Funding arb · Price arb /

ZEC

all ZEC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0432%/8h= +47.3% APRpaid last 24h +0.117%

Price spread now: Coinbase International against Perpl+0.332%7-day average +0.186% · you sell dearer than you buy

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

Long on Perpl Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+0.070%+$7 on $10k

Price spread, last 3 days (all we have)+0.059%+$6 · spread now +0.332%, 7d avg +0.186%

Together, before fees+0.129%+ Points / potential airdropPerpl: Active · farm board+$13 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$13 a day on $10k at the current rate, and Coinbase International is 0.146% dearer against Perpl than usual: you sell high and buy low: +$15 more if the spread goes back to its 7-day average of +0.186%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.070% in total (about 3.7% 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	Perpl ZEC	1,468.6	0	get 0.0000% / 43m	22m 58s	$83K	$404K	10x
Short	Coinbase International ZEC-PERP-INTX	1,473.5	0.0432	get 0.0054% / 1h	26m 58s	$3.8M	$10.6M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against Perpl. 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 PerplbpFee Coinbase InternationalbpOrdersPrice spread, now +0.332%Rate

Funding earned: $90.72
Price spread: +0.332% → +0.186%: $14.6
Slippage, 4 orders: no order book: not counted
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: $81.52
Costs to cover: 0.238%
Break-even: 0.7 days

Slippage unknown: Perpl: no order-book sample; Coinbase International: live order book, 2 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 Perpl no order-book sample	—	—	—	—	—
Sell Coinbase International live order book, 2 min ago	1.66 bp	13.0 bp −$13	17.8 bp −$178	44.8 bp −$4,482	doesn't fit

Perpl: 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 PERP	−0.3089%	1h	1,471.6	+0.202%	$34K	$275K	12x	as long as short
Ondo Perps ZEC-USD.P	−0.0260%	1h	1,468.3	−0.022%	$399K	$515K	5x	as long as short
Kraken Futures PF_ZECUSD	−0.0225%	1h	1,471.5	+0.195%	$17.9M	$44.3M	25x	as long as short
Bybit ZECUSDT	−0.0114%	8h	1,472.4	+0.254%	$275.3M	$653.2M	75x	as long as short
BloFin ZEC-USDT	−0.0102%	8h	1,472.2	+0.242%	$29.8M	$75.2M	75x	as long as short
Hotstuff ZEC-PERP	−0.0080%	1h	1,469	+0.026%	$6K	$2K	10x	as long as short
Variational Omni ZEC	−0.0057%	8h	1,468.8	+0.011%	$46.8M	$33.8M	—	as long as short
ApeX Omni ZECUSDT	−0.0006%	1h	1,470.3	+0.111%	$431K	$842K	50x	as long as short
dYdX ZEC-USD	0.0000%	1h	1,469.8	+0.077%	$414K	$104K	5x	as long as short
Kalshi KXZECPERP	0.0000%	8h	1,470.1	+0.103%	$903K	$5.6M	2.2x	as long as short

