Funding arb · Price arb /

ZEC

all ZEC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC+0.0036%/8h= +3.9% APRpaid last 24h −0.004%

Price spread now: Gate against Phoenix+0.036%62s7-day average −0.127% · you sell dearer than you buy

Net, funding: paid 7d − costs−$89as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$320.321% of the position

Long on Phoenix Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days−0.574%−$57 on $10k

Price spread, last 7 days−0.199%−$20 · spread now +0.036%, 7d avg −0.127%

Together, before fees−0.773%−$77 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 Gate is 0.163% dearer against Phoenix than usual: you sell high and buy low: +$16 more if the spread goes back to its 7-day average of −0.127%. Mind the row above: over the last 7 days funding on this pair cost −0.574%, so the current rate has only just turned in your favour. The two prices were read 62 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix ZEC	1,524.6	0.0064	pay 0.0008% / 1h	10m 21s	$4.9M	$1.3M	10x
Short	Gate ZEC_USDT	1,525.2	0.0100	get 0.0100% / 8h	4h 10m	$66.8M	$169.0M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now +0.036%Rate

Funding earned: $7.49
Price spread: +0.036% → −0.127%: $16.32
Slippage, 4 orders: −$10.13
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$8.32
Costs to cover: 0.321%
Break-even: 14.8 days

Slippage from Phoenix: live order book, 2 min ago; Gate: 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, 2 min ago	1.51 bp	6.1 bp −$6	13.4 bp −$134	111.2 bp −$11.1K	doesn't fit
Sell Gate live order book, 2 min ago	0.39 bp	9.1 bp −$9	15.8 bp −$158	32.7 bp −$3,273	55.8 bp −$27.9K

ZEC on 51 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	−0.3418%	1h	1,497.6	−1.774%	$37K	$267K	12x	as long as short
Perpl ZEC	−0.0447%	43m	1,525.6	+0.060%	$64K	$293K	10x	as long as short
BloFin ZEC-USDT	−0.0200%	8h	1,526.3	+0.108%	$32.2M	$72.6M	75x	as long as short
Aftermath Perps ZECUSD	−0.0099%	1h	1,522.4	−0.149%	$47K	$79K	10x	as long as short
Hotstuff ZEC-PERP	−0.0080%	1h	1,512.9	−0.769%	$6K	$1K	10x	as long as short
Ondo Perps ZEC-USD.P	−0.0056%	1h	1,517.6	−0.462%	$413K	$489K	5x	as long as short
dYdX ZEC-USD	0.0000%	1h	1,526	+0.091%	$420K	$30K	5x	as long as short
Kalshi KXZECPERP	0.0000%	8h	1,527.9	+0.216%	$1.6M	$4.9M	2.2x	as long as short
gTrade (Gains Network) ZEC/USD	L +0.0007% / S −0.0006%	1h	1,525	+0.025%	$5.4M	—	150x	as long as short
Orderly PERP_ZEC_USDC	+0.0054%	8h	1,525.2	+0.036%	$312K	$656K	20x	as long as short

