Funding arb · Price arb /

ZEC

all ZEC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0075%/8h= −8.3% APRpaid last 24h −0.064%

Price spread now: Perpl against Phoenix+0.185%61s7-day average −0.153% · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Phoenix Short on Perpl

What this pair did over the last

the charts below follow

Funding, last 7 days−0.510%−$51 on $10k

Price spread, last 3 days (all we have)−0.389%−$39 · spread now +0.185%, 7d avg −0.153%

Together, before fees−0.899%+ Points / potential airdropPerpl: Active · farm board−$90 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Perpl is 0.338% dearer against Phoenix than usual: you sell high and buy low (spread +0.185% now, against its 7-day average of −0.153%): +$34 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 15 days. At the pace of the last 7 days (−0.510% in total) that is about 4.6 days. The two prices were read 61 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	1,464.5	0.0075	pay 0.0009% / 1h	26m 19s	$4.6M	$1.6M	10x
Short	Perpl ZEC	1,467.2	0	get 0.0000% / 43m	39m 19s	$83K	$404K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Perpl 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 PerplbpOrdersPrice spread, now +0.185%Rate

Funding earned: −$15.84
Price spread: +0.185% → −0.153%: $33.76
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Net: −$2.88
Costs to cover: 0.208%
Break-even: from the start

Slippage unknown: Phoenix: live order book, 3 min ago; Perpl: no order-book sample. Net counts fees only.

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	1.50 bp	6.1 bp −$6	13.5 bp −$135	88.3 bp −$8,827	doesn't fit
Sell Perpl no order-book sample	—	—	—	—	—

Perpl: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.3310%	1h	1,463.6	−0.059%	$34K	$275K	12x	as long as short
Kraken Futures PF_ZECUSD	−0.0404%	1h	1,466.3	+0.128%	$17.8M	$44.7M	25x	as long as short
Ondo Perps ZEC-USD.P	−0.0216%	1h	1,462	−0.169%	$397K	$514K	5x	as long as short
BloFin ZEC-USDT	−0.0097%	8h	1,466.4	+0.132%	$29.3M	$75.5M	75x	as long as short
Hotstuff ZEC-PERP	−0.0080%	1h	1,466.2	+0.116%	$6K	$2K	10x	as long as short
Bulk ZEC-USD	−0.0065%	1h	1,462.1	−0.162%	$902K	$27K	10x	as long as short
Bybit ZECUSDT	−0.0056%	8h	1,466.8	+0.162%	$272.0M	$667.4M	75x	as long as short
Variational Omni ZEC	−0.0026%	8h	1,463	−0.104%	$46.5M	$33.7M	—	as long as short
dYdX ZEC-USD	0.0000%	1h	1,466.6	+0.144%	$413K	$104K	5x	as long as short
Kalshi KXZECPERP	0.0000%	8h	1,467.9	+0.234%	$887K	$5.6M	2.2x	as long as short

