ZEC

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0039%/8h= +4.2% APRnext payment +$0.05 per $10,000 · paid last 24h +0.023%

Price spread now: Phoenix against GMX−0.128%65s7-day average +0.062% · you buy dearer than you sell

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

Long on GMX Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.224%+$22 on $10k

Price spread, last 3 days (all we have)+0.170%+$17 · spread now −0.128%, 7d avg +0.062%

Together, before fees+0.394%+$39 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phoenix is 0.190% cheaper against GMX than usual: you would sell low and buy high (spread −0.128% now, against its 7-day average of +0.062%). If the spread goes back, that is −$19 on $10k: about 16 days of funding at the current rate (+$1 a day). At the pace of the last 3 days (+0.224% in total) that is about 2.6 days. The two prices were read 65 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	GMX ZEC/USD [WBTC.b-USDC]	1,467	L +0.0037% / S +0.0009%	pay 0.0005% / 1h	14m 25s	$356K	—	100x
Short	Phoenix ZEC	1,465.1	0.0075	get 0.0009% / 1h	14m 25s	$4.6M	$1.6M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now −0.128%Rate

Funding earned: $8.1
Price spread: −0.128% → +0.062%: −$18.95
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$29.85
Costs to cover: 0.190%
Break-even: 32.8 days

Slippage unknown: GMX: no order-book sample; Phoenix: live order book, 9 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 Phoenix live order book, 9 min ago	1.77 bp	6.6 bp −$7	15.3 bp −$153	52.7 bp −$5,272	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 PERP	−0.3310%	1h	1,467.5	+0.037%	$34K	$275K	12x	as long as short
Kraken Futures PF_ZECUSD	−0.0404%	1h	1,466.7	−0.019%	$17.8M	$44.6M	25x	as long as short
Ondo Perps ZEC-USD.P	−0.0243%	1h	1,464.9	−0.141%	$397K	$515K	5x	as long as short
BloFin ZEC-USDT	−0.0098%	8h	1,467	+0.001%	$29.3M	$75.4M	75x	as long as short
Hotstuff ZEC-PERP	−0.0080%	1h	1,467.7	+0.048%	$6K	$2K	10x	as long as short
Bybit ZECUSDT	−0.0067%	8h	1,466.3	−0.048%	$271.2M	$666.0M	75x	as long as short
Variational Omni ZEC	−0.0034%	8h	1,463.6	−0.230%	$46.6M	$33.4M	—	as long as short
dYdX ZEC-USD	0.0000%	1h	1,466.9	−0.006%	$413K	$104K	5x	as long as short
Kalshi KXZECPERP	0.0000%	8h	1,468.1	+0.078%	$889K	$5.6M	2.2x	as long as short
Perpl ZEC	0.0000%	43m	1,467.1	+0.009%	$83K	$404K	10x	as long as short

