Funding arb · Price arb /

ZEC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC−0.0303%/8h= −33.2% APRpaid last 24h −0.028%

Price spread now: Ondo Perps against Phemex−0.097%7-day average −0.088% · you buy dearer than you sell

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

Long on Phemex Short on Ondo Perps

What this pair did over the last

the charts below follow

Funding, last 7 days+0.133%+$13 on $10k

Price spread, last 4 days (all we have)−0.323%−$32 · spread now −0.097%, 7d avg −0.088%

Together, before fees−0.190%+ Points / potential airdropOndo Perps: Active · farm board−$19 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.088%, so right now this pair is about funding alone: −$9 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair paid +0.133%, so the current rate has only just turned against you.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.133% in total (about 7.0% 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	Phemex ZECUSDT	1,498.2	0.0100	pay 0.0100% / 8h	5h 49m	$4.0M	$4.8M	50x
Short	Ondo Perps ZEC-USD.P	1,496.7	−0.0203	pay 0.0025% / 1h	49m 07s	$408K	$497K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Ondo Perps against Phemex. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 Ondo PerpsbpOrdersPrice spread, now −0.097%Rate

Funding earned: −$63.67
Price spread: −0.097% → −0.088%: −$0.9
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Net: −$81.58
Costs to cover: 0.170%
Break-even: never at this rate

Slippage unknown: Phemex: live order book, 3 min ago; Ondo Perps: no order-book sample. 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, 3 min ago	5.30 bp	11.6 bp −$12	26.7 bp −$267	doesn't fit	doesn't fit
Sell Ondo Perps no order-book sample	—	—	—	—	—

Ondo Perps: 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 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 PERP	−0.4130%	1h	1,490.6	−0.507%	$36K	$267K	12x	as long as short
ApeX Omni ZECUSDT	−0.0282%	1h	1,498.8	+0.043%	$410K	$949K	50x	as long as short
Ondo Perps ZEC-USD.Pshort	−0.0203%	1h	1,496.7	−0.097%	$408K	$497K	5x
BloFin ZEC-USDT	−0.0200%	8h	1,498.2	+0.002%	$32.0M	$72.6M	75x	as long as short
Aftermath Perps ZECUSD	−0.0095%	1h	1,501.5	+0.222%	$46K	$58K	10x	as long as short
Hotstuff ZEC-PERP	−0.0080%	1h	1,503.6	+0.363%	$6K	$1K	10x	as long as short
dYdX ZEC-USD	0.0000%	1h	1,498.4	+0.019%	$413K	$37K	5x	as long as short
Kalshi KXZECPERP	0.0000%	8h	1,498.9	+0.051%	$1.5M	$4.9M	2.2x	as long as short
Perpl ZEC	0.0000%	43m	1,495.8	−0.157%	$63K	$300K	10x	as long as short
gTrade (Gains Network) ZEC/USD	L +0.0007% / S −0.0006%	1h	1,503.6	+0.360%	$5.4M	—	150x	as long as short

