Funding you earn now, next payment 05:00 UTC+0.0251%/8h= +27.5% APRnext payment +$0.31 per $10,000 · paid last 24h +0.016%
Price spread now: Backpack against Phoenix+0.371%7-day average +0.273% · you sell dearer than you buy
Net, funding: paid 7d − costs−$87as in the Funding arb table
Net, price: spread back to 7d avg − costs−$14as in the Price arb table
costs, in and out, $10k−$240.240% of the position
Funding, last 7 days−0.629%−$63 on $10k
+Price spread, last 7 days−1.295%−$129 · spread now +0.371%, 7d avg +0.273%
=Both sides work for this trade now. Funding pays +$8 a day on $10k at the current rate, and Backpack is 0.098% dearer against Phoenix than usual: you sell high and buy low: +$10 more if the spread goes back to its 7-day average of +0.273%. Mind the row above: over the last 7 days funding on this pair cost −0.629%, so the current rate has only just turned in your favour.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Phoenix ZEC | 1,466.5 | 0.0092 | pay 0.0012% / 1h | 32m 12s | $4.7M | $1.3M | 10x |
| Short | Backpack ZEC_USDC_PERP | 1,471.9 | 0.0343 | get 0.0043% / 1h | 32m 12s | $2.4M | $3.7M | 15x |
Phoenix ZEC
Backpack ZEC_USDC_PERPFunding history
latest
Range statsloading…
Price spread between the two exchanges
Backpack against Phoenix. 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
- $52.76
- Price spread: +0.371% → +0.273%
- $9.8
- Slippage, 4 orders
- −$6.99
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Fee Backpack: 5 bp × 2 orders
- −$10
- Net
- $38.57
- Costs to cover
- 0.240%
- Break-even
- 1.9 days
Slippage from Phoenix: live order book, 2 min ago; Backpack: live order book, 2 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 Phoenix live order book, 2 min ago | 1.50 bp | 6.1 bp −$6 | 13.3 bp −$133 | 87.3 bp −$8,734 | doesn't fit |
| Sell Backpack live order book, 2 min ago | 0.03 bp | 6.4 bp −$6 | 20.5 bp −$205 | 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 PERP | −0.3243% | 1h | 1,450 | −1.128% | $33K | $272K | 12x | as long as short |
| Hotstuff ZEC-PERP | −0.0080% | 1h | 1,470.4 | +0.269% | $6K | $1K | 10x | as long as short |
| BloFin ZEC-USDT | −0.0079% | 8h | 1,470.5 | +0.275% | $29.8M | $71.1M | 75x | as long as short |
| dYdX ZEC-USD | 0.0000% | 1h | 1,471.9 | +0.366% | $409K | $37K | 5x | as long as short |
| Kalshi KXZECPERP | 0.0000% | 8h | 1,472.9 | +0.438% | $1.5M | $4.4M | 2.2x | as long as short |
| Perpl ZEC | 0.0000% | 43m | 1,472.1 | +0.385% | $84K | $239K | 10x | as long as short |
| gTrade (Gains Network) ZEC/USD | L +0.0007% / S −0.0006% | 1h | 1,472.6 | +0.416% | $5.2M | — | 150x | as long as short |
| Orderly PERP_ZEC_USDC | +0.0062% | 8h | 1,472.6 | +0.417% | $294K | $896K | 20x | as long as short |
| Deribit ZEC_USDC-PERPETUAL | +0.0062% | 1h | 1,473.3 | +0.462% | $620K | $1.3M | 25x | as long as short |
| 01 Exchange ZECUSD | +0.0064% | 1h | 1,472.8 | +0.431% | $8K | $7K | 5x | as long as short |
Injective ZEC/USDC PERP
Hotstuff ZEC-PERP
BloFin ZEC-USDT
dYdX ZEC-USD
Kalshi KXZECPERP
Perpl ZEC
gTrade (Gains Network) ZEC/USD
Orderly PERP_ZEC_USDC
Deribit ZEC_USDC-PERPETUAL
01 Exchange ZECUSDShow all 51 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Bybit ZECUSDT | +0.0089% | 8h | 1,473.4 | +0.471% | $261.9M | $588.3M | 75x | as long as short |
| Phoenix ZEClong | +0.0092% | 1h | 1,466.5 | long leg | $4.7M | $1.3M | 10x | |
| Popdex ZECUSDT | +0.0096% | 1h | 1,472.7 | +0.421% | $174K | $1.6M | 50x | as long as short |
| GMX ZEC/USD [WBTC.b-USDC] | L +0.0097% / S −0.0051% | 1h | 1,472.4 | +0.406% | $439K | — | 100x | as long as short |
| Katana Perps ZEC-USD | +0.0100% | 8h | 1,472.1 | +0.381% | $13K | $812K | 10x | as long as short |
| Paradex ZEC-USD-PERP | +0.0100% | 8h | 1,472.4 | +0.406% | $61K | $43K | 10x | as long as short |
| Nado ZEC-PERP | +0.0100% | 1h | 1,473.1 | +0.454% | $2.9M | $6.3M | 10x | as long as short |
| Hyperliquid ZEC | +0.0100% | 1h | 1,473.8 | +0.498% | $767.4M | $418.9M | 10x | as long as short |
