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Funding arb · Price arb /

ZEC

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Alert: funding
Measured
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Alert: spread
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Funding you earn now, next payment 02:00 UTC+0.0340%/8h= +37.2% APRnext payment +$0.42 per $10,000 · paid last 24h −0.018%
Price spread now: Deribit against Phoenix−0.017%70s7-day average −0.021% · you buy dearer than you sell
Net, funding: paid 7d − costs−$73as 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−$300.302% of the position
Long on PhoenixShort on Deribit
What this pair did over the last
the charts below follow
Funding, last 7 days−0.433%−$43 on $10k
Price spread, last 4 days (all we have)+1.098%+$110 · spread now −0.017%, 7d avg −0.021%
Together, before fees+0.665%+$66 on $10k · with fees, hour by hour
The price spread sits at its 7-day average of −0.021%, so right now this pair is about funding alone: +$10 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair cost −0.433%, so the current rate has only just turned in your favour. The two prices were read 70 seconds apart, so part of this spread may be the market moving, not a spread.
LegExchangePriceFunding /8hEach paymentNext inOIVol 24hMax lev
LongPhoenix ZEC1,458.40.0074pay 0.0009% / 1h11m 44s$4.6M$1.4M10x
ShortDeribit ZEC_USDC-PERPETUAL1,458.10.0414get 0.0052% / 1h11m 44s$613K$1.3M25x

Funding history

latest
Range statsloading…

Price spread between the two exchanges

Deribit against Phoenix. Falling: the short leg gains. Rising: it loses.
latest
Price spreadloading…

Funding on every exchange

click an exchange to add or hide it
latest
How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Funding earned
$71.3
Price spread: −0.017% → −0.021%
$0.39
Slippage, 4 orders
−$16.17
Fee Phoenix: 3.5 bp × 2 orders
−$7
Fee Deribit: 3.5 bp × 2 orders
−$7
Net
$41.53
Costs to cover
0.302%
Break-even
2.9 days
Slippage from Phoenix: live order book, 2 min ago; Deribit: live order book, 2 min ago.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again
LegHalf-spread$10k$100k$1M$5M
Buy Phoenix live order book, 2 min ago1.92 bp6.8 bp −$715.9 bp −$159136.3 bp −$13.6Kdoesn't fit
Sell Deribit live order book, 2 min ago3.98 bp7.5 bp −$7doesn't fitdoesn't fitdoesn't fit

