Funding arb · Price arb /

ZEC

all ZEC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.3321%/8h= −363.7% APRpaid last 24h −0.402%

Price spread now: Injective against Orderly+0.029%58s7-day average +0.072% · you sell dearer than you buy

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

Long on Orderly Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days−1.955%−$196 on $10k

Price spread, last 3 days (all we have)+0.237%+$24 · spread now +0.029%, 7d avg +0.072%

Together, before fees−1.718%−$172 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$100 a day on $10k at the current rate, and Injective is 0.044% cheaper against Orderly than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of +0.072%). Swap the legs. The two prices were read 58 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -1.955% in total (about -102.0% 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	Orderly PERP_ZEC_USDC	1,464.9	0.0012	pay 0.0012% / 8h	1h 18m	$292K	$1.4M	20x
Short	Injective ZEC/USDC PERP	1,465.3	−0.3310	pay 0.0414% / 1h	18m 08s	$34K	$275K	12x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against Orderly. 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 OrderlybpFee InjectivebpOrdersPrice spread, now +0.029%Rate

Funding earned: −$697.47
Price spread: +0.029% → +0.072%: −$4.38
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$707.87
Costs to cover: 0.060%
Break-even: never at this rate

Slippage unknown: Orderly: no order-book sample; Injective: live order book, 1 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 Orderly no order-book sample	—	—	—	—	—
Sell Injective live order book, 1 min ago	64.22 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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 PERPshort	−0.3310%	1h	1,465.3	+0.029%	$34K	$275K	12x
Kraken Futures PF_ZECUSD	−0.0405%	1h	1,465	+0.007%	$17.8M	$44.6M	25x	as long as short
Ondo Perps ZEC-USD.P	−0.0244%	1h	1,463	−0.131%	$397K	$514K	5x	as long as short
BloFin ZEC-USDT	−0.0099%	8h	1,465.8	+0.061%	$29.2M	$75.5M	75x	as long as short
Hotstuff ZEC-PERP	−0.0080%	1h	1,465.9	+0.066%	$6K	$2K	10x	as long as short
Bybit ZECUSDT	−0.0067%	8h	1,463.9	−0.067%	$270.8M	$666.6M	75x	as long as short
Variational Omni ZEC	−0.0030%	8h	1,462.2	−0.183%	$46.6M	$33.4M	—	as long as short
dYdX ZEC-USD	0.0000%	1h	1,465.6	+0.047%	$413K	$104K	5x	as long as short
Kalshi KXZECPERP	0.0000%	8h	1,468.1	+0.216%	$887K	$5.6M	2.2x	as long as short
Perpl ZEC	0.0000%	43m	1,465.5	+0.037%	$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	1,465.5	+0.040%	$5.2M	—	150x	as long as short
Orderly PERP_ZEC_USDClong	+0.0012%	8h	1,464.9	long leg	$292K	$1.4M	20x
GMX ZEC/USD [WBTC.b-USDC]	L +0.0037% / S +0.0009%	1h	1,465.2	+0.022%	$355K	—	100x	as long as short
Gate ZEC_USDT	+0.0042%	8h	1,464.9	+0.001%	$49.7M	$186.6M	75x	as long as short
