Funding arb · Price arb /

ZEC

all ZEC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0378%/8h= +41.4% APRpaid last 24h +0.041%

Price spread now: Backpack against Kalshi−0.063%7-day average +0.383% · you buy dearer than you sell

Net, funding: paid 7d − costs−$52as in the Funding arb table

Net, price: spread back to 7d avg − costs−$80as in the Price arb table

costs, in and out, $10k−$350.351% of the position

Long on Kalshi Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days−0.169%−$17 on $10k

Price spread, last 7 days−0.232%−$23 · spread now −0.063%, 7d avg +0.383%

Together, before fees−0.401%−$40 on $10k · with fees, hour by hour

Funding pays, the price is against you. Backpack is 0.447% cheaper against Kalshi than usual: you would sell low and buy high (spread −0.063% now, against its 7-day average of +0.383%). If the spread goes back, that is −$45 on $10k: about 3.9 days of funding at the current rate (+$11 a day). Mind the row above: over the last 7 days funding on this pair cost −0.169%, so the current rate has only just turned in your favour.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.169% in total (about -8.8% 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	Kalshi KXZECPERP	1,468.7	0	get 0.0000% / 8h	1h 57m	$972K	$4.7M	2.2x
Short	Backpack ZEC_USDC_PERP	1,467.8	0.0378	get 0.0047% / 1h	57m 36s	$2.4M	$3.8M	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Kalshi. 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 KalshibpFee BackpackbpOrdersPrice spread, now −0.063%Rate

Funding earned: $79.39
Price spread: −0.063% → +0.383%: −$44.66
Slippage, 4 orders: −$15.08
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$0.35
Costs to cover: 0.351%
Break-even: 7.0 days

Slippage from Kalshi: live order book, 1 min ago; Backpack: live order book, 1 min ago.

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 Kalshi live order book, 1 min ago	6.20 bp	11.2 bp −$11	16.0 bp −$160	doesn't fit	doesn't fit
Sell Backpack live order book, 1 min ago	0.03 bp	6.8 bp −$7	18.9 bp −$189	doesn't fit	doesn't fit

ZEC on 50 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	−0.3244%	1h	1,453.2	−1.054%	$33K	$272K	12x	as long as short
Ondo Perps ZEC-USD.P	−0.0175%	1h	1,466.9	−0.122%	$398K	$441K	5x	as long as short
Hotstuff ZEC-PERP	−0.0080%	1h	1,470.3	+0.110%	$6K	$1K	10x	as long as short
dYdX ZEC-USD	0.0000%	1h	1,466.6	−0.143%	$413K	$47K	5x	as long as short
Kalshi KXZECPERPlong	0.0000%	8h	1,468.7	long leg	$972K	$4.7M	2.2x
Perpl ZEC	0.0000%	43m	1,467.6	−0.074%	$84K	$249K	10x	as long as short
gTrade (Gains Network) ZEC/USD	L +0.0007% / S −0.0006%	1h	1,467.3	−0.095%	$5.2M	—	150x	as long as short
Orderly PERP_ZEC_USDC	+0.0032%	8h	1,467.2	−0.099%	$293K	$984K	20x	as long as short
Deribit ZEC_USDC-PERPETUAL	+0.0033%	1h	1,467.9	−0.055%	$611K	$1.3M	25x	as long as short
Popdex ZECUSDT	+0.0040%	1h	1,466.3	−0.163%	$173K	$1.8M	50x	as long as short

