Funding you earn now, next payment 22:00 UTC+0.0038%/8h= +4.1% APRnext payment +$0.05 per $10,000 · paid last 24h +0.023%
Price spread now: Phoenix against GMX+0.033%55s7-day average +0.062% · you sell dearer than you buy
to open and closeno order booka leg has no order-book sample
Funding, last 3 days (all we have)+0.224%+$22 on $10k
+Price spread, last 3 days (all we have)+0.009%+$1 · spread now +0.033%, 7d avg +0.062%
=Funding pays, the price is against you. Phoenix is 0.029% cheaper against GMX than usual: you would sell low and buy high (spread +0.033% now, against its 7-day average of +0.062%). If the spread goes back, that is −$3 on $10k: about 2.5 days of funding at the current rate (+$1 a day). At the pace of the last 3 days (+0.224% in total) that is about 10 hours. The two prices were read 55 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 | GMX ZEC/USD [WBTC.b-USDC] | 1,474.9 | L +0.0038% / S +0.0009% | pay 0.0005% / 1h | 55m 30s | $366K | — | 100x |
| Short | Phoenix ZEC | 1,475.4 | 0.0075 | get 0.0009% / 1h | 55m 30s | $4.7M | $1.6M | 10x |
GMX ZEC/USD [WBTC.b-USDC]
Phoenix ZECFunding history
latest
Range statsloading…
Price spread between the two exchanges
Phoenix against GMX. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- $7.95
- Price spread: +0.033% → +0.062%
- −$2.88
- Slippage, 4 orders
- no order book: not counted
- Fee GMX: 6 bp × 2 orders
- −$12
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Net
- −$13.93
- Costs to cover
- 0.190%
- Break-even
- 19.3 days
Slippage unknown: GMX: no order-book sample; Phoenix: live order book, 3 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 GMX no order-book sample | — | — | — | — | — |
| Sell Phoenix live order book, 3 min ago | 1.56 bp | 6.2 bp −$6 | 13.7 bp −$137 | 48.4 bp −$4,836 | doesn't fit |
GMX: 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 | −0.3089% | 1h | 1,474 | −0.065% | $34K | $275K | 12x | as long as short |
| ApeX Omni ZECUSDT | −0.0365% | 1h | 1,474 | −0.060% | $432K | $827K | 50x | as long as short |
| Ondo Perps ZEC-USD.P | −0.0315% | 1h | 1,473.5 | −0.096% | $400K | $517K | 5x | as long as short |
| Kraken Futures PF_ZECUSD | −0.0224% | 1h | 1,474.4 | −0.037% | $18.0M | $45.0M | 25x | as long as short |
| BloFin ZEC-USDT | −0.0110% | 8h | 1,474.6 | −0.025% | $29.5M | $75.8M | 75x | as long as short |
| Bybit ZECUSDT | −0.0082% | 8h | 1,474.2 | −0.052% | $273.6M | $665.6M | 75x | as long as short |
| Hotstuff ZEC-PERP | −0.0080% | 1h | 1,474 | −0.063% | $6K | $2K | 10x | as long as short |
| Variational Omni ZEC | −0.0037% | 8h | 1,468.5 | −0.438% | $46.8M | $33.5M | — | as long as short |
| dYdX ZEC-USD | 0.0000% | 1h | 1,473.8 | −0.077% | $415K | $104K | 5x | as long as short |
| Kalshi KXZECPERP | 0.0000% | 8h | 1,476.8 | +0.128% | $901K | $5.6M | 2.2x | as long as short |
Injective ZEC/USDC PERP
ApeX Omni ZECUSDT
Ondo Perps ZEC-USD.P
Kraken Futures PF_ZECUSD
BloFin ZEC-USDT
Bybit ZECUSDT
Hotstuff ZEC-PERP
Variational Omni ZEC
dYdX ZEC-USD
Kalshi KXZECPERPShow all 51 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Perpl ZEC | 0.0000% | 43m | 1,474.6 | −0.020% | $84K | $404K | 10x | as long as short |
| Deribit ZEC_USDC-PERPETUAL | 0.0000% | 1h | 1,475.4 | +0.030% | $615K | $1.3M | 25x | as long as short |
| gTrade (Gains Network) ZEC/USD | L +0.0007% / S −0.0006% | 1h | 1,475.1 | +0.015% | $5.2M | — | 150x | as long as short |
| Orderly PERP_ZEC_USDC | +0.0009% | 8h | 1,474.5 | −0.028% | $295K | $1.4M | 20x | as long as short |
| SoDEX ZEC-USD | +0.0026% | 1h | 1,474.2 | −0.046% | $227K | $4.5M | 10x | as long as short |
| 01 Exchange ZECUSD | +0.0032% | 1h | 1,475.2 | +0.015% | $8K | $8K | 5x | as long as short |
| GMX ZEC/USD [WBTC.b-USDC]long | L +0.0038% / S +0.0009% | 1h | 1,474.9 | long leg | $366K | — | 100x | |
| OKX ZEC-USDT-SWAP | +0.0040% | 8h | 1,474.5 | −0.027% | $180.0M | $1.35B | 50x | as long as short |
