Funding arb · Price arb /

ZEC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.3802%/8h= −416.3% APRpaid last 24h −0.823%

Price spread now: Injective against Phemex−0.960%7-day average +0.007% · you buy dearer than you sell

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

Long on Phemex Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days−2.415%−$241 on $10k

Price spread, last 4 days (all we have)+1.642%+$164 · spread now −0.960%, 7d avg +0.007%

Together, before fees−0.773%−$77 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$114 a day on $10k at the current rate, and Injective is 0.967% cheaper against Phemex than usual: you would sell low and buy high (−$97 if the spread goes back to its 7-day average of +0.007%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -2.415% in total (about -125.9% 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	Phemex ZECUSDT	1,505.9	0.0100	pay 0.0100% / 8h	7h 26m	$4.0M	$4.9M	50x
Short	Injective ZEC/USDC PERP	1,491.4	−0.3702	pay 0.0463% / 1h	26m 39s	$36K	$275K	12x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against Phemex. 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 PhemexbpFee InjectivebpOrdersPrice spread, now −0.960%Rate

Funding earned: −$798.4
Price spread: −0.960% → +0.007%: −$96.73
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$907.15
Costs to cover: 0.120%
Break-even: never at this rate

Slippage unknown: Phemex: live order book, 2 min ago; Injective: live order book, 7 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 Phemex live order book, 2 min ago	0.33 bp	10.8 bp −$11	25.2 bp −$252	doesn't fit	doesn't fit
Sell Injective live order book, 7 min ago	59.09 bp	doesn't fit	doesn't fit	doesn't fit	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 PERPshort	−0.3702%	1h	1,491.4	−0.960%	$36K	$275K	12x
Perpl ZEC	−0.0447%	43m	1,504.7	−0.078%	$62K	$305K	10x	as long as short
Aftermath Perps ZECUSD	−0.0211%	1h	1,505.1	−0.052%	$48K	$58K	10x	as long as short
BloFin ZEC-USDT	−0.0160%	8h	1,505.1	−0.054%	$31.8M	$76.5M	75x	as long as short
Hotstuff ZEC-PERP	−0.0080%	1h	1,506.4	+0.031%	$6K	$1K	10x	as long as short
dYdX ZEC-USD	0.0000%	1h	1,503.7	−0.145%	$418K	$34K	5x	as long as short
Kalshi KXZECPERP	0.0000%	8h	1,505.3	−0.041%	$1.6M	$5.0M	2.2x	as long as short
gTrade (Gains Network) ZEC/USD	L +0.0007% / S −0.0006%	1h	1,501.9	−0.266%	$5.3M	—	150x	as long as short
Kraken Futures PF_ZECUSD	+0.0019%	1h	1,505.9	+0.004%	$18.3M	$47.7M	25x	as long as short
01 Exchange ZECUSD	+0.0024%	1h	1,508.6	+0.181%	$8K	$6K	5x	as long as short