| Aster ZECUSDT | +0.0100% | 8h | 1,473.1 | +0.451% | $14.4M | $28.0M | 75x | as long as short |
| Pacifica ZEC | +0.0100% | 1h | 1,472.4 | +0.402% | $1.7M | $2.4M | 10x | as long as short |
| Binance ZECUSDT | +0.0100% | 8h | 1,473.4 | +0.469% | $679.9M | $2.16B | 75x | as long as short |
| OKX ZEC-USDT-SWAP | +0.0100% | 8h | 1,473.5 | +0.477% | $179.0M | $1.21B | 50x | as long as short |
| Ondo Perps ZEC-USD.P | +0.0100% | 1h | 1,466.9 | +0.028% | $399K | $430K | 5x | as long as short |
| Bulk ZEC-USD | +0.0100% | 1h | 1,472.4 | +0.404% | $889K | $15K | 10x | as long as short |
| Gate ZEC_USDT | +0.0100% | 8h | 1,472.2 | +0.389% | $53.4M | $171.1M | 75x | as long as short |
| MEXC ZEC_USDT | +0.0100% | 8h | 1,473.8 | +0.496% | $223.6M | $762.2M | 150x | as long as short |
| KuCoin ZECUSDTM | +0.0100% | 8h | 1,472.6 | +0.418% | $103.5M | $52.6M | 75x | as long as short |
| Bitget ZECUSDT | +0.0100% | 8h | 1,472.6 | +0.417% | $166.8M | $267.5M | 75x | as long as short |
| BingX ZEC-USDC | +0.0100% | 8h | 1,471.9 | +0.371% | — | $6.7M | — | as long as short |
| Variational Omni ZEC | +0.0100% | 8h | 1,470.5 | +0.276% | $48.2M | $32.4M | — | as long as short |
| edgeX ZECUSDC | +0.0100% | 4h | 1,469.9 | +0.236% | $555K | $8.5M | 20x | as long as short |
| GRVT ZEC_USDT_Perp | +0.0100% | 8h | 1,469.8 | +0.223% | $3.0M | $467K | 10x | as long as short |
| ApeX Omni ZECUSDT | +0.0100% | 1h | 1,470 | +0.238% | $406K | $926K | 50x | as long as short |
| StandX ZEC-USD | +0.0100% | 1h | 1,469.7 | +0.220% | $49K | $4.6M | 30x | as long as short |
| Polymarket Perps ZEC-USD | +0.0100% | 1h | 1,472.6 | +0.417% | $361K | $1.7M | 10x | as long as short |
| Bullet ZEC-USD | +0.0100% | 1h | 1,472.3 | +0.398% | $162K | $186K | 20x | as long as short |
| Derive ZEC-PERP | +0.0100% | 1h | 1,471.4 | +0.335% | $449K | $506K | 6.7x | as long as short |
| SunX ZEC-USDT | +0.0100% | 8h | 1,475.1 | +0.585% | $3K | $1.1M | 20x | as long as short |
| SoDEX ZEC-USD | +0.0100% | 1h | 1,472.5 | +0.412% | $235K | $3.2M | 10x | as long as short |
| HTX ZEC-USDT | +0.0100% | 8h | 1,471.7 | +0.354% | $2.7M | $18.3M | 75x | as long as short |
| Phemex ZECUSDT | +0.0100% | 8h | 1,473 | +0.441% | $3.9M | $4.8M | 50x | as long as short |
| Extended ZEC-USD | +0.0104% | 1h | 1,472.5 | +0.409% | $2.8M | $7.8M | 10x | as long as short |
| Aevo ZEC-PERP | +0.0104% | 1h | 1,472.5 | +0.410% | $46K | $152K | 20x | as long as short |
| Lighter RH ZEC | +0.0136% | 1h | 1,474.1 | +0.520% | $2.1M | $7.1M | 10x | as long as short |
| Kraken Futures PF_ZECUSD | +0.0146% | 1h | 1,472.6 | +0.414% | $18.0M | $45.6M | 25x | as long as short |
| RISEx ZEC/USDC | +0.0154% | 1h | 1,472.8 | +0.430% | $930K | $1.1M | 10x | as long as short |
| Lighter ZEC | +0.0168% | 1h | 1,474 | +0.512% | $19.5M | $44.0M | 20x | as long as short |
| Backpack ZEC_USDC_PERPshort | +0.0343% | 1h | 1,471.9 | +0.371% | $2.4M | $3.7M | 15x | |
| Coinbase International ZEC-PERP-INTX | +0.0496% | 1h | 1,469.6 | +0.210% | $3.7M | $9.2M | 50x | as long as short |
| Arcus ZEC-USD | +0.0508% | 1h | 1,473.7 | +0.489% | $665K | $8.1M | 10x | as long as short |
| Aftermath Perps ZECUSD | +0.0689% | 1h | 1,469.3 | +0.192% | $45K | $49K | 10x | as long as short |
Bybit ZECUSDT
Popdex ZECUSDT
GMX ZEC/USD [WBTC.b-USDC]
Katana Perps ZEC-USD
Paradex ZEC-USD-PERP
Nado ZEC-PERP
Hyperliquid ZEC
Aster ZECUSDT
Pacifica ZEC
Binance ZECUSDT
OKX ZEC-USDT-SWAP
Ondo Perps ZEC-USD.P
Bulk ZEC-USD
Gate ZEC_USDT
MEXC ZEC_USDT
KuCoin ZECUSDTM
Bitget ZECUSDT
BingX ZEC-USDC
Variational Omni ZEC
edgeX ZECUSDC
GRVT ZEC_USDT_Perp
ApeX Omni ZECUSDT
StandX ZEC-USD
Polymarket Perps ZEC-USD
Bullet ZEC-USD
Derive ZEC-PERP
SunX ZEC-USDT
SoDEX ZEC-USD
HTX ZEC-USDT
Phemex ZECUSDT
Extended ZEC-USD
Aevo ZEC-PERP
Lighter RH ZEC
Kraken Futures PF_ZECUSD
RISEx ZEC/USDC
Lighter ZEC
Coinbase International ZEC-PERP-INTX
Arcus ZEC-USD
Aftermath Perps ZECUSD