Funding arb · Price arb /

ZEC

all ZEC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0134%/8h= −14.6% APRpaid last 24h −0.031%

Price spread now: Kalshi against Phoenix+0.239%7-day average −0.098% · you sell dearer than you buy

Net, funding: paid 7d − costs−$84as in the Funding arb table

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

costs, in and out, $10k−$350.353% of the position

Long on Phoenix Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 7 days−0.482%−$48 on $10k

Price spread, last 7 days−0.441%−$44 · spread now +0.239%, 7d avg −0.098%

Together, before fees−0.923%−$92 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Kalshi is 0.338% dearer against Phoenix than usual: you sell high and buy low (spread +0.239% now, against its 7-day average of −0.098%): +$34 on $10k if it goes back. Holding the pair costs −$4 a day in funding at the current rate, which eats that in about 8.4 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix ZEC	1,494.9	0.0134	pay 0.0017% / 1h	11m 02s	$4.8M	$1.4M	10x
Short	Kalshi KXZECPERP	1,498.5	0	get 0.0000% / 8h	5h 11m	$1.5M	$4.6M	2.2x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi 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 KalshibpOrdersPrice spread, now +0.239%Rate

Funding earned: −$28.06
Price spread: +0.239% → −0.098%: $33.76
Slippage, 4 orders: −$18.34
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Kalshi: 5 bp × 2 orders: −$10
Net: −$29.64
Costs to cover: 0.353%
Break-even: never at this rate

Slippage from Phoenix: live order book, 3 min ago; Kalshi: live order book, 3 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, 3 min ago	2.27 bp	7.4 bp −$7	18.2 bp −$182	157.5 bp −$15.8K	doesn't fit
Sell Kalshi live order book, 3 min ago	5.28 bp	10.3 bp −$10	19.7 bp −$197	doesn't fit	doesn't fit

ZEC on 50 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	−0.3684%	1h	1,479.6	−1.026%	$36K	$275K	12x	as long as short
Perpl ZEC	−0.0447%	43m	1,496.3	+0.092%	$61K	$304K	10x	as long as short
BloFin ZEC-USDT	−0.0150%	8h	1,496.5	+0.107%	$30.5M	$75.1M	75x	as long as short
Kraken Futures PF_ZECUSD	−0.0096%	1h	1,498	+0.205%	$18.1M	$46.5M	25x	as long as short
Hotstuff ZEC-PERP	−0.0080%	1h	1,497.8	+0.193%	$6K	$1K	10x	as long as short
dYdX ZEC-USD	0.0000%	1h	1,497.3	+0.156%	$416K	$35K	5x	as long as short
Kalshi KXZECPERPshort	0.0000%	8h	1,498.5	+0.239%	$1.5M	$4.6M	2.2x
gTrade (Gains Network) ZEC/USD	L +0.0007% / S −0.0006%	1h	1,495.6	+0.043%	$5.3M	—	150x	as long as short
Aftermath Perps ZECUSD	+0.0017%	1h	1,495.7	+0.055%	$48K	$64K	10x	as long as short
Deribit ZEC_USDC-PERPETUAL	+0.0051%	1h	1,497.8	+0.191%	$684K	$1.4M	25x	as long as short