Show all 51 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
gTrade (Gains Network) ZEC/USD	L +0.0007% / S −0.0006%	1h	1,467.3	+0.024%	$5.2M	—	150x	as long as short
Orderly PERP_ZEC_USDC	+0.0011%	8h	1,466.8	−0.010%	$293K	$1.4M	20x	as long as short
GMX ZEC/USD [WBTC.b-USDC]long	L +0.0037% / S +0.0009%	1h	1,467	long leg	$356K	—	100x
OKX ZEC-USDT-SWAP	+0.0043%	8h	1,466.8	−0.014%	$177.0M	$1.34B	50x	as long as short
Gate ZEC_USDT	+0.0046%	8h	1,466.8	−0.009%	$49.9M	$186.9M	75x	as long as short
01 Exchange ZECUSD	+0.0064%	1h	1,467.8	+0.056%	$8K	$8K	5x	as long as short
Phoenix ZECshort	+0.0075%	1h	1,465.1	−0.128%	$4.6M	$1.6M	10x
ApeX Omni ZECUSDT	+0.0079%	1h	1,463.2	−0.261%	$429K	$824K	50x	as long as short
Popdex ZECUSDT	+0.0096%	1h	1,467	−0.002%	$174K	$1.9M	50x	as long as short
Katana Perps ZEC-USD	+0.0096%	8h	1,467	+0.001%	$14K	$824K	10x	as long as short
Paradex ZEC-USD-PERP	+0.0100%	8h	1,467.1	+0.010%	$60K	$39K	10x	as long as short
Nado ZEC-PERP	+0.0100%	1h	1,468.1	+0.080%	$2.6M	$6.8M	10x	as long as short
Hyperliquid ZEC	+0.0100%	1h	1,468.2	+0.084%	$761.8M	$478.8M	10x	as long as short
Aster ZECUSDT	+0.0100%	8h	1,466.9	−0.006%	$15.6M	$32.5M	75x	as long as short
Pacifica ZEC	+0.0100%	1h	1,468.1	+0.080%	$1.7M	$3.0M	10x	as long as short
Binance ZECUSDT	+0.0100%	8h	1,466.9	−0.004%	$676.4M	$2.47B	75x	as long as short
Bulk ZEC-USD	+0.0100%	1h	1,463.9	−0.207%	$903K	$27K	10x	as long as short
MEXC ZEC_USDT	+0.0100%	8h	1,467	+0.004%	$223.7M	$868.5M	150x	as long as short
KuCoin ZECUSDTM	+0.0100%	8h	1,467.3	+0.020%	$103.8M	$55.8M	75x	as long as short
Bitget ZECUSDT	+0.0100%	8h	1,466.9	−0.006%	$162.7M	$304.0M	75x	as long as short
BingX ZEC-USDC	+0.0100%	8h	1,465.8	−0.080%	—	$6.7M	—	as long as short
edgeX ZECUSDC	+0.0100%	4h	1,464	−0.204%	$509K	$9.5M	20x	as long as short
GRVT ZEC_USDT_Perp	+0.0100%	8h	1,464.3	−0.182%	$3.0M	$481K	10x	as long as short
StandX ZEC-USD	+0.0100%	1h	1,467.5	+0.033%	$110K	$4.8M	30x	as long as short
Polymarket Perps ZEC-USD	+0.0100%	1h	1,467.3	+0.022%	$345K	$1.9M	10x	as long as short
Bullet ZEC-USD	+0.0100%	1h	1,466.7	−0.017%	$127K	$160K	20x	as long as short
Derive ZEC-PERP	+0.0100%	1h	1,465.4	−0.109%	$447K	$502K	6.7x	as long as short
SunX ZEC-USDT	+0.0100%	8h	1,469	+0.139%	$3K	$1.2M	20x	as long as short
SoDEX ZEC-USD	+0.0100%	1h	1,466.7	−0.017%	$222K	$4.5M	10x	as long as short
HTX ZEC-USDT	+0.0100%	8h	1,466.5	−0.032%	$2.5M	$23.6M	75x	as long as short
Phemex ZECUSDT	+0.0100%	8h	1,466.6	−0.023%	$3.8M	$5.3M	50x	as long as short
Extended ZEC-USD	+0.0104%	1h	1,467.5	+0.039%	$3.3M	$6.9M	10x	as long as short
Aevo ZEC-PERP	+0.0104%	1h	1,467.2	+0.013%	$37K	$366K	20x	as long as short
Deribit ZEC_USDC-PERPETUAL	+0.0116%	1h	1,467.8	+0.055%	$597K	$1.3M	25x	as long as short
Lighter ZEC	+0.0128%	1h	1,469.1	+0.144%	$19.0M	$52.7M	20x	as long as short
Backpack ZEC_USDC_PERP	+0.0174%	1h	1,467.7	+0.052%	$2.4M	$3.7M	15x	as long as short
RISEx ZEC/USDC	+0.0190%	1h	1,467.9	+0.065%	$843K	$1.3M	10x	as long as short
Lighter RH ZEC	+0.0416%	1h	1,469.7	+0.189%	$2.0M	$8.3M	10x	as long as short
Coinbase International ZEC-PERP-INTX	+0.0424%	1h	1,469.3	+0.159%	$3.7M	$11.4M	50x	as long as short
Arcus ZEC-USD	+0.0444%	1h	1,468.3	+0.092%	$724K	$8.2M	10x	as long as short
Aftermath Perps ZECUSD	+0.0587%	1h	1,466.7	−0.021%	$41K	$34K	10x	as long as short