ZEC

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0030%/8h= −3.3% APRnext payment −$0.04 per $10,000 · paid last 24h +0.019%

Price spread now: Phoenix against Bullet+0.257%7-day average +0.098% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$9as in the Price arb table

costs, in and out, $10k−$250.251% of the position

Long on Bullet Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.168%+$17 on $10k

Price spread, last 4 days (all we have)−0.352%−$35 · spread now +0.257%, 7d avg +0.098%

Together, before fees−0.184%−$18 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Phoenix is 0.158% dearer against Bullet than usual: you sell high and buy low (spread +0.257% now, against its 7-day average of +0.098%): +$16 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 18 days. Mind the row above: over the last 3 days funding on this pair paid +0.168%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bullet ZEC-USD	1,474.4	0.0100	pay 0.0013% / 1h	28m 47s	$128K	$159K	20x
Short	Phoenix ZEC	1,478.2	0.0070	get 0.0009% / 1h	28m 47s	$4.7M	$1.5M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Bullet. 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 BulletbpFee PhoenixbpOrdersPrice spread, now +0.257%Rate

Funding earned: −$6.26
Price spread: +0.257% → +0.098%: $15.84
Slippage, 4 orders: −$10.09
Fee Bullet: 4 bp × 2 orders: −$8
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$15.51
Costs to cover: 0.251%
Break-even: never at this rate

Slippage from Bullet: live order book, 40 min ago; Phoenix: live order book, 5 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 Bullet live order book, 40 min ago	0.31 bp	5.8 bp −$6	11.8 bp −$118	doesn't fit	doesn't fit
Sell Phoenix live order book, 5 min ago	1.83 bp	6.7 bp −$7	15.7 bp −$157	56.9 bp −$5,688	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	−0.3678%	1h	1,477.1	+0.182%	$34K	$274K	12x	as long as short
Hotstuff ZEC-PERP	−0.0080%	1h	1,478.6	+0.281%	$6K	$1K	10x	as long as short
Ondo Perps ZEC-USD.P	−0.0006%	1h	1,473.7	−0.050%	$400K	$518K	5x	as long as short
Kraken Futures PF_ZECUSD	−0.0002%	1h	1,474	−0.032%	$18.1M	$43.6M	25x	as long as short
dYdX ZEC-USD	0.0000%	1h	1,474.7	+0.017%	$415K	$55K	5x	as long as short
Kalshi KXZECPERP	0.0000%	8h	1,476.9	+0.167%	$977K	$5.0M	2.2x	as long as short
Perpl ZEC	0.0000%	43m	1,476	+0.105%	$84K	$254K	10x	as long as short
gTrade (Gains Network) ZEC/USD	L +0.0007% / S −0.0006%	1h	1,474.1	−0.020%	$5.2M	—	150x	as long as short
Orderly PERP_ZEC_USDC	+0.0028%	8h	1,474	−0.029%	$294K	$1.1M	20x	as long as short
Variational Omni ZEC	+0.0040%	8h	1,476.4	+0.132%	$48.0M	$33.0M	—	as long as short

