Funding you earn now, next payment 21:00 UTC−0.0175%/8h= −19.1% APRnext payment −$0.22 per $10,000 · paid last 24h −0.055%
Price spread now: Kraken Futures against Phoenix+0.385%7-day average −0.064% · you sell dearer than you buy
Net, funding: paid 7d − costs−$113as in the Funding arb table
Net, price: spread back to 7d avg − costs+$8as in the Price arb table
costs, in and out, $10k−$370.365% of the position
Funding, last 7 days−0.762%−$76 on $10k
+Price spread, last 3 days (all we have)−0.001%$0 · spread now +0.385%, 7d avg −0.064%
=The price spread pays, funding is against you. Kraken Futures is 0.450% dearer against Phoenix than usual: you sell high and buy low (spread +0.385% now, against its 7-day average of −0.064%): +$45 on $10k if it goes back. Holding the pair costs −$5 a day in funding at the current rate, which eats that in about 8.6 days. At the pace of the last 7 days (−0.762% in total) that is about 4.1 days.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Phoenix ZEC | 1,452.1 | 0.0103 | pay 0.0013% / 1h | 27m 12s | $4.5M | $1.6M | 10x |
| Short | Kraken Futures PF_ZECUSD | 1,457.7 | −0.0071 | pay 0.0009% / 1h | 27m 12s | $17.7M | $44.7M | 25x |
Phoenix ZEC
Kraken Futures PF_ZECUSDFunding history
latest
Range statsloading…
Price spread between the two exchanges
Kraken Futures 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
- −$36.66
- Price spread: +0.385% → −0.064%
- $44.96
- Slippage, 4 orders
- −$19.52
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Fee Kraken Futures: 5 bp × 2 orders
- −$10
- Net
- −$28.22
- Costs to cover
- 0.365%
- Break-even
- from the start
Slippage from Phoenix: live order book, 2 min ago; Kraken Futures: 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 | 2.06 bp | 7.1 bp −$7 | 16.8 bp −$168 | 115.4 bp −$11.5K | doesn't fit |
| Sell Kraken Futures live order book, 2 min ago | 3.64 bp | 12.8 bp −$13 | 19.1 bp −$191 | 30.1 bp −$3,013 | 182.1 bp −$91.0K |
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 | 1,433.1 | −1.303% | $33K | $275K | 12x | as long as short |
| BloFin ZEC-USDT | −0.0085% | 8h | 1,458 | +0.408% | $28.8M | $75.5M | 75x | as long as short |
| Hotstuff ZEC-PERP | −0.0080% | 1h | 1,458.5 | +0.441% | $6K | $2K | 10x | as long as short |
| Kraken Futures PF_ZECUSDshort | −0.0071% | 1h | 1,457.7 | +0.385% | $17.7M | $44.7M | 25x | |
| Variational Omni ZEC | −0.0001% | 8h | 1,443 | −0.621% | $45.4M | $32.5M | — | as long as short |
| dYdX ZEC-USD | 0.0000% | 1h | 1,457.8 | +0.397% | $411K | $106K | 5x | as long as short |
| Kalshi KXZECPERP | 0.0000% | 8h | 1,460 | +0.549% | $917K | $5.7M | 2.2x | as long as short |
| Perpl ZEC | 0.0000% | 43m | 1,457.3 | +0.362% | $83K | $401K | 10x | as long as short |
| Deribit ZEC_USDC-PERPETUAL | 0.0000% | 1h | 1,458.4 | +0.438% | $593K | $1.3M | 25x | as long as short |
| gTrade (Gains Network) ZEC/USD | L +0.0007% / S −0.0006% | 1h | 1,457.7 | +0.390% | $5.2M | — | 150x | as long as short |
Injective ZEC/USDC PERP
BloFin ZEC-USDT
Hotstuff ZEC-PERP
Variational Omni ZEC
dYdX ZEC-USD
Kalshi KXZECPERP
Perpl ZEC
Deribit ZEC_USDC-PERPETUAL
gTrade (Gains Network) ZEC/USDShow all 51 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Bybit ZECUSDT | +0.0011% | 8h | 1,458 | +0.410% | $268.3M | $675.8M | 75x | as long as short |
| Orderly PERP_ZEC_USDC | +0.0016% | 8h | 1,457.7 | +0.390% | $292K | $1.5M | 20x | as long as short |
| GMX ZEC/USD [WBTC.b-USDC] | L +0.0026% / S +0.0072% | 1h | 1,457.1 | +0.348% | $547K | — | 100x | as long as short |
| OKX ZEC-USDT-SWAP | +0.0058% | 8h | 1,458.4 | +0.434% | $172.9M | $1.36B | 50x | as long as short |
| 01 Exchange ZECUSD | +0.0064% | 1h | 1,457.4 | +0.367% | $8K | $8K | 5x | as long as short |
| Gate ZEC_USDT | +0.0078% | 8h | 1,458.2 | +0.422% | $49.4M | $189.9M | 75x | as long as short |
| Aster ZECUSDT | +0.0090% | 8h | 1,458 | +0.410% | $15.4M | $34.6M | 75x | as long as short |
