Funding arb · Price arb /

ZEC

all ZEC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0039%/8h= +4.3% APRpaid last 24h +0.019%

Price spread now: Phoenix against Variational Omni+0.112%69s7-day average +0.162% · you sell dearer than you buy

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

Long on Variational Omni Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.190%+$19 on $10k

Price spread, last 7 days+0.061%+$6 · spread now +0.112%, 7d avg +0.162%

Together, before fees+0.251%+ Points / potential airdropVariational Omni: Active · farm board+$25 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phoenix is 0.050% cheaper against Variational Omni than usual: you would sell low and buy high (spread +0.112% now, against its 7-day average of +0.162%). If the spread goes back, that is −$5 on $10k: about 4.3 days of funding at the current rate (+$1 a day). At the pace of the last 4 days (+0.190% in total) that is about 24 hours. The two prices were read 69 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	Variational Omni ZEC	1,501.2	0.0100	pay 0.0100% / 8h	6h 20m	$49.5M	$34.9M	—
Short	Phoenix ZEC	1,502.9	0.0139	get 0.0017% / 1h	20m 10s	$4.8M	$1.4M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now +0.112%Rate

Funding earned: $8.26
Price spread: +0.112% → +0.162%: −$5.02
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$3.76
Costs to cover: 0.070%
Break-even: 10.2 days

Slippage unknown: Variational Omni: RFQ quote, 2 min ago; Phoenix: live order book, 2 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, 2 min ago	2.76 bp	doesn't fit	9.0 bp −$90	20.7 bp −$2,075	doesn't fit
Sell Phoenix live order book, 2 min ago	2.13 bp	7.2 bp −$7	17.1 bp −$171	144.3 bp −$14.4K	doesn't fit

ZEC on 50 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	−0.3772%	1h	1,480	−1.417%	$36K	$274K	12x	as long as short
BloFin ZEC-USDT	−0.0186%	8h	1,502.2	+0.065%	$31.6M	$75.1M	75x	as long as short
Aftermath Perps ZECUSD	−0.0121%	1h	1,501.1	−0.007%	$46K	$58K	10x	as long as short
Hotstuff ZEC-PERP	−0.0080%	1h	1,502.9	+0.107%	$6K	$1K	10x	as long as short
Ondo Perps ZEC-USD.P	−0.0049%	1h	1,498.6	−0.176%	$408K	$507K	5x	as long as short
01 Exchange ZECUSD	0.0000%	1h	1,500.6	−0.044%	$8K	$6K	5x	as long as short
Kalshi KXZECPERP	0.0000%	8h	1,502.1	+0.053%	$1.5M	$4.9M	2.2x	as long as short
Perpl ZEC	0.0000%	43m	1,499.4	−0.124%	$62K	$298K	10x	as long as short
gTrade (Gains Network) ZEC/USD	L +0.0007% / S −0.0006%	1h	1,501.9	+0.041%	$5.3M	—	150x	as long as short
Kraken Futures PF_ZECUSD	+0.0009%	1h	1,500.6	−0.041%	$18.4M	$47.1M	25x	as long as short

