Funding arb · Price arb /

ZEC

all ZEC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:07 UTC−0.0547%/8h= −59.8% APRpaid last 24h −0.032%

Price spread now: Perpl against Phemex−0.119%72s7-day average −0.084% · you buy dearer than you sell

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

Long on Phemex Short on Perpl

What this pair did over the last

the charts below follow

Funding, last 7 days−0.037%−$4 on $10k

Price spread, last 4 days (all we have)−1.313%−$131 · spread now −0.119%, 7d avg −0.084%

Together, before fees−1.350%+ Points / potential airdropPerpl: Active · farm board−$135 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$16 a day on $10k at the current rate, and Perpl is 0.035% cheaper against Phemex than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of −0.084%). Swap the legs. The two prices were read 72 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 -0.037% in total (about -2.0% 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	Phemex ZECUSDT	1,506.2	0.0100	pay 0.0100% / 8h	7h 32m	$4.0M	$4.9M	50x
Short	Perpl ZEC	1,504.4	−0.0447	pay 0.0040% / 43m	4m 59s	$62K	$305K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Perpl 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 PerplbpOrdersPrice spread, now −0.119%Rate

Funding earned: −$114.77
Price spread: −0.119% → −0.084%: −$3.48
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Net: −$144.05
Costs to cover: 0.258%
Break-even: never at this rate

Slippage unknown: Phemex: live order book, 6 min ago; Perpl: 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, 6 min ago	2.99 bp	11.5 bp −$12	19.4 bp −$194	doesn't fit	doesn't fit
Sell Perpl no order-book sample	—	—	—	—	—

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	−0.3702%	1h	1,491.4	−0.978%	$36K	$275K	12x	as long as short
Perpl ZECshort	−0.0447%	43m	1,504.4	−0.119%	$62K	$305K	10x
Aftermath Perps ZECUSD	−0.0201%	1h	1,507.8	+0.106%	$48K	$58K	10x	as long as short
BloFin ZEC-USDT	−0.0155%	8h	1,505.7	−0.027%	$31.8M	$76.5M	75x	as long as short
Bulk ZEC-USD	−0.0098%	1h	1,506.5	+0.025%	$775K	$147K	10x	as long as short
Hotstuff ZEC-PERP	−0.0080%	1h	1,505.4	−0.049%	$6K	$1K	10x	as long as short
dYdX ZEC-USD	0.0000%	1h	1,506.1	−0.002%	$418K	$34K	5x	as long as short
Kalshi KXZECPERP	0.0000%	8h	1,506.3	+0.009%	$1.6M	$5.0M	2.2x	as long as short
gTrade (Gains Network) ZEC/USD	L +0.0007% / S −0.0006%	1h	1,505.5	−0.043%	$5.4M	—	150x	as long as short
Kraken Futures PF_ZECUSD	+0.0019%	1h	1,505.8	−0.026%	$18.3M	$48.0M	25x	as long as short

