Funding you earn now, next payment 06:00 UTC+0.0230%/8h= +25.2% APRnext payment +$0.29 per $10,000 · paid last 24h +0.058%
Price spread now: Phoenix against Kraken Futures+0.065%49s7-day average +0.056% · you sell dearer than you buy
Net, funding: paid 7d − costs+$36as 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−$350.346% of the position
Funding, last 7 days+0.705%+$70 on $10k
+Price spread, last 4 days (all we have)−0.558%−$56 · spread now +0.065%, 7d avg +0.056%
=The price spread sits at its 7-day average of +0.056%, so right now this pair is about funding alone: +$7 a day on $10k at the current rate. The two prices were read 49 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 | Kraken Futures PF_ZECUSD | 1,484 | −0.0097 | get 0.0012% / 1h | 47m 23s | $18.0M | $46.5M | 25x |
| Short | Phoenix ZEC | 1,484.9 | 0.0134 | get 0.0017% / 1h | 47m 23s | $4.7M | $1.4M | 10x |
Kraken Futures PF_ZECUSD
Phoenix ZECFunding history
latest
Range statsloading…
Price spread between the two exchanges
Phoenix against Kraken Futures. 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
- $48.38
- Price spread: +0.065% → +0.056%
- $0.86
- Slippage, 4 orders
- −$17.63
- Fee Kraken Futures: 5 bp × 2 orders
- −$10
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Net
- $14.62
- Costs to cover
- 0.346%
- Break-even
- 4.9 days
Slippage from Kraken Futures: live order book, 2 min ago; Phoenix: live order book, 1 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 Kraken Futures live order book, 2 min ago | 1.38 bp | 9.3 bp −$9 | 11.5 bp −$115 | 21.5 bp −$2,147 | 97.8 bp −$48.9K |
| Sell Phoenix live order book, 1 min ago | 1.68 bp | 6.4 bp −$6 | 14.4 bp −$144 | 116.1 bp −$11.6K | 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 | −0.3684% | 1h | 1,491.6 | +0.514% | $34K | $273K | 12x | as long as short |
| BloFin ZEC-USDT | −0.0118% | 8h | 1,484.5 | +0.035% | $30.7M | $73.8M | 75x | as long as short |
| Bulk ZEC-USD | −0.0097% | 1h | 1,490.7 | +0.451% | $901K | $15K | 10x | as long as short |
| Kraken Futures PF_ZECUSDlong | −0.0097% | 1h | 1,484 | long leg | $18.0M | $46.5M | 25x | |
| Hotstuff ZEC-PERP | −0.0080% | 1h | 1,483.8 | −0.011% | $6K | $1K | 10x | as long as short |
| dYdX ZEC-USD | 0.0000% | 1h | 1,482.5 | −0.097% | $412K | $35K | 5x | as long as short |
| Kalshi KXZECPERP | 0.0000% | 8h | 1,484.3 | +0.025% | $1.6M | $4.7M | 2.2x | as long as short |
| Perpl ZEC | 0.0000% | 43m | 1,483.2 | −0.050% | $61K | $297K | 10x | as long as short |
| Deribit ZEC_USDC-PERPETUAL | 0.0000% | 1h | 1,484.2 | +0.016% | $706K | $1.4M | 25x | as long as short |
| gTrade (Gains Network) ZEC/USD | L +0.0007% / S −0.0006% | 1h | 1,483.9 | −0.003% | $5.3M | — | 150x | as long as short |
Injective ZEC/USDC PERP
BloFin ZEC-USDT
Bulk ZEC-USD
Hotstuff ZEC-PERP
dYdX ZEC-USD
Kalshi KXZECPERP
Perpl ZEC
Deribit ZEC_USDC-PERPETUAL
gTrade (Gains Network) ZEC/USDShow all 51 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Orderly PERP_ZEC_USDC | +0.0073% | 8h | 1,483.4 | −0.039% | $298K | $1.1M | 20x | as long as short |
| Popdex ZECUSDT | +0.0096% | 1h | 1,484.6 | +0.040% | $158K | $1.7M | 50x | as long as short |
| Nado ZEC-PERP | +0.0100% | 1h | 1,483.7 | −0.016% | $2.8M | $6.6M | 10x | as long as short |
| Aster ZECUSDT | +0.0100% | 8h | 1,483.9 | −0.004% | $14.1M | $30.8M | 75x | as long as short |
| Pacifica ZEC | +0.0100% | 1h | 1,483.7 | −0.017% | $1.7M | $2.4M | 10x | as long as short |
| Binance ZECUSDT | +0.0100% | 8h | 1,484.1 | +0.011% | $690.8M | $2.29B | 75x | as long as short |
| Bybit ZECUSDT | +0.0100% | 8h | 1,483.9 | −0.007% | $269.7M | $627.6M | 75x | as long as short |
| OKX ZEC-USDT-SWAP | +0.0100% | 8h | 1,483.6 | −0.022% | $179.8M | $1.31B | 50x | as long as short |
