Funding arb · Price arb /

ZEC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0333%/8h= −36.5% APRpaid last 24h +0.024%

Price spread now: Kalshi against Kraken Futures+0.047%7-day average −0.007% · you sell dearer than you buy

Net, funding: paid 7d − costs−$18as in the Funding arb table

Net, price: spread back to 7d avg − costs−$35as in the Price arb table

costs, in and out, $10k−$410.407% of the position

Long on Kraken Futures Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 7 days+0.228%+$23 on $10k

Price spread, last 4 days (all we have)−0.526%−$53 · spread now +0.047%, 7d avg −0.007%

Together, before fees−0.298%−$30 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Kalshi is 0.054% dearer against Kraken Futures than usual: you sell high and buy low (spread +0.047% now, against its 7-day average of −0.007%): +$5 on $10k if it goes back. Holding the pair costs −$10 a day in funding at the current rate, which eats that in about 13 hours. Mind the row above: over the last 7 days funding on this pair paid +0.228%, so the current rate has only just turned against you.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.228% in total (about 11.9% 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	Kraken Futures PF_ZECUSD	1,453.7	0.0333	pay 0.0042% / 1h	42m 27s	$18.0M	$45.2M	25x
Short	Kalshi KXZECPERP	1,454.4	0	get 0.0000% / 8h	7h 42m	$1.5M	$4.4M	2.2x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against Kraken Futures. 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 Kraken FuturesbpFee KalshibpOrdersPrice spread, now +0.047%Rate

Funding earned: −$69.99
Price spread: +0.047% → −0.007%: $5.38
Slippage, 4 orders: −$20.72
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Kalshi: 5 bp × 2 orders: −$10
Net: −$105.34
Costs to cover: 0.407%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 2 min ago; Kalshi: 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 Kraken Futures live order book, 2 min ago	1.07 bp	8.7 bp −$9	13.0 bp −$130	19.2 bp −$1,917	107.3 bp −$53.6K
Sell Kalshi live order book, 1 min ago	6.53 bp	11.5 bp −$12	17.6 bp −$176	doesn't fit	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	−0.3042%	1h	1,452	−0.117%	$33K	$272K	12x	as long as short
Hotstuff ZEC-PERP	−0.0080%	1h	1,454.1	+0.027%	$6K	$1K	10x	as long as short
BloFin ZEC-USDT	−0.0071%	8h	1,454.6	+0.060%	$29.4M	$70.5M	75x	as long as short
dYdX ZEC-USD	0.0000%	1h	1,453.1	−0.043%	$409K	$36K	5x	as long as short
Kalshi KXZECPERPshort	0.0000%	8h	1,454.4	+0.047%	$1.5M	$4.4M	2.2x
Perpl ZEC	0.0000%	43m	1,451.1	−0.177%	$83K	$240K	10x	as long as short
gTrade (Gains Network) ZEC/USD	L +0.0007% / S −0.0006%	1h	1,453.7	−0.001%	$5.2M	—	150x	as long as short
Orderly PERP_ZEC_USDC	+0.0063%	8h	1,453.6	−0.005%	$290K	$943K	20x	as long as short
GMX ZEC/USD [WBTC.b-USDC]	L +0.0080% / S −0.0029%	1h	1,453.5	−0.011%	$433K	—	100x	as long as short
Popdex ZECUSDT	+0.0096%	1h	1,452	−0.114%	$173K	$1.7M	50x	as long as short

