ZEC

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.3733%/8h= −408.8% APRnext payment −$4.67 per $10,000 · paid last 24h −0.549%

Price spread now: Injective against GMX+0.209%57s7-day average +0.060% · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on GMX Short on Injective

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.439%−$44 on $10k

Price spread, last 3 days (all we have)−0.186%−$19 · spread now +0.209%, 7d avg +0.060%

Together, before fees−0.626%−$63 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Injective is 0.150% dearer against GMX than usual: you sell high and buy low (spread +0.209% now, against its 7-day average of +0.060%): +$15 on $10k if it goes back. Holding the pair costs −$112 a day in funding at the current rate, which eats that in about 3 hours. At the pace of the last 3 days (−0.439% in total) that is about 26 hours. The two prices were read 57 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid -0.439% in total (about -49.8% a year). A funding rate is set anew for every payment; at this rate the next one is about −$4.67 per $10,000. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX ZEC/USD [WBTC.b-USDC]	1,474.4	L +0.0055% / S −0.0010%	pay 0.0007% / 1h	45m 47s	$383K	—	100x
Short	Injective ZEC/USDC PERP	1,477.5	−0.3678	pay 0.0460% / 1h	45m 47s	$34K	$274K	12x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against GMX. 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 GMXbpFee InjectivebpOrdersPrice spread, now +0.209%Rate

Funding earned: −$783.99
Price spread: +0.209% → +0.060%: $14.96
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$781.05
Costs to cover: 0.120%
Break-even: from the start

Slippage unknown: GMX: no order-book sample; Injective: live order book, 23 min ago. 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 GMX no order-book sample	—	—	—	—	—
Sell Injective live order book, 23 min ago	65.73 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit

GMX: 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 PERPshort	−0.3678%	1h	1,477.5	+0.209%	$34K	$274K	12x
Hotstuff ZEC-PERP	−0.0080%	1h	1,474.6	+0.009%	$6K	$1K	10x	as long as short
Ondo Perps ZEC-USD.P	−0.0078%	1h	1,477.6	+0.214%	$400K	$519K	5x	as long as short
Kraken Futures PF_ZECUSD	−0.0002%	1h	1,474.7	+0.020%	$18.0M	$43.4M	25x	as long as short
dYdX ZEC-USD	0.0000%	1h	1,475.2	+0.054%	$415K	$103K	5x	as long as short
Kalshi KXZECPERP	0.0000%	8h	1,475.5	+0.072%	$960K	$5.0M	2.2x	as long as short
Perpl ZEC	0.0000%	43m	1,474.4	0.000%	$84K	$405K	10x	as long as short
gTrade (Gains Network) ZEC/USD	L +0.0007% / S −0.0006%	1h	1,474.6	+0.009%	$5.2M	—	150x	as long as short
BloFin ZEC-USDT	+0.0012%	8h	1,475.2	+0.051%	$29.6M	$73.3M	75x	as long as short
Variational Omni ZEC	+0.0016%	8h	1,474	−0.030%	$48.1M	$33.4M	—	as long as short

