Funding arb · Price arb /

ZEC

all ZEC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0026%/8h= +2.8% APRpaid last 24h −0.011%

Price spread now: edgeX against Phoenix+0.144%7-day average −0.191% · you sell dearer than you buy

Net, funding: paid 7d − costs−$52as in the Funding arb table

Net, price: spread back to 7d avg − costs+$10as in the Price arb table

costs, in and out, $10k−$230.234% of the position

Long on Phoenix Short on edgeX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.284%−$28 on $10k

Price spread, last 7 days−0.313%−$31 · spread now +0.144%, 7d avg −0.191%

Together, before fees−0.597%+ Points / potential airdropedgeX: Active · farm board−$60 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and edgeX is 0.335% dearer against Phoenix than usual: you sell high and buy low: +$33 more if the spread goes back to its 7-day average of −0.191%. Mind the row above: over the last 7 days funding on this pair cost −0.284%, 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	1,455	0.0074	pay 0.0009% / 1h	8m 51s	$4.6M	$1.4M	10x
Short	edgeX ZECUSDC	1,457.1	0.0100	get 0.0050% / 4h	1h 08m	$568K	$8.7M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX 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 edgeXbpOrdersPrice spread, now +0.144%Rate

Funding earned: $5.46
Price spread: +0.144% → −0.191%: $33.47
Slippage, 4 orders: −$7.44
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: $15.5
Costs to cover: 0.234%
Break-even: from the start

Slippage from Phoenix: live order book, 5 min ago; edgeX: live order book, 5 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, 5 min ago	1.92 bp	6.8 bp −$7	15.9 bp −$159	136.3 bp −$13.6K	doesn't fit
Sell edgeX live order book, 5 min ago	0.34 bp	5.0 bp −$5	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	−0.3244%	1h	1,455.6	+0.040%	$34K	$272K	12x	as long as short
Hotstuff ZEC-PERP	−0.0080%	1h	1,454.2	−0.055%	$6K	$1K	10x	as long as short
BloFin ZEC-USDT	−0.0078%	8h	1,453	−0.133%	$29.3M	$70.6M	75x	as long as short
dYdX ZEC-USD	0.0000%	1h	1,453.8	−0.083%	$409K	$42K	5x	as long as short
Kalshi KXZECPERP	0.0000%	8h	1,454	−0.068%	$1.5M	$4.5M	2.2x	as long as short
Perpl ZEC	0.0000%	43m	1,453.2	−0.126%	$83K	$241K	10x	as long as short
gTrade (Gains Network) ZEC/USD	L +0.0007% / S −0.0006%	1h	1,452.9	−0.145%	$5.1M	—	150x	as long as short
Orderly PERP_ZEC_USDC	+0.0052%	8h	1,452.6	−0.162%	$291K	$966K	20x	as long as short
GMX ZEC/USD [WBTC.b-USDC]	L +0.0061% / S −0.0011%	1h	1,452.8	−0.153%	$408K	—	100x	as long as short
Phoenix ZEClong	+0.0074%	1h	1,455	long leg	$4.6M	$1.4M	10x

