Funding arb · Price arb /

ZEC

all ZEC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0144%/8h= +15.8% APRpaid last 24h +0.042%

Price spread now: Lighter against Kalshi+0.062%7-day average +0.036% · you sell dearer than you buy

Net, funding: paid 7d − costs+$15as in the Funding arb table

Net, price: spread back to 7d avg − costs−$20as in the Price arb table

costs, in and out, $10k−$230.229% of the position

Long on Kalshi Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.380%+$38 on $10k

Price spread, last 7 days−0.028%−$3 · spread now +0.062%, 7d avg +0.036%

Together, before fees+0.352%+ Points / potential airdropLighter: Season 3 · farm board+$35 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$4 a day on $10k at the current rate, and Lighter is 0.026% dearer against Kalshi than usual: you sell high and buy low: +$3 more if the spread goes back to its 7-day average of +0.036%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kalshi KXZECPERP	1,510.8	0	get 0.0000% / 8h	4h 05m	$1.6M	$5.0M	2.2x
Short	Lighter ZEC	1,511.8	0.0144	get 0.0018% / 1h	5m 15s	$19.6M	$47.0M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter 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 LighterbpOrdersPrice spread, now +0.062%Rate

Funding earned: $30.24
Price spread: +0.062% → +0.036%: $2.59
Slippage, 4 orders: −$12.88
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Lighter: 0 bp × 2 orders: $0
Net: $9.95
Costs to cover: 0.229%
Break-even: 4.7 days

Slippage from Kalshi: live order book, 3 min ago; Lighter: live order book, 4 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, 3 min ago	3.14 bp	8.1 bp −$8	15.7 bp −$157	doesn't fit	doesn't fit
Sell Lighter live order book, 4 min ago	1.28 bp	1.3 bp −$1	3.0 bp −$30	21.5 bp −$2,148	75.3 bp −$37.6K