Show all 51 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_ZEC_USDC	+0.0026%	8h	1,474.2	−0.014%	$294K	$1.1M	20x	as long as short
01 Exchange ZECUSD	+0.0032%	1h	1,474.5	+0.003%	$8K	$9K	5x	as long as short
GMX ZEC/USD [WBTC.b-USDC]long	L +0.0055% / S −0.0010%	1h	1,474.4	long leg	$383K	—	100x
Phoenix ZEC	+0.0070%	1h	1,479.5	+0.342%	$4.7M	$1.5M	10x	as long as short
Gate ZEC_USDT	+0.0079%	8h	1,472.3	−0.145%	$50.1M	$174.1M	75x	as long as short
OKX ZEC-USDT-SWAP	+0.0079%	8h	1,472.6	−0.122%	$181.2M	$1.28B	50x	as long as short
Popdex ZECUSDT	+0.0096%	1h	1,474.9	+0.030%	$172K	$1.8M	50x	as long as short
Katana Perps ZEC-USD	+0.0100%	8h	1,474.8	+0.022%	$14K	$832K	10x	as long as short
Paradex ZEC-USD-PERP	+0.0100%	8h	1,474.8	+0.025%	$61K	$39K	10x	as long as short
Nado ZEC-PERP	+0.0100%	1h	1,476	+0.109%	$2.7M	$6.5M	10x	as long as short
Hyperliquid ZEC	+0.0100%	1h	1,473.3	−0.077%	$766.7M	$449.9M	10x	as long as short
Aster ZECUSDT	+0.0100%	8h	1,472.5	−0.131%	$14.9M	$31.0M	75x	as long as short
Pacifica ZEC	+0.0100%	1h	1,475.3	+0.056%	$1.7M	$2.7M	10x	as long as short
Binance ZECUSDT	+0.0100%	8h	1,472.3	−0.144%	$682.3M	$2.34B	75x	as long as short
Bybit ZECUSDT	+0.0100%	8h	1,472.3	−0.143%	$271.7M	$626.4M	75x	as long as short
MEXC ZEC_USDT	+0.0100%	8h	1,472.3	−0.144%	$219.1M	$792.8M	150x	as long as short
KuCoin ZECUSDTM	+0.0100%	8h	1,472.5	−0.133%	$103.6M	$56.0M	75x	as long as short
Bitget ZECUSDT	+0.0100%	8h	1,472.6	−0.125%	$163.3M	$286.5M	75x	as long as short
BingX ZEC-USDT	+0.0100%	8h	1,473	−0.098%	—	$100.2M	—	as long as short
edgeX ZECUSDC	+0.0100%	4h	1,476.7	+0.156%	$575K	$9.0M	20x	as long as short
GRVT ZEC_USDT_Perp	+0.0100%	8h	1,476	+0.103%	$3.0M	$443K	10x	as long as short
ApeX Omni ZECUSDT	+0.0100%	1h	1,475.5	+0.074%	$429K	$905K	50x	as long as short
StandX ZEC-USD	+0.0100%	1h	1,474.2	−0.014%	$71K	$4.7M	30x	as long as short
Polymarket Perps ZEC-USD	+0.0100%	1h	1,474.3	−0.010%	$342K	$1.7M	10x	as long as short
Bullet ZEC-USD	+0.0100%	1h	1,474.4	0.000%	$128K	$158K	20x	as long as short
Derive ZEC-PERP	+0.0100%	1h	1,473	−0.096%	$459K	$510K	6.7x	as long as short
SunX ZEC-USDT	+0.0100%	8h	1,476.7	+0.152%	$3K	$1.2M	20x	as long as short
SoDEX ZEC-USD	+0.0100%	1h	1,474.4	−0.001%	$243K	$3.8M	10x	as long as short
HTX ZEC-USDT	+0.0100%	8h	1,474	−0.030%	$2.5M	$19.2M	75x	as long as short
Phemex ZECUSDT	+0.0100%	8h	1,475	+0.041%	$3.8M	$5.2M	50x	as long as short
Bulk ZEC-USD	+0.0100%	1h	1,474.6	+0.014%	$897K	$17K	10x	as long as short
Extended ZEC-USD	+0.0104%	1h	1,472.5	−0.134%	$3.2M	$7.0M	10x	as long as short
Aevo ZEC-PERP	+0.0104%	1h	1,474.2	−0.018%	$51K	$164K	20x	as long as short
Deribit ZEC_USDC-PERPETUAL	+0.0156%	1h	1,475.1	+0.048%	$607K	$1.3M	25x	as long as short
Lighter RH ZEC	+0.0208%	1h	1,476.3	+0.127%	$2.1M	$7.0M	10x	as long as short
Arcus ZEC-USD	+0.0254%	1h	1,476	+0.106%	$682K	$8.7M	10x	as long as short
Lighter ZEC	+0.0320%	1h	1,473.9	−0.039%	$19.2M	$48.0M	20x	as long as short
RISEx ZEC/USDC	+0.0374%	1h	1,475.1	+0.046%	$856K	$1.0M	10x	as long as short
Coinbase International ZEC-PERP-INTX	+0.0472%	1h	1,476.3	+0.123%	$3.7M	$9.7M	50x	as long as short
Backpack ZEC_USDC_PERP	+0.0568%	1h	1,474.3	−0.013%	$2.5M	$3.9M	15x	as long as short
Aftermath Perps ZECUSD	+0.0736%	1h	1,475.6	+0.076%	$44K	$46K	10x	as long as short