Funding arb · Price arb /

ZEC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC−0.4230%/8h= −463.2% APRpaid last 24h −0.850%

Price spread now: Injective against OKX−1.521%7-day average +0.032% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on OKX Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days−2.306%−$231 on $10k

Price spread, last 4 days (all we have)+2.526%+$253 · spread now −1.521%, 7d avg +0.032%

Together, before fees+0.220%+$22 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$127 a day on $10k at the current rate, and Injective is 1.553% cheaper against OKX than usual: you would sell low and buy high (−$155 if the spread goes back to its 7-day average of +0.032%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -2.306% in total (about -120.2% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made; yellow are the hours one leg has not settled yet: what the other leg paid, plus the unsettled leg at its current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX ZEC-USDT-SWAP	1,502.8	0.0100	pay 0.0100% / 8h	5h 55m	$185.8M	$1.30B	50x
Short	Injective ZEC/USDC PERP	1,480	−0.4130	pay 0.0516% / 1h	55m 13s	$36K	$267K	12x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against OKX. 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 OKXbpFee InjectivebpOrdersPrice spread, now −1.521%Rate

Funding earned: −$888.32
Price spread: −1.521% → +0.032%: −$155.34
Slippage, 4 orders: no order book: not counted
Fee OKX: 5 bp × 2 orders: −$10
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$1,053.67
Costs to cover: 0.100%
Break-even: never at this rate

Slippage unknown: OKX: live order book, 2 min ago; Injective: live order book, 57 min ago. Net counts fees only.

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 OKX live order book, 2 min ago	0.03 bp	5.7 bp −$6	8.8 bp −$88	15.4 bp −$1,545	doesn't fit
Sell Injective live order book, 57 min ago	56.04 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit

ZEC on 50 exchanges

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 PERPshort	−0.4130%	1h	1,480	−1.521%	$36K	$267K	12x
BloFin ZEC-USDT	−0.0186%	8h	1,502.9	+0.004%	$31.8M	$72.9M	75x	as long as short
Aftermath Perps ZECUSD	−0.0094%	1h	1,504.4	+0.101%	$46K	$58K	10x	as long as short
Ondo Perps ZEC-USD.P	−0.0092%	1h	1,504.1	+0.084%	$409K	$499K	5x	as long as short
Hotstuff ZEC-PERP	−0.0080%	1h	1,503.6	+0.051%	$6K	$1K	10x	as long as short
dYdX ZEC-USD	0.0000%	1h	1,502.7	−0.011%	$414K	$37K	5x	as long as short
Kalshi KXZECPERP	0.0000%	8h	1,504.4	+0.106%	$1.5M	$4.9M	2.2x	as long as short
Perpl ZEC	0.0000%	43m	1,502.8	−0.005%	$63K	$300K	10x	as long as short
gTrade (Gains Network) ZEC/USD	L +0.0007% / S −0.0006%	1h	1,505.1	+0.150%	$5.4M	—	150x	as long as short
01 Exchange ZECUSD	+0.0024%	1h	1,503.4	+0.039%	$8K	$6K	5x	as long as short