Show all 50 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
01 Exchange ZECUSD	+0.0048%	1h	1,466.8	−0.128%	$8K	$8K	5x	as long as short
GMX ZEC/USD [WBTC.b-USDC]	L +0.0055% / S −0.0009%	1h	1,467.2	−0.098%	$383K	—	100x	as long as short
Phoenix ZEC	+0.0070%	1h	1,469.6	+0.063%	$4.6M	$1.4M	10x	as long as short
Variational Omni ZEC	+0.0079%	8h	1,468.1	−0.040%	$48.0M	$32.4M	—	as long as short
OKX ZEC-USDT-SWAP	+0.0095%	8h	1,465.1	−0.244%	$180.7M	$1.24B	50x	as long as short
Katana Perps ZEC-USD	+0.0100%	8h	1,466.2	−0.170%	$16K	$845K	10x	as long as short
Paradex ZEC-USD-PERP	+0.0100%	8h	1,467.1	−0.111%	$60K	$43K	10x	as long as short
Nado ZEC-PERP	+0.0100%	1h	1,464.5	−0.284%	$2.5M	$6.5M	10x	as long as short
Hyperliquid ZEC	+0.0100%	1h	1,466.4	−0.156%	$763.8M	$435.0M	10x	as long as short
Aster ZECUSDT	+0.0100%	8h	1,466.1	−0.180%	$14.7M	$28.9M	75x	as long as short
Pacifica ZEC	+0.0100%	1h	1,466.7	−0.137%	$1.7M	$2.6M	10x	as long as short
Binance ZECUSDT	+0.0100%	8h	1,466.2	−0.168%	$677.7M	$2.25B	75x	as long as short
Bybit ZECUSDT	+0.0100%	8h	1,465.6	−0.209%	$271.6M	$605.2M	75x	as long as short
Bulk ZEC-USD	+0.0100%	1h	1,466.6	−0.144%	$890K	$18K	10x	as long as short
Gate ZEC_USDT	+0.0100%	8h	1,466.4	−0.158%	$50.1M	$169.6M	75x	as long as short
MEXC ZEC_USDT	+0.0100%	8h	1,466.2	−0.167%	$216.0M	$767.8M	150x	as long as short
KuCoin ZECUSDTM	+0.0100%	8h	1,466.4	−0.158%	$103.1M	$55.8M	75x	as long as short
Bitget ZECUSDT	+0.0100%	8h	1,463.9	−0.326%	$162.7M	$275.4M	75x	as long as short
BingX ZEC-USDT	+0.0100%	8h	1,466.7	−0.138%	—	$97.2M	—	as long as short
edgeX ZECUSDC	+0.0100%	4h	1,468	−0.044%	$571K	$8.9M	20x	as long as short
GRVT ZEC_USDT_Perp	+0.0100%	8h	1,469.2	+0.033%	$3.0M	$430K	10x	as long as short
ApeX Omni ZECUSDT	+0.0100%	1h	1,469.2	+0.031%	$427K	$880K	50x	as long as short
StandX ZEC-USD	+0.0100%	1h	1,467.9	−0.052%	$71K	$4.7M	30x	as long as short
Polymarket Perps ZEC-USD	+0.0100%	1h	1,465.4	−0.224%	$342K	$1.7M	10x	as long as short
Bullet ZEC-USD	+0.0100%	1h	1,467.3	−0.098%	$128K	$160K	20x	as long as short
Derive ZEC-PERP	+0.0100%	1h	1,465.8	−0.195%	$447K	$512K	6.7x	as long as short
SunX ZEC-USDT	+0.0100%	8h	1,470.1	+0.098%	$3K	$1.2M	20x	as long as short
SoDEX ZEC-USD	+0.0100%	1h	1,467.5	−0.081%	$242K	$3.5M	10x	as long as short
HTX ZEC-USDT	+0.0100%	8h	1,466.7	−0.133%	$2.5M	$18.2M	75x	as long as short
Phemex ZECUSDT	+0.0100%	8h	1,467.9	−0.057%	$3.9M	$5.2M	50x	as long as short
Extended ZEC-USD	+0.0104%	1h	1,466.5	−0.151%	$2.8M	$7.6M	10x	as long as short
Aevo ZEC-PERP	+0.0104%	1h	1,467.1	−0.112%	$48K	$155K	20x	as long as short
Lighter ZEC	+0.0136%	1h	1,467.6	−0.071%	$19.2M	$45.8M	20x	as long as short
Kraken Futures PF_ZECUSD	+0.0194%	1h	1,467.5	−0.083%	$18.1M	$43.4M	25x	as long as short
Arcus ZEC-USD	+0.0277%	1h	1,468.5	−0.015%	$695K	$8.5M	10x	as long as short
Lighter RH ZEC	+0.0288%	1h	1,467.7	−0.069%	$2.1M	$6.8M	10x	as long as short
Backpack ZEC_USDC_PERPshort	+0.0378%	1h	1,467.8	−0.063%	$2.4M	$3.8M	15x
RISEx ZEC/USDC	+0.0409%	1h	1,467.3	−0.093%	$852K	$1.0M	10x	as long as short
Coinbase International ZEC-PERP-INTX	+0.0456%	1h	1,468.6	−0.005%	$3.6M	$8.9M	50x	as long as short
Aftermath Perps ZECUSD	+0.0733%	1h	1,469	+0.023%	$43K	$46K	10x	as long as short