| Ondo Perps ZEC-USD.P | +0.0100% | 1h | 1,480.8 | −0.213% | $405K | $505K | 5x | as long as short |
| Gate ZEC_USDT | +0.0100% | 8h | 1,484.2 | +0.015% | $54.2M | $180.2M | 75x | as long as short |
| MEXC ZEC_USDT | +0.0100% | 8h | 1,484.1 | +0.011% | $236.9M | $776.3M | 150x | as long as short |
| KuCoin ZECUSDTM | +0.0100% | 8h | 1,484.7 | +0.050% | $101.8M | $56.8M | 75x | as long as short |
| Bitget ZECUSDT | +0.0100% | 8h | 1,484.5 | +0.039% | $160.0M | $288.2M | 75x | as long as short |
| BingX ZEC-USDT | +0.0100% | 8h | 1,484 | +0.004% | — | $114.4M | — | as long as short |
| Backpack ZEC_USDC_PERP | +0.0100% | 1h | 1,483.9 | −0.007% | $2.3M | $3.9M | 15x | as long as short |
| Variational Omni ZEC | +0.0100% | 8h | 1,483 | −0.066% | $48.4M | $33.7M | — | as long as short |
| edgeX ZECUSDC | +0.0100% | 4h | 1,484.5 | +0.039% | $568K | $8.9M | 20x | as long as short |
| GRVT ZEC_USDT_Perp | +0.0100% | 8h | 1,485.3 | +0.091% | $3.0M | $488K | 10x | as long as short |
| ApeX Omni ZECUSDT | +0.0100% | 1h | 1,484.3 | +0.020% | $411K | $932K | 50x | as long as short |
| StandX ZEC-USD | +0.0100% | 1h | 1,484 | −0.001% | $56K | $4.6M | 30x | as long as short |
| Polymarket Perps ZEC-USD | +0.0100% | 1h | 1,484 | +0.003% | $358K | $1.7M | 10x | as long as short |
| Bullet ZEC-USD | +0.0100% | 1h | 1,484.1 | +0.010% | $163K | $185K | 20x | as long as short |
| Derive ZEC-PERP | +0.0100% | 1h | 1,482.6 | −0.094% | $453K | $500K | 6.7x | as long as short |
| SunX ZEC-USDT | +0.0100% | 8h | 1,484.7 | +0.049% | $3K | $1.2M | 20x | as long as short |
| SoDEX ZEC-USD | +0.0100% | 1h | 1,483.8 | −0.011% | $253K | $3.5M | 10x | as long as short |
| HTX ZEC-USDT | +0.0100% | 8h | 1,482.3 | −0.110% | $2.6M | $19.6M | 75x | as long as short |
| Phemex ZECUSDT | +0.0100% | 8h | 1,483.9 | −0.001% | $4.0M | $5.0M | 50x | as long as short |
| Paradex ZEC-USD-PERP | +0.0100% | 8h | 1,483.3 | −0.045% | $61K | $43K | 10x | as long as short |
| Katana Perps ZEC-USD | +0.0100% | 8h | 1,484.2 | +0.013% | $11K | $864K | 10x | as long as short |
| Extended ZEC-USD | +0.0104% | 1h | 1,484.4 | +0.029% | $2.7M | $7.9M | 10x | as long as short |
| Aevo ZEC-PERP | +0.0104% | 1h | 1,483.7 | −0.017% | $45K | $149K | 20x | as long as short |
| 01 Exchange ZECUSD | +0.0112% | 1h | 1,485.3 | +0.087% | $8K | $7K | 5x | as long as short |
| GMX ZEC/USD [WBTC.b-USDC] | L +0.0122% / S −0.0108% | 1h | 1,483.6 | −0.025% | $430K | — | 100x | as long as short |
| RISEx ZEC/USDC | +0.0129% | 1h | 1,485 | +0.072% | $929K | $1.1M | 10x | as long as short |
| Phoenix ZECshort | +0.0134% | 1h | 1,484.9 | +0.065% | $4.7M | $1.4M | 10x | |
| Hyperliquid ZEC | +0.0156% | 1h | 1,485.9 | +0.131% | $771.9M | $440.5M | 10x | as long as short |
| Aftermath Perps ZECUSD | +0.0206% | 1h | 1,486.3 | +0.156% | $48K | $63K | 10x | as long as short |
| Arcus ZEC-USD | +0.0221% | 1h | 1,486 | +0.138% | $625K | $8.6M | 10x | as long as short |
| Lighter RH ZEC | +0.0288% | 1h | 1,485.6 | +0.108% | $2.1M | $7.3M | 10x | as long as short |
| Lighter ZEC | +0.0328% | 1h | 1,484.2 | +0.019% | $19.4M | $45.5M | 20x | as long as short |
| Coinbase International ZEC-PERP-INTX | +0.0480% | 1h | 1,485.9 | +0.130% | $3.6M | $9.9M | 50x | as long as short |
Orderly PERP_ZEC_USDC
Popdex ZECUSDT
Nado ZEC-PERP
Aster ZECUSDT
Pacifica ZEC
Binance ZECUSDT
Bybit ZECUSDT
OKX ZEC-USDT-SWAP
Ondo Perps ZEC-USD.P
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
Paradex ZEC-USD-PERP
Katana Perps ZEC-USD
Extended ZEC-USD
Aevo ZEC-PERP
01 Exchange ZECUSD
GMX ZEC/USD [WBTC.b-USDC]
RISEx ZEC/USDC
Hyperliquid ZEC
Aftermath Perps ZECUSD
Arcus ZEC-USD
Lighter RH ZEC
Lighter ZEC
Coinbase International ZEC-PERP-INTX