Funding you earn now, next payment 03:00 UTC+0.0031%/8h= +3.4% APRnext payment +$0.04 per $10,000 · paid last 24h +0.007%
Price spread now: Backpack against Phoenix−0.180%7-day average +0.266% · you buy dearer than you sell
Net, funding: paid 7d − costs−$87as in the Funding arb table
Net, price: spread back to 7d avg − costs−$67as in the Price arb table
costs, in and out, $10k−$230.226% of the position
Funding, last 7 days−0.646%−$65 on $10k
+Price spread, last 7 days−0.448%−$45 · spread now −0.180%, 7d avg +0.266%
=Funding pays, the price is against you. Backpack is 0.446% cheaper against Phoenix than usual: you would sell low and buy high (spread −0.180% now, against its 7-day average of +0.266%). If the spread goes back, that is −$45 on $10k: about 48 days of funding at the current rate (+$1 a day). Mind the row above: over the last 7 days funding on this pair cost −0.646%, so the current rate has only just turned in your favour.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Phoenix ZEC | 1,457.7 | 0.0123 | pay 0.0015% / 1h | 57m 03s | $4.6M | $1.3M | 10x |
| Short | Backpack ZEC_USDC_PERP | 1,455 | 0.0154 | get 0.0019% / 1h | 57m 03s | $2.4M | $3.9M | 15x |
Phoenix ZEC
Backpack ZEC_USDC_PERPFunding history
latest
Range statsloading…
Price spread between the two exchanges
Backpack against Phoenix. 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
- $6.45
- Price spread: −0.180% → +0.266%
- −$44.61
- Slippage, 4 orders
- −$5.63
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Fee Backpack: 5 bp × 2 orders
- −$10
- Net
- −$60.79
- Costs to cover
- 0.226%
- Break-even
- 73.0 days
Slippage from Phoenix: live order book, 2 min ago; Backpack: live order book, 2 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 Phoenix live order book, 2 min ago | 1.51 bp | 6.1 bp −$6 | 13.4 bp −$134 | 88.0 bp −$8,798 | doesn't fit |
| Sell Backpack live order book, 2 min ago | 0.03 bp | 5.2 bp −$5 | 14.0 bp −$140 | doesn't fit | 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 | −0.3042% | 1h | 1,456.2 | −0.104% | $34K | $272K | 12x | as long as short |
| Hotstuff ZEC-PERP | −0.0080% | 1h | 1,456.2 | −0.098% | $6K | $1K | 10x | as long as short |
| BloFin ZEC-USDT | −0.0070% | 8h | 1,454.6 | −0.214% | $29.5M | $70.7M | 75x | as long as short |
| dYdX ZEC-USD | 0.0000% | 1h | 1,455.6 | −0.141% | $410K | $37K | 5x | as long as short |
| Kalshi KXZECPERP | 0.0000% | 8h | 1,455.6 | −0.144% | $1.5M | $4.5M | 2.2x | as long as short |
| Perpl ZEC | 0.0000% | 43m | 1,454.7 | −0.201% | $83K | $240K | 10x | as long as short |
| gTrade (Gains Network) ZEC/USD | L +0.0007% / S −0.0006% | 1h | 1,454.6 | −0.213% | $5.2M | — | 150x | as long as short |
| Orderly PERP_ZEC_USDC | +0.0063% | 8h | 1,454.5 | −0.221% | $291K | $952K | 20x | as long as short |
| GMX ZEC/USD [WBTC.b-USDC] | L +0.0072% / S −0.0023% | 1h | 1,454.4 | −0.222% | $408K | — | 100x | as long as short |
| Popdex ZECUSDT | +0.0096% | 1h | 1,454.6 | −0.209% | $173K | $1.7M | 50x | as long as short |
Injective ZEC/USDC PERP
Hotstuff ZEC-PERP
BloFin ZEC-USDT
dYdX ZEC-USD
Kalshi KXZECPERP
Perpl ZEC
gTrade (Gains Network) ZEC/USD
Orderly PERP_ZEC_USDC
GMX ZEC/USD [WBTC.b-USDC]
Popdex ZECUSDTShow all 51 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Katana Perps ZEC-USD | +0.0100% | 8h | 1,455.1 | −0.178% | $10K | $858K | 10x | as long as short |
| Paradex ZEC-USD-PERP | +0.0100% | 8h | 1,455.2 | −0.169% | $60K | $43K | 10x | as long as short |
| Nado ZEC-PERP | +0.0100% | 1h | 1,455.1 | −0.178% | $2.8M | $6.6M | 10x | as long as short |
| Aster ZECUSDT | +0.0100% | 8h | 1,454.5 | −0.216% | $14.7M | $27.9M | 75x | as long as short |
| Pacifica ZEC | +0.0100% | 1h | 1,455.7 | −0.135% | $1.7M | $2.4M | 10x | as long as short |
| Binance ZECUSDT | +0.0100% | 8h | 1,454.6 | −0.209% | $668.2M | $2.21B | 75x | as long as short |
| Bybit ZECUSDT | +0.0100% | 8h | 1,454.1 | −0.246% | $261.0M | $602.1M | 75x | as long as short |
