Funding arb · Price arb /

ZEC

all ZEC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0075%/8h= +8.3% APRpaid last 24h +0.053%

Price spread now: Phoenix against Kalshi−0.496%7-day average +0.103% · you buy dearer than you sell

Net, funding: paid 7d − costs+$12as in the Funding arb table

Net, price: spread back to 7d avg − costs−$98as in the Price arb table

costs, in and out, $10k−$380.377% of the position

Long on Kalshi Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.502%+$50 on $10k

Price spread, last 7 days+0.550%+$55 · spread now −0.496%, 7d avg +0.103%

Together, before fees+1.052%+$105 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phoenix is 0.598% cheaper against Kalshi than usual: you would sell low and buy high (spread −0.496% now, against its 7-day average of +0.103%). If the spread goes back, that is −$60 on $10k: about 26 days of funding at the current rate (+$2 a day). At the pace of the last 7 days (+0.502% in total) that is about 8.4 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kalshi KXZECPERP	1,466.9	0	get 0.0000% / 8h	5h 46m	$889K	$5.7M	2.2x
Short	Phoenix ZEC	1,459.6	0.0075	get 0.0009% / 1h	46m 47s	$4.6M	$1.6M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now −0.496%Rate

Funding earned: $15.84
Price spread: −0.496% → +0.103%: −$59.84
Slippage, 4 orders: −$20.72
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$81.72
Costs to cover: 0.377%
Break-even: 43.1 days

Slippage from Kalshi: live order book, 2 min ago; Phoenix: live order book, 2 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, 2 min ago	4.06 bp	9.1 bp −$9	15.7 bp −$157	doesn't fit	doesn't fit
Sell Phoenix live order book, 2 min ago	2.25 bp	7.4 bp −$7	17.3 bp −$173	57.6 bp −$5,760	doesn't fit

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	−0.3310%	1h	1,462.9	−0.269%	$34K	$275K	12x	as long as short
Kraken Futures PF_ZECUSD	−0.0404%	1h	1,467.8	+0.062%	$17.8M	$44.7M	25x	as long as short
Ondo Perps ZEC-USD.P	−0.0106%	1h	1,459.3	−0.517%	$397K	$518K	5x	as long as short
BloFin ZEC-USDT	−0.0097%	8h	1,467.7	+0.052%	$29.3M	$75.6M	75x	as long as short
Hotstuff ZEC-PERP	−0.0080%	1h	1,466.4	−0.036%	$6K	$2K	10x	as long as short
Bybit ZECUSDT	−0.0045%	8h	1,467.6	+0.046%	$271.7M	$676.4M	75x	as long as short
Variational Omni ZEC	−0.0023%	8h	1,459.1	−0.529%	$46.4M	$34.1M	—	as long as short
dYdX ZEC-USD	0.0000%	1h	1,465.5	−0.095%	$413K	$106K	5x	as long as short
Kalshi KXZECPERPlong	0.0000%	8h	1,466.9	long leg	$889K	$5.7M	2.2x
Perpl ZEC	0.0000%	43m	1,466.3	−0.041%	$83K	$404K	10x	as long as short

