Funding arb · Price arb /

ZEC

all ZEC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0102%/8h= +11.2% APRpaid last 24h +0.052%

Price spread now: Phemex against Kraken Futures+0.024%7-day average −0.005% · you sell dearer than you buy

Net, funding: paid 7d − costs−$23as in the Funding arb table

Net, price: spread back to 7d avg − costs−$47as in the Price arb table

costs, in and out, $10k−$500.495% of the position

Long on Kraken Futures Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days+0.269%+$27 on $10k

Price spread, last 3 days (all we have)−0.065%−$7 · spread now +0.024%, 7d avg −0.005%

Together, before fees+0.203%+$20 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and Phemex is 0.029% dearer against Kraken Futures than usual: you sell high and buy low: +$3 more if the spread goes back to its 7-day average of −0.005%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_ZECUSD	1,472.8	−0.0002	get 0.0000% / 1h	18m 13s	$18.1M	$43.8M	25x
Short	Phemex ZECUSDT	1,473.1	0.0100	get 0.0100% / 8h	6h 18m	$3.9M	$5.4M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now +0.024%Rate

Funding earned: $21.47
Price spread: +0.024% → −0.005%: $2.89
Slippage, 4 orders: −$27.52
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$25.16
Costs to cover: 0.495%
Break-even: 15.2 days

Slippage from Kraken Futures: live order book, 1 min ago; Phemex: live order book, 6 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, 1 min ago	1.09 bp	7.7 bp −$8	11.2 bp −$112	18.4 bp −$1,841	95.7 bp −$47.8K
Sell Phemex live order book, 6 min ago	0.10 bp	18.2 bp −$18	doesn't fit	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	−0.3678%	1h	1,459.6	−0.897%	$34K	$274K	12x	as long as short
Hotstuff ZEC-PERP	−0.0080%	1h	1,474.1	+0.090%	$6K	$1K	10x	as long as short
Ondo Perps ZEC-USD.P	−0.0014%	1h	1,472.5	−0.017%	$400K	$516K	5x	as long as short
Kraken Futures PF_ZECUSDlong	−0.0002%	1h	1,472.8	long leg	$18.1M	$43.8M	25x
dYdX ZEC-USD	0.0000%	1h	1,474.4	+0.110%	$415K	$53K	5x	as long as short
Kalshi KXZECPERP	0.0000%	8h	1,474.1	+0.093%	$975K	$4.9M	2.2x	as long as short
Perpl ZEC	0.0000%	43m	1,472.8	+0.001%	$84K	$254K	10x	as long as short
gTrade (Gains Network) ZEC/USD	L +0.0007% / S −0.0006%	1h	1,473.4	+0.044%	$5.2M	—	150x	as long as short
Orderly PERP_ZEC_USDC	+0.0030%	8h	1,472.5	−0.021%	$294K	$1.0M	20x	as long as short
GMX ZEC/USD [WBTC.b-USDC]	L +0.0055% / S −0.0009%	1h	1,473.3	+0.034%	$385K	—	100x	as long as short