Show all 51 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Perpl ZECshort	0.0000%	43m	1,467.2	+0.185%	$83K	$404K	10x
gTrade (Gains Network) ZEC/USD	L +0.0007% / S −0.0006%	1h	1,467.6	+0.216%	$5.2M	—	150x	as long as short
Orderly PERP_ZEC_USDC	+0.0013%	8h	1,467.4	+0.197%	$293K	$1.4M	20x	as long as short
GMX ZEC/USD [WBTC.b-USDC]	L +0.0037% / S +0.0009%	1h	1,467.6	+0.212%	$356K	—	100x	as long as short
Gate ZEC_USDT	+0.0051%	8h	1,467.3	+0.194%	$50.0M	$185.8M	75x	as long as short
OKX ZEC-USDT-SWAP	+0.0052%	8h	1,467.5	+0.210%	$176.9M	$1.35B	50x	as long as short
01 Exchange ZECUSD	+0.0064%	1h	1,467.5	+0.203%	$8K	$8K	5x	as long as short
ApeX Omni ZECUSDT	+0.0070%	1h	1,463.9	−0.040%	$430K	$821K	50x	as long as short
Phoenix ZEClong	+0.0075%	1h	1,464.5	long leg	$4.6M	$1.6M	10x
Popdex ZECUSDT	+0.0096%	1h	1,467.3	+0.193%	$174K	$1.9M	50x	as long as short
Katana Perps ZEC-USD	+0.0096%	8h	1,467.7	+0.223%	$14K	$832K	10x	as long as short
Paradex ZEC-USD-PERP	+0.0100%	8h	1,466.6	+0.142%	$60K	$39K	10x	as long as short
Nado ZEC-PERP	+0.0100%	1h	1,466.9	+0.166%	$2.5M	$6.8M	10x	as long as short
Hyperliquid ZEC	+0.0100%	1h	1,468.5	+0.275%	$761.4M	$485.2M	10x	as long as short
Aster ZECUSDT	+0.0100%	8h	1,467.1	+0.182%	$15.6M	$32.8M	75x	as long as short
Pacifica ZEC	+0.0100%	1h	1,466.9	+0.165%	$1.7M	$3.0M	10x	as long as short
Binance ZECUSDT	+0.0100%	8h	1,467.5	+0.206%	$676.1M	$2.48B	75x	as long as short
MEXC ZEC_USDT	+0.0100%	8h	1,467.4	+0.197%	$222.4M	$864.2M	150x	as long as short
KuCoin ZECUSDTM	+0.0100%	8h	1,467.5	+0.207%	$103.9M	$55.8M	75x	as long as short
Bitget ZECUSDT	+0.0100%	8h	1,467.3	+0.195%	$162.4M	$305.0M	75x	as long as short
BingX ZEC-USDT	+0.0100%	8h	1,467.3	+0.194%	—	$103.1M	—	as long as short
edgeX ZECUSDC	+0.0100%	4h	1,463.1	−0.096%	$510K	$9.5M	20x	as long as short
GRVT ZEC_USDT_Perp	+0.0100%	8h	1,463.2	−0.088%	$3.0M	$481K	10x	as long as short
StandX ZEC-USD	+0.0100%	1h	1,465.8	+0.091%	$110K	$4.8M	30x	as long as short
Polymarket Perps ZEC-USD	+0.0100%	1h	1,467.4	+0.200%	$344K	$1.9M	10x	as long as short
Bullet ZEC-USD	+0.0100%	1h	1,467.3	+0.190%	$128K	$160K	20x	as long as short
Derive ZEC-PERP	+0.0100%	1h	1,464.2	−0.016%	$447K	$502K	6.7x	as long as short
SunX ZEC-USDT	+0.0100%	8h	1,467	+0.173%	$3K	$1.2M	20x	as long as short
SoDEX ZEC-USD	+0.0100%	1h	1,466.2	+0.118%	$222K	$4.5M	10x	as long as short
HTX ZEC-USDT	+0.0100%	8h	1,465.6	+0.076%	$2.5M	$23.9M	75x	as long as short
Phemex ZECUSDT	+0.0100%	8h	1,466.7	+0.152%	$3.8M	$5.3M	50x	as long as short
Extended ZEC-USD	+0.0104%	1h	1,466.7	+0.151%	$3.2M	$6.9M	10x	as long as short
Aevo ZEC-PERP	+0.0104%	1h	1,466.6	+0.146%	$37K	$366K	20x	as long as short
Lighter ZEC	+0.0152%	1h	1,468.1	+0.247%	$19.0M	$52.6M	20x	as long as short
Deribit ZEC_USDC-PERPETUAL	+0.0170%	1h	1,467.2	+0.184%	$597K	$1.3M	25x	as long as short
Backpack ZEC_USDC_PERP	+0.0185%	1h	1,466.6	+0.147%	$2.4M	$3.8M	15x	as long as short
RISEx ZEC/USDC	+0.0190%	1h	1,467.2	+0.183%	$844K	$1.3M	10x	as long as short
Lighter RH ZEC	+0.0400%	1h	1,468.5	+0.275%	$2.0M	$8.3M	10x	as long as short
Coinbase International ZEC-PERP-INTX	+0.0424%	1h	1,467.9	+0.231%	$3.7M	$11.6M	50x	as long as short
Arcus ZEC-USD	+0.0444%	1h	1,467.6	+0.213%	$726K	$8.2M	10x	as long as short
Aftermath Perps ZECUSD	+0.0564%	1h	1,465.3	+0.055%	$41K	$34K	10x	as long as short