Show all 50 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
01 Exchange ZECUSD	+0.0024%	1h	1,498.4	+0.017%	$8K	$6K	5x	as long as short
RISEx ZEC/USDC	+0.0032%	1h	1,498.2	+0.001%	$921K	$1.3M	10x	as long as short
Deribit ZEC_USDC-PERPETUAL	+0.0058%	1h	1,498.9	+0.047%	$683K	$1.3M	25x	as long as short
Phoenix ZEC	+0.0060%	1h	1,503.9	+0.382%	$4.8M	$1.3M	10x	as long as short
Orderly PERP_ZEC_USDC	+0.0069%	8h	1,497.9	−0.020%	$302K	$855K	20x	as long as short
Aster ZECUSDT	+0.0089%	8h	1,496.6	−0.101%	$14.1M	$27.3M	75x	as long as short
Lighter ZEC	+0.0096%	1h	1,498.7	+0.033%	$19.9M	$39.1M	20x	as long as short
Lighter RH ZEC	+0.0096%	1h	1,498.8	+0.041%	$2.0M	$7.1M	10x	as long as short
Popdex ZECUSDT	+0.0096%	1h	1,498.3	+0.009%	$169K	$1.4M	50x	as long as short
Katana Perps ZEC-USD	+0.0097%	8h	1,497.4	−0.048%	$25K	$878K	10x	as long as short
Kraken Futures PF_ZECUSD	+0.0099%	1h	1,497.9	−0.017%	$18.4M	$46.0M	25x	as long as short
Paradex ZEC-USD-PERP	+0.0099%	8h	1,498	−0.008%	$62K	$14K	10x	as long as short
Nado ZEC-PERP	+0.0100%	1h	1,498.8	+0.042%	$3.1M	$7.1M	10x	as long as short
Hyperliquid ZEC	+0.0100%	1h	1,497.8	−0.024%	$787.0M	$430.7M	10x	as long as short
Pacifica ZEC	+0.0100%	1h	1,498.9	+0.051%	$1.7M	$1.9M	10x	as long as short
Binance ZECUSDT	+0.0100%	8h	1,496.9	−0.084%	$703.6M	$2.19B	75x	as long as short
Bybit ZECUSDT	+0.0100%	8h	1,496.5	−0.108%	$274.4M	$588.4M	75x	as long as short
OKX ZEC-USDT-SWAP	+0.0100%	8h	1,496.6	−0.107%	$185.0M	$1.30B	50x	as long as short
Arcus ZEC-USD	+0.0100%	1h	1,498.9	+0.052%	$598K	$8.4M	10x	as long as short
Gate ZEC_USDT	+0.0100%	8h	1,497.2	−0.065%	$62.4M	$172.0M	75x	as long as short
MEXC ZEC_USDT	+0.0100%	8h	1,497.6	−0.035%	$180.7M	$825.7M	150x	as long as short
KuCoin ZECUSDTM	+0.0100%	8h	1,497.9	−0.015%	$104.9M	$52.8M	75x	as long as short
Bitget ZECUSDT	+0.0100%	8h	1,496.8	−0.089%	$163.5M	$279.0M	75x	as long as short
BingX ZEC-USDT	+0.0100%	8h	1,497.3	−0.055%	—	$122.4M	—	as long as short
Backpack ZEC_USDC_PERP	+0.0100%	1h	1,497.5	−0.044%	$2.2M	$3.7M	15x	as long as short
Variational Omni ZEC	+0.0100%	8h	1,499.2	+0.069%	$49.3M	$34.0M	—	as long as short
edgeX ZECUSDC	+0.0100%	4h	1,499.3	+0.076%	$548K	$8.7M	20x	as long as short
GRVT ZEC_USDT_Perp	+0.0100%	8h	1,503	+0.324%	$3.1M	$601K	10x	as long as short
StandX ZEC-USD	+0.0100%	1h	1,499.5	+0.087%	$111K	$4.5M	30x	as long as short
Polymarket Perps ZEC-USD	+0.0100%	1h	1,498.4	+0.016%	$368K	$1.6M	10x	as long as short
Bullet ZEC-USD	+0.0100%	1h	1,498.6	+0.030%	$167K	$188K	20x	as long as short
SunX ZEC-USDT	+0.0100%	8h	1,500.5	+0.155%	$3K	$1.1M	20x	as long as short
SoDEX ZEC-USD	+0.0100%	1h	1,497.8	−0.023%	$256K	$3.6M	10x	as long as short
HTX ZEC-USDT	+0.0100%	8h	1,497.8	−0.022%	$2.6M	$20.5M	75x	as long as short
Phemex ZECUSDTlong	+0.0100%	8h	1,498.2	long leg	$4.0M	$4.8M	50x
Bulk ZEC-USD	+0.0100%	1h	1,505.5	+0.491%	$781K	$158K	10x	as long as short
Extended ZEC-USD	+0.0104%	1h	1,498.2	+0.004%	$2.7M	$7.1M	10x	as long as short
Aevo ZEC-PERP	+0.0104%	1h	1,498	−0.012%	$37K	$163K	20x	as long as short
GMX ZEC/USD [WBTC.b-USDC]	L +0.0186% / S −0.0197%	1h	1,502.3	+0.278%	$350K	—	100x	as long as short
Coinbase International ZEC-PERP-INTX	+0.0352%	1h	1,499.8	+0.106%	$3.9M	$9.4M	50x	as long as short