ZEC

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC+0.0103%/8h= +11.3% APRnext payment +$0.13 per $10,000 · paid last 24h +0.028%

Price spread now: Phoenix against Deribit+0.194%70s7-day average +0.030% · you sell dearer than you buy

Net, funding: paid 7d − costs+$18as 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−$270.271% of the position

Long on Deribit Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.456%+$46 on $10k

Price spread, last 3 days (all we have)−0.623%−$62 · spread now +0.194%, 7d avg +0.030%

Together, before fees−0.167%−$17 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and Phoenix is 0.164% dearer against Deribit than usual: you sell high and buy low: +$16 more if the spread goes back to its 7-day average of +0.030%. The two prices were read 70 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	Deribit ZEC_USDC-PERPETUAL	1,449.5	0	get 0.0000% / 1h	35m 55s	$590K	$1.3M	25x
Short	Phoenix ZEC	1,452.3	0.0103	get 0.0013% / 1h	35m 55s	$4.6M	$1.6M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Deribit. 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 DeribitbpFee PhoenixbpOrdersPrice spread, now +0.194%Rate

Funding earned: $21.7
Price spread: +0.194% → +0.030%: $16.38
Slippage, 4 orders: −$13.1
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $10.98
Costs to cover: 0.271%
Break-even: 3.5 days

