Funding arb · Price arb /

ZEC

all ZEC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0076%/8h= +8.3% APRpaid last 24h −0.033%

Price spread now: Bitget against Phoenix+0.125%7-day average −0.138% · you sell dearer than you buy

Net, funding: paid 7d − costs−$97as in the Funding arb table

Net, price: spread back to 7d avg − costs−$2as in the Price arb table

costs, in and out, $10k−$280.284% of the position

Long on Phoenix Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days−0.688%−$69 on $10k

Price spread, last 7 days−0.278%−$28 · spread now +0.125%, 7d avg −0.138%

Together, before fees−0.965%−$97 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and Bitget is 0.263% dearer against Phoenix than usual: you sell high and buy low: +$26 more if the spread goes back to its 7-day average of −0.138%. Mind the row above: over the last 7 days funding on this pair cost −0.688%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix ZEC	1,470.8	0.0024	pay 0.0003% / 1h	57m 23s	$4.7M	$1.6M	10x
Short	Bitget ZECUSDT	1,472.6	0.0100	get 0.0100% / 8h	7h 57m	$163.9M	$300.6M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget against Phoenix. 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 PhoenixbpFee BitgetbpOrdersPrice spread, now +0.125%Rate

Funding earned: $15.98
Price spread: +0.125% → −0.138%: $26.31
Slippage, 4 orders: −$9.41
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Bitget: 6 bp × 2 orders: −$12
Net: $13.87
Costs to cover: 0.284%
Break-even: 0.9 days

Slippage from Phoenix: live order book, 1 min ago; Bitget: live order book, 2 min ago.

