Funding arb · Price arb /

ZEC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.3142%/8h= −344.0% APRpaid last 24h −0.593%

Price spread now: Injective against Variational Omni+0.137%7-day average +0.130% · you sell dearer than you buy

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

Long on Variational Omni Short on Injective

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.578%−$58 on $10k

Price spread, last 4 days (all we have)+0.600%+$60 · spread now +0.137%, 7d avg +0.130%

Together, before fees+0.022%+ Points / potential airdropVariational Omni: Active · farm board+$2 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.130%, so right now this pair is about funding alone: −$94 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid -0.578% in total (about -60.3% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni ZEC	1,454	0.0100	pay 0.0100% / 8h	3h 54m	$47.7M	$32.6M	—
Short	Injective ZEC/USDC PERP	1,456	−0.3042	pay 0.0380% / 1h	54m 39s	$34K	$272K	12x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against Variational Omni. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 Variational OmnibpFee InjectivebpOrdersPrice spread, now +0.137%Rate

Funding earned: −$659.79
Price spread: +0.137% → +0.130%: $0.7
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$659.11
Costs to cover: 0.000%
Break-even: from the start

Slippage unknown: Variational Omni: RFQ quote, 5 min ago; Injective: live order book, 64 min ago. 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 Variational Omni RFQ quote, 5 min ago	2.75 bp	doesn't fit	3.9 bp −$39	16.1 bp −$1,615	doesn't fit
Sell Injective live order book, 64 min ago	48.95 bp	doesn't fit	doesn't fit	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 PERPshort	−0.3042%	1h	1,456	+0.137%	$34K	$272K	12x
Hotstuff ZEC-PERP	−0.0080%	1h	1,454.7	+0.044%	$6K	$1K	10x	as long as short
BloFin ZEC-USDT	−0.0070%	8h	1,456.4	+0.162%	$29.6M	$70.8M	75x	as long as short
ApeX Omni ZECUSDT	−0.0032%	1h	1,454.7	+0.045%	$404K	$942K	50x	as long as short
dYdX ZEC-USD	0.0000%	1h	1,455.7	+0.115%	$410K	$37K	5x	as long as short
Kalshi KXZECPERP	0.0000%	8h	1,455.1	+0.072%	$1.5M	$4.5M	2.2x	as long as short
Perpl ZEC	0.0000%	43m	1,453.5	−0.033%	$83K	$240K	10x	as long as short
gTrade (Gains Network) ZEC/USD	L +0.0007% / S −0.0006%	1h	1,455.4	+0.094%	$5.2M	—	150x	as long as short
Orderly PERP_ZEC_USDC	+0.0064%	8h	1,455.2	+0.080%	$291K	$952K	20x	as long as short
GMX ZEC/USD [WBTC.b-USDC]	L +0.0072% / S −0.0024%	1h	1,455.3	+0.087%	$408K	—	100x	as long as short