Slippage from Deribit: live order book, 3 min ago; Phoenix: live order book, 3 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 Deribit live order book, 3 min ago	2.65 bp	6.2 bp −$6	13.9 bp −$139	doesn't fit	doesn't fit
Sell Phoenix live order book, 3 min ago	2.27 bp	7.4 bp −$7	18.2 bp −$182	66.1 bp −$6,608	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 PERP	−0.3476%	1h	1,438.1	−0.786%	$33K	$275K	12x	as long as short
Hotstuff ZEC-PERP	−0.0080%	1h	1,451.1	+0.111%	$6K	$2K	10x	as long as short
Kraken Futures PF_ZECUSD	−0.0072%	1h	1,449.5	−0.002%	$17.7M	$44.3M	25x	as long as short
BloFin ZEC-USDT	−0.0066%	8h	1,451.6	+0.144%	$28.8M	$74.8M	75x	as long as short
Variational Omni ZEC	−0.0017%	8h	1,451.4	+0.130%	$45.5M	$32.1M	—	as long as short
dYdX ZEC-USD	0.0000%	1h	1,449	−0.032%	$408K	$106K	5x	as long as short
Kalshi KXZECPERP	0.0000%	8h	1,450.4	+0.060%	$898K	$5.6M	2.2x	as long as short
Perpl ZEC	0.0000%	43m	1,449.9	+0.029%	$82K	$401K	10x	as long as short
Deribit ZEC_USDC-PERPETUALlong	0.0000%	1h	1,449.5	long leg	$590K	$1.3M	25x
Bybit ZECUSDT	+0.0002%	8h	1,449.3	−0.018%	$268.3M	$675.3M	75x	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	1,450.5	+0.067%	$5.1M	—	150x	as long as short
Orderly PERP_ZEC_USDC	+0.0013%	8h	1,448.8	−0.048%	$290K	$1.5M	20x	as long as short
GMX ZEC/USD [WBTC.b-USDC]	L +0.0032% / S +0.0069%	1h	1,450.5	+0.065%	$543K	—	100x	as long as short
OKX ZEC-USDT-SWAP	+0.0054%	8h	1,449.8	+0.020%	$171.9M	$1.35B	50x	as long as short
Gate ZEC_USDT	+0.0069%	8h	1,449.7	+0.012%	$49.1M	$186.7M	75x	as long as short
01 Exchange ZECUSD	+0.0072%	1h	1,451.1	+0.107%	$8K	$8K	5x	as long as short
Aster ZECUSDT	+0.0075%	8h	1,450	+0.035%	$15.3M	$34.6M	75x	as long as short
Katana Perps ZEC-USD	+0.0094%	8h	1,450.8	+0.087%	$13K	$872K	10x	as long as short
Lighter ZEC	+0.0096%	1h	1,451.2	+0.113%	$18.7M	$54.1M	20x	as long as short
Popdex ZECUSDT	+0.0096%	1h	1,450.8	+0.091%	$177K	$2.0M	50x	as long as short
Ondo Perps ZEC-USD.P	+0.0098%	1h	1,449.8	+0.020%	$394K	$519K	5x	as long as short
Paradex ZEC-USD-PERP	+0.0100%	8h	1,449.9	+0.023%	$60K	$37K	10x	as long as short
Nado ZEC-PERP	+0.0100%	1h	1,451.2	+0.119%	$3.0M	$6.6M	10x	as long as short
Hyperliquid ZEC	+0.0100%	1h	1,450.9	+0.096%	$751.3M	$490.0M	10x	as long as short
Pacifica ZEC	+0.0100%	1h	1,449.9	+0.028%	$1.6M	$3.1M	10x	as long as short
Binance ZECUSDT	+0.0100%	8h	1,449.8	+0.018%	$659.8M	$2.53B	75x	as long as short
Bulk ZEC-USD	+0.0100%	1h	1,452.5	+0.206%	$895K	$33K	10x	as long as short
MEXC ZEC_USDT	+0.0100%	8h	1,450	+0.033%	$219.2M	$888.4M	150x	as long as short
KuCoin ZECUSDTM	+0.0100%	8h	1,450	+0.036%	$103.5M	$56.6M	75x	as long as short
Bitget ZECUSDT	+0.0100%	8h	1,449.8	+0.022%	$161.2M	$312.8M	75x	as long as short
BingX ZEC-USDT	+0.0100%	8h	1,449.9	+0.028%	—	$105.4M	—	as long as short
Backpack ZEC_USDC_PERP	+0.0100%	1h	1,450.4	+0.064%	$2.3M	$4.1M	15x	as long as short
edgeX ZECUSDC	+0.0100%	4h	1,450.9	+0.096%	$487K	$9.7M	20x	as long as short
GRVT ZEC_USDT_Perp	+0.0100%	8h	1,452.1	+0.180%	$3.0M	$501K	10x	as long as short
ApeX Omni ZECUSDT	+0.0100%	1h	1,451.9	+0.165%	$706K	$607K	50x	as long as short
StandX ZEC-USD	+0.0100%	1h	1,452.3	+0.195%	$109K	$4.8M	30x	as long as short
Polymarket Perps ZEC-USD	+0.0100%	1h	1,449.9	+0.027%	$297K	$2.0M	10x	as long as short
Bullet ZEC-USD	+0.0100%	1h	1,450.6	+0.073%	$126K	$161K	20x	as long as short
Derive ZEC-PERP	+0.0100%	1h	1,447.6	−0.135%	$440K	$493K	6.7x	as long as short
SunX ZEC-USDT	+0.0100%	8h	1,453	+0.240%	$3K	$1.3M	20x	as long as short
SoDEX ZEC-USD	+0.0100%	1h	1,449.1	−0.027%	$220K	$4.8M	10x	as long as short
HTX ZEC-USDT	+0.0100%	8h	1,449	−0.035%	$2.4M	$24.8M	75x	as long as short
Phemex ZECUSDT	+0.0100%	8h	1,449.7	+0.013%	$3.7M	$5.3M	50x	as long as short
Phoenix ZECshort	+0.0103%	1h	1,452.3	+0.194%	$4.6M	$1.6M	10x
Extended ZEC-USD	+0.0104%	1h	1,450.2	+0.047%	$3.3M	$6.9M	10x	as long as short
Aevo ZEC-PERP	+0.0104%	1h	1,449.1	−0.027%	$36K	$362K	20x	as long as short
RISEx ZEC/USDC	+0.0219%	1h	1,451.5	+0.139%	$863K	$1.9M	10x	as long as short
Coinbase International ZEC-PERP-INTX	+0.0440%	1h	1,450.7	+0.079%	$3.7M	$11.4M	50x	as long as short
Aftermath Perps ZECUSD	+0.0448%	1h	1,452	+0.173%	$39K	$32K	10x	as long as short
Arcus ZEC-USD	+0.0518%	1h	1,452.6	+0.209%	$757K	$7.9M	10x	as long as short
Lighter RH ZEC	+0.0744%	1h	1,451.4	+0.129%	$1.9M	$8.4M	10x	as long as short