Show all 51 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phoenix ZEClong	+0.0064%	1h	1,524.6	long leg	$4.9M	$1.3M	10x
01 Exchange ZECUSD	+0.0072%	1h	1,526.6	+0.129%	$8K	$6K	5x	as long as short
RISEx ZEC/USDC	+0.0083%	1h	1,525.7	+0.073%	$911K	$1.2M	10x	as long as short
Lighter ZEC	+0.0096%	1h	1,528	+0.219%	$20.0M	$39.5M	20x	as long as short
Lighter RH ZEC	+0.0096%	1h	1,528.3	+0.241%	$2.1M	$7.3M	10x	as long as short
Popdex ZECUSDT	+0.0096%	1h	1,525.9	+0.084%	$171K	$1.3M	50x	as long as short
Bulk ZEC-USD	+0.0098%	1h	1,523.8	−0.056%	$789K	$82K	10x	as long as short
Katana Perps ZEC-USD	+0.0098%	8h	1,525.1	+0.033%	$19K	$849K	10x	as long as short
Paradex ZEC-USD-PERP	+0.0100%	8h	1,526.3	+0.106%	$63K	$13K	10x	as long as short
Nado ZEC-PERP	+0.0100%	1h	1,524.4	−0.017%	$3.1M	$6.8M	10x	as long as short
Hyperliquid ZEC	+0.0100%	1h	1,527.1	+0.161%	$811.3M	$407.0M	10x	as long as short
Aster ZECUSDT	+0.0100%	8h	1,526.9	+0.146%	$14.6M	$24.6M	75x	as long as short
Pacifica ZEC	+0.0100%	1h	1,526.7	+0.136%	$1.5M	$2.1M	10x	as long as short
Binance ZECUSDT	+0.0100%	8h	1,527.4	+0.183%	$717.3M	$2.08B	75x	as long as short
Bybit ZECUSDT	+0.0100%	8h	1,527.5	+0.185%	$285.4M	$568.0M	75x	as long as short
OKX ZEC-USDT-SWAP	+0.0100%	8h	1,530	+0.352%	$192.6M	$1.24B	50x	as long as short
Arcus ZEC-USD	+0.0100%	1h	1,526.3	+0.110%	$596K	$8.6M	10x	as long as short
Gate ZEC_USDTshort	+0.0100%	8h	1,525.2	+0.036%	$66.8M	$169.0M	75x
MEXC ZEC_USDT	+0.0100%	8h	1,525.3	+0.044%	$191.2M	$822.6M	150x	as long as short
KuCoin ZECUSDTM	+0.0100%	8h	1,526.5	+0.125%	$111.3M	$53.6M	75x	as long as short
Bitget ZECUSDT	+0.0100%	8h	1,527.4	+0.178%	$166.1M	$263.7M	75x	as long as short
BingX ZEC-USDC	+0.0100%	8h	1,524	−0.040%	—	$6.6M	—	as long as short
Variational Omni ZEC	+0.0100%	8h	1,525.5	+0.053%	$50.4M	$31.9M	—	as long as short
edgeX ZECUSDC	+0.0100%	4h	1,523.1	−0.098%	$557K	$8.1M	20x	as long as short
GRVT ZEC_USDT_Perp	+0.0100%	8h	1,523.7	−0.060%	$3.1M	$682K	10x	as long as short
ApeX Omni ZECUSDT	+0.0100%	1h	1,525.5	+0.056%	$416K	$932K	50x	as long as short
StandX ZEC-USD	+0.0100%	1h	1,524.8	+0.009%	$113K	$4.5M	30x	as long as short
Polymarket Perps ZEC-USD	+0.0100%	1h	1,525	+0.024%	$399K	$1.4M	10x	as long as short
Bullet ZEC-USD	+0.0100%	1h	1,525.2	+0.037%	$168K	$189K	20x	as long as short
Derive ZEC-PERP	+0.0100%	1h	1,524.8	+0.013%	$377K	$489K	6.7x	as long as short
SunX ZEC-USDT	+0.0100%	8h	1,527.7	+0.202%	$3K	$1.1M	20x	as long as short
SoDEX ZEC-USD	+0.0100%	1h	1,526.9	+0.146%	$255K	$3.4M	10x	as long as short
HTX ZEC-USDT	+0.0100%	8h	1,527	+0.153%	$2.8M	$19.5M	75x	as long as short
Phemex ZECUSDT	+0.0100%	8h	1,527.5	+0.186%	$4.2M	$4.8M	50x	as long as short
Backpack ZEC_USDC_PERP	+0.0102%	1h	1,527	+0.154%	$2.2M	$3.5M	15x	as long as short
Extended ZEC-USD	+0.0104%	1h	1,526.8	+0.139%	$2.7M	$6.9M	10x	as long as short
Aevo ZEC-PERP	+0.0104%	1h	1,525.1	+0.033%	$35K	$163K	20x	as long as short
Kraken Futures PF_ZECUSD	+0.0175%	1h	1,527.2	+0.167%	$18.8M	$45.7M	25x	as long as short
GMX ZEC/USD [WBTC.b-USDC]	L +0.0214% / S −0.0231%	1h	1,525	+0.021%	$346K	—	100x	as long as short
Coinbase International ZEC-PERP-INTX	+0.0392%	1h	1,531.7	+0.466%	$4.0M	$9.3M	50x	as long as short
Deribit ZEC_USDC-PERPETUAL	+0.0518%	1h	1,526.4	+0.118%	$705K	$1.2M	25x	as long as short