Show all 51 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Popdex ZECUSDT	+0.0096%	1h	1,454.7	+0.049%	$173K	$1.7M	50x	as long as short
Katana Perps ZEC-USD	+0.0100%	8h	1,455	+0.070%	$10K	$858K	10x	as long as short
Paradex ZEC-USD-PERP	+0.0100%	8h	1,454.9	+0.062%	$60K	$43K	10x	as long as short
Nado ZEC-PERP	+0.0100%	1h	1,455.1	+0.075%	$2.8M	$6.6M	10x	as long as short
Aster ZECUSDT	+0.0100%	8h	1,454.9	+0.060%	$14.7M	$27.9M	75x	as long as short
Pacifica ZEC	+0.0100%	1h	1,455.1	+0.073%	$1.7M	$2.4M	10x	as long as short
Binance ZECUSDT	+0.0100%	8h	1,454.8	+0.053%	$668.1M	$2.20B	75x	as long as short
Bybit ZECUSDT	+0.0100%	8h	1,454.1	+0.006%	$261.0M	$601.4M	75x	as long as short
OKX ZEC-USDT-SWAP	+0.0100%	8h	1,454.8	+0.056%	$177.8M	$1.22B	50x	as long as short
Ondo Perps ZEC-USD.P	+0.0100%	1h	1,454.1	+0.005%	$395K	$441K	5x	as long as short
Bulk ZEC-USD	+0.0100%	1h	1,454	−0.001%	$878K	$18K	10x	as long as short
Gate ZEC_USDT	+0.0100%	8h	1,454.6	+0.040%	$50.5M	$170.1M	75x	as long as short
MEXC ZEC_USDT	+0.0100%	8h	1,454.8	+0.051%	$214.9M	$764.1M	150x	as long as short
KuCoin ZECUSDTM	+0.0100%	8h	1,455.5	+0.102%	$102.7M	$53.9M	75x	as long as short
Bitget ZECUSDT	+0.0100%	8h	1,455.1	+0.071%	$165.4M	$270.6M	75x	as long as short
BingX ZEC-USDT	+0.0100%	8h	1,455	+0.070%	—	$105.7M	—	as long as short
Variational Omni ZEClong	+0.0100%	8h	1,454	long leg	$47.7M	$32.6M	—
edgeX ZECUSDC	+0.0100%	4h	1,454.8	+0.054%	$566K	$8.5M	20x	as long as short
GRVT ZEC_USDT_Perp	+0.0100%	8h	1,455.1	+0.075%	$3.0M	$451K	10x	as long as short
StandX ZEC-USD	+0.0100%	1h	1,454.5	+0.030%	$49K	$4.7M	30x	as long as short
Polymarket Perps ZEC-USD	+0.0100%	1h	1,454.9	+0.060%	$353K	$1.8M	10x	as long as short
Bullet ZEC-USD	+0.0100%	1h	1,455.1	+0.076%	$160K	$185K	20x	as long as short
Derive ZEC-PERP	+0.0100%	1h	1,454.1	+0.007%	$444K	$521K	6.7x	as long as short
SunX ZEC-USDT	+0.0100%	8h	1,456.8	+0.188%	$3K	$1.1M	20x	as long as short
SoDEX ZEC-USD	+0.0100%	1h	1,455.7	+0.113%	$233K	$3.4M	10x	as long as short
HTX ZEC-USDT	+0.0100%	8h	1,454.2	+0.014%	$2.7M	$18.4M	75x	as long as short
Phemex ZECUSDT	+0.0100%	8h	1,456.5	+0.172%	$3.8M	$5.1M	50x	as long as short
Extended ZEC-USD	+0.0104%	1h	1,454.8	+0.051%	$2.8M	$7.7M	10x	as long as short
Aevo ZEC-PERP	+0.0104%	1h	1,455.2	+0.079%	$47K	$151K	20x	as long as short
01 Exchange ZECUSD	+0.0112%	1h	1,455	+0.070%	$8K	$7K	5x	as long as short
Phoenix ZEC	+0.0123%	1h	1,457.7	+0.251%	$4.6M	$1.3M	10x	as long as short
Hyperliquid ZEC	+0.0145%	1h	1,456.5	+0.169%	$757.6M	$428.4M	10x	as long as short
Backpack ZEC_USDC_PERP	+0.0157%	1h	1,456.7	+0.182%	$2.4M	$3.9M	15x	as long as short
Lighter ZEC	+0.0160%	1h	1,455.9	+0.132%	$19.2M	$44.7M	20x	as long as short
Lighter RH ZEC	+0.0160%	1h	1,456.3	+0.154%	$2.1M	$7.0M	10x	as long as short
RISEx ZEC/USDC	+0.0216%	1h	1,454.8	+0.056%	$921K	$1.1M	10x	as long as short
Deribit ZEC_USDC-PERPETUAL	+0.0312%	1h	1,456.1	+0.144%	$614K	$1.3M	25x	as long as short
Kraken Futures PF_ZECUSD	+0.0333%	1h	1,455.8	+0.121%	$18.0M	$45.2M	25x	as long as short
Arcus ZEC-USD	+0.0344%	1h	1,457	+0.203%	$684K	$8.2M	10x	as long as short
Coinbase International ZEC-PERP-INTX	+0.0464%	1h	1,457.1	+0.211%	$3.7M	$9.1M	50x	as long as short
Aftermath Perps ZECUSD	+0.0674%	1h	1,456.5	+0.171%	$45K	$49K	10x	as long as short