	1,501.2	+1.430%	$175.0M	$849.2M	150x	as long as short
KuCoin ZECUSDTM	+0.0100%	8h	1,501.3	+1.437%	$105.0M	$54.5M	75x	as long as short
Bitget ZECUSDT	+0.0100%	8h	1,500.8	+1.407%	$163.7M	$285.4M	75x	as long as short
BingX ZEC-USDT	+0.0100%	8h	1,501.1	+1.428%	—	$123.0M	—	as long as short
Backpack ZEC_USDC_PERP	+0.0100%	1h	1,500.8	+1.409%	$2.2M	$3.7M	15x	as long as short
Variational Omni ZEC	+0.0100%	8h	1,501.2	+1.437%	$49.5M	$34.9M	—	as long as short
edgeX ZECUSDC	+0.0100%	4h	1,501.8	+1.473%	$549K	$8.9M	20x	as long as short
GRVT ZEC_USDT_Perp	+0.0100%	8h	1,501.7	+1.470%	$3.1M	$566K	10x	as long as short
ApeX Omni ZECUSDT	+0.0100%	1h	1,501.8	+1.474%	$410K	$958K	50x	as long as short
StandX ZEC-USD	+0.0100%	1h	1,500.5	+1.385%	$112K	$4.6M	30x	as long as short
Polymarket Perps ZEC-USD	+0.0100%	1h	1,501	+1.420%	$371K	$1.6M	10x	as long as short
Bullet ZEC-USD	+0.0100%	1h	1,501.1	+1.427%	$167K	$187K	20x	as long as short
SunX ZEC-USDT	+0.0100%	8h	1,503.3	+1.572%	$3K	$1.2M	20x	as long as short
SoDEX ZEC-USD	+0.0100%	1h	1,500.7	+1.400%	$257K	$3.6M	10x	as long as short
HTX ZEC-USDT	+0.0100%	8h	1,500.7	+1.399%	$2.6M	$20.6M	75x	as long as short
Phemex ZECUSDT	+0.0100%	8h	1,500.9	+1.410%	$4.0M	$4.8M	50x	as long as short
Extended ZEC-USD	+0.0104%	1h	1,500.7	+1.398%	$2.7M	$7.4M	10x	as long as short
Aevo ZEC-PERP	+0.0104%	1h	1,500.5	+1.388%	$37K	$163K	20x	as long as short
Deribit ZEC_USDC-PERPETUAL	+0.0120%	1h	1,501.4	+1.444%	$687K	$1.3M	25x	as long as short
Phoenix ZEC	+0.0139%	1h	1,502.9	+1.551%	$4.8M	$1.4M	10x	as long as short
GMX ZEC/USD [WBTC.b-USDC]	L +0.0180% / S −0.0163%	1h	1,501.1	+1.426%	$372K	—	100x	as long as short
Coinbase International ZEC-PERP-INTX	+0.0336%	1h	1,502	+1.491%	$3.9M	$9.7M	50x	as long as short