Funding arb · Price arb /

ZEC

all ZEC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0046%/8h= +5.0% APRpaid last 24h −0.027%

Price spread now: MEXC against Phoenix−0.038%77s7-day average −0.134% · you buy dearer than you sell

Net, funding: paid 7d − costs−$69as 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−$120.123% of the position

Long on Phoenix Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 7 days−0.571%−$57 on $10k

Price spread, last 7 days−0.125%−$13 · spread now −0.038%, 7d avg −0.134%

Together, before fees−0.696%−$70 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 MEXC is 0.096% dearer against Phoenix than usual: you sell high and buy low: +$10 more if the spread goes back to its 7-day average of −0.134%. Mind the row above: over the last 7 days funding on this pair cost −0.571%, so the current rate has only just turned in your favour. The two prices were read 77 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	1,470.8	0.0054	pay 0.0007% / 1h	28m 16s	$4.7M	$1.6M	10x
Short	MEXC ZEC_USDT	1,470.2	0.0100	get 0.0100% / 8h	7h 28m	$231.4M	$826.1M	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC 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 MEXCbpOrdersPrice spread, now −0.038%Rate

Funding earned: $9.58
Price spread: −0.038% → −0.134%: $9.6
Slippage, 4 orders: −$5.33
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee MEXC: 0 bp × 2 orders: $0
Net: $6.85
Costs to cover: 0.123%
Break-even: 2.0 days

Slippage from Phoenix: live order book, 6 min ago; MEXC: live order book, 1 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, 6 min ago	1.50 bp	6.1 bp −$6	13.4 bp −$134	111.9 bp −$11.2K	doesn't fit
Sell MEXC live order book, 1 min ago	0.03 bp	0.0 bp $0	0.0 bp $0	27.1 bp −$2,710	67.3 bp −$33.7K