Show all 51 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Popdex ZECUSDT	+0.0096%	1h	1,453.7	−0.091%	$172K	$1.7M	50x	as long as short
Katana Perps ZEC-USD	+0.0100%	8h	1,453.4	−0.111%	$13K	$866K	10x	as long as short
Paradex ZEC-USD-PERP	+0.0100%	8h	1,454	−0.066%	$60K	$43K	10x	as long as short
Nado ZEC-PERP	+0.0100%	1h	1,453.9	−0.073%	$2.6M	$6.3M	10x	as long as short
Hyperliquid ZEC	+0.0100%	1h	1,454.5	−0.033%	$755.8M	$433.6M	10x	as long as short
Aster ZECUSDT	+0.0100%	8h	1,453.2	−0.123%	$14.5M	$28.0M	75x	as long as short
Pacifica ZEC	+0.0100%	1h	1,453.5	−0.100%	$1.6M	$2.5M	10x	as long as short
Binance ZECUSDT	+0.0100%	8h	1,453.8	−0.082%	$666.5M	$2.23B	75x	as long as short
Bybit ZECUSDT	+0.0100%	8h	1,453.2	−0.120%	$262.4M	$605.9M	75x	as long as short
OKX ZEC-USDT-SWAP	+0.0100%	8h	1,453.8	−0.080%	$177.8M	$1.23B	50x	as long as short
Ondo Perps ZEC-USD.P	+0.0100%	1h	1,455.3	+0.022%	$396K	$432K	5x	as long as short
Bulk ZEC-USD	+0.0100%	1h	1,457.5	+0.170%	$883K	$21K	10x	as long as short
Gate ZEC_USDT	+0.0100%	8h	1,453.3	−0.115%	$50.1M	$175.4M	75x	as long as short
MEXC ZEC_USDT	+0.0100%	8h	1,453.7	−0.090%	$213.7M	$781.1M	150x	as long as short
KuCoin ZECUSDTM	+0.0100%	8h	1,453.6	−0.097%	$101.8M	$55.5M	75x	as long as short
Bitget ZECUSDT	+0.0100%	8h	1,453.6	−0.096%	$161.5M	$273.5M	75x	as long as short
BingX ZEC-USDC	+0.0100%	8h	1,452.8	−0.148%	—	$6.7M	—	as long as short
Variational Omni ZEC	+0.0100%	8h	1,456.4	+0.096%	$47.6M	$32.8M	—	as long as short
edgeX ZECUSDCshort	+0.0100%	4h	1,457.1	+0.144%	$568K	$8.7M	20x
GRVT ZEC_USDT_Perp	+0.0100%	8h	1,457.6	+0.177%	$3.0M	$432K	10x	as long as short
ApeX Omni ZECUSDT	+0.0100%	1h	1,456.2	+0.082%	$410K	$911K	50x	as long as short
StandX ZEC-USD	+0.0100%	1h	1,458	+0.210%	$49K	$4.7M	30x	as long as short
Polymarket Perps ZEC-USD	+0.0100%	1h	1,452.8	−0.150%	$367K	$1.9M	10x	as long as short
Bullet ZEC-USD	+0.0100%	1h	1,453	−0.139%	$160K	$185K	20x	as long as short
Derive ZEC-PERP	+0.0100%	1h	1,451.8	−0.215%	$443K	$521K	6.7x	as long as short
SunX ZEC-USDT	+0.0100%	8h	1,455.3	+0.023%	$3K	$1.2M	20x	as long as short
SoDEX ZEC-USD	+0.0100%	1h	1,452.9	−0.144%	$232K	$3.4M	10x	as long as short
HTX ZEC-USDT	+0.0100%	8h	1,452.6	−0.162%	$2.7M	$18.2M	75x	as long as short
Phemex ZECUSDT	+0.0100%	8h	1,453.6	−0.098%	$3.8M	$5.1M	50x	as long as short
Extended ZEC-USD	+0.0104%	1h	1,453.3	−0.114%	$2.8M	$7.7M	10x	as long as short
Aevo ZEC-PERP	+0.0104%	1h	1,452.4	−0.181%	$47K	$153K	20x	as long as short
Backpack ZEC_USDC_PERP	+0.0106%	1h	1,453.9	−0.076%	$2.4M	$3.8M	15x	as long as short
01 Exchange ZECUSD	+0.0136%	1h	1,453.6	−0.093%	$8K	$7K	5x	as long as short
Kraken Futures PF_ZECUSD	+0.0196%	1h	1,452.6	−0.165%	$18.0M	$44.7M	25x	as long as short
Lighter ZEC	+0.0232%	1h	1,454.3	−0.049%	$19.1M	$46.8M	20x	as long as short
Deribit ZEC_USDC-PERPETUAL	+0.0275%	1h	1,453.5	−0.102%	$611K	$1.3M	25x	as long as short
Arcus ZEC-USD	+0.0277%	1h	1,455.2	+0.018%	$711K	$8.5M	10x	as long as short
Lighter RH ZEC	+0.0352%	1h	1,454.6	−0.026%	$2.0M	$6.9M	10x	as long as short
RISEx ZEC/USDC	+0.0409%	1h	1,454	−0.067%	$832K	$1.0M	10x	as long as short
Coinbase International ZEC-PERP-INTX	+0.0456%	1h	1,454.2	−0.051%	$3.7M	$9.1M	50x	as long as short
Aftermath Perps ZECUSD	+0.0692%	1h	1,457.3	+0.162%	$45K	$49K	10x	as long as short