Show all 50 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni ZEC	+0.0055%	8h	1,474.3	+0.102%	$48.1M	$32.6M	—	as long as short
Phoenix ZEC	+0.0070%	1h	1,474.7	+0.131%	$4.7M	$1.5M	10x	as long as short
01 Exchange ZECUSD	+0.0072%	1h	1,473.5	+0.052%	$8K	$8K	5x	as long as short
Popdex ZECUSDT	+0.0096%	1h	1,473.3	+0.037%	$173K	$1.8M	50x	as long as short
OKX ZEC-USDT-SWAP	+0.0097%	8h	1,472	−0.052%	$181.4M	$1.27B	50x	as long as short
Katana Perps ZEC-USD	+0.0100%	8h	1,473.1	+0.025%	$12K	$838K	10x	as long as short
Paradex ZEC-USD-PERP	+0.0100%	8h	1,473.8	+0.073%	$61K	$39K	10x	as long as short
Nado ZEC-PERP	+0.0100%	1h	1,474.4	+0.113%	$2.6M	$6.5M	10x	as long as short
Hyperliquid ZEC	+0.0100%	1h	1,473.2	+0.033%	$767.5M	$443.5M	10x	as long as short
Aster ZECUSDT	+0.0100%	8h	1,473.1	+0.022%	$14.8M	$30.2M	75x	as long as short
Pacifica ZEC	+0.0100%	1h	1,474.1	+0.091%	$1.7M	$2.7M	10x	as long as short
Binance ZECUSDT	+0.0100%	8h	1,472.4	−0.023%	$681.2M	$2.31B	75x	as long as short
Bybit ZECUSDT	+0.0100%	8h	1,471.8	−0.064%	$271.8M	$615.7M	75x	as long as short
Bulk ZEC-USD	+0.0100%	1h	1,476.6	+0.260%	$896K	$18K	10x	as long as short
Gate ZEC_USDT	+0.0100%	8h	1,472.2	−0.035%	$50.2M	$176.1M	75x	as long as short
MEXC ZEC_USDT	+0.0100%	8h	1,472.1	−0.042%	$215.7M	$800.9M	150x	as long as short
KuCoin ZECUSDTM	+0.0100%	8h	1,472.6	−0.011%	$103.5M	$56.4M	75x	as long as short
Bitget ZECUSDT	+0.0100%	8h	1,472.2	−0.038%	$163.5M	$282.6M	75x	as long as short
BingX ZEC-USDT	+0.0100%	8h	1,472.5	−0.018%	—	$100.4M	—	as long as short
edgeX ZECUSDC	+0.0100%	4h	1,474.4	+0.113%	$574K	$9.0M	20x	as long as short
GRVT ZEC_USDT_Perp	+0.0100%	8h	1,473.6	+0.054%	$3.0M	$443K	10x	as long as short
ApeX Omni ZECUSDT	+0.0100%	1h	1,474.8	+0.141%	$429K	$896K	50x	as long as short
StandX ZEC-USD	+0.0100%	1h	1,473.7	+0.064%	$71K	$4.7M	30x	as long as short
Polymarket Perps ZEC-USD	+0.0100%	1h	1,473.2	+0.030%	$346K	$1.8M	10x	as long as short
Bullet ZEC-USD	+0.0100%	1h	1,473.2	+0.032%	$128K	$160K	20x	as long as short
Derive ZEC-PERP	+0.0100%	1h	1,471.2	−0.105%	$458K	$511K	6.7x	as long as short
SunX ZEC-USDT	+0.0100%	8h	1,475.9	+0.216%	$3K	$1.2M	20x	as long as short
SoDEX ZEC-USD	+0.0100%	1h	1,472.5	−0.019%	$243K	$3.6M	10x	as long as short
HTX ZEC-USDT	+0.0100%	8h	1,473.3	+0.036%	$2.5M	$18.7M	75x	as long as short
Phemex ZECUSDTshort	+0.0100%	8h	1,473.1	+0.024%	$3.9M	$5.4M	50x
Extended ZEC-USD	+0.0104%	1h	1,472.7	−0.006%	$3.2M	$7.1M	10x	as long as short
Aevo ZEC-PERP	+0.0104%	1h	1,472.6	−0.012%	$48K	$162K	20x	as long as short
Deribit ZEC_USDC-PERPETUAL	+0.0144%	1h	1,473.3	+0.037%	$613K	$1.3M	25x	as long as short
Lighter ZEC	+0.0240%	1h	1,474.3	+0.103%	$19.3M	$48.2M	20x	as long as short
Arcus ZEC-USD	+0.0254%	1h	1,475	+0.156%	$688K	$8.6M	10x	as long as short
Lighter RH ZEC	+0.0288%	1h	1,474.4	+0.108%	$2.1M	$7.1M	10x	as long as short
RISEx ZEC/USDC	+0.0374%	1h	1,474	+0.088%	$866K	$1.0M	10x	as long as short
Backpack ZEC_USDC_PERP	+0.0467%	1h	1,472.4	−0.022%	$2.5M	$3.9M	15x	as long as short
Coinbase International ZEC-PERP-INTX	+0.0472%	1h	1,476.8	+0.277%	$3.7M	$9.4M	50x	as long as short
Aftermath Perps ZECUSD	+0.0747%	1h	1,474.3	+0.106%	$44K	$46K	10x	as long as short