| OKX ZEC-USDT-SWAP | +0.0100% | 8h | 1,454.7 | −0.204% | $177.8M | $1.22B | 50x | as long as short |
| Ondo Perps ZEC-USD.P | +0.0100% | 1h | 1,458 | +0.023% | $396K | $442K | 5x | as long as short |
| Bulk ZEC-USD | +0.0100% | 1h | 1,457.5 | −0.009% | $880K | $18K | 10x | as long as short |
| Gate ZEC_USDT | +0.0100% | 8h | 1,454.5 | −0.216% | $50.5M | $170.0M | 75x | as long as short |
| MEXC ZEC_USDT | +0.0100% | 8h | 1,454.7 | −0.203% | $214.2M | $763.7M | 150x | as long as short |
| KuCoin ZECUSDTM | +0.0100% | 8h | 1,454.8 | −0.200% | $102.6M | $54.0M | 75x | as long as short |
| Bitget ZECUSDT | +0.0100% | 8h | 1,454.9 | −0.190% | $165.4M | $271.0M | 75x | as long as short |
| BingX ZEC-USDT | +0.0100% | 8h | 1,455.1 | −0.176% | — | $105.7M | — | as long as short |
| Variational Omni ZEC | +0.0100% | 8h | 1,457.6 | −0.004% | $47.8M | $32.6M | — | as long as short |
| edgeX ZECUSDC | +0.0100% | 4h | 1,458.2 | +0.039% | $567K | $8.5M | 20x | as long as short |
| GRVT ZEC_USDT_Perp | +0.0100% | 8h | 1,456.2 | −0.102% | $3.0M | $451K | 10x | as long as short |
| ApeX Omni ZECUSDT | +0.0100% | 1h | 1,456.9 | −0.056% | $404K | $943K | 50x | as long as short |
| StandX ZEC-USD | +0.0100% | 1h | 1,455.1 | −0.176% | $49K | $4.7M | 30x | as long as short |
| Polymarket Perps ZEC-USD | +0.0100% | 1h | 1,454.3 | −0.231% | $353K | $1.8M | 10x | as long as short |
| Bullet ZEC-USD | +0.0100% | 1h | 1,454.6 | −0.212% | $160K | $185K | 20x | as long as short |
| Derive ZEC-PERP | +0.0100% | 1h | 1,453.2 | −0.305% | $444K | $521K | 6.7x | as long as short |
| SunX ZEC-USDT | +0.0100% | 8h | 1,456.9 | −0.050% | $3K | $1.2M | 20x | as long as short |
| SoDEX ZEC-USD | +0.0100% | 1h | 1,454.7 | −0.202% | $233K | $3.4M | 10x | as long as short |
| HTX ZEC-USDT | +0.0100% | 8h | 1,454.2 | −0.241% | $2.7M | $18.4M | 75x | as long as short |
| Phemex ZECUSDT | +0.0100% | 8h | 1,455.3 | −0.166% | $3.8M | $5.1M | 50x | as long as short |
| Extended ZEC-USD | +0.0104% | 1h | 1,454.6 | −0.210% | $2.8M | $7.7M | 10x | as long as short |
| Aevo ZEC-PERP | +0.0104% | 1h | 1,454.5 | −0.216% | $47K | $151K | 20x | as long as short |
| 01 Exchange ZECUSD | +0.0112% | 1h | 1,454.8 | −0.196% | $8K | $7K | 5x | as long as short |
| Phoenix ZEClong | +0.0123% | 1h | 1,457.7 | long leg | $4.6M | $1.3M | 10x | |
| Hyperliquid ZEC | +0.0125% | 1h | 1,456 | −0.115% | $757.4M | $431.7M | 10x | as long as short |
| Backpack ZEC_USDC_PERPshort | +0.0154% | 1h | 1,455 | −0.180% | $2.4M | $3.9M | 15x | |
| Lighter RH ZEC | +0.0208% | 1h | 1,456 | −0.112% | $2.1M | $7.0M | 10x | as long as short |
| RISEx ZEC/USDC | +0.0216% | 1h | 1,454.9 | −0.188% | $921K | $1.1M | 10x | as long as short |
| Deribit ZEC_USDC-PERPETUAL | +0.0229% | 1h | 1,455.3 | −0.166% | $614K | $1.3M | 25x | as long as short |
| Lighter ZEC | +0.0232% | 1h | 1,456.1 | −0.106% | $19.2M | $44.7M | 20x | as long as short |
| Kraken Futures PF_ZECUSD | +0.0333% | 1h | 1,454.7 | −0.203% | $18.0M | $45.2M | 25x | as long as short |
| Arcus ZEC-USD | +0.0344% | 1h | 1,457 | −0.046% | $684K | $8.2M | 10x | as long as short |
| Coinbase International ZEC-PERP-INTX | +0.0464% | 1h | 1,457.2 | −0.034% | $3.7M | $9.1M | 50x | as long as short |
| Aftermath Perps ZECUSD | +0.0674% | 1h | 1,457.5 | −0.014% | $45K | $49K | 10x | as long as short |
Katana Perps ZEC-USD
Paradex ZEC-USD-PERP
Nado ZEC-PERP
Aster ZECUSDT
Pacifica ZEC
Binance ZECUSDT
Bybit ZECUSDT
OKX ZEC-USDT-SWAP
Ondo Perps ZEC-USD.P
Bulk ZEC-USD
Gate ZEC_USDT
MEXC ZEC_USDT
KuCoin ZECUSDTM
Bitget ZECUSDT
BingX ZEC-USDT
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
Extended ZEC-USD
Aevo ZEC-PERP
01 Exchange ZECUSD
Hyperliquid ZEC
Lighter RH ZEC
RISEx ZEC/USDC
Deribit ZEC_USDC-PERPETUAL
Lighter ZEC
Kraken Futures PF_ZECUSD
Arcus ZEC-USD
Coinbase International ZEC-PERP-INTX
Aftermath Perps ZECUSD