ZEC

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC−0.0099%/8h= −10.8% APRnext payment −$0.12 per $10,000 · paid last 24h −0.028%

Price spread now: Deribit against Phoenix+0.121%70s7-day average −0.030% · you sell dearer than you buy

Net, funding: paid 7d − costs−$76as 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−$310.308% of the position

Long on Phoenix Short on Deribit

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)+0.308%+$31 · spread now +0.121%, 7d avg −0.030%

Together, before fees−0.148%−$15 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Deribit is 0.151% dearer against Phoenix than usual: you sell high and buy low (spread +0.121% now, against its 7-day average of −0.030%): +$15 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 5.1 days. At the pace of the last 7 days (−0.456% in total) that is about 2.3 days. 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	Phoenix ZEC	1,452.8	0.0103	pay 0.0013% / 1h	44m 06s	$4.6M	$1.6M	10x
Short	Deribit ZEC_USDC-PERPETUAL	1,454.6	0.0005	get 0.0001% / 1h	44m 06s	$566K	$1.3M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against Phoenix. 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 PhoenixbpFee DeribitbpOrdersPrice spread, now +0.121%Rate

Funding earned: −$20.75
Price spread: +0.121% → −0.030%: $15.12
Slippage, 4 orders: −$16.76
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$36.39
Costs to cover: 0.308%
Break-even: never at this rate

Slippage from Phoenix: live order book, 5 min ago; Deribit: 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 Phoenix live order book, 5 min ago	2.27 bp	7.4 bp −$7	16.5 bp −$165	121.9 bp −$12.2K	doesn't fit
Sell Deribit live order book, 5 min ago	4.12 bp	7.6 bp −$8	15.2 bp −$152	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	−0.3476%	1h	1,437.8	−1.035%	$33K	$275K	12x	as long as short
Hotstuff ZEC-PERP	−0.0080%	1h	1,452.6	−0.014%	$6K	$2K	10x	as long as short
Kraken Futures PF_ZECUSD	−0.0071%	1h	1,453.5	+0.042%	$17.6M	$44.3M	25x	as long as short
BloFin ZEC-USDT	−0.0066%	8h	1,451.8	−0.070%	$28.9M	$74.9M	75x	as long as short
Variational Omni ZEC	−0.0019%	8h	1,451.4	−0.100%	$45.7M	$32.0M	—	as long as short
Bybit ZECUSDT	−0.0008%	8h	1,452.7	−0.009%	$268.9M	$674.8M	75x	as long as short
dYdX ZEC-USD	0.0000%	1h	1,451.8	−0.071%	$409K	$106K	5x	as long as short
Kalshi KXZECPERP	0.0000%	8h	1,451.9	−0.065%	$844K	$5.5M	2.2x	as long as short
Perpl ZEC	0.0000%	43m	1,452.8	−0.006%	$82K	$401K	10x	as long as short
Deribit ZEC_USDC-PERPETUALshort	+0.0005%	1h	1,454.6	+0.121%	$566K	$1.3M	25x