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 Phoenix live order book, 1 min ago	2.24 bp	7.4 bp −$7	18.1 bp −$181	157.1 bp −$15.7K	doesn't fit
Sell Bitget live order book, 2 min ago	0.03 bp	6.1 bp −$6	9.3 bp −$93	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 PERP	−0.3321%	1h	1,473.2	+0.166%	$34K	$275K	12x	as long as short
Kraken Futures PF_ZECUSD	−0.0342%	1h	1,471.3	+0.037%	$17.9M	$43.8M	25x	as long as short
Phemex ZECUSDT	−0.0301%	8h	1,471.4	+0.046%	$3.8M	$5.4M	50x	as long as short
BloFin ZEC-USDT	−0.0101%	8h	1,469.8	−0.068%	$29.6M	$74.5M	75x	as long as short
Hotstuff ZEC-PERP	−0.0080%	1h	1,472.4	+0.114%	$6K	$2K	10x	as long as short
Variational Omni ZEC	−0.0063%	8h	1,469.3	−0.100%	$47.6M	$34.4M	—	as long as short
Ondo Perps ZEC-USD.P	−0.0025%	1h	1,468.7	−0.140%	$399K	$515K	5x	as long as short
dYdX ZEC-USD	0.0000%	1h	1,471.6	+0.059%	$414K	$104K	5x	as long as short
Kalshi KXZECPERP	0.0000%	8h	1,471.2	+0.029%	$957K	$5.6M	2.2x	as long as short
Perpl ZEC	0.0000%	43m	1,472.5	+0.116%	$84K	$405K	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	1,472.9	+0.142%	$5.2M	—	150x	as long as short
Orderly PERP_ZEC_USDC	+0.0015%	8h	1,472.2	+0.099%	$294K	$1.4M	20x	as long as short
Phoenix ZEClong	+0.0024%	1h	1,470.8	long leg	$4.7M	$1.6M	10x
01 Exchange ZECUSD	+0.0024%	1h	1,473.3	+0.169%	$8K	$8K	5x	as long as short
ApeX Omni ZECUSDT	+0.0028%	1h	1,470.5	−0.019%	$431K	$845K	50x	as long as short
OKX ZEC-USDT-SWAP	+0.0039%	8h	1,472.1	+0.092%	$181.9M	$1.34B	50x	as long as short
GMX ZEC/USD [WBTC.b-USDC]	L +0.0055% / S −0.0010%	1h	1,472.9	+0.146%	$372K	—	100x	as long as short
Popdex ZECUSDT	+0.0096%	1h	1,472.5	+0.120%	$175K	$1.9M	50x	as long as short
Katana Perps ZEC-USD	+0.0100%	8h	1,473.1	+0.158%	$12K	$851K	10x	as long as short
Paradex ZEC-USD-PERP	+0.0100%	8h	1,472.3	+0.101%	$61K	$39K	10x	as long as short
Nado ZEC-PERP	+0.0100%	1h	1,473.2	+0.166%	$2.6M	$6.8M	10x	as long as short
Hyperliquid ZEC	+0.0100%	1h	1,473.8	+0.207%	$764.1M	$473.5M	10x	as long as short
Aster ZECUSDT	+0.0100%	8h	1,472.3	+0.102%	$15.0M	$32.4M	75x	as long as short
Pacifica ZEC	+0.0100%	1h	1,472.7	+0.129%	$1.7M	$2.9M	10x	as long as short
Binance ZECUSDT	+0.0100%	8h	1,472.7	+0.129%	$684.1M	$2.45B	75x	as long as short
Bybit ZECUSDT	+0.0100%	8h	1,472.1	+0.089%	$274.9M	$648.7M	75x	as long as short
Arcus ZEC-USD	+0.0100%	1h	1,473.6	+0.190%	$698K	$8.5M	10x	as long as short
Bulk ZEC-USD	+0.0100%	1h	1,470.8	−0.001%	$895K	$33K	10x	as long as short
Gate ZEC_USDT	+0.0100%	8h	1,472.8	+0.136%	$51.3M	$177.4M	75x	as long as short
MEXC ZEC_USDT	+0.0100%	8h	1,472.6	+0.123%	$229.0M	$818.9M	150x	as long as short
KuCoin ZECUSDTM	+0.0100%	8h	1,472.1	+0.092%	$104.7M	$56.3M	75x	as long as short
Bitget ZECUSDTshort	+0.0100%	8h	1,472.6	+0.125%	$163.9M	$300.6M	75x
BingX ZEC-USDT	+0.0100%	8h	1,472.3	+0.101%	—	$101.8M	—	as long as short
edgeX ZECUSDC	+0.0100%	4h	1,470	−0.049%	$549K	$9.1M	20x	as long as short
GRVT ZEC_USDT_Perp	+0.0100%	8h	1,470.6	−0.009%	$3.0M	$454K	10x	as long as short
StandX ZEC-USD	+0.0100%	1h	1,471.6	+0.057%	$110K	$4.8M	30x	as long as short
Polymarket Perps ZEC-USD	+0.0100%	1h	1,472	+0.084%	$334K	$1.9M	10x	as long as short
Bullet ZEC-USD	+0.0100%	1h	1,472.6	+0.122%	$128K	$159K	20x	as long as short
Derive ZEC-PERP	+0.0100%	1h	1,470.8	+0.002%	$458K	$508K	6.7x	as long as short
SunX ZEC-USDT	+0.0100%	8h	1,473.8	+0.203%	$3K	$1.2M	20x	as long as short
SoDEX ZEC-USD	+0.0100%	1h	1,471.1	+0.020%	$242K	$4.4M	10x	as long as short
HTX ZEC-USDT	+0.0100%	8h	1,470.7	−0.001%	$2.5M	$22.5M	75x	as long as short
Extended ZEC-USD	+0.0104%	1h	1,472.5	+0.116%	$3.2M	$7.0M	10x	as long as short
Aevo ZEC-PERP	+0.0104%	1h	1,472	+0.088%	$28K	$201K	20x	as long as short
Lighter ZEC	+0.0112%	1h	1,473.8	+0.209%	$19.2M	$50.2M	20x	as long as short
Deribit ZEC_USDC-PERPETUAL	+0.0220%	1h	1,472.3	+0.107%	$614K	$1.3M	25x	as long as short
RISEx ZEC/USDC	+0.0228%	1h	1,473	+0.154%	$840K	$1.2M	10x	as long as short
Coinbase International ZEC-PERP-INTX	+0.0448%	1h	1,473.7	+0.201%	$3.8M	$10.6M	50x	as long as short
Backpack ZEC_USDC_PERP	+0.0496%	1h	1,472.1	+0.092%	$2.5M	$3.8M	15x	as long as short
Lighter RH ZEC	+0.0624%	1h	1,474.2	+0.235%	$2.0M	$7.9M	10x	as long as short
Aftermath Perps ZECUSD	+0.0780%	1h	1,473.1	+0.159%	$46K	$46K	10x	as long as short