Funding you earn now, next payment 07:00 UTC−0.0456%/8h= −49.9% APRnext payment −$0.57 per $10,000 · paid last 24h −0.025%
Price spread now: Phoenix against Backpack−0.326%80s7-day average −0.274% · you buy dearer than you sell
Net, funding: paid 7d − costs+$38as 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−$240.239% of the position
Funding, last 7 days+0.616%+$62 on $10k
+Price spread, last 7 days+1.649%+$165 · spread now −0.326%, 7d avg −0.274%
=Both sides work against this trade now: funding costs −$14 a day on $10k at the current rate, and Phoenix is 0.053% cheaper against Backpack than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of −0.274%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.616%, so the current rate has only just turned against you. The two prices were read 80 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 | Backpack ZEC_USDC_PERP | 1,519.2 | 0.0551 | pay 0.0069% / 1h | 57m 54s | $2.4M | $3.7M | 15x |
| Short | Phoenix ZEC | 1,514.3 | 0.0096 | get 0.0012% / 1h | 57m 54s | $4.8M | $1.4M | 10x |
Backpack ZEC_USDC_PERP
Phoenix ZECFunding history
latest
Range statsloading…
Price spread between the two exchanges
Phoenix against Backpack. 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
- −$95.7
- Price spread: −0.326% → −0.274%
- −$5.26
- Slippage, 4 orders
- −$6.87
- Fee Backpack: 5 bp × 2 orders
- −$10
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Net
- −$124.83
- Costs to cover
- 0.239%
- Break-even
- never at this rate
Slippage from Backpack: live order book, 1 min ago; Phoenix: live order book, 6 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 Backpack live order book, 1 min ago | 0.03 bp | 5.9 bp −$6 | 11.9 bp −$119 | doesn't fit | doesn't fit |
| Sell Phoenix live order book, 6 min ago | 1.65 bp | 6.4 bp −$6 | 14.5 bp −$145 | 50.7 bp −$5,072 | doesn't fit |
ZEC on 50 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 | 1,496.3 | −1.511% | $36K | $275K | 12x | as long as short |
| Bulk ZEC-USD | −0.0463% | 1h | 1,515.3 | −0.261% | $779K | $147K | 10x | as long as short |
| Perpl ZEC | −0.0447% | 43m | 1,516.3 | −0.195% | $62K | $305K | 10x | as long as short |
| Bybit ZECUSDT | −0.0179% | 8h | 1,516.2 | −0.197% | $273.0M | $629.0M | 75x | as long as short |
| BloFin ZEC-USDT | −0.0164% | 8h | 1,515.6 | −0.238% | $31.5M | $77.1M | 75x | as long as short |
| Aftermath Perps ZECUSD | −0.0107% | 1h | 1,513.1 | −0.404% | $48K | $59K | 10x | as long as short |
| Hotstuff ZEC-PERP | −0.0080% | 1h | 1,517 | −0.150% | $6K | $1K | 10x | as long as short |
| dYdX ZEC-USD | 0.0000% | 1h | 1,515.3 | −0.261% | $421K | $34K | 5x | as long as short |
| Kalshi KXZECPERP | 0.0000% | 8h | 1,518.1 | −0.074% | $1.6M | $5.0M | 2.2x | as long as short |
| gTrade (Gains Network) ZEC/USD | L +0.0007% / S −0.0006% | 1h | 1,517.5 | −0.117% | $5.4M | — | 150x | as long as short |
Injective ZEC/USDC PERP
Bulk ZEC-USD
Perpl ZEC
Bybit ZECUSDT
BloFin ZEC-USDT
Aftermath Perps ZECUSD
Hotstuff ZEC-PERP
dYdX ZEC-USD
Kalshi KXZECPERP
gTrade (Gains Network) ZEC/USDShow all 50 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Kraken Futures PF_ZECUSD | +0.0019% | 1h | 1,519.2 | 0.000% | $18.3M | $47.8M | 25x | as long as short |
| 01 Exchange ZECUSD | +0.0024% | 1h | 1,517.5 | −0.115% | $8K | $6K | 5x | as long as short |
| Gate ZEC_USDT | +0.0062% | 8h | 1,517.4 | −0.119% | $60.1M | $182.2M | 75x | as long as short |
| Orderly PERP_ZEC_USDC | +0.0084% | 8h | 1,518.3 | −0.061% | $306K | $862K | 20x | as long as short |
| Phoenix ZECshort | +0.0096% | 1h | 1,514.3 | −0.326% | $4.8M | $1.4M | 10x | |
| Lighter RH ZEC | +0.0096% | 1h | 1,520.2 | +0.062% | $2.1M | $7.4M | 10x | as long as short |
| Popdex ZECUSDT | +0.0096% | 1h | 1,517.8 | −0.096% | $176K | $1.8M | 50x | as long as short |