Show all 51 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phoenix ZEC	+0.0082%	1h	1,504.2	−0.114%	$4.8M	$1.4M	10x	as long as short
Orderly PERP_ZEC_USDC	+0.0084%	8h	1,505.9	+0.001%	$304K	$860K	20x	as long as short
Gate ZEC_USDT	+0.0088%	8h	1,505.2	−0.046%	$60.7M	$186.1M	75x	as long as short
Lighter ZEC	+0.0096%	1h	1,504.6	−0.088%	$19.5M	$45.1M	20x	as long as short
Lighter RH ZEC	+0.0096%	1h	1,504.8	−0.069%	$2.1M	$7.5M	10x	as long as short
Popdex ZECUSDT	+0.0096%	1h	1,508.6	+0.183%	$172K	$1.8M	50x	as long as short
Paradex ZEC-USD-PERP	+0.0100%	8h	1,504.2	−0.113%	$62K	$16K	10x	as long as short
Katana Perps ZEC-USD	+0.0100%	8h	1,507.9	+0.135%	$16K	$893K	10x	as long as short
Nado ZEC-PERP	+0.0100%	1h	1,505	−0.060%	$3.1M	$7.6M	10x	as long as short
Hyperliquid ZEC	+0.0100%	1h	1,503.7	−0.146%	$786.5M	$447.4M	10x	as long as short
Aster ZECUSDT	+0.0100%	8h	1,503.1	−0.182%	$14.1M	$30.3M	75x	as long as short
Pacifica ZEC	+0.0100%	1h	1,504	−0.125%	$1.7M	$2.4M	10x	as long as short
Binance ZECUSDT	+0.0100%	8h	1,504	−0.126%	$709.6M	$2.32B	75x	as long as short
Bybit ZECUSDT	+0.0100%	8h	1,503.9	−0.131%	$269.5M	$617.4M	75x	as long as short
OKX ZEC-USDT-SWAP	+0.0100%	8h	1,504.3	−0.105%	$184.7M	$1.37B	50x	as long as short
Ondo Perps ZEC-USD.P	+0.0100%	1h	1,504.9	−0.065%	$409K	$548K	5x	as long as short
Arcus ZEC-USD	+0.0100%	1h	1,508.8	+0.191%	$604K	$9.0M	10x	as long as short
Bulk ZEC-USD	+0.0100%	1h	1,503.8	−0.141%	$774K	$147K	10x	as long as short
MEXC ZEC_USDT	+0.0100%	8h	1,504.1	−0.120%	$405.9M	$836.8M	150x	as long as short
KuCoin ZECUSDTM	+0.0100%	8h	1,503.1	−0.184%	$102.8M	$57.0M	75x	as long as short
Bitget ZECUSDT	+0.0100%	8h	1,505.1	−0.052%	$162.8M	$294.8M	75x	as long as short
BingX ZEC-USDT	+0.0100%	8h	1,506.9	+0.070%	—	$120.2M	—	as long as short
Variational Omni ZEC	+0.0100%	8h	1,502.5	−0.221%	$49.7M	$36.0M	—	as long as short
edgeX ZECUSDC	+0.0100%	4h	1,503.3	−0.172%	$554K	$9.2M	20x	as long as short
GRVT ZEC_USDT_Perp	+0.0100%	8h	1,502.7	−0.209%	$3.1M	$533K	10x	as long as short
ApeX Omni ZECUSDT	+0.0100%	1h	1,503.6	−0.154%	$413K	$952K	50x	as long as short
StandX ZEC-USD	+0.0100%	1h	1,502.6	−0.220%	$50K	$4.6M	30x	as long as short
Polymarket Perps ZEC-USD	+0.0100%	1h	1,505.7	−0.012%	$374K	$1.6M	10x	as long as short
Bullet ZEC-USD	+0.0100%	1h	1,506.6	+0.047%	$168K	$192K	20x	as long as short
Derive ZEC-PERP	+0.0100%	1h	1,502	−0.256%	$449K	$419K	6.7x	as long as short
SunX ZEC-USDT	+0.0100%	8h	1,508.4	+0.165%	$3K	$1.2M	20x	as long as short
SoDEX ZEC-USD	+0.0100%	1h	1,505.6	−0.017%	$255K	$3.6M	10x	as long as short
HTX ZEC-USDT	+0.0100%	8h	1,504.7	−0.080%	$2.7M	$21.1M	75x	as long as short
Phemex ZECUSDTlong	+0.0100%	8h	1,505.9	long leg	$4.0M	$4.9M	50x
Extended ZEC-USD	+0.0104%	1h	1,507.5	+0.109%	$2.8M	$8.0M	10x	as long as short
Aevo ZEC-PERP	+0.0104%	1h	1,505.7	−0.009%	$45K	$153K	20x	as long as short
RISEx ZEC/USDC	+0.0157%	1h	1,508.2	+0.151%	$953K	$1.1M	10x	as long as short
GMX ZEC/USD [WBTC.b-USDC]	L +0.0161% / S −0.0165%	1h	1,506.8	+0.063%	$334K	—	100x	as long as short
Deribit ZEC_USDC-PERPETUAL	+0.0238%	1h	1,506.8	+0.063%	$690K	$1.4M	25x	as long as short
Backpack ZEC_USDC_PERP	+0.0240%	1h	1,505.2	−0.044%	$2.4M	$3.8M	15x	as long as short
Coinbase International ZEC-PERP-INTX	+0.0368%	1h	1,507.6	+0.114%	$3.8M	$10.1M	50x	as long as short