OKX ZEC-USDT-SWAP	+0.0045%	8h	1,464.7	−0.018%	$176.8M	$1.34B	50x	as long as short
01 Exchange ZECUSD	+0.0064%	1h	1,465	+0.004%	$8K	$8K	5x	as long as short
Phoenix ZEC	+0.0075%	1h	1,465	+0.005%	$4.6M	$1.6M	10x	as long as short
Deribit ZEC_USDC-PERPETUAL	+0.0079%	1h	1,466	+0.071%	$596K	$1.3M	25x	as long as short
ApeX Omni ZECUSDT	+0.0084%	1h	1,463.5	−0.096%	$429K	$823K	50x	as long as short
Popdex ZECUSDT	+0.0096%	1h	1,465	+0.008%	$173K	$1.9M	50x	as long as short
Katana Perps ZEC-USD	+0.0096%	8h	1,465.5	+0.040%	$14K	$827K	10x	as long as short
Paradex ZEC-USD-PERP	+0.0100%	8h	1,465.3	+0.026%	$60K	$39K	10x	as long as short
Nado ZEC-PERP	+0.0100%	1h	1,466.2	+0.089%	$2.5M	$6.8M	10x	as long as short
Hyperliquid ZEC	+0.0100%	1h	1,466.2	+0.087%	$760.8M	$478.6M	10x	as long as short
Aster ZECUSDT	+0.0100%	8h	1,465	+0.005%	$15.6M	$32.7M	75x	as long as short
Pacifica ZEC	+0.0100%	1h	1,466.3	+0.097%	$1.7M	$3.0M	10x	as long as short
Binance ZECUSDT	+0.0100%	8h	1,464.7	−0.014%	$675.4M	$2.47B	75x	as long as short
Bulk ZEC-USD	+0.0100%	1h	1,463.9	−0.067%	$903K	$27K	10x	as long as short
MEXC ZEC_USDT	+0.0100%	8h	1,465	+0.007%	$221.6M	$866.9M	150x	as long as short
KuCoin ZECUSDTM	+0.0100%	8h	1,465.2	+0.016%	$103.6M	$55.8M	75x	as long as short
Bitget ZECUSDT	+0.0100%	8h	1,465.2	+0.021%	$162.5M	$304.3M	75x	as long as short
BingX ZEC-USDC	+0.0100%	8h	1,464.1	−0.057%	—	$6.7M	—	as long as short
edgeX ZECUSDC	+0.0100%	4h	1,463	−0.131%	$511K	$9.5M	20x	as long as short
GRVT ZEC_USDT_Perp	+0.0100%	8h	1,464.2	−0.051%	$3.0M	$481K	10x	as long as short
StandX ZEC-USD	+0.0100%	1h	1,463.9	−0.070%	$110K	$4.8M	30x	as long as short
Polymarket Perps ZEC-USD	+0.0100%	1h	1,465	+0.005%	$344K	$1.9M	10x	as long as short
Bullet ZEC-USD	+0.0100%	1h	1,464.9	−0.004%	$127K	$160K	20x	as long as short
Derive ZEC-PERP	+0.0100%	1h	1,463.6	−0.090%	$447K	$502K	6.7x	as long as short
SunX ZEC-USDT	+0.0100%	8h	1,467.3	+0.161%	$3K	$1.2M	20x	as long as short
SoDEX ZEC-USD	+0.0100%	1h	1,465	+0.008%	$222K	$4.5M	10x	as long as short
HTX ZEC-USDT	+0.0100%	8h	1,465.7	+0.051%	$2.5M	$23.7M	75x	as long as short
Phemex ZECUSDT	+0.0100%	8h	1,465.8	+0.057%	$3.8M	$5.3M	50x	as long as short
Extended ZEC-USD	+0.0104%	1h	1,465.3	+0.029%	$3.3M	$6.9M	10x	as long as short
Aevo ZEC-PERP	+0.0104%	1h	1,464.9	−0.001%	$37K	$366K	20x	as long as short
Lighter ZEC	+0.0128%	1h	1,466.8	+0.127%	$19.0M	$52.7M	20x	as long as short
Backpack ZEC_USDC_PERP	+0.0176%	1h	1,465.6	+0.049%	$2.3M	$3.7M	15x	as long as short
RISEx ZEC/USDC	+0.0190%	1h	1,465.8	+0.062%	$842K	$1.3M	10x	as long as short
Lighter RH ZEC	+0.0400%	1h	1,467.2	+0.154%	$2.0M	$8.3M	10x	as long as short
Coinbase International ZEC-PERP-INTX	+0.0424%	1h	1,468.2	+0.227%	$3.7M	$11.4M	50x	as long as short
Arcus ZEC-USD	+0.0444%	1h	1,466.6	+0.117%	$726K	$8.2M	10x	as long as short
Aftermath Perps ZECUSD	+0.0580%	1h	1,466	+0.075%	$41K	$34K	10x	as long as short