Funding arb · Price arb /

ZEC

all ZEC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0201%/8h= −22.0% APRpaid last 24h −0.052%

Price spread now: Bybit against Backpack−0.044%7-day average −0.431% · you buy dearer than you sell

Net, funding: paid 7d − costs−$1as in the Funding arb table

Net, price: spread back to 7d avg − costs+$15as in the Price arb table

costs, in and out, $10k−$240.240% of the position

Long on Backpack Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.234%+$23 on $10k

Price spread, last 7 days+0.518%+$52 · spread now −0.044%, 7d avg −0.431%

Together, before fees+0.753%+$75 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Bybit is 0.388% dearer against Backpack than usual: you sell high and buy low (spread −0.044% now, against its 7-day average of −0.431%): +$39 on $10k if it goes back. Holding the pair costs −$6 a day in funding at the current rate, which eats that in about 6.4 days. Mind the row above: over the last 7 days funding on this pair paid +0.234%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack ZEC_USDC_PERP	1,464	0.0301	pay 0.0038% / 1h	8m 39s	$2.4M	$3.8M	15x
Short	Bybit ZECUSDT	1,463.4	0.0100	get 0.0100% / 8h	3h 08m	$262.2M	$587.1M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Backpack. 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

Position, each leg$Hold fordaysFee BackpackbpFee BybitbpOrdersPrice spread, now −0.044%Rate

Funding earned: −$42.14
Price spread: −0.044% → −0.431%: $38.77
Slippage, 4 orders: −$3
Fee Backpack: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$27.36
Costs to cover: 0.240%
Break-even: from the start

Slippage from Backpack: live order book, just now; Bybit: live order book, 6 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 Backpack live order book, just now	0.03 bp	5.1 bp −$5	10.5 bp −$105	doesn't fit	doesn't fit
Sell Bybit live order book, 6 min ago	0.03 bp	6.3 bp −$6	8.2 bp −$82	16.5 bp −$1,650	33.7 bp −$16.9K

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	1,464.1	+0.003%	$34K	$272K	12x	as long as short
Hotstuff ZEC-PERP	−0.0080%	1h	1,466.3	+0.156%	$6K	$1K	10x	as long as short
BloFin ZEC-USDT	−0.0071%	8h	1,462.6	−0.099%	$29.6M	$70.7M	75x	as long as short
dYdX ZEC-USD	0.0000%	1h	1,463.5	−0.032%	$407K	$37K	5x	as long as short
Perpl ZEC	0.0000%	43m	1,463.8	−0.011%	$84K	$239K	10x	as long as short
gTrade (Gains Network) ZEC/USD	L +0.0007% / S −0.0006%	1h	1,462.8	−0.085%	$5.2M	—	150x	as long as short
Orderly PERP_ZEC_USDC	+0.0063%	8h	1,462.4	−0.109%	$292K	$900K	20x	as long as short
Ondo Perps ZEC-USD.P	+0.0070%	1h	1,462.1	−0.130%	$397K	$436K	5x	as long as short
Deribit ZEC_USDC-PERPETUAL	+0.0072%	1h	1,463.3	−0.045%	$616K	$1.3M	25x	as long as short
GMX ZEC/USD [WBTC.b-USDC]	L +0.0088% / S −0.0040%	1h	1,462.6	−0.096%	$437K	—	100x	as long as short

