Funding you earn now, next payment 08:00 UTC+0.0018%/8h= +2.0% APRnext payment +$0.02 per $10,000 · paid last 24h +0.003%
Price spread now: Derive against Phoenix−0.481%112s7-day average −0.153% · you buy dearer than you sell
to open and closeno order booka leg has no order-book sample
Funding, last 7 days−0.313%−$31 on $10k
+Price spread, last 4 days (all we have)+1.381%+$138 · spread now −0.481%, 7d avg −0.153%
=Funding pays, the price is against you. Derive is 0.328% cheaper against Phoenix than usual: you would sell low and buy high (spread −0.481% now, against its 7-day average of −0.153%). If the spread goes back, that is −$33 on $10k: about 60 days of funding at the current rate (+$1 a day). Mind the row above: over the last 7 days funding on this pair cost −0.313%, so the current rate has only just turned in your favour. The two prices were read 112 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 | 1,515.4 | 0.0082 | pay 0.0010% / 1h | 37m 34s | $4.8M | $1.4M | 10x |
| Short | Derive ZEC-PERP | 1,508.1 | 0.0100 | get 0.0013% / 1h | 37m 34s | $450K | $419K | 6.7x |
Phoenix ZEC
Derive ZEC-PERPFunding history
latest
Range statsloading…
Price spread between the two exchanges
Derive 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
- $3.82
- Price spread: −0.481% → −0.153%
- −$32.77
- Slippage, 4 orders
- no order book: not counted
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Fee Derive: 3 bp × 2 orders
- −$6
- Net
- −$41.95
- Costs to cover
- 0.130%
- Break-even
- 83.8 days
Slippage unknown: Phoenix: live order book, 1 min ago; Derive: no order-book sample. 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 Phoenix live order book, 1 min ago | 2.06 bp | 7.1 bp −$7 | 15.7 bp −$157 | 111.8 bp −$11.2K | doesn't fit |
| Sell Derive no order-book sample | — | — | — | — | — |
Derive: 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 | −0.3702% | 1h | 1,497.1 | −1.212% | $36K | $275K | 12x | as long as short |
| Perpl ZEC | −0.0447% | 43m | 1,506.2 | −0.606% | $62K | $305K | 10x | as long as short |
| Aftermath Perps ZECUSD | −0.0170% | 1h | 1,511 | −0.293% | $48K | $58K | 10x | as long as short |
| BloFin ZEC-USDT | −0.0155% | 8h | 1,507.1 | −0.546% | $31.7M | $76.7M | 75x | as long as short |
| Bulk ZEC-USD | −0.0098% | 1h | 1,506.5 | −0.586% | $775K | $147K | 10x | as long as short |
| Hotstuff ZEC-PERP | −0.0080% | 1h | 1,506.7 | −0.576% | $6K | $1K | 10x | as long as short |
| dYdX ZEC-USD | 0.0000% | 1h | 1,506.1 | −0.613% | $418K | $34K | 5x | as long as short |
| Kalshi KXZECPERP | 0.0000% | 8h | 1,507 | −0.554% | $1.6M | $5.0M | 2.2x | as long as short |
| gTrade (Gains Network) ZEC/USD | L +0.0007% / S −0.0006% | 1h | 1,505.7 | −0.644% | $5.4M | — | 150x | as long as short |
| Kraken Futures PF_ZECUSD | +0.0019% | 1h | 1,506.4 | −0.598% | $18.2M | $47.9M | 25x | as long as short |
Injective ZEC/USDC PERP
Perpl ZEC
Aftermath Perps ZECUSD
BloFin ZEC-USDT
Bulk ZEC-USD
Hotstuff ZEC-PERP
dYdX ZEC-USD
Kalshi KXZECPERP
gTrade (Gains Network) ZEC/USD
Kraken Futures PF_ZECUSDShow all 51 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| 01 Exchange ZECUSD | +0.0032% | 1h | 1,508.6 | −0.452% | $8K | $6K | 5x | as long as short |
| ApeX Omni ZECUSDT | +0.0058% | 1h | 1,509.8 | −0.372% | $415K | $952K | 50x | as long as short |
| Phoenix ZEClong | +0.0082% | 1h | 1,515.4 | long leg | $4.8M | $1.4M | 10x | |
| Gate ZEC_USDT | +0.0082% | 8h | 1,507.1 | −0.550% | $60.6M | $184.9M | 75x | as long as short |
| Orderly PERP_ZEC_USDC | +0.0085% | 8h | 1,505.3 | −0.670% | $304K | $861K | 20x | as long as short |
| Lighter ZEC | +0.0096% | 1h | 1,507.9 | −0.496% | $19.5M | $44.8M | 20x | as long as short |
| Lighter RH ZEC | +0.0096% | 1h | 1,507.2 | −0.546% | $2.1M | $7.5M | 10x | as long as short |
| Popdex ZECUSDT | +0.0096% | 1h | 1,508.2 | −0.476% | $172K | $1.8M | 50x | as long as short |