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	−0.3442%	1h	1,496.3	−0.964%	$36K	$275K	12x	as long as short
Perpl ZEC	−0.0447%	43m	1,510.2	−0.046%	$62K	$306K	10x	as long as short
Bulk ZEC-USD	−0.0412%	1h	1,508.1	−0.181%	$776K	$147K	10x	as long as short
BloFin ZEC-USDT	−0.0174%	8h	1,510.7	−0.009%	$31.0M	$76.7M	75x	as long as short
Aftermath Perps ZECUSD	−0.0104%	1h	1,510.1	−0.048%	$48K	$59K	10x	as long as short
Hotstuff ZEC-PERP	−0.0080%	1h	1,511	+0.010%	$6K	$1K	10x	as long as short
dYdX ZEC-USD	0.0000%	1h	1,509.7	−0.076%	$420K	$34K	5x	as long as short
Kalshi KXZECPERPlong	0.0000%	8h	1,510.8	long leg	$1.6M	$5.0M	2.2x
gTrade (Gains Network) ZEC/USD	L +0.0007% / S −0.0006%	1h	1,510.4	−0.031%	$5.4M	—	150x	as long as short
Kraken Futures PF_ZECUSD	+0.0012%	1h	1,510.7	−0.007%	$18.2M	$47.8M	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	+0.0059%	1h	1,507	−0.254%	$412K	$551K	5x	as long as short
01 Exchange ZECUSD	+0.0080%	1h	1,511.3	+0.028%	$8K	$6K	5x	as long as short
Deribit ZEC_USDC-PERPETUAL	+0.0081%	1h	1,510.8	−0.002%	$690K	$1.4M	25x	as long as short
Orderly PERP_ZEC_USDC	+0.0083%	8h	1,510	−0.058%	$304K	$863K	20x	as long as short
Phoenix ZEC	+0.0096%	1h	1,511.5	+0.045%	$4.8M	$1.4M	10x	as long as short
Lighter RH ZEC	+0.0096%	1h	1,511.9	+0.070%	$2.1M	$7.6M	10x	as long as short
Popdex ZECUSDT	+0.0096%	1h	1,511.2	+0.023%	$176K	$1.8M	50x	as long as short
Katana Perps ZEC-USD	+0.0097%	8h	1,511.2	+0.023%	$16K	$897K	10x	as long as short
Paradex ZEC-USD-PERP	+0.0100%	8h	1,510	−0.054%	$62K	$19K	10x	as long as short
Nado ZEC-PERP	+0.0100%	1h	1,511.3	+0.034%	$3.1M	$7.6M	10x	as long as short
Hyperliquid ZEC	+0.0100%	1h	1,511.5	+0.044%	$791.7M	$445.0M	10x	as long as short
Aster ZECUSDT	+0.0100%	8h	1,509.8	−0.070%	$14.2M	$31.1M	75x	as long as short
Pacifica ZEC	+0.0100%	1h	1,510.3	−0.037%	$1.7M	$2.4M	10x	as long as short
Binance ZECUSDT	+0.0100%	8h	1,510.8	−0.005%	$713.6M	$2.33B	75x	as long as short
Bybit ZECUSDT	+0.0100%	8h	1,509.6	−0.079%	$272.2M	$626.2M	75x	as long as short
OKX ZEC-USDT-SWAP	+0.0100%	8h	1,510.6	−0.015%	$182.7M	$1.38B	50x	as long as short
Gate ZEC_USDT	+0.0100%	8h	1,510.8	−0.002%	$59.1M	$190.5M	75x	as long as short
MEXC ZEC_USDT	+0.0100%	8h	1,511.3	+0.032%	$226.2M	$826.7M	150x	as long as short
KuCoin ZECUSDTM	+0.0100%	8h	1,510.9	+0.005%	$103.4M	$57.2M	75x	as long as short
Bitget ZECUSDT	+0.0100%	8h	1,510.2	−0.044%	$163.3M	$293.3M	75x	as long as short
BingX ZEC-USDC	+0.0100%	8h	1,509	−0.120%	—	$6.7M	—	as long as short
Variational Omni ZEC	+0.0100%	8h	1,507.8	−0.200%	$49.8M	$35.4M	—	as long as short
edgeX ZECUSDC	+0.0100%	4h	1,511.6	+0.050%	$578K	$9.1M	20x	as long as short
GRVT ZEC_USDT_Perp	+0.0100%	8h	1,510.4	−0.032%	$3.1M	$519K	10x	as long as short
ApeX Omni ZECUSDT	+0.0100%	1h	1,511.2	+0.024%	$416K	$948K	50x	as long as short
StandX ZEC-USD	+0.0100%	1h	1,510.1	−0.050%	$54K	$4.6M	30x	as long as short
Polymarket Perps ZEC-USD	+0.0100%	1h	1,511	+0.011%	$376K	$1.7M	10x	as long as short
Bullet ZEC-USD	+0.0100%	1h	1,511.3	+0.033%	$169K	$193K	20x	as long as short
Derive ZEC-PERP	+0.0100%	1h	1,513.1	+0.151%	$462K	$408K	6.7x	as long as short
SunX ZEC-USDT	+0.0100%	8h	1,513.7	+0.192%	$3K	$1.2M	20x	as long as short
SoDEX ZEC-USD	+0.0100%	1h	1,510.4	−0.032%	$255K	$3.6M	10x	as long as short
HTX ZEC-USDT	+0.0100%	8h	1,509.5	−0.086%	$2.7M	$21.2M	75x	as long as short
Phemex ZECUSDT	+0.0100%	8h	1,510.9	+0.004%	$4.1M	$4.9M	50x	as long as short
Extended ZEC-USD	+0.0104%	1h	1,509.8	−0.068%	$2.8M	$7.9M	10x	as long as short
Aevo ZEC-PERP	+0.0104%	1h	1,510.1	−0.046%	$43K	$151K	20x	as long as short
RISEx ZEC/USDC	+0.0128%	1h	1,511.5	+0.042%	$959K	$1.1M	10x	as long as short
Lighter ZECshort	+0.0144%	1h	1,511.8	+0.062%	$19.6M	$47.0M	20x
GMX ZEC/USD [WBTC.b-USDC]	L +0.0150% / S −0.0149%	1h	1,510.6	−0.013%	$335K	—	100x	as long as short
Arcus ZEC-USD	+0.0403%	1h	1,511.8	+0.063%	$598K	$8.9M	10x	as long as short
Coinbase International ZEC-PERP-INTX	+0.0416%	1h	1,511.2	+0.021%	$3.7M	$9.8M	50x	as long as short
Backpack ZEC_USDC_PERP	+0.0494%	1h	1,508.6	−0.151%	$2.3M	$3.7M	15x	as long as short