Funding you earn now, next payment 03:00 UTC−0.0023%/8h= −2.6% APRnext payment −$0.03 per $10,000 · paid last 24h +0.007%
Price spread now: Hyperliquid against Phoenix−0.028%7-day average −0.100% · you buy dearer than you sell
Net, funding: paid 7d − costs−$48as in the Funding arb table
Net, price: spread back to 7d avg − costs−$18as in the Price arb table
costs, in and out, $10k−$260.256% of the position
Funding, last 7 days−0.226%−$23 on $10k
+Price spread, last 7 days−0.077%−$8 · spread now −0.028%, 7d avg −0.100%
=Together, before fees−0.304%+ Points / potential airdropHyperliquid: Season 2 · farm board−$30 on $10k · with fees, hour by hour
The price spread pays, funding is against you. Hyperliquid is 0.072% dearer against Phoenix than usual: you sell high and buy low (spread −0.028% now, against its 7-day average of −0.100%): +$7 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 10 days. At the pace of the last 7 days (−0.226% in total) that is about 2.2 days.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Phoenix ZEC | 1,448.9 | 0.0123 | pay 0.0015% / 1h | 47m 00s | $4.6M | $1.3M | 10x |
| Short | Hyperliquid ZEC | 1,448.5 | 0.0100 | get 0.0013% / 1h | 47m 00s | $753.3M | $434.5M | 10x |
Phoenix ZEC
Hyperliquid ZECFunding history
latest
Range statsloading…
Price spread between the two exchanges
Hyperliquid 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
- −$4.89
- Price spread: −0.028% → −0.100%
- $7.17
- Slippage, 4 orders
- −$9.61
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Fee Hyperliquid: 4.5 bp × 2 orders
- −$9
- Net
- −$23.34
- Costs to cover
- 0.256%
- Break-even
- never at this rate
Slippage from Phoenix: live order book, 2 min ago; Hyperliquid: live order book, 7 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 | 2.00 bp | 7.0 bp −$7 | 15.6 bp −$156 | 112.3 bp −$11.2K | doesn't fit |
| Sell Hyperliquid live order book, 7 min ago | 0.69 bp | 6.4 bp −$6 | 8.2 bp −$82 | 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 | −0.3166% | 1h | 1,448 | −0.066% | $33K | $272K | 12x | as long as short |
| Hotstuff ZEC-PERP | −0.0080% | 1h | 1,447.6 | −0.090% | $6K | $1K | 10x | as long as short |
| BloFin ZEC-USDT | −0.0072% | 8h | 1,447.3 | −0.108% | $29.2M | $70.4M | 75x | as long as short |
| dYdX ZEC-USD | 0.0000% | 1h | 1,447 | −0.134% | $407K | $40K | 5x | as long as short |
| Kalshi KXZECPERP | 0.0000% | 8h | 1,447.7 | −0.083% | $1.5M | $4.5M | 2.2x | as long as short |
| Perpl ZEC | 0.0000% | 43m | 1,448.2 | −0.051% | $83K | $240K | 10x | as long as short |
| gTrade (Gains Network) ZEC/USD | L +0.0007% / S −0.0006% | 1h | 1,447.7 | −0.084% | $5.1M | — | 150x | as long as short |
| Orderly PERP_ZEC_USDC | +0.0058% | 8h | 1,447.2 | −0.118% | $290K | $958K | 20x | as long as short |
| GMX ZEC/USD [WBTC.b-USDC] | L +0.0064% / S −0.0015% | 1h | 1,448.2 | −0.049% | $407K | — | 100x | as long as short |
| 01 Exchange ZECUSD | +0.0072% | 1h | 1,448.1 | −0.053% | $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
GMX ZEC/USD [WBTC.b-USDC]
01 Exchange ZECUSDShow all 51 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Popdex ZECUSDT | +0.0096% | 1h | 1,447.9 | −0.070% | $173K | $1.7M | 50x | as long as short |
| Katana Perps ZEC-USD | +0.0100% | 8h | 1,447.3 | −0.112% | $10K | $874K | 10x | as long as short |
| Paradex ZEC-USD-PERP | +0.0100% | 8h | 1,447.4 | −0.101% | $60K | $43K | 10x | as long as short |
| Nado ZEC-PERP | +0.0100% | 1h | 1,447.7 | −0.080% | $2.5M | $6.3M | 10x | as long as short |
| Hyperliquid ZECshort | +0.0100% | 1h | 1,448.5 | −0.028% | $753.3M | $434.5M | 10x | |
| Aster ZECUSDT | +0.0100% | 8h | 1,447.2 | −0.119% | $14.4M | $27.7M | 75x | as long as short |
| Pacifica ZEC | +0.0100% | 1h | 1,447.5 | −0.100% | $1.6M | $2.4M | 10x | as long as short |