| Gate ZEC_USDT | +0.0046% | 8h | 1,474.5 | −0.027% | $50.4M | $183.7M | 75x | as long as short |
| Phoenix ZECshort | +0.0075% | 1h | 1,475.4 | +0.033% | $4.7M | $1.6M | 10x | |
| Popdex ZECUSDT | +0.0096% | 1h | 1,474.6 | −0.020% | $176K | $1.9M | 50x | as long as short |
| Katana Perps ZEC-USD | +0.0097% | 8h | 1,475.3 | +0.024% | $12K | $828K | 10x | as long as short |
| Paradex ZEC-USD-PERP | +0.0100% | 8h | 1,474.3 | −0.041% | $61K | $39K | 10x | as long as short |
| Nado ZEC-PERP | +0.0100% | 1h | 1,474.8 | −0.009% | $2.6M | $6.8M | 10x | as long as short |
| Hyperliquid ZEC | +0.0100% | 1h | 1,476 | +0.073% | $765.9M | $479.7M | 10x | as long as short |
| Aster ZECUSDT | +0.0100% | 8h | 1,474.4 | −0.036% | $15.6M | $32.5M | 75x | as long as short |
| Pacifica ZEC | +0.0100% | 1h | 1,474.8 | −0.008% | $1.7M | $2.9M | 10x | as long as short |
| Binance ZECUSDT | +0.0100% | 8h | 1,474.6 | −0.019% | $682.3M | $2.47B | 75x | as long as short |
| Arcus ZEC-USD | +0.0100% | 1h | 1,475.4 | +0.031% | $715K | $8.3M | 10x | as long as short |
| Bulk ZEC-USD | +0.0100% | 1h | 1,471.1 | −0.258% | $908K | $26K | 10x | as long as short |
| MEXC ZEC_USDT | +0.0100% | 8h | 1,474.8 | −0.006% | $222.4M | $829.2M | 150x | as long as short |
| KuCoin ZECUSDTM | +0.0100% | 8h | 1,474.3 | −0.041% | $104.2M | $56.0M | 75x | as long as short |
| Bitget ZECUSDT | +0.0100% | 8h | 1,474.8 | −0.011% | $162.9M | $303.9M | 75x | as long as short |
| BingX ZEC-USDC | +0.0100% | 8h | 1,473.5 | −0.096% | — | $6.7M | — | as long as short |
| edgeX ZECUSDC | +0.0100% | 4h | 1,473.3 | −0.108% | $515K | $9.2M | 20x | as long as short |
| GRVT ZEC_USDT_Perp | +0.0100% | 8h | 1,474.7 | −0.014% | $3.0M | $482K | 10x | as long as short |
| StandX ZEC-USD | +0.0100% | 1h | 1,475.4 | +0.030% | $110K | $4.8M | 30x | as long as short |
| Polymarket Perps ZEC-USD | +0.0100% | 1h | 1,474.6 | −0.022% | $348K | $1.9M | 10x | as long as short |
| Bullet ZEC-USD | +0.0100% | 1h | 1,475.1 | +0.011% | $128K | $159K | 20x | as long as short |
| Derive ZEC-PERP | +0.0100% | 1h | 1,473.1 | −0.121% | $449K | $502K | 6.7x | as long as short |
| SunX ZEC-USDT | +0.0100% | 8h | 1,477 | +0.138% | $3K | $1.2M | 20x | as long as short |
| HTX ZEC-USDT | +0.0100% | 8h | 1,473.5 | −0.100% | $2.5M | $23.3M | 75x | as long as short |
| Phemex ZECUSDT | +0.0100% | 8h | 1,474.6 | −0.025% | $3.9M | $5.3M | 50x | as long as short |
| Extended ZEC-USD | +0.0104% | 1h | 1,475 | +0.009% | $3.3M | $6.9M | 10x | as long as short |
| Aevo ZEC-PERP | +0.0104% | 1h | 1,474.4 | −0.032% | $37K | $366K | 20x | as long as short |
| Lighter ZEC | +0.0112% | 1h | 1,475.8 | +0.059% | $19.1M | $52.1M | 20x | as long as short |
| RISEx ZEC/USDC | +0.0132% | 1h | 1,475.3 | +0.025% | $836K | $1.3M | 10x | as long as short |
| Coinbase International ZEC-PERP-INTX | +0.0432% | 1h | 1,476.4 | +0.100% | $3.8M | $11.5M | 50x | as long as short |
| Lighter RH ZEC | +0.0464% | 1h | 1,476.4 | +0.100% | $2.0M | $8.2M | 10x | as long as short |
| Aftermath Perps ZECUSD | +0.0620% | 1h | 1,473 | −0.129% | $41K | $34K | 10x | as long as short |
| Backpack ZEC_USDC_PERP | +0.0621% | 1h | 1,474.6 | −0.022% | $2.4M | $3.7M | 15x | as long as short |
Perpl ZEC
Deribit ZEC_USDC-PERPETUAL
gTrade (Gains Network) ZEC/USD
Orderly PERP_ZEC_USDC
SoDEX ZEC-USD
01 Exchange ZECUSD
OKX ZEC-USDT-SWAP
Gate ZEC_USDT
Popdex ZECUSDT
Katana Perps ZEC-USD
Paradex ZEC-USD-PERP
Nado ZEC-PERP
Hyperliquid ZEC
Aster ZECUSDT
Pacifica ZEC
Binance ZECUSDT
Arcus ZEC-USD
Bulk ZEC-USD
MEXC ZEC_USDT
KuCoin ZECUSDTM
Bitget ZECUSDT
BingX ZEC-USDC
edgeX ZECUSDC
GRVT ZEC_USDT_Perp
StandX ZEC-USD
Polymarket Perps ZEC-USD
Bullet ZEC-USD
Derive ZEC-PERP
SunX ZEC-USDT
HTX ZEC-USDT
Phemex ZECUSDT
Extended ZEC-USD
Aevo ZEC-PERP
Lighter ZEC
RISEx ZEC/USDC
Coinbase International ZEC-PERP-INTX
Lighter RH ZEC
Aftermath Perps ZECUSD
Backpack ZEC_USDC_PERP