| Paradex ZEC-USD-PERP | +0.0100% | 8h | 1,506.7 | −0.576% | $62K | $18K | 10x | as long as short |
| Katana Perps ZEC-USD | +0.0100% | 8h | 1,507.4 | −0.532% | $16K | $898K | 10x | as long as short |
| Nado ZEC-PERP | +0.0100% | 1h | 1,506.5 | −0.586% | $3.1M | $7.7M | 10x | as long as short |
| Hyperliquid ZEC | +0.0100% | 1h | 1,507.4 | −0.529% | $788.9M | $445.2M | 10x | as long as short |
| Aster ZECUSDT | +0.0100% | 8h | 1,506.5 | −0.590% | $14.1M | $30.8M | 75x | as long as short |
| Pacifica ZEC | +0.0100% | 1h | 1,506.4 | −0.593% | $1.7M | $2.4M | 10x | as long as short |
| Binance ZECUSDT | +0.0100% | 8h | 1,506.7 | −0.573% | $712.1M | $2.33B | 75x | as long as short |
| Bybit ZECUSDT | +0.0100% | 8h | 1,506.9 | −0.560% | $270.4M | $625.2M | 75x | as long as short |
| OKX ZEC-USDT-SWAP | +0.0100% | 8h | 1,507.7 | −0.511% | $185.6M | $1.38B | 50x | as long as short |
| Ondo Perps ZEC-USD.P | +0.0100% | 1h | 1,505.7 | −0.641% | $412K | $544K | 5x | as long as short |
| Arcus ZEC-USD | +0.0100% | 1h | 1,508.8 | −0.438% | $613K | $9.0M | 10x | as long as short |
| MEXC ZEC_USDT | +0.0100% | 8h | 1,508.2 | −0.478% | $407.2M | $832.9M | 150x | as long as short |
| KuCoin ZECUSDTM | +0.0100% | 8h | 1,506.4 | −0.594% | $103.0M | $57.4M | 75x | as long as short |
| Bitget ZECUSDT | +0.0100% | 8h | 1,508 | −0.490% | $163.2M | $295.7M | 75x | as long as short |
| BingX ZEC-USDT | +0.0100% | 8h | 1,507.9 | −0.494% | — | $120.0M | — | as long as short |
| Variational Omni ZEC | +0.0100% | 8h | 1,509.9 | −0.365% | $50.1M | $36.0M | — | as long as short |
| edgeX ZECUSDC | +0.0100% | 4h | 1,508.2 | −0.477% | $556K | $9.1M | 20x | as long as short |
| GRVT ZEC_USDT_Perp | +0.0100% | 8h | 1,515.1 | −0.023% | $3.1M | $530K | 10x | as long as short |
| StandX ZEC-USD | +0.0100% | 1h | 1,507.9 | −0.496% | $51K | $4.6M | 30x | as long as short |
| Polymarket Perps ZEC-USD | +0.0100% | 1h | 1,509.1 | −0.417% | $375K | $1.7M | 10x | as long as short |
| Bullet ZEC-USD | +0.0100% | 1h | 1,505.8 | −0.635% | $169K | $194K | 20x | as long as short |
| Derive ZEC-PERPshort | +0.0100% | 1h | 1,508.1 | −0.481% | $450K | $419K | 6.7x | |
| SunX ZEC-USDT | +0.0100% | 8h | 1,507.8 | −0.505% | $3K | $1.2M | 20x | as long as short |
| SoDEX ZEC-USD | +0.0100% | 1h | 1,505.5 | −0.653% | $255K | $3.6M | 10x | as long as short |
| HTX ZEC-USDT | +0.0100% | 8h | 1,505.1 | −0.684% | $2.7M | $21.2M | 75x | as long as short |
| Phemex ZECUSDT | +0.0100% | 8h | 1,506.6 | −0.585% | $4.0M | $4.9M | 50x | as long as short |
| Extended ZEC-USD | +0.0104% | 1h | 1,507.9 | −0.499% | $2.7M | $8.0M | 10x | as long as short |
| Aevo ZEC-PERP | +0.0104% | 1h | 1,505.5 | −0.653% | $44K | $153K | 20x | as long as short |
| Deribit ZEC_USDC-PERPETUAL | +0.0141% | 1h | 1,506.3 | −0.601% | $689K | $1.4M | 25x | as long as short |
| RISEx ZEC/USDC | +0.0157% | 1h | 1,508.2 | −0.476% | $955K | $1.1M | 10x | as long as short |
| GMX ZEC/USD [WBTC.b-USDC] | L +0.0157% / S −0.0161% | 1h | 1,505.6 | −0.645% | $334K | — | 100x | as long as short |
| Coinbase International ZEC-PERP-INTX | +0.0368% | 1h | 1,507.6 | −0.517% | $3.8M | $10.0M | 50x | as long as short |
| Backpack ZEC_USDC_PERP | +0.0440% | 1h | 1,507.3 | −0.536% | $2.4M | $3.8M | 15x | as long as short |
01 Exchange ZECUSD
ApeX Omni ZECUSDT
Gate ZEC_USDT
Orderly PERP_ZEC_USDC
Lighter ZEC
Lighter RH ZEC
Popdex ZECUSDT
Paradex ZEC-USD-PERP
Katana Perps ZEC-USD
Nado ZEC-PERP
Hyperliquid ZEC
Aster ZECUSDT
Pacifica ZEC
Binance ZECUSDT
Bybit ZECUSDT
OKX ZEC-USDT-SWAP
Ondo Perps ZEC-USD.P
Arcus ZEC-USD
MEXC ZEC_USDT
KuCoin ZECUSDTM
Bitget ZECUSDT
BingX ZEC-USDT
Variational Omni ZEC
edgeX ZECUSDC
GRVT ZEC_USDT_Perp
StandX ZEC-USD
Polymarket Perps ZEC-USD
Bullet ZEC-USD
SunX ZEC-USDT
SoDEX ZEC-USD
HTX ZEC-USDT
Phemex ZECUSDT
Extended ZEC-USD
Aevo ZEC-PERP
Deribit ZEC_USDC-PERPETUAL
RISEx ZEC/USDC
GMX ZEC/USD [WBTC.b-USDC]
Coinbase International ZEC-PERP-INTX
Backpack ZEC_USDC_PERP