Show all 50 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
RISEx ZEC/USDC	+0.0032%	1h	1,506.1	+0.217%	$911K	$1.3M	10x	as long as short
Deribit ZEC_USDC-PERPETUAL	+0.0043%	1h	1,503.5	+0.046%	$685K	$1.3M	25x	as long as short
Orderly PERP_ZEC_USDC	+0.0071%	8h	1,502.4	−0.032%	$303K	$856K	20x	as long as short
Lighter ZEC	+0.0096%	1h	1,503.8	+0.066%	$19.9M	$38.9M	20x	as long as short
Lighter RH ZEC	+0.0096%	1h	1,504.5	+0.112%	$2.0M	$7.0M	10x	as long as short
Popdex ZECUSDT	+0.0096%	1h	1,503.4	+0.037%	$169K	$1.5M	50x	as long as short
Aster ZECUSDT	+0.0097%	8h	1,502.9	+0.003%	$14.1M	$26.9M	75x	as long as short
Kraken Futures PF_ZECUSD	+0.0099%	1h	1,503.2	+0.024%	$18.5M	$46.2M	25x	as long as short
Paradex ZEC-USD-PERP	+0.0099%	8h	1,503.1	+0.019%	$62K	$14K	10x	as long as short
Katana Perps ZEC-USD	+0.0100%	8h	1,503	+0.009%	$25K	$880K	10x	as long as short
Nado ZEC-PERP	+0.0100%	1h	1,503.9	+0.071%	$3.1M	$7.1M	10x	as long as short
Hyperliquid ZEC	+0.0100%	1h	1,504	+0.077%	$789.2M	$432.0M	10x	as long as short
Pacifica ZEC	+0.0100%	1h	1,503.9	+0.068%	$1.7M	$1.9M	10x	as long as short
Binance ZECUSDT	+0.0100%	8h	1,503	+0.011%	$707.3M	$2.20B	75x	as long as short
Bybit ZECUSDT	+0.0100%	8h	1,503	+0.010%	$276.1M	$588.4M	75x	as long as short
OKX ZEC-USDT-SWAPlong	+0.0100%	8h	1,502.8	long leg	$185.8M	$1.30B	50x
Arcus ZEC-USD	+0.0100%	1h	1,503.9	+0.072%	$596K	$8.4M	10x	as long as short
Gate ZEC_USDT	+0.0100%	8h	1,503.1	+0.015%	$62.8M	$171.5M	75x	as long as short
MEXC ZEC_USDT	+0.0100%	8h	1,503.2	+0.023%	$177.9M	$822.9M	150x	as long as short
KuCoin ZECUSDTM	+0.0100%	8h	1,502.9	+0.001%	$105.3M	$53.0M	75x	as long as short
Bitget ZECUSDT	+0.0100%	8h	1,503	+0.011%	$164.2M	$279.4M	75x	as long as short
BingX ZEC-USDC	+0.0100%	8h	1,502.2	−0.044%	—	$6.6M	—	as long as short
Backpack ZEC_USDC_PERP	+0.0100%	1h	1,506	+0.212%	$2.2M	$3.7M	15x	as long as short
Variational Omni ZEC	+0.0100%	8h	1,505.7	+0.190%	$49.5M	$34.0M	—	as long as short
edgeX ZECUSDC	+0.0100%	4h	1,504.6	+0.114%	$550K	$8.7M	20x	as long as short
GRVT ZEC_USDT_Perp	+0.0100%	8h	1,506.7	+0.258%	$3.1M	$599K	10x	as long as short
ApeX Omni ZECUSDT	+0.0100%	1h	1,504.2	+0.093%	$411K	$948K	50x	as long as short
StandX ZEC-USD	+0.0100%	1h	1,505.8	+0.196%	$112K	$4.5M	30x	as long as short
Polymarket Perps ZEC-USD	+0.0100%	1h	1,503.1	+0.017%	$371K	$1.6M	10x	as long as short
Bullet ZEC-USD	+0.0100%	1h	1,503.2	+0.023%	$167K	$188K	20x	as long as short
SunX ZEC-USDT	+0.0100%	8h	1,505.3	+0.164%	$3K	$1.1M	20x	as long as short
SoDEX ZEC-USD	+0.0100%	1h	1,502.7	−0.011%	$257K	$3.6M	10x	as long as short
HTX ZEC-USDT	+0.0100%	8h	1,502.3	−0.034%	$2.6M	$20.5M	75x	as long as short
Phemex ZECUSDT	+0.0100%	8h	1,503.9	+0.071%	$4.0M	$4.8M	50x	as long as short
Bulk ZEC-USD	+0.0100%	1h	1,505.5	+0.178%	$781K	$158K	10x	as long as short
Extended ZEC-USD	+0.0104%	1h	1,502.8	−0.003%	$2.7M	$7.1M	10x	as long as short
Aevo ZEC-PERP	+0.0104%	1h	1,502.5	−0.022%	$37K	$163K	20x	as long as short
Phoenix ZEC	+0.0139%	1h	1,506.5	+0.241%	$4.8M	$1.3M	10x	as long as short
GMX ZEC/USD [WBTC.b-USDC]	L +0.0185% / S −0.0196%	1h	1,503.2	+0.021%	$350K	—	100x	as long as short
Coinbase International ZEC-PERP-INTX	+0.0352%	1h	1,504.7	+0.122%	$3.9M	$9.5M	50x	as long as short