Show all 50 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
dYdX ZEC-USD	+0.0011%	1h	1,499.9	−0.088%	$413K	$34K	5x	as long as short
Orderly PERP_ZEC_USDC	+0.0075%	8h	1,499.6	−0.108%	$303K	$858K	20x	as long as short
RISEx ZEC/USDC	+0.0077%	1h	1,500.5	−0.051%	$922K	$1.3M	10x	as long as short
Lighter ZEC	+0.0096%	1h	1,501.4	+0.013%	$19.7M	$41.2M	20x	as long as short
Lighter RH ZEC	+0.0096%	1h	1,501.8	+0.035%	$2.1M	$7.3M	10x	as long as short
Popdex ZECUSDT	+0.0096%	1h	1,500.3	−0.061%	$172K	$1.7M	50x	as long as short
Paradex ZEC-USD-PERP	+0.0099%	8h	1,500.6	−0.044%	$62K	$16K	10x	as long as short
Katana Perps ZEC-USD	+0.0100%	8h	1,500.8	−0.029%	$19K	$879K	10x	as long as short
Nado ZEC-PERP	+0.0100%	1h	1,501	−0.013%	$3.1M	$7.2M	10x	as long as short
Hyperliquid ZEC	+0.0100%	1h	1,501.1	−0.010%	$787.1M	$430.7M	10x	as long as short
Aster ZECUSDT	+0.0100%	8h	1,500	−0.084%	$14.1M	$27.5M	75x	as long as short
Pacifica ZEC	+0.0100%	1h	1,501.5	+0.019%	$1.7M	$2.4M	10x	as long as short
Binance ZECUSDT	+0.0100%	8h	1,500.5	−0.052%	$707.2M	$2.24B	75x	as long as short
Bybit ZECUSDT	+0.0100%	8h	1,500	−0.082%	$275.5M	$596.2M	75x	as long as short
OKX ZEC-USDT-SWAP	+0.0100%	8h	1,500.3	−0.062%	$184.7M	$1.33B	50x	as long as short
Arcus ZEC-USD	+0.0100%	1h	1,501.7	+0.029%	$596K	$8.6M	10x	as long as short
Bulk ZEC-USD	+0.0100%	1h	1,494.1	−0.479%	$775K	$158K	10x	as long as short
Gate ZEC_USDT	+0.0100%	8h	1,500.1	−0.077%	$61.7M	$184.5M	75x	as long as short
MEXC ZEC_USDT	+0.0100%	8h	1,500.4	−0.057%	$175.1M	$849.0M	150x	as long as short
KuCoin ZECUSDTM	+0.0100%	8h	1,500.3	−0.063%	$105.0M	$54.6M	75x	as long as short
Bitget ZECUSDT	+0.0100%	8h	1,500.2	−0.068%	$163.7M	$286.1M	75x	as long as short
BingX ZEC-USDT	+0.0100%	8h	1,500.5	−0.050%	—	$123.0M	—	as long as short
Backpack ZEC_USDC_PERP	+0.0100%	1h	1,502.9	+0.108%	$2.2M	$3.7M	15x	as long as short
Variational Omni ZEClong	+0.0100%	8h	1,501.2	long leg	$49.5M	$34.9M	—
edgeX ZECUSDC	+0.0100%	4h	1,505.2	+0.260%	$550K	$8.9M	20x	as long as short
GRVT ZEC_USDT_Perp	+0.0100%	8h	1,501.7	+0.033%	$3.1M	$566K	10x	as long as short
ApeX Omni ZECUSDT	+0.0100%	1h	1,504.2	+0.198%	$411K	$957K	50x	as long as short
StandX ZEC-USD	+0.0100%	1h	1,501.9	+0.045%	$112K	$4.6M	30x	as long as short
Polymarket Perps ZEC-USD	+0.0100%	1h	1,500.1	−0.076%	$371K	$1.6M	10x	as long as short
Bullet ZEC-USD	+0.0100%	1h	1,500.3	−0.065%	$167K	$189K	20x	as long as short
SunX ZEC-USDT	+0.0100%	8h	1,502.4	+0.075%	$3K	$1.2M	20x	as long as short
SoDEX ZEC-USD	+0.0100%	1h	1,500.2	−0.068%	$257K	$3.6M	10x	as long as short
HTX ZEC-USDT	+0.0100%	8h	1,500.7	−0.037%	$2.6M	$20.6M	75x	as long as short
Phemex ZECUSDT	+0.0100%	8h	1,500.9	−0.026%	$4.0M	$4.8M	50x	as long as short
Extended ZEC-USD	+0.0104%	1h	1,500.3	−0.064%	$2.8M	$7.4M	10x	as long as short
Aevo ZEC-PERP	+0.0104%	1h	1,499.8	−0.094%	$37K	$163K	20x	as long as short
Deribit ZEC_USDC-PERPETUAL	+0.0109%	1h	1,500.7	−0.036%	$687K	$1.3M	25x	as long as short
Phoenix ZECshort	+0.0139%	1h	1,502.9	+0.112%	$4.8M	$1.4M	10x
GMX ZEC/USD [WBTC.b-USDC]	L +0.0180% / S −0.0163%	1h	1,500.2	−0.073%	$372K	—	100x	as long as short
Coinbase International ZEC-PERP-INTX	+0.0336%	1h	1,502	+0.053%	$3.9M	$9.7M	50x	as long as short