ZEC

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC−0.0212%/8h= −23.2% APRnext payment −$0.26 per $10,000 · paid last 24h −0.031%

Price spread now: Bulk against Deribit+0.305%7-day average −0.090% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs+$13as in the Price arb table

costs, in and out, $10k−$270.265% of the position

Long on Deribit Short on Bulk

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.081%−$8 on $10k

Price spread, last 4 days (all we have)−0.749%−$75 · spread now +0.305%, 7d avg −0.090%

Together, before fees−0.831%−$83 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Bulk is 0.395% dearer against Deribit than usual: you sell high and buy low (spread +0.305% now, against its 7-day average of −0.090%): +$39 on $10k if it goes back. Holding the pair costs −$6 a day in funding at the current rate, which eats that in about 6.2 days. At the pace of the last 4 days (−0.081% in total) that is about 19 days.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid -0.081% in total (about -7.6% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.26 per $10,000. In the chart: green and red are payments made; yellow are the hours one leg has not settled yet: what the other leg paid, plus the unsettled leg at its current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit ZEC_USDC-PERPETUAL	1,497.1	0.0312	pay 0.0039% / 1h	49m 55s	$691K	$1.3M	25x
Short	Bulk ZEC-USD	1,501.7	0.0100	get 0.0013% / 1h	49m 55s	$777K	$182K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bulk against Deribit. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 DeribitbpFee BulkbpOrdersPrice spread, now +0.305%Rate

Funding earned: −$44.48
Price spread: +0.305% → −0.090%: $39.45
Slippage, 4 orders: −$12.5
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Bulk: 3.5 bp × 2 orders: −$7
Net: −$31.53
Costs to cover: 0.265%
Break-even: from the start

Slippage from Deribit: live order book, 2 min ago; Bulk: live order book, 57 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 Deribit live order book, 2 min ago	5.14 bp	10.5 bp −$11	16.9 bp −$169	doesn't fit	doesn't fit
Sell Bulk live order book, 57 min ago	0.17 bp	3.7 bp −$4	3.7 bp −$37	5.3 bp −$530	9.4 bp −$4,685

ZEC on 51 exchanges

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	−0.3418%	1h	1,485.9	−0.752%	$36K	$267K	12x	as long as short
Perpl ZEC	−0.0447%	43m	1,492.8	−0.292%	$63K	$296K	10x	as long as short
Aftermath Perps ZECUSD	−0.0271%	1h	1,499.9	+0.186%	$47K	$76K	10x	as long as short
Ondo Perps ZEC-USD.P	−0.0240%	1h	1,495.5	−0.108%	$407K	$479K	5x	as long as short
BloFin ZEC-USDT	−0.0177%	8h	1,496.3	−0.053%	$31.8M	$71.8M	75x	as long as short
Hotstuff ZEC-PERP	−0.0080%	1h	1,499.7	+0.173%	$6K	$1K	10x	as long as short
dYdX ZEC-USD	0.0000%	1h	1,494.9	−0.151%	$412K	$29K	5x	as long as short
01 Exchange ZECUSD	0.0000%	1h	1,494.6	−0.172%	$8K	$6K	5x	as long as short
Kalshi KXZECPERP	0.0000%	8h	1,498.2	+0.072%	$1.5M	$4.9M	2.2x	as long as short
gTrade (Gains Network) ZEC/USD	L +0.0007% / S −0.0006%	1h	1,497.8	+0.042%	$5.3M	—	150x	as long as short