Show all 50 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_ZEC_USDC	+0.0080%	8h	1,496.7	+0.120%	$301K	$1.1M	20x	as long as short
Popdex ZECUSDT	+0.0096%	1h	1,497	+0.141%	$174K	$1.8M	50x	as long as short
Katana Perps ZEC-USD	+0.0097%	8h	1,497	+0.138%	$12K	$876K	10x	as long as short
Paradex ZEC-USD-PERP	+0.0100%	8h	1,497	+0.141%	$62K	$43K	10x	as long as short
Nado ZEC-PERP	+0.0100%	1h	1,497.6	+0.179%	$3.1M	$7.5M	10x	as long as short
Aster ZECUSDT	+0.0100%	8h	1,495.8	+0.060%	$14.0M	$30.9M	75x	as long as short
Pacifica ZEC	+0.0100%	1h	1,497.8	+0.194%	$1.7M	$2.4M	10x	as long as short
Binance ZECUSDT	+0.0100%	8h	1,496.1	+0.080%	$697.0M	$2.31B	75x	as long as short
Bybit ZECUSDT	+0.0100%	8h	1,496.1	+0.079%	$267.8M	$631.7M	75x	as long as short
OKX ZEC-USDT-SWAP	+0.0100%	8h	1,495.3	+0.025%	$182.8M	$1.34B	50x	as long as short
Ondo Perps ZEC-USD.P	+0.0100%	1h	1,496.3	+0.092%	$408K	$552K	5x	as long as short
Bulk ZEC-USD	+0.0100%	1h	1,494.2	−0.046%	$903K	$7K	10x	as long as short
Gate ZEC_USDT	+0.0100%	8h	1,496.2	+0.088%	$55.0M	$186.8M	75x	as long as short
MEXC ZEC_USDT	+0.0100%	8h	1,496.4	+0.097%	$242.5M	$797.6M	150x	as long as short
KuCoin ZECUSDTM	+0.0100%	8h	1,496.5	+0.102%	$103.1M	$57.6M	75x	as long as short
Bitget ZECUSDT	+0.0100%	8h	1,495.4	+0.031%	$160.9M	$289.7M	75x	as long as short
BingX ZEC-USDC	+0.0100%	8h	1,495.3	+0.023%	—	$6.7M	—	as long as short
Variational Omni ZEC	+0.0100%	8h	1,498.8	+0.262%	$49.0M	$34.7M	—	as long as short
edgeX ZECUSDC	+0.0100%	4h	1,496.9	+0.128%	$574K	$9.0M	20x	as long as short
GRVT ZEC_USDT_Perp	+0.0100%	8h	1,494.6	−0.024%	$3.1M	$510K	10x	as long as short
ApeX Omni ZECUSDT	+0.0100%	1h	1,494.9	−0.003%	$411K	$942K	50x	as long as short
StandX ZEC-USD	+0.0100%	1h	1,497.2	+0.152%	$56K	$4.6M	30x	as long as short
Polymarket Perps ZEC-USD	+0.0100%	1h	1,497.8	+0.192%	$359K	$1.8M	10x	as long as short
Bullet ZEC-USD	+0.0100%	1h	1,497.2	+0.149%	$165K	$184K	20x	as long as short
SunX ZEC-USDT	+0.0100%	8h	1,499.6	+0.310%	$3K	$1.2M	20x	as long as short
SoDEX ZEC-USD	+0.0100%	1h	1,497.7	+0.184%	$255K	$3.6M	10x	as long as short
HTX ZEC-USDT	+0.0100%	8h	1,497.9	+0.200%	$2.7M	$20.3M	75x	as long as short
Phemex ZECUSDT	+0.0100%	8h	1,497.5	+0.173%	$4.0M	$5.0M	50x	as long as short
Extended ZEC-USD	+0.0104%	1h	1,497.8	+0.193%	$2.8M	$7.9M	10x	as long as short
Aevo ZEC-PERP	+0.0104%	1h	1,497.7	+0.184%	$43K	$151K	20x	as long as short
01 Exchange ZECUSD	+0.0120%	1h	1,497.5	+0.173%	$8K	$7K	5x	as long as short
RISEx ZEC/USDC	+0.0129%	1h	1,497.5	+0.173%	$941K	$1.1M	10x	as long as short
Phoenix ZEClong	+0.0134%	1h	1,494.9	long leg	$4.8M	$1.4M	10x
GMX ZEC/USD [WBTC.b-USDC]	L +0.0134% / S −0.0129%	1h	1,496.6	+0.109%	$396K	—	100x	as long as short
Hyperliquid ZEC	+0.0163%	1h	1,497	+0.138%	$780.1M	$445.9M	10x	as long as short
Lighter RH ZEC	+0.0216%	1h	1,498.1	+0.209%	$2.1M	$7.5M	10x	as long as short
Arcus ZEC-USD	+0.0221%	1h	1,498.3	+0.223%	$604K	$8.7M	10x	as long as short
Backpack ZEC_USDC_PERP	+0.0244%	1h	1,496.8	+0.126%	$2.3M	$3.9M	15x	as long as short
Lighter ZEC	+0.0280%	1h	1,498	+0.204%	$19.8M	$46.9M	20x	as long as short
Coinbase International ZEC-PERP-INTX	+0.0480%	1h	1,497	+0.138%	$3.7M	$10.1M	50x	as long as short