Show all 51 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
01 Exchange ZECUSD	+0.0032%	1h	1,505.2	−0.063%	$8K	$6K	5x	as long as short
Gate ZEC_USDT	+0.0049%	8h	1,505.2	−0.063%	$60.6M	$185.4M	75x	as long as short
Phoenix ZEC	+0.0082%	1h	1,507	+0.057%	$4.8M	$1.4M	10x	as long as short
Orderly PERP_ZEC_USDC	+0.0085%	8h	1,505.3	−0.055%	$304K	$861K	20x	as long as short
ApeX Omni ZECUSDT	+0.0095%	1h	1,507.1	+0.063%	$414K	$952K	50x	as long as short
Lighter ZEC	+0.0096%	1h	1,506.6	+0.030%	$19.5M	$44.9M	20x	as long as short
Lighter RH ZEC	+0.0096%	1h	1,506.8	+0.043%	$2.1M	$7.5M	10x	as long as short
Popdex ZECUSDT	+0.0096%	1h	1,505.1	−0.070%	$172K	$1.8M	50x	as long as short
Paradex ZEC-USD-PERP	+0.0100%	8h	1,505.2	−0.062%	$62K	$17K	10x	as long as short
Katana Perps ZEC-USD	+0.0100%	8h	1,505.2	−0.066%	$17K	$898K	10x	as long as short
Nado ZEC-PERP	+0.0100%	1h	1,505.7	−0.028%	$3.1M	$7.6M	10x	as long as short
Hyperliquid ZEC	+0.0100%	1h	1,506.1	−0.003%	$788.6M	$446.0M	10x	as long as short
Aster ZECUSDT	+0.0100%	8h	1,505.4	−0.052%	$14.1M	$30.7M	75x	as long as short
Pacifica ZEC	+0.0100%	1h	1,505.6	−0.037%	$1.7M	$2.4M	10x	as long as short
Binance ZECUSDT	+0.0100%	8h	1,505.8	−0.026%	$711.1M	$2.33B	75x	as long as short
Bybit ZECUSDT	+0.0100%	8h	1,505.5	−0.042%	$270.0M	$625.2M	75x	as long as short
OKX ZEC-USDT-SWAP	+0.0100%	8h	1,505.3	−0.058%	$185.3M	$1.37B	50x	as long as short
Ondo Perps ZEC-USD.P	+0.0100%	1h	1,505.4	−0.050%	$411K	$554K	5x	as long as short
Arcus ZEC-USD	+0.0100%	1h	1,506.4	+0.019%	$608K	$9.0M	10x	as long as short
MEXC ZEC_USDT	+0.0100%	8h	1,505.9	−0.017%	$407.6M	$834.4M	150x	as long as short
KuCoin ZECUSDTM	+0.0100%	8h	1,505.3	−0.054%	$102.8M	$57.3M	75x	as long as short
Bitget ZECUSDT	+0.0100%	8h	1,505.6	−0.040%	$162.8M	$295.7M	75x	as long as short
BingX ZEC-USDT	+0.0100%	8h	1,505.4	−0.047%	—	$120.1M	—	as long as short
Variational Omni ZEC	+0.0100%	8h	1,506.9	+0.053%	$49.9M	$35.9M	—	as long as short
edgeX ZECUSDC	+0.0100%	4h	1,506.7	+0.038%	$556K	$9.1M	20x	as long as short
GRVT ZEC_USDT_Perp	+0.0100%	8h	1,506.8	+0.040%	$3.1M	$533K	10x	as long as short
StandX ZEC-USD	+0.0100%	1h	1,505.9	−0.016%	$50K	$4.6M	30x	as long as short
Polymarket Perps ZEC-USD	+0.0100%	1h	1,505.3	−0.056%	$374K	$1.7M	10x	as long as short
Bullet ZEC-USD	+0.0100%	1h	1,505.7	−0.033%	$168K	$194K	20x	as long as short
Derive ZEC-PERP	+0.0100%	1h	1,506.3	+0.007%	$450K	$419K	6.7x	as long as short
SunX ZEC-USDT	+0.0100%	8h	1,508.2	+0.133%	$3K	$1.2M	20x	as long as short
SoDEX ZEC-USD	+0.0100%	1h	1,506	−0.012%	$255K	$3.6M	10x	as long as short
HTX ZEC-USDT	+0.0100%	8h	1,504.8	−0.091%	$2.7M	$21.2M	75x	as long as short
Phemex ZECUSDTlong	+0.0100%	8h	1,506.2	long leg	$4.0M	$4.9M	50x
Extended ZEC-USD	+0.0104%	1h	1,505.4	−0.052%	$2.7M	$8.0M	10x	as long as short
Aevo ZEC-PERP	+0.0104%	1h	1,505.2	−0.060%	$44K	$153K	20x	as long as short
RISEx ZEC/USDC	+0.0157%	1h	1,505.2	−0.066%	$966K	$1.1M	10x	as long as short
GMX ZEC/USD [WBTC.b-USDC]	L +0.0159% / S −0.0163%	1h	1,505.4	−0.052%	$334K	—	100x	as long as short
Deribit ZEC_USDC-PERPETUAL	+0.0221%	1h	1,506.4	+0.015%	$689K	$1.4M	25x	as long as short
Backpack ZEC_USDC_PERP	+0.0362%	1h	1,506	−0.007%	$2.4M	$3.8M	15x	as long as short
Coinbase International ZEC-PERP-INTX	+0.0368%	1h	1,506.7	+0.038%	$3.8M	$10.0M	50x	as long as short