Show all 50 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GMX ZEC/USD [WBTC.b-USDC]	L +0.0055% / S −0.0009%	1h	1,474.3	−0.007%	$386K	—	100x	as long as short
01 Exchange ZECUSD	+0.0064%	1h	1,476.6	+0.144%	$8K	$9K	5x	as long as short
Phoenix ZECshort	+0.0070%	1h	1,478.2	+0.257%	$4.7M	$1.5M	10x
OKX ZEC-USDT-SWAP	+0.0095%	8h	1,475.7	+0.085%	$181.2M	$1.28B	50x	as long as short
Popdex ZECUSDT	+0.0096%	1h	1,476.3	+0.126%	$173K	$1.8M	50x	as long as short
Katana Perps ZEC-USD	+0.0100%	8h	1,476.2	+0.122%	$16K	$840K	10x	as long as short
Paradex ZEC-USD-PERP	+0.0100%	8h	1,475.9	+0.102%	$61K	$39K	10x	as long as short
Nado ZEC-PERP	+0.0100%	1h	1,476.6	+0.147%	$2.6M	$6.6M	10x	as long as short
Hyperliquid ZEC	+0.0100%	1h	1,475.5	+0.072%	$767.9M	$445.0M	10x	as long as short
Aster ZECUSDT	+0.0100%	8h	1,475.1	+0.046%	$14.9M	$30.9M	75x	as long as short
Pacifica ZEC	+0.0100%	1h	1,475.4	+0.066%	$1.7M	$2.7M	10x	as long as short
Binance ZECUSDT	+0.0100%	8h	1,475.7	+0.083%	$681.6M	$2.33B	75x	as long as short
Bybit ZECUSDT	+0.0100%	8h	1,475.6	+0.082%	$272.1M	$620.4M	75x	as long as short
Bulk ZEC-USD	+0.0100%	1h	1,470.5	−0.268%	$893K	$19K	10x	as long as short
Gate ZEC_USDT	+0.0100%	8h	1,474.5	+0.006%	$50.2M	$175.6M	75x	as long as short
MEXC ZEC_USDT	+0.0100%	8h	1,475.8	+0.095%	$216.1M	$799.2M	150x	as long as short
KuCoin ZECUSDTM	+0.0100%	8h	1,474.6	+0.014%	$103.7M	$56.4M	75x	as long as short
Bitget ZECUSDT	+0.0100%	8h	1,474.8	+0.025%	$163.8M	$284.4M	75x	as long as short
BingX ZEC-USDT	+0.0100%	8h	1,474.6	+0.009%	—	$101.2M	—	as long as short
edgeX ZECUSDC	+0.0100%	4h	1,476.8	+0.157%	$575K	$9.1M	20x	as long as short
GRVT ZEC_USDT_Perp	+0.0100%	8h	1,473	−0.097%	$3.0M	$443K	10x	as long as short
ApeX Omni ZECUSDT	+0.0100%	1h	1,476.9	+0.164%	$429K	$907K	50x	as long as short
StandX ZEC-USD	+0.0100%	1h	1,478	+0.245%	$71K	$4.7M	30x	as long as short
Polymarket Perps ZEC-USD	+0.0100%	1h	1,476	+0.106%	$340K	$1.8M	10x	as long as short
Bullet ZEC-USDlong	+0.0100%	1h	1,474.4	long leg	$128K	$159K	20x
Derive ZEC-PERP	+0.0100%	1h	1,472.6	−0.122%	$458K	$510K	6.7x	as long as short
SunX ZEC-USDT	+0.0100%	8h	1,478.3	+0.264%	$3K	$1.2M	20x	as long as short
SoDEX ZEC-USD	+0.0100%	1h	1,474	−0.027%	$243K	$3.8M	10x	as long as short
HTX ZEC-USDT	+0.0100%	8h	1,475	+0.038%	$2.5M	$19.0M	75x	as long as short
Phemex ZECUSDT	+0.0100%	8h	1,474.1	−0.025%	$3.9M	$5.4M	50x	as long as short
Extended ZEC-USD	+0.0104%	1h	1,474.8	+0.028%	$3.2M	$7.1M	10x	as long as short
Aevo ZEC-PERP	+0.0104%	1h	1,474.1	−0.023%	$48K	$162K	20x	as long as short
Deribit ZEC_USDC-PERPETUAL	+0.0136%	1h	1,474.8	+0.023%	$614K	$1.3M	25x	as long as short
Arcus ZEC-USD	+0.0254%	1h	1,477	+0.177%	$687K	$8.7M	10x	as long as short
Lighter ZEC	+0.0256%	1h	1,476.5	+0.139%	$19.3M	$48.1M	20x	as long as short
Lighter RH ZEC	+0.0304%	1h	1,476.5	+0.139%	$2.1M	$7.1M	10x	as long as short
RISEx ZEC/USDC	+0.0374%	1h	1,477.2	+0.189%	$869K	$1.0M	10x	as long as short
Coinbase International ZEC-PERP-INTX	+0.0472%	1h	1,475.9	+0.102%	$3.6M	$9.5M	50x	as long as short
Backpack ZEC_USDC_PERP	+0.0512%	1h	1,474	−0.029%	$2.5M	$3.9M	15x	as long as short
Aftermath Perps ZECUSD	+0.0725%	1h	1,475	+0.035%	$44K	$46K	10x	as long as short