Show all 51 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Katana Perps ZEC-USD	+0.0100%	8h	1,452.2	−0.102%	$15K	$832K	10x	as long as short
Paradex ZEC-USD-PERP	+0.0100%	8h	1,452.4	−0.086%	$60K	$43K	10x	as long as short
Nado ZEC-PERP	+0.0100%	1h	1,452.5	−0.084%	$2.8M	$6.6M	10x	as long as short
Aster ZECUSDT	+0.0100%	8h	1,453	−0.051%	$14.6M	$27.9M	75x	as long as short
Pacifica ZEC	+0.0100%	1h	1,452.8	−0.062%	$1.6M	$2.4M	10x	as long as short
Binance ZECUSDT	+0.0100%	8h	1,452.2	−0.102%	$667.1M	$2.20B	75x	as long as short
Bybit ZECUSDT	+0.0100%	8h	1,451.4	−0.157%	$260.9M	$599.9M	75x	as long as short
OKX ZEC-USDT-SWAP	+0.0100%	8h	1,451.5	−0.151%	$177.9M	$1.21B	50x	as long as short
Ondo Perps ZEC-USD.P	+0.0100%	1h	1,450.5	−0.220%	$394K	$432K	5x	as long as short
Bulk ZEC-USD	+0.0100%	1h	1,452.9	−0.055%	$878K	$18K	10x	as long as short
Gate ZEC_USDT	+0.0100%	8h	1,452.2	−0.102%	$50.7M	$170.7M	75x	as long as short
MEXC ZEC_USDT	+0.0100%	8h	1,451.3	−0.164%	$217.9M	$767.0M	150x	as long as short
KuCoin ZECUSDTM	+0.0100%	8h	1,453	−0.047%	$102.4M	$53.5M	75x	as long as short
Bitget ZECUSDT	+0.0100%	8h	1,452	−0.119%	$165.0M	$270.2M	75x	as long as short
BingX ZEC-USDC	+0.0100%	8h	1,452.2	−0.102%	—	$6.7M	—	as long as short
Variational Omni ZEC	+0.0100%	8h	1,450.4	−0.224%	$47.6M	$32.8M	—	as long as short
edgeX ZECUSDC	+0.0100%	4h	1,451.6	−0.143%	$565K	$8.5M	20x	as long as short
GRVT ZEC_USDT_Perp	+0.0100%	8h	1,453.1	−0.043%	$3.0M	$463K	10x	as long as short
ApeX Omni ZECUSDT	+0.0100%	1h	1,451.7	−0.135%	$401K	$943K	50x	as long as short
StandX ZEC-USD	+0.0100%	1h	1,453.7	+0.001%	$49K	$4.7M	30x	as long as short
Polymarket Perps ZEC-USD	+0.0100%	1h	1,451.8	−0.131%	$352K	$1.8M	10x	as long as short
Bullet ZEC-USD	+0.0100%	1h	1,451.4	−0.158%	$160K	$185K	20x	as long as short
Derive ZEC-PERP	+0.0100%	1h	1,452.5	−0.085%	$443K	$521K	6.7x	as long as short
SunX ZEC-USDT	+0.0100%	8h	1,455.9	+0.149%	$3K	$1.1M	20x	as long as short
SoDEX ZEC-USD	+0.0100%	1h	1,453.8	+0.004%	$233K	$3.2M	10x	as long as short
HTX ZEC-USDT	+0.0100%	8h	1,452.8	−0.065%	$2.7M	$18.4M	75x	as long as short
Phemex ZECUSDT	+0.0100%	8h	1,454.6	+0.063%	$3.8M	$4.9M	50x	as long as short
Extended ZEC-USD	+0.0104%	1h	1,452	−0.119%	$2.8M	$7.7M	10x	as long as short
Aevo ZEC-PERP	+0.0104%	1h	1,453.5	−0.010%	$47K	$151K	20x	as long as short
Lighter RH ZEC	+0.0112%	1h	1,453.8	+0.007%	$2.1M	$7.0M	10x	as long as short
Hyperliquid ZEC	+0.0113%	1h	1,453.2	−0.034%	$755.9M	$428.7M	10x	as long as short
Phoenix ZEC	+0.0116%	1h	1,452.9	−0.057%	$4.6M	$1.3M	10x	as long as short
01 Exchange ZECUSD	+0.0120%	1h	1,452.4	−0.090%	$8K	$7K	5x	as long as short
Backpack ZEC_USDC_PERP	+0.0129%	1h	1,454.9	+0.079%	$2.4M	$3.9M	15x	as long as short
Lighter ZEC	+0.0192%	1h	1,453.7	−0.001%	$19.1M	$44.8M	20x	as long as short
RISEx ZEC/USDC	+0.0216%	1h	1,452.3	−0.098%	$918K	$1.1M	10x	as long as short
Deribit ZEC_USDC-PERPETUAL	+0.0280%	1h	1,454.5	+0.053%	$614K	$1.3M	25x	as long as short
Kraken Futures PF_ZECUSDlong	+0.0333%	1h	1,453.7	long leg	$18.0M	$45.2M	25x
Arcus ZEC-USD	+0.0344%	1h	1,454.2	+0.034%	$691K	$8.2M	10x	as long as short
Coinbase International ZEC-PERP-INTX	+0.0464%	1h	1,456.1	+0.166%	$3.8M	$9.1M	50x	as long as short
Aftermath Perps ZECUSD	+0.0668%	1h	1,454.3	+0.042%	$44K	$49K	10x	as long as short