| Paradex ZEC-USD-PERP | +0.0100% | 8h | 1,516.2 | −0.199% | $62K | $19K | 10x | as long as short |
| Nado ZEC-PERP | +0.0100% | 1h | 1,517.5 | −0.114% | $3.1M | $7.7M | 10x | as long as short |
| Hyperliquid ZEC | +0.0100% | 1h | 1,517.1 | −0.140% | $793.8M | $448.2M | 10x | as long as short |
| Aster ZECUSDT | +0.0100% | 8h | 1,517.3 | −0.128% | $14.2M | $31.1M | 75x | as long as short |
| Pacifica ZEC | +0.0100% | 1h | 1,516.2 | −0.200% | $1.7M | $2.4M | 10x | as long as short |
| Binance ZECUSDT | +0.0100% | 8h | 1,517.8 | −0.095% | $717.3M | $2.34B | 75x | as long as short |
| OKX ZEC-USDT-SWAP | +0.0100% | 8h | 1,516.8 | −0.159% | $183.5M | $1.38B | 50x | as long as short |
| Ondo Perps ZEC-USD.P | +0.0100% | 1h | 1,513.3 | −0.390% | $413K | $554K | 5x | as long as short |
| Arcus ZEC-USD | +0.0100% | 1h | 1,517.5 | −0.112% | $597K | $8.9M | 10x | as long as short |
| MEXC ZEC_USDT | +0.0100% | 8h | 1,517.9 | −0.089% | $320.5M | $811.6M | 150x | as long as short |
| KuCoin ZECUSDTM | +0.0100% | 8h | 1,518 | −0.081% | $103.9M | $57.3M | 75x | as long as short |
| Bitget ZECUSDT | +0.0100% | 8h | 1,516.5 | −0.177% | $163.8M | $294.3M | 75x | as long as short |
| BingX ZEC-USDC | +0.0100% | 8h | 1,516.6 | −0.175% | — | $6.7M | — | as long as short |
| Variational Omni ZEC | +0.0100% | 8h | 1,513.8 | −0.359% | $50.0M | $35.6M | — | as long as short |
| edgeX ZECUSDC | +0.0100% | 4h | 1,510.8 | −0.553% | $578K | $9.1M | 20x | as long as short |
| GRVT ZEC_USDT_Perp | +0.0100% | 8h | 1,514.6 | −0.302% | $3.1M | $532K | 10x | as long as short |
| ApeX Omni ZECUSDT | +0.0100% | 1h | 1,509.9 | −0.612% | $416K | $948K | 50x | as long as short |
| StandX ZEC-USD | +0.0100% | 1h | 1,515.4 | −0.250% | $54K | $4.6M | 30x | as long as short |
| Polymarket Perps ZEC-USD | +0.0100% | 1h | 1,517.9 | −0.088% | $377K | $1.7M | 10x | as long as short |
| Bullet ZEC-USD | +0.0100% | 1h | 1,519.1 | −0.012% | $170K | $193K | 20x | as long as short |
| Derive ZEC-PERP | +0.0100% | 1h | 1,514.5 | −0.314% | $452K | $408K | 6.7x | as long as short |
| SunX ZEC-USDT | +0.0100% | 8h | 1,519.9 | +0.043% | $3K | $1.2M | 20x | as long as short |
| SoDEX ZEC-USD | +0.0100% | 1h | 1,519.1 | −0.007% | $257K | $3.6M | 10x | as long as short |
| HTX ZEC-USDT | +0.0100% | 8h | 1,516.1 | −0.205% | $2.7M | $21.3M | 75x | as long as short |
| Phemex ZECUSDT | +0.0100% | 8h | 1,519.3 | +0.001% | $4.1M | $4.9M | 50x | as long as short |
| Lighter ZEC | +0.0104% | 1h | 1,519.4 | +0.011% | $19.7M | $43.7M | 20x | as long as short |
| Extended ZEC-USD | +0.0104% | 1h | 1,517.5 | −0.112% | $2.7M | $8.0M | 10x | as long as short |
| Aevo ZEC-PERP | +0.0104% | 1h | 1,518.8 | −0.029% | $44K | $151K | 20x | as long as short |
| Deribit ZEC_USDC-PERPETUAL | +0.0142% | 1h | 1,519.7 | +0.033% | $694K | $1.4M | 25x | as long as short |
| GMX ZEC/USD [WBTC.b-USDC] | L +0.0152% / S −0.0152% | 1h | 1,517.5 | −0.116% | $337K | — | 100x | as long as short |
| RISEx ZEC/USDC | +0.0157% | 1h | 1,517.7 | −0.104% | $967K | $1.1M | 10x | as long as short |
| Coinbase International ZEC-PERP-INTX | +0.0368% | 1h | 1,519.2 | −0.003% | $3.7M | $9.8M | 50x | as long as short |
| Backpack ZEC_USDC_PERPlong | +0.0551% | 1h | 1,519.2 | long leg | $2.4M | $3.7M | 15x |
Kraken Futures PF_ZECUSD
01 Exchange ZECUSD
Gate ZEC_USDT
Orderly PERP_ZEC_USDC
Lighter RH ZEC
Popdex ZECUSDT
Paradex ZEC-USD-PERP
Nado ZEC-PERP
Hyperliquid ZEC
Aster ZECUSDT
Pacifica ZEC
Binance ZECUSDT
OKX ZEC-USDT-SWAP
Ondo Perps ZEC-USD.P
Arcus ZEC-USD
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
Lighter ZEC
Extended ZEC-USD
Aevo ZEC-PERP
Deribit ZEC_USDC-PERPETUAL
GMX ZEC/USD [WBTC.b-USDC]
RISEx ZEC/USDC
Coinbase International ZEC-PERP-INTX