Show all 51 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_ZEC_USDC	+0.0057%	8h	1,496.3	−0.053%	$302K	$652K	20x	as long as short
Phoenix ZEC	+0.0064%	1h	1,501.3	+0.280%	$4.8M	$1.3M	10x	as long as short
RISEx ZEC/USDC	+0.0083%	1h	1,494.1	−0.203%	$903K	$1.3M	10x	as long as short
Aster ZECUSDT	+0.0084%	8h	1,496.3	−0.057%	$14.3M	$25.5M	75x	as long as short
Lighter ZEC	+0.0096%	1h	1,496	−0.076%	$20.1M	$37.3M	20x	as long as short
Lighter RH ZEC	+0.0096%	1h	1,496.4	−0.046%	$2.1M	$7.0M	10x	as long as short
Popdex ZECUSDT	+0.0096%	1h	1,494.8	−0.157%	$168K	$1.3M	50x	as long as short
Katana Perps ZEC-USD	+0.0099%	8h	1,494.1	−0.204%	$26K	$857K	10x	as long as short
Gate ZEC_USDT	+0.0099%	8h	1,495.9	−0.084%	$64.6M	$163.3M	75x	as long as short
Paradex ZEC-USD-PERP	+0.0100%	8h	1,493.6	−0.234%	$62K	$14K	10x	as long as short
Nado ZEC-PERP	+0.0100%	1h	1,493.9	−0.214%	$3.1M	$6.9M	10x	as long as short
Hyperliquid ZEC	+0.0100%	1h	1,496.8	−0.022%	$790.1M	$418.7M	10x	as long as short
Pacifica ZEC	+0.0100%	1h	1,494.6	−0.171%	$1.5M	$2.1M	10x	as long as short
Binance ZECUSDT	+0.0100%	8h	1,496	−0.075%	$700.0M	$2.12B	75x	as long as short
Bybit ZECUSDT	+0.0100%	8h	1,495.9	−0.084%	$273.9M	$576.9M	75x	as long as short
OKX ZEC-USDT-SWAP	+0.0100%	8h	1,495.6	−0.104%	$185.3M	$1.25B	50x	as long as short
Arcus ZEC-USD	+0.0100%	1h	1,495.1	−0.134%	$608K	$8.4M	10x	as long as short
Bulk ZEC-USDshort	+0.0100%	1h	1,501.7	+0.305%	$777K	$182K	10x
MEXC ZEC_USDT	+0.0100%	8h	1,495	−0.139%	$180.1M	$798.7M	150x	as long as short
KuCoin ZECUSDTM	+0.0100%	8h	1,494.8	−0.157%	$105.1M	$50.9M	75x	as long as short
Bitget ZECUSDT	+0.0100%	8h	1,496.1	−0.069%	$163.5M	$269.6M	75x	as long as short
BingX ZEC-USDC	+0.0100%	8h	1,495	−0.141%	—	$6.6M	—	as long as short
Backpack ZEC_USDC_PERP	+0.0100%	1h	1,496.5	−0.044%	$2.2M	$3.6M	15x	as long as short
Variational Omni ZEC	+0.0100%	8h	1,496.2	−0.064%	$49.4M	$32.6M	—	as long as short
edgeX ZECUSDC	+0.0100%	4h	1,500.7	+0.240%	$548K	$8.2M	20x	as long as short
GRVT ZEC_USDT_Perp	+0.0100%	8h	1,501.4	+0.286%	$3.1M	$632K	10x	as long as short
ApeX Omni ZECUSDT	+0.0100%	1h	1,501.5	+0.293%	$409K	$958K	50x	as long as short
StandX ZEC-USD	+0.0100%	1h	1,495.5	−0.109%	$111K	$4.5M	30x	as long as short
Polymarket Perps ZEC-USD	+0.0100%	1h	1,494.2	−0.195%	$366K	$1.4M	10x	as long as short
Bullet ZEC-USD	+0.0100%	1h	1,495.2	−0.132%	$168K	$188K	20x	as long as short
Derive ZEC-PERP	+0.0100%	1h	1,495.5	−0.110%	$390K	$494K	6.7x	as long as short
SunX ZEC-USDT	+0.0100%	8h	1,497.2	+0.006%	$3K	$1.1M	20x	as long as short
SoDEX ZEC-USD	+0.0100%	1h	1,496.1	−0.066%	$256K	$3.4M	10x	as long as short
HTX ZEC-USDT	+0.0100%	8h	1,495	−0.142%	$2.7M	$20.0M	75x	as long as short
Phemex ZECUSDT	+0.0100%	8h	1,496	−0.078%	$4.0M	$4.7M	50x	as long as short
Extended ZEC-USD	+0.0104%	1h	1,496	−0.077%	$2.7M	$7.0M	10x	as long as short
Aevo ZEC-PERP	+0.0104%	1h	1,496.2	−0.065%	$37K	$163K	20x	as long as short
Kraken Futures PF_ZECUSD	+0.0178%	1h	1,495.9	−0.079%	$18.5M	$45.2M	25x	as long as short
GMX ZEC/USD [WBTC.b-USDC]	L +0.0204% / S −0.0225%	1h	1,495	−0.139%	$347K	—	100x	as long as short
Deribit ZEC_USDC-PERPETUALlong	+0.0312%	1h	1,497.1	long leg	$691K	$1.3M	25x
Coinbase International ZEC-PERP-INTX	+0.0392%	1h	1,497.1	−0.001%	$4.0M	$9.3M	50x	as long as short