Show all 51 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Perpl ZEClong	0.0000%	43m	1,468.6	long leg	$83K	$404K	10x
gTrade (Gains Network) ZEC/USD	L +0.0007% / S −0.0006%	1h	1,471.5	+0.197%	$5.2M	—	150x	as long as short
Orderly PERP_ZEC_USDC	+0.0012%	8h	1,471.3	+0.183%	$295K	$1.4M	20x	as long as short
01 Exchange ZECUSD	+0.0016%	1h	1,469.8	+0.078%	$8K	$8K	5x	as long as short
Phoenix ZEC	+0.0024%	1h	1,470.8	+0.147%	$4.6M	$1.6M	10x	as long as short
OKX ZEC-USDT-SWAP	+0.0038%	8h	1,473	+0.297%	$181.1M	$1.34B	50x	as long as short
Gate ZEC_USDT	+0.0045%	8h	1,473.2	+0.308%	$50.9M	$186.6M	75x	as long as short
GMX ZEC/USD [WBTC.b-USDC]	L +0.0055% / S −0.0010%	1h	1,471	+0.161%	$372K	—	100x	as long as short
Lighter ZEC	+0.0096%	1h	1,473.5	+0.334%	$19.2M	$52.4M	20x	as long as short
Popdex ZECUSDT	+0.0096%	1h	1,469.7	+0.073%	$175K	$1.9M	50x	as long as short
Katana Perps ZEC-USD	+0.0097%	8h	1,468.8	+0.010%	$13K	$836K	10x	as long as short
Paradex ZEC-USD-PERP	+0.0100%	8h	1,468.6	−0.002%	$60K	$39K	10x	as long as short
Nado ZEC-PERP	+0.0100%	1h	1,469.4	+0.055%	$2.6M	$6.8M	10x	as long as short
Hyperliquid ZEC	+0.0100%	1h	1,473.7	+0.345%	$764.1M	$474.4M	10x	as long as short
Aster ZECUSDT	+0.0100%	8h	1,472.4	+0.259%	$15.0M	$32.7M	75x	as long as short
Pacifica ZEC	+0.0100%	1h	1,469.1	+0.033%	$1.7M	$2.9M	10x	as long as short
Binance ZECUSDT	+0.0100%	8h	1,473.2	+0.314%	$685.3M	$2.46B	75x	as long as short
Arcus ZEC-USD	+0.0100%	1h	1,470.6	+0.133%	$704K	$8.4M	10x	as long as short
Bulk ZEC-USD	+0.0100%	1h	1,469.8	+0.077%	$894K	$39K	10x	as long as short
MEXC ZEC_USDT	+0.0100%	8h	1,472.4	+0.256%	$231.1M	$838.6M	150x	as long as short
KuCoin ZECUSDTM	+0.0100%	8h	1,472.6	+0.270%	$103.7M	$56.0M	75x	as long as short
Bitget ZECUSDT	+0.0100%	8h	1,473.1	+0.307%	$163.3M	$301.4M	75x	as long as short
BingX ZEC-USDC	+0.0100%	8h	1,471.5	+0.193%	—	$6.7M	—	as long as short
edgeX ZECUSDC	+0.0100%	4h	1,470.6	+0.133%	$513K	$9.2M	20x	as long as short
GRVT ZEC_USDT_Perp	+0.0100%	8h	1,470.2	+0.104%	$3.0M	$454K	10x	as long as short
StandX ZEC-USD	+0.0100%	1h	1,470.7	+0.138%	$110K	$4.8M	30x	as long as short
Polymarket Perps ZEC-USD	+0.0100%	1h	1,470.2	+0.107%	$344K	$1.8M	10x	as long as short
Bullet ZEC-USD	+0.0100%	1h	1,470.5	+0.130%	$128K	$159K	20x	as long as short
Derive ZEC-PERP	+0.0100%	1h	1,469.7	+0.075%	$448K	$498K	6.7x	as long as short
SunX ZEC-USDT	+0.0100%	8h	1,472.8	+0.283%	$3K	$1.2M	20x	as long as short
SoDEX ZEC-USD	+0.0100%	1h	1,471.2	+0.176%	$238K	$4.4M	10x	as long as short
HTX ZEC-USDT	+0.0100%	8h	1,471	+0.161%	$2.5M	$23.1M	75x	as long as short
Phemex ZECUSDT	+0.0100%	8h	1,472.5	+0.266%	$3.9M	$5.3M	50x	as long as short
Extended ZEC-USD	+0.0104%	1h	1,473.3	+0.321%	$3.3M	$6.9M	10x	as long as short
Aevo ZEC-PERP	+0.0104%	1h	1,471.2	+0.172%	$37K	$366K	20x	as long as short
RISEx ZEC/USDC	+0.0132%	1h	1,469.6	+0.069%	$824K	$1.2M	10x	as long as short
Deribit ZEC_USDC-PERPETUAL	+0.0273%	1h	1,472.4	+0.257%	$614K	$1.3M	25x	as long as short
Backpack ZEC_USDC_PERP	+0.0413%	1h	1,473.6	+0.336%	$2.4M	$3.8M	15x	as long as short
Coinbase International ZEC-PERP-INTXshort	+0.0432%	1h	1,473.5	+0.332%	$3.8M	$10.6M	50x
Lighter RH ZEC	+0.0464%	1h	1,473.8	+0.354%	$2.0M	$8.4M	10x	as long as short
Aftermath Perps ZECUSD	+0.0714%	1h	1,472.1	+0.235%	$46K	$47K	10x	as long as short