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	1,472.4	+0.107%	$34K	$275K	12x	as long as short
Kraken Futures PF_ZECUSD	−0.0343%	1h	1,470.5	−0.019%	$17.8M	$43.0M	25x	as long as short
Ondo Perps ZEC-USD.P	−0.0113%	1h	1,467.9	−0.196%	$399K	$517K	5x	as long as short
BloFin ZEC-USDT	−0.0109%	8h	1,470.3	−0.031%	$29.7M	$73.1M	75x	as long as short
Hotstuff ZEC-PERP	−0.0080%	1h	1,472.1	+0.092%	$6K	$2K	10x	as long as short
Variational Omni ZEC	−0.0053%	8h	1,469	−0.118%	$47.6M	$33.8M	—	as long as short
Bybit ZECUSDT	−0.0019%	8h	1,469.6	−0.078%	$273.9M	$634.0M	75x	as long as short
dYdX ZEC-USD	0.0000%	1h	1,472.1	+0.088%	$415K	$103K	5x	as long as short
Kalshi KXZECPERP	0.0000%	8h	1,472.1	+0.091%	$959K	$5.2M	2.2x	as long as short
Perpl ZEC	0.0000%	43m	1,472.2	+0.097%	$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	1,471.5	+0.046%	$5.2M	—	150x	as long as short
Orderly PERP_ZEC_USDC	+0.0015%	8h	1,470.8	−0.001%	$294K	$1.3M	20x	as long as short
01 Exchange ZECUSD	+0.0016%	1h	1,471.6	+0.055%	$8K	$8K	5x	as long as short
Deribit ZEC_USDC-PERPETUAL	+0.0030%	1h	1,471.5	+0.048%	$605K	$1.3M	25x	as long as short
OKX ZEC-USDT-SWAP	+0.0050%	8h	1,469.8	−0.067%	$181.9M	$1.30B	50x	as long as short
Phoenix ZEClong	+0.0054%	1h	1,470.8	long leg	$4.7M	$1.6M	10x
GMX ZEC/USD [WBTC.b-USDC]	L +0.0055% / S −0.0010%	1h	1,471.4	+0.041%	$378K	—	100x	as long as short
Popdex ZECUSDT	+0.0096%	1h	1,472.1	+0.090%	$175K	$1.8M	50x	as long as short
Katana Perps ZEC-USD	+0.0100%	8h	1,472	+0.084%	$14K	$832K	10x	as long as short
Paradex ZEC-USD-PERP	+0.0100%	8h	1,472.1	+0.086%	$61K	$39K	10x	as long as short
Nado ZEC-PERP	+0.0100%	1h	1,472.4	+0.111%	$2.6M	$6.6M	10x	as long as short
Hyperliquid ZEC	+0.0100%	1h	1,471.4	+0.041%	$763.1M	$455.1M	10x	as long as short
Aster ZECUSDT	+0.0100%	8h	1,472.2	+0.098%	$14.9M	$31.8M	75x	as long as short
Pacifica ZEC	+0.0100%	1h	1,472.3	+0.099%	$1.7M	$2.8M	10x	as long as short
Binance ZECUSDT	+0.0100%	8h	1,470.7	−0.005%	$684.8M	$2.37B	75x	as long as short
Arcus ZEC-USD	+0.0100%	1h	1,473.4	+0.179%	$698K	$8.5M	10x	as long as short
Gate ZEC_USDT	+0.0100%	8h	1,470.5	−0.020%	$51.3M	$179.2M	75x	as long as short
MEXC ZEC_USDTshort	+0.0100%	8h	1,470.2	−0.038%	$231.4M	$826.1M	150x
KuCoin ZECUSDTM	+0.0100%	8h	1,471.2	+0.025%	$104.8M	$55.7M	75x	as long as short
Bitget ZECUSDT	+0.0100%	8h	1,469.8	−0.067%	$163.5M	$292.7M	75x	as long as short
BingX ZEC-USDC	+0.0100%	8h	1,469.9	−0.063%	—	$6.7M	—	as long as short
edgeX ZECUSDC	+0.0100%	4h	1,469.6	−0.079%	$572K	$9.2M	20x	as long as short
GRVT ZEC_USDT_Perp	+0.0100%	8h	1,470.9	+0.009%	$3.0M	$454K	10x	as long as short
ApeX Omni ZECUSDT	+0.0100%	1h	1,469.9	−0.062%	$430K	$866K	50x	as long as short
StandX ZEC-USD	+0.0100%	1h	1,470.2	−0.038%	$110K	$4.7M	30x	as long as short
Polymarket Perps ZEC-USD	+0.0100%	1h	1,472.1	+0.089%	$341K	$1.7M	10x	as long as short
Bullet ZEC-USD	+0.0100%	1h	1,471.6	+0.052%	$128K	$159K	20x	as long as short
Derive ZEC-PERP	+0.0100%	1h	1,469.3	−0.098%	$458K	$509K	6.7x	as long as short
SunX ZEC-USDT	+0.0100%	8h	1,474.3	+0.241%	$3K	$1.2M	20x	as long as short
SoDEX ZEC-USD	+0.0100%	1h	1,470.5	−0.020%	$242K	$3.9M	10x	as long as short
HTX ZEC-USDT	+0.0100%	8h	1,471.9	+0.075%	$2.5M	$21.3M	75x	as long as short
Phemex ZECUSDT	+0.0100%	8h	1,471	+0.014%	$3.9M	$5.3M	50x	as long as short
Bulk ZEC-USD	+0.0100%	1h	1,471.7	+0.062%	$895K	$24K	10x	as long as short
Extended ZEC-USD	+0.0104%	1h	1,470.8	−0.001%	$3.2M	$7.0M	10x	as long as short
Aevo ZEC-PERP	+0.0104%	1h	1,471	+0.017%	$56K	$167K	20x	as long as short
Lighter ZEC	+0.0200%	1h	1,471.7	+0.060%	$19.2M	$50.4M	20x	as long as short
RISEx ZEC/USDC	+0.0228%	1h	1,472.9	+0.143%	$853K	$1.1M	10x	as long as short
Coinbase International ZEC-PERP-INTX	+0.0448%	1h	1,472.9	+0.141%	$3.8M	$10.1M	50x	as long as short
Backpack ZEC_USDC_PERP	+0.0539%	1h	1,471.3	+0.034%	$2.5M	$3.9M	15x	as long as short
Aftermath Perps ZECUSD	+0.0772%	1h	1,471.9	+0.073%	$44K	$46K	10x	as long as short
Lighter RH ZEC	+0.0800%	1h	1,472.7	+0.129%	$2.0M	$8.1M	10x	as long as short