ZEC on 51 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
Injective ZEC/USDC PERP−0.3244%1h1,456.6−0.126%$34K$272K12xas long as short
BloFin ZEC-USDT−0.0084%8h1,455.7−0.187%$29.4M$70.6M75xas long as short
Hotstuff ZEC-PERP−0.0080%1h1,456.8−0.110%$6K$1K10xas long as short
dYdX ZEC-USD0.0000%1h1,456.9−0.100%$410K$42K5xas long as short
Kalshi KXZECPERP0.0000%8h1,456.8−0.110%$1.5M$4.5M2.2xas long as short
Perpl ZEC0.0000%43m1,456−0.163%$83K$241K10xas long as short
gTrade (Gains Network) ZEC/USDL +0.0007% / S −0.0006%1h1,457.3−0.078%$5.2M—150xas long as short
Orderly PERP_ZEC_USDC+0.0051%8h1,457.3−0.077%$292K$966K20xas long as short
GMX ZEC/USD [WBTC.b-USDC]L +0.0061% / S −0.0011%1h1,457−0.096%$409K—100xas long as short
Phoenix ZEClong+0.0074%1h1,458.4long leg$4.6M$1.4M10x
Show all 51 venues
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
Popdex ZECUSDT+0.0096%1h1,456.5−0.132%$173K$1.7M50xas long as short
Katana Perps ZEC-USD+0.0100%8h1,456.4−0.139%$13K$882K10xas long as short
Paradex ZEC-USD-PERP+0.0100%8h1,456.8−0.109%$60K$43K10xas long as short
Nado ZEC-PERP+0.0100%1h1,457−0.098%$2.6M$6.3M10xas long as short
Hyperliquid ZEC+0.0100%1h1,458.3−0.006%$757.8M$434.8M10xas long as short
Aster ZECUSDT+0.0100%8h1,457.1−0.088%$14.5M$28.1M75xas long as short
Pacifica ZEC+0.0100%1h1,457−0.097%$1.7M$2.5M10xas long as short
Binance ZECUSDT+0.0100%8h1,457.3−0.075%$668.1M$2.23B75xas long as short
Bybit ZECUSDT+0.0100%8h1,456.8−0.110%$264.5M$605.0M75xas long as short
OKX ZEC-USDT-SWAP+0.0100%8h1,457.2−0.080%$178.3M$1.23B50xas long as short
Ondo Perps ZEC-USD.P+0.0100%1h1,460.5+0.145%$396K$439K5xas long as short
Bulk ZEC-USD+0.0100%1h1,457.5−0.064%$883K$21K10xas long as short
Gate ZEC_USDT+0.0100%8h1,457.2−0.081%$50.1M$175.2M75xas long as short
MEXC ZEC_USDT+0.0100%8h1,457.4−0.070%$213.7M$780.6M150xas long as short
KuCoin ZECUSDTM+0.0100%8h1,457.5−0.062%$102.1M$55.7M75xas long as short
Bitget ZECUSDT+0.0100%8h1,457.5−0.059%$162.0M$273.4M75xas long as short
BingX ZEC-USDC+0.0100%8h1,456.7−0.118%—$6.7M—as long as short
Variational Omni ZEC+0.0100%8h1,462.2+0.263%$47.8M$32.8M—as long as short
edgeX ZECUSDC+0.0100%4h1,460.6+0.154%$570K$8.7M20xas long as short
GRVT ZEC_USDT_Perp+0.0100%8h1,462.3+0.266%$3.0M$432K10xas long as short
ApeX Omni ZECUSDT+0.0100%1h1,461+0.181%$411K$909K50xas long as short
StandX ZEC-USD+0.0100%1h1,456.1−0.158%$49K$4.7M30xas long as short
Polymarket Perps ZEC-USD+0.0100%1h1,456.2−0.150%$369K$1.9M10xas long as short
Bullet ZEC-USD+0.0100%1h1,457.1−0.090%$160K$185K20xas long as short
Derive ZEC-PERP+0.0100%1h1,456.3−0.141%$445K$521K6.7xas long as short
SunX ZEC-USDT+0.0100%8h1,460.2+0.126%$3K$1.2M20xas long as short
SoDEX ZEC-USD+0.0100%1h1,457.1−0.092%$233K$3.5M10xas long as short
HTX ZEC-USDT+0.0100%8h1,455−0.232%$2.7M$18.2M75xas long as short
Phemex ZECUSDT+0.0100%8h1,457.3−0.075%$3.8M$5.1M50xas long as short
Backpack ZEC_USDC_PERP+0.0101%1h1,458.2−0.012%$2.4M$3.8M15xas long as short
Extended ZEC-USD+0.0104%1h1,457.1−0.090%$2.8M$7.7M10xas long as short
Aevo ZEC-PERP+0.0104%1h1,456.9−0.104%$47K$153K20xas long as short
01 Exchange ZECUSD+0.0144%1h1,456.6−0.125%$8K$7K5xas long as short
Kraken Futures PF_ZECUSD+0.0196%1h1,457−0.093%$18.0M$44.6M25xas long as short
Lighter ZEC+0.0248%1h1,458.9+0.034%$19.1M$46.7M20xas long as short
Arcus ZEC-USD+0.0277%1h1,457.9−0.034%$715K$8.5M10xas long as short
Lighter RH ZEC+0.0368%1h1,459.1+0.049%$2.0M$6.9M10xas long as short
RISEx ZEC/USDC+0.0409%1h1,457.1−0.086%$833K$1.0M10xas long as short
Deribit ZEC_USDC-PERPETUALshort+0.0414%1h1,458.1−0.017%$613K$1.3M25x
Coinbase International ZEC-PERP-INTX+0.0456%1h1,457.5−0.059%$3.7M$9.1M50xas long as short
Aftermath Perps ZECUSD+0.0691%1h1,458.4−0.001%$45K$49K10xas long as short