| Binance ZECUSDT | +0.0100% | 8h | 1,447.4 | −0.101% | $663.9M | $2.22B | 75x | as long as short |
| Bybit ZECUSDT | +0.0100% | 8h | 1,447.2 | −0.121% | $260.9M | $602.3M | 75x | as long as short |
| OKX ZEC-USDT-SWAP | +0.0100% | 8h | 1,447.4 | −0.106% | $176.8M | $1.22B | 50x | as long as short |
| Ondo Perps ZEC-USD.P | +0.0100% | 1h | 1,445.7 | −0.222% | $394K | $442K | 5x | as long as short |
| Bulk ZEC-USD | +0.0100% | 1h | 1,449.4 | +0.036% | $876K | $23K | 10x | as long as short |
| Gate ZEC_USDT | +0.0100% | 8h | 1,447.3 | −0.111% | $50.0M | $172.6M | 75x | as long as short |
| MEXC ZEC_USDT | +0.0100% | 8h | 1,447.5 | −0.095% | $214.9M | $768.4M | 150x | as long as short |
| KuCoin ZECUSDTM | +0.0100% | 8h | 1,447.5 | −0.101% | $101.9M | $54.8M | 75x | as long as short |
| Bitget ZECUSDT | +0.0100% | 8h | 1,447.5 | −0.100% | $164.3M | $273.9M | 75x | as long as short |
| BingX ZEC-USDT | +0.0100% | 8h | 1,447.5 | −0.101% | — | $100.6M | — | as long as short |
| Backpack ZEC_USDC_PERP | +0.0100% | 1h | 1,448.2 | −0.049% | $2.5M | $3.8M | 15x | as long as short |
| Variational Omni ZEC | +0.0100% | 8h | 1,447.2 | −0.121% | $47.4M | $32.8M | — | as long as short |
| edgeX ZECUSDC | +0.0100% | 4h | 1,446.4 | −0.170% | $563K | $8.7M | 20x | as long as short |
| GRVT ZEC_USDT_Perp | +0.0100% | 8h | 1,447.7 | −0.083% | $3.0M | $437K | 10x | as long as short |
| ApeX Omni ZECUSDT | +0.0100% | 1h | 1,446.8 | −0.149% | $402K | $920K | 50x | as long as short |
| StandX ZEC-USD | +0.0100% | 1h | 1,448.1 | −0.059% | $49K | $4.7M | 30x | as long as short |
| Polymarket Perps ZEC-USD | +0.0100% | 1h | 1,447.7 | −0.084% | $364K | $1.8M | 10x | as long as short |
| Bullet ZEC-USD | +0.0100% | 1h | 1,448.2 | −0.046% | $160K | $185K | 20x | as long as short |
| Derive ZEC-PERP | +0.0100% | 1h | 1,446.4 | −0.175% | $442K | $521K | 6.7x | as long as short |
| SunX ZEC-USDT | +0.0100% | 8h | 1,450.4 | +0.101% | $3K | $1.2M | 20x | as long as short |
| SoDEX ZEC-USD | +0.0100% | 1h | 1,447.3 | −0.112% | $232K | $3.4M | 10x | as long as short |
| HTX ZEC-USDT | +0.0100% | 8h | 1,446.9 | −0.140% | $2.6M | $18.2M | 75x | as long as short |
| Phemex ZECUSDT | +0.0100% | 8h | 1,447 | −0.130% | $3.8M | $5.1M | 50x | as long as short |
| Extended ZEC-USD | +0.0104% | 1h | 1,447 | −0.132% | $2.8M | $7.7M | 10x | as long as short |
| Aevo ZEC-PERP | +0.0104% | 1h | 1,447.1 | −0.124% | $47K | $151K | 20x | as long as short |
| Phoenix ZEClong | +0.0123% | 1h | 1,448.9 | long leg | $4.6M | $1.3M | 10x | |
| Deribit ZEC_USDC-PERPETUAL | +0.0269% | 1h | 1,447.9 | −0.067% | $608K | $1.3M | 25x | as long as short |
| Kraken Futures PF_ZECUSD | +0.0279% | 1h | 1,447.2 | −0.119% | $17.9M | $44.9M | 25x | as long as short |
| Lighter ZEC | +0.0344% | 1h | 1,448.7 | −0.016% | $19.0M | $45.9M | 20x | as long as short |
| RISEx ZEC/USDC | +0.0412% | 1h | 1,448.1 | −0.054% | $931K | $1.1M | 10x | as long as short |
| Lighter RH ZEC | +0.0424% | 1h | 1,449.1 | +0.015% | $2.0M | $6.9M | 10x | as long as short |
| Coinbase International ZEC-PERP-INTX | +0.0448% | 1h | 1,450 | +0.076% | $3.8M | $9.0M | 50x | as long as short |
| Arcus ZEC-USD | +0.0626% | 1h | 1,449.7 | +0.052% | $737K | $8.3M | 10x | as long as short |
| Aftermath Perps ZECUSD | +0.0670% | 1h | 1,449.2 | +0.022% | $44K | $49K | 10x | as long as short |
Popdex ZECUSDT
Katana Perps ZEC-USD
Paradex ZEC-USD-PERP
Nado ZEC-PERP
Aster ZECUSDT
Pacifica ZEC
Binance ZECUSDT
Bybit 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-USDT
Backpack ZEC_USDC_PERP
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
Deribit ZEC_USDC-PERPETUAL
Kraken Futures PF_ZECUSD
Lighter ZEC
RISEx ZEC/USDC
Lighter RH ZEC
Coinbase International ZEC-PERP-INTX
Arcus ZEC-USD
Aftermath Perps ZECUSD