Funding arb · Price arb /

ZEC

all ZEC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0008%/8h= −0.9% APRpaid last 24h +0.004%

Price spread now: Phoenix against KuCoin+0.401%48s7-day average +0.138% · you sell dearer than you buy

Net, funding: paid 7d − costs+$20as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$370.369% of the position

Long on KuCoin Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.569%+$57 on $10k

Price spread, last 7 days−0.243%−$24 · spread now +0.401%, 7d avg +0.138%

Together, before fees+0.326%+$33 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Phoenix is 0.262% dearer against KuCoin than usual: you sell high and buy low, +$26 on $10k if it goes back to its 7-day average of +0.138%. The two prices were read 48 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin ZECUSDTM	1,494.8	0.0100	pay 0.0100% / 8h	2h 02m	$103.0M	$56.1M	75x
Short	Phoenix ZEC	1,500.8	0.0092	get 0.0012% / 1h	2m 36s	$4.8M	$1.3M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against KuCoin. 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 KuCoinbpFee PhoenixbpOrdersPrice spread, now +0.401%Rate

Funding earned: −$1.65
Price spread: +0.401% → +0.138%: $26.24
Slippage, 4 orders: −$17.87
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$12.27
Costs to cover: 0.369%
Break-even: never at this rate

Slippage from KuCoin: live order book, 7 min ago; Phoenix: 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 KuCoin live order book, 7 min ago	0.03 bp	11.3 bp −$11	20.8 bp −$208	doesn't fit	doesn't fit
Sell Phoenix live order book, 1 min ago	1.94 bp	6.8 bp −$7	16.0 bp −$160	130.4 bp −$13.0K	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	−0.3243%	1h	1,479.2	−1.047%	$34K	$273K	12x	as long as short
BloFin ZEC-USDT	−0.0117%	8h	1,495.8	+0.066%	$30.7M	$74.0M	75x	as long as short
Bulk ZEC-USD	−0.0102%	1h	1,494.5	−0.019%	$903K	$15K	10x	as long as short
Hotstuff ZEC-PERP	−0.0080%	1h	1,495.5	+0.047%	$6K	$1K	10x	as long as short
dYdX ZEC-USD	0.0000%	1h	1,495.1	+0.017%	$415K	$35K	5x	as long as short
Kalshi KXZECPERP	0.0000%	8h	1,493.3	−0.100%	$1.6M	$4.6M	2.2x	as long as short
Perpl ZEC	0.0000%	43m	1,493.6	−0.080%	$85K	$239K	10x	as long as short
gTrade (Gains Network) ZEC/USD	L +0.0007% / S −0.0006%	1h	1,494.6	−0.016%	$5.3M	—	150x	as long as short
Orderly PERP_ZEC_USDC	+0.0070%	8h	1,495.3	+0.031%	$299K	$1.1M	20x	as long as short
01 Exchange ZECUSD	+0.0080%	1h	1,495.6	+0.056%	$8K	$7K	5x	as long as short