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	1,453.6	+0.055%	$5.1M	—	150x	as long as short
Orderly PERP_ZEC_USDC	+0.0011%	8h	1,453.7	+0.056%	$291K	$1.5M	20x	as long as short
GMX ZEC/USD [WBTC.b-USDC]	L +0.0036% / S +0.0067%	1h	1,453.4	+0.040%	$544K	—	100x	as long as short
OKX ZEC-USDT-SWAP	+0.0044%	8h	1,453.2	+0.027%	$172.0M	$1.36B	50x	as long as short
Aster ZECUSDT	+0.0062%	8h	1,453.9	+0.070%	$15.3M	$35.1M	75x	as long as short
01 Exchange ZECUSD	+0.0064%	1h	1,453.7	+0.060%	$8K	$8K	5x	as long as short
Gate ZEC_USDT	+0.0066%	8h	1,454.3	+0.098%	$49.2M	$185.7M	75x	as long as short
Ondo Perps ZEC-USD.P	+0.0074%	1h	1,449.7	−0.216%	$394K	$517K	5x	as long as short
Katana Perps ZEC-USD	+0.0095%	8h	1,454	+0.083%	$17K	$878K	10x	as long as short
Lighter ZEC	+0.0096%	1h	1,454.9	+0.141%	$18.7M	$53.9M	20x	as long as short
Popdex ZECUSDT	+0.0096%	1h	1,453.6	+0.052%	$177K	$2.0M	50x	as long as short
Paradex ZEC-USD-PERP	+0.0100%	8h	1,453.6	+0.055%	$60K	$37K	10x	as long as short
Nado ZEC-PERP	+0.0100%	1h	1,453.4	+0.038%	$3.0M	$6.8M	10x	as long as short
Hyperliquid ZEC	+0.0100%	1h	1,454.7	+0.128%	$752.2M	$495.1M	10x	as long as short
Pacifica ZEC	+0.0100%	1h	1,453.1	+0.020%	$1.6M	$3.1M	10x	as long as short
Binance ZECUSDT	+0.0100%	8h	1,454	+0.081%	$659.3M	$2.53B	75x	as long as short
Bulk ZEC-USD	+0.0100%	1h	1,455	+0.146%	$896K	$37K	10x	as long as short
MEXC ZEC_USDT	+0.0100%	8h	1,453.9	+0.074%	$218.8M	$883.8M	150x	as long as short
KuCoin ZECUSDTM	+0.0100%	8h	1,453.7	+0.059%	$103.7M	$56.9M	75x	as long as short
Bitget ZECUSDT	+0.0100%	8h	1,454.1	+0.084%	$162.0M	$314.0M	75x	as long as short
BingX ZEC-USDC	+0.0100%	8h	1,453.5	+0.045%	—	$6.8M	—	as long as short
Backpack ZEC_USDC_PERP	+0.0100%	1h	1,454.6	+0.121%	$2.3M	$4.1M	15x	as long as short
edgeX ZECUSDC	+0.0100%	4h	1,453.5	+0.049%	$487K	$9.8M	20x	as long as short
GRVT ZEC_USDT_Perp	+0.0100%	8h	1,452.3	−0.038%	$3.0M	$501K	10x	as long as short
ApeX Omni ZECUSDT	+0.0100%	1h	1,452.2	−0.042%	$706K	$606K	50x	as long as short
StandX ZEC-USD	+0.0100%	1h	1,452.4	−0.030%	$109K	$4.8M	30x	as long as short
Polymarket Perps ZEC-USD	+0.0100%	1h	1,453.2	+0.025%	$298K	$2.0M	10x	as long as short
Bullet ZEC-USD	+0.0100%	1h	1,453.3	+0.035%	$127K	$161K	20x	as long as short
Derive ZEC-PERP	+0.0100%	1h	1,452.5	−0.025%	$442K	$493K	6.7x	as long as short
SunX ZEC-USDT	+0.0100%	8h	1,456.4	+0.248%	$3K	$1.3M	20x	as long as short
SoDEX ZEC-USD	+0.0100%	1h	1,453.6	+0.054%	$220K	$4.7M	10x	as long as short
HTX ZEC-USDT	+0.0100%	8h	1,452.5	−0.023%	$2.4M	$24.8M	75x	as long as short
Phemex ZECUSDT	+0.0100%	8h	1,453.5	+0.048%	$3.7M	$5.4M	50x	as long as short
Phoenix ZEClong	+0.0103%	1h	1,452.8	long leg	$4.6M	$1.6M	10x
Aevo ZEC-PERP	+0.0104%	1h	1,453.7	+0.057%	$36K	$362K	20x	as long as short
Extended ZEC-USD	+0.0168%	1h	1,453.8	+0.069%	$3.3M	$7.0M	10x	as long as short
RISEx ZEC/USDC	+0.0219%	1h	1,454.1	+0.087%	$863K	$2.5M	10x	as long as short
Coinbase International ZEC-PERP-INTX	+0.0440%	1h	1,455.4	+0.179%	$3.7M	$11.5M	50x	as long as short
Aftermath Perps ZECUSD	+0.0449%	1h	1,453.7	+0.060%	$39K	$32K	10x	as long as short
Arcus ZEC-USD	+0.0518%	1h	1,455.3	+0.172%	$755K	$7.8M	10x	as long as short
Lighter RH ZEC	+0.0736%	1h	1,455.8	+0.202%	$1.9M	$8.4M	10x	as long as short