| Katana Perps ZEC-USD | +0.0095% | 8h | 1,456.7 | +0.321% | $13K | $872K | 10x | as long as short |
| Lighter ZEC | +0.0096% | 1h | 1,459.5 | +0.515% | $18.8M | $54.5M | 20x | as long as short |
| Popdex ZECUSDT | +0.0096% | 1h | 1,457.1 | +0.347% | $173K | $2.0M | 50x | as long as short |
| Paradex ZEC-USD-PERP | +0.0100% | 8h | 1,458.5 | +0.443% | $60K | $37K | 10x | as long as short |
| Nado ZEC-PERP | +0.0100% | 1h | 1,457.3 | +0.360% | $2.5M | $7.1M | 10x | as long as short |
| Hyperliquid ZEC | +0.0100% | 1h | 1,458.7 | +0.457% | $753.9M | $496.8M | 10x | as long as short |
| Pacifica ZEC | +0.0100% | 1h | 1,458.1 | +0.418% | $1.6M | $3.0M | 10x | as long as short |
| Binance ZECUSDT | +0.0100% | 8h | 1,458.4 | +0.436% | $664.8M | $2.53B | 75x | as long as short |
| Ondo Perps ZEC-USD.P | +0.0100% | 1h | 1,441.6 | −0.720% | $392K | $516K | 5x | as long as short |
| Bulk ZEC-USD | +0.0100% | 1h | 1,445 | −0.486% | $890K | $32K | 10x | as long as short |
| MEXC ZEC_USDT | +0.0100% | 8h | 1,458.4 | +0.436% | $217.7M | $894.6M | 150x | as long as short |
| KuCoin ZECUSDTM | +0.0100% | 8h | 1,458.3 | +0.428% | $103.4M | $57.0M | 75x | as long as short |
| Bitget ZECUSDT | +0.0100% | 8h | 1,458.2 | +0.422% | $161.3M | $313.3M | 75x | as long as short |
| BingX ZEC-USDC | +0.0100% | 8h | 1,457.2 | +0.353% | — | $6.8M | — | as long as short |
| Backpack ZEC_USDC_PERP | +0.0100% | 1h | 1,458.6 | +0.453% | $2.3M | $4.1M | 15x | as long as short |
| edgeX ZECUSDC | +0.0100% | 4h | 1,444.1 | −0.547% | $485K | $9.8M | 20x | as long as short |
| GRVT ZEC_USDT_Perp | +0.0100% | 8h | 1,445.8 | −0.434% | $3.0M | $501K | 10x | as long as short |
| ApeX Omni ZECUSDT | +0.0100% | 1h | 1,445.6 | −0.443% | $702K | $608K | 50x | as long as short |
| StandX ZEC-USD | +0.0100% | 1h | 1,456.1 | +0.278% | $109K | $4.8M | 30x | as long as short |
| Polymarket Perps ZEC-USD | +0.0100% | 1h | 1,457 | +0.340% | $351K | $2.0M | 10x | as long as short |
| Bullet ZEC-USD | +0.0100% | 1h | 1,457 | +0.342% | $127K | $161K | 20x | as long as short |
| Derive ZEC-PERP | +0.0100% | 1h | 1,456.3 | +0.293% | $443K | $493K | 6.7x | as long as short |
| SunX ZEC-USDT | +0.0100% | 8h | 1,459.4 | +0.504% | $3K | $1.3M | 20x | as long as short |
| SoDEX ZEC-USD | +0.0100% | 1h | 1,457.9 | +0.403% | $221K | $4.7M | 10x | as long as short |
| HTX ZEC-USDT | +0.0100% | 8h | 1,458.4 | +0.437% | $2.4M | $25.0M | 75x | as long as short |
| Phemex ZECUSDT | +0.0100% | 8h | 1,458.3 | +0.430% | $3.8M | $5.4M | 50x | as long as short |
| Phoenix ZEClong | +0.0103% | 1h | 1,452.1 | long leg | $4.5M | $1.6M | 10x | |
| Extended ZEC-USD | +0.0104% | 1h | 1,457.9 | +0.403% | $3.3M | $6.9M | 10x | as long as short |
| Aevo ZEC-PERP | +0.0104% | 1h | 1,457.7 | +0.392% | $36K | $362K | 20x | as long as short |
| RISEx ZEC/USDC | +0.0219% | 1h | 1,458 | +0.410% | $870K | $1.9M | 10x | as long as short |
| Coinbase International ZEC-PERP-INTX | +0.0440% | 1h | 1,459.2 | +0.492% | $3.7M | $11.4M | 50x | as long as short |
| Aftermath Perps ZECUSD | +0.0454% | 1h | 1,452.1 | +0.004% | $39K | $32K | 10x | as long as short |
| Arcus ZEC-USD | +0.0518% | 1h | 1,459.6 | +0.517% | $746K | $8.0M | 10x | as long as short |
| Lighter RH ZEC | +0.0680% | 1h | 1,460.2 | +0.561% | $2.0M | $8.5M | 10x | as long as short |
Bybit ZECUSDT
Orderly PERP_ZEC_USDC
GMX ZEC/USD [WBTC.b-USDC]
OKX ZEC-USDT-SWAP
01 Exchange ZECUSD
Gate ZEC_USDT
Aster ZECUSDT
Katana Perps ZEC-USD
Lighter ZEC
Popdex ZECUSDT
Paradex ZEC-USD-PERP
Nado ZEC-PERP
Hyperliquid ZEC
Pacifica ZEC
Binance ZECUSDT
Ondo Perps ZEC-USD.P
Bulk ZEC-USD
MEXC ZEC_USDT
KuCoin ZECUSDTM
Bitget ZECUSDT
BingX ZEC-USDC
Backpack ZEC_USDC_PERP
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
RISEx ZEC/USDC
Coinbase International ZEC-PERP-INTX
Aftermath Perps ZECUSD
Arcus ZEC-USD
Lighter RH ZEC