Show all 51 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
gTrade (Gains Network) ZEC/USD	L +0.0007% / S −0.0006%	1h	1,467.2	+0.022%	$5.2M	—	150x	as long as short
GMX ZEC/USD [WBTC.b-USDC]	L +0.0009% / S +0.0079%	1h	1,467.1	+0.017%	$542K	—	100x	as long as short
Orderly PERP_ZEC_USDC	+0.0015%	8h	1,467.2	+0.023%	$294K	$1.5M	20x	as long as short
ApeX Omni ZECUSDT	+0.0039%	1h	1,463.4	−0.238%	$430K	$818K	50x	as long as short
OKX ZEC-USDT-SWAP	+0.0052%	8h	1,468	+0.076%	$176.2M	$1.37B	50x	as long as short
Bulk ZEC-USD	+0.0054%	1h	1,460.6	−0.431%	$899K	$25K	10x	as long as short
Gate ZEC_USDT	+0.0061%	8h	1,468.4	+0.104%	$49.9M	$184.0M	75x	as long as short
01 Exchange ZECUSD	+0.0064%	1h	1,466.7	−0.011%	$8K	$8K	5x	as long as short
Phoenix ZECshort	+0.0075%	1h	1,459.6	−0.496%	$4.6M	$1.6M	10x
Katana Perps ZEC-USD	+0.0096%	8h	1,466.5	−0.027%	$14K	$864K	10x	as long as short
Lighter ZEC	+0.0096%	1h	1,469.4	+0.170%	$19.0M	$52.4M	20x	as long as short
Popdex ZECUSDT	+0.0096%	1h	1,466.2	−0.049%	$174K	$1.9M	50x	as long as short
Paradex ZEC-USD-PERP	+0.0100%	8h	1,466.2	−0.049%	$60K	$39K	10x	as long as short
Nado ZEC-PERP	+0.0100%	1h	1,466.7	−0.013%	$2.5M	$6.9M	10x	as long as short
Hyperliquid ZEC	+0.0100%	1h	1,469	+0.144%	$761.0M	$490.1M	10x	as long as short
Aster ZECUSDT	+0.0100%	8h	1,468.3	+0.099%	$15.4M	$33.6M	75x	as long as short
Pacifica ZEC	+0.0100%	1h	1,466.7	−0.014%	$1.7M	$3.0M	10x	as long as short
Binance ZECUSDT	+0.0100%	8h	1,468	+0.079%	$673.4M	$2.52B	75x	as long as short
MEXC ZEC_USDT	+0.0100%	8h	1,468.5	+0.109%	$222.6M	$853.9M	150x	as long as short
KuCoin ZECUSDTM	+0.0100%	8h	1,468.8	+0.129%	$103.4M	$56.5M	75x	as long as short
Bitget ZECUSDT	+0.0100%	8h	1,468.1	+0.082%	$162.9M	$309.2M	75x	as long as short
BingX ZEC-USDC	+0.0100%	8h	1,467.6	+0.048%	—	$6.7M	—	as long as short
edgeX ZECUSDC	+0.0100%	4h	1,459.8	−0.480%	$509K	$9.5M	20x	as long as short
GRVT ZEC_USDT_Perp	+0.0100%	8h	1,458.9	−0.544%	$3.0M	$492K	10x	as long as short
StandX ZEC-USD	+0.0100%	1h	1,463.3	−0.246%	$110K	$4.8M	30x	as long as short
Polymarket Perps ZEC-USD	+0.0100%	1h	1,466.4	−0.033%	$345K	$2.0M	10x	as long as short
Bullet ZEC-USD	+0.0100%	1h	1,466.3	−0.041%	$128K	$160K	20x	as long as short
Derive ZEC-PERP	+0.0100%	1h	1,465.8	−0.075%	$448K	$502K	6.7x	as long as short
SunX ZEC-USDT	+0.0100%	8h	1,468.6	+0.115%	$3K	$1.3M	20x	as long as short
SoDEX ZEC-USD	+0.0100%	1h	1,467.5	+0.044%	$223K	$4.6M	10x	as long as short
HTX ZEC-USDT	+0.0100%	8h	1,467	+0.007%	$2.4M	$24.0M	75x	as long as short
Phemex ZECUSDT	+0.0100%	8h	1,467.4	+0.034%	$3.8M	$5.4M	50x	as long as short
Extended ZEC-USD	+0.0104%	1h	1,468.8	+0.129%	$3.3M	$7.0M	10x	as long as short
Aevo ZEC-PERP	+0.0104%	1h	1,467.5	+0.045%	$37K	$367K	20x	as long as short
RISEx ZEC/USDC	+0.0190%	1h	1,466.7	−0.014%	$843K	$1.8M	10x	as long as short
Deribit ZEC_USDC-PERPETUAL	+0.0213%	1h	1,468.4	+0.102%	$597K	$1.3M	25x	as long as short
Backpack ZEC_USDC_PERP	+0.0213%	1h	1,468.6	+0.114%	$2.3M	$4.0M	15x	as long as short
Coinbase International ZEC-PERP-INTX	+0.0424%	1h	1,468.5	+0.112%	$3.7M	$11.7M	50x	as long as short
Lighter RH ZEC	+0.0432%	1h	1,470	+0.212%	$2.0M	$8.2M	10x	as long as short
Arcus ZEC-USD	+0.0444%	1h	1,467.1	+0.015%	$736K	$8.1M	10x	as long as short
Aftermath Perps ZECUSD	+0.0524%	1h	1,464.3	−0.176%	$40K	$34K	10x	as long as short