Show all 51 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phoenix ZECshort	+0.0092%	1h	1,500.8	+0.401%	$4.8M	$1.3M	10x
Popdex ZECUSDT	+0.0096%	1h	1,495.5	+0.045%	$153K	$1.7M	50x	as long as short
Nado ZEC-PERP	+0.0100%	1h	1,494.1	−0.048%	$2.8M	$6.6M	10x	as long as short
Hyperliquid ZEC	+0.0100%	1h	1,495.8	+0.063%	$779.8M	$438.4M	10x	as long as short
Aster ZECUSDT	+0.0100%	8h	1,495.4	+0.042%	$14.2M	$29.5M	75x	as long as short
Pacifica ZEC	+0.0100%	1h	1,494.9	+0.007%	$1.7M	$2.4M	10x	as long as short
Binance ZECUSDT	+0.0100%	8h	1,495.3	+0.030%	$694.5M	$2.28B	75x	as long as short
Bybit ZECUSDT	+0.0100%	8h	1,495.5	+0.047%	$274.8M	$621.2M	75x	as long as short
OKX ZEC-USDT-SWAP	+0.0100%	8h	1,495.1	+0.018%	$181.4M	$1.31B	50x	as long as short
Ondo Perps ZEC-USD.P	+0.0100%	1h	1,495.1	+0.019%	$407K	$480K	5x	as long as short
Gate ZEC_USDT	+0.0100%	8h	1,495	+0.009%	$54.2M	$182.6M	75x	as long as short
MEXC ZEC_USDT	+0.0100%	8h	1,495	+0.011%	$232.9M	$785.6M	150x	as long as short
KuCoin ZECUSDTMlong	+0.0100%	8h	1,494.8	long leg	$103.0M	$56.1M	75x
Bitget ZECUSDT	+0.0100%	8h	1,495.3	+0.031%	$161.3M	$285.3M	75x	as long as short
BingX ZEC-USDT	+0.0100%	8h	1,495.2	+0.023%	—	$114.0M	—	as long as short
Variational Omni ZEC	+0.0100%	8h	1,498.3	+0.236%	$49.0M	$33.3M	—	as long as short
edgeX ZECUSDC	+0.0100%	4h	1,496.8	+0.130%	$572K	$8.8M	20x	as long as short
GRVT ZEC_USDT_Perp	+0.0100%	8h	1,498.9	+0.274%	$3.1M	$477K	10x	as long as short
ApeX Omni ZECUSDT	+0.0100%	1h	1,495.8	+0.064%	$414K	$930K	50x	as long as short
StandX ZEC-USD	+0.0100%	1h	1,495.2	+0.023%	$57K	$4.6M	30x	as long as short
Polymarket Perps ZEC-USD	+0.0100%	1h	1,493.5	−0.088%	$361K	$1.7M	10x	as long as short
Bullet ZEC-USD	+0.0100%	1h	1,494.5	−0.021%	$165K	$184K	20x	as long as short
Derive ZEC-PERP	+0.0100%	1h	1,494.3	−0.032%	$456K	$506K	6.7x	as long as short
SunX ZEC-USDT	+0.0100%	8h	1,496.7	+0.123%	$3K	$1.2M	20x	as long as short
SoDEX ZEC-USD	+0.0100%	1h	1,495.6	+0.050%	$255K	$3.5M	10x	as long as short
HTX ZEC-USDT	+0.0100%	8h	1,494	−0.054%	$2.6M	$19.6M	75x	as long as short
Phemex ZECUSDT	+0.0100%	8h	1,495.6	+0.053%	$4.0M	$5.0M	50x	as long as short
Paradex ZEC-USD-PERP	+0.0100%	8h	1,494.8	+0.001%	$62K	$43K	10x	as long as short
Katana Perps ZEC-USD	+0.0100%	8h	1,495.2	+0.023%	$12K	$858K	10x	as long as short
Extended ZEC-USD	+0.0104%	1h	1,495.2	+0.026%	$2.8M	$7.9M	10x	as long as short
Aevo ZEC-PERP	+0.0104%	1h	1,495.2	+0.023%	$45K	$149K	20x	as long as short
GMX ZEC/USD [WBTC.b-USDC]	L +0.0109% / S −0.0085%	1h	1,494.3	−0.034%	$403K	—	100x	as long as short
Kraken Futures PF_ZECUSD	+0.0144%	1h	1,495.6	+0.055%	$18.1M	$46.2M	25x	as long as short
RISEx ZEC/USDC	+0.0154%	1h	1,495.5	+0.045%	$933K	$1.2M	10x	as long as short
Deribit ZEC_USDC-PERPETUAL	+0.0181%	1h	1,496.3	+0.101%	$712K	$1.4M	25x	as long as short
Lighter ZEC	+0.0216%	1h	1,496	+0.076%	$19.6M	$45.9M	20x	as long as short
Lighter RH ZEC	+0.0216%	1h	1,496.1	+0.085%	$2.1M	$7.3M	10x	as long as short
Backpack ZEC_USDC_PERP	+0.0341%	1h	1,496.3	+0.100%	$2.3M	$3.9M	15x	as long as short
Aftermath Perps ZECUSD	+0.0382%	1h	1,498	+0.213%	$50K	$61K	10x	as long as short
Coinbase International ZEC-PERP-INTX	+0.0496%	1h	1,496	+0.081%	$3.7M	$9.9M	50x	as long as short
Arcus ZEC-USD	+0.0508%	1h	1,496.4	+0.103%	$617K	$8.6M	10x	as long as short