Show all 51 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Popdex ZECUSDT	+0.0096%	1h	1,463.6	−0.027%	$174K	$1.6M	50x	as long as short
Katana Perps ZEC-USD	+0.0100%	8h	1,465	+0.068%	$14K	$801K	10x	as long as short
Paradex ZEC-USD-PERP	+0.0100%	8h	1,464	+0.003%	$60K	$43K	10x	as long as short
Nado ZEC-PERP	+0.0100%	1h	1,464.4	+0.030%	$2.9M	$6.4M	10x	as long as short
Aster ZECUSDT	+0.0100%	8h	1,463.7	−0.019%	$14.5M	$27.8M	75x	as long as short
Pacifica ZEC	+0.0100%	1h	1,464.1	+0.009%	$1.7M	$2.3M	10x	as long as short
Binance ZECUSDT	+0.0100%	8h	1,463.8	−0.016%	$673.7M	$2.17B	75x	as long as short
Bybit ZECUSDTshort	+0.0100%	8h	1,463.4	−0.044%	$262.2M	$587.1M	75x
OKX ZEC-USDT-SWAP	+0.0100%	8h	1,463.8	−0.017%	$179.3M	$1.20B	50x	as long as short
Bulk ZEC-USD	+0.0100%	1h	1,460.6	−0.232%	$882K	$17K	10x	as long as short
Gate ZEC_USDT	+0.0100%	8h	1,463.9	−0.010%	$52.2M	$173.3M	75x	as long as short
MEXC ZEC_USDT	+0.0100%	8h	1,463.9	−0.007%	$218.8M	$775.4M	150x	as long as short
KuCoin ZECUSDTM	+0.0100%	8h	1,463.7	−0.020%	$103.1M	$53.0M	75x	as long as short
Bitget ZECUSDT	+0.0100%	8h	1,464.3	+0.018%	$166.3M	$267.4M	75x	as long as short
BingX ZEC-USDC	+0.0100%	8h	1,463.7	−0.022%	—	$6.7M	—	as long as short
Variational Omni ZEC	+0.0100%	8h	1,464.4	+0.028%	$48.0M	$32.5M	—	as long as short
edgeX ZECUSDC	+0.0100%	4h	1,461.5	−0.168%	$569K	$8.5M	20x	as long as short
GRVT ZEC_USDT_Perp	+0.0100%	8h	1,463.2	−0.057%	$3.0M	$464K	10x	as long as short
ApeX Omni ZECUSDT	+0.0100%	1h	1,461.4	−0.179%	$404K	$945K	50x	as long as short
StandX ZEC-USD	+0.0100%	1h	1,464	0.000%	$49K	$4.7M	30x	as long as short
Polymarket Perps ZEC-USD	+0.0100%	1h	1,463.3	−0.048%	$358K	$1.7M	10x	as long as short
Bullet ZEC-USD	+0.0100%	1h	1,462.5	−0.106%	$161K	$186K	20x	as long as short
Derive ZEC-PERP	+0.0100%	1h	1,461.4	−0.176%	$446K	$504K	6.7x	as long as short
SunX ZEC-USDT	+0.0100%	8h	1,466.1	+0.140%	$3K	$1.1M	20x	as long as short
SoDEX ZEC-USD	+0.0100%	1h	1,462.6	−0.097%	$234K	$3.1M	10x	as long as short
HTX ZEC-USDT	+0.0100%	8h	1,462.4	−0.111%	$2.7M	$18.2M	75x	as long as short
Phemex ZECUSDT	+0.0100%	8h	1,463.3	−0.045%	$3.9M	$4.8M	50x	as long as short
Extended ZEC-USD	+0.0104%	1h	1,463.9	−0.007%	$2.8M	$7.7M	10x	as long as short
Aevo ZEC-PERP	+0.0104%	1h	1,462.4	−0.107%	$47K	$151K	20x	as long as short
Phoenix ZEC	+0.0116%	1h	1,464.7	+0.050%	$4.7M	$1.3M	10x	as long as short
01 Exchange ZECUSD	+0.0120%	1h	1,464	+0.002%	$8K	$7K	5x	as long as short
Lighter RH ZEC	+0.0128%	1h	1,465.1	+0.072%	$2.1M	$7.0M	10x	as long as short
Hyperliquid ZEC	+0.0146%	1h	1,464.9	+0.062%	$763.4M	$419.4M	10x	as long as short
Kalshi KXZECPERP	+0.0166%	8h	1,464.2	+0.016%	$1.5M	$4.4M	2.2x	as long as short
Lighter ZEC	+0.0168%	1h	1,465.1	+0.072%	$19.3M	$45.6M	20x	as long as short
RISEx ZEC/USDC	+0.0216%	1h	1,464.2	+0.016%	$926K	$1.1M	10x	as long as short
Backpack ZEC_USDC_PERPlong	+0.0301%	1h	1,464	long leg	$2.4M	$3.8M	15x
Kraken Futures PF_ZECUSD	+0.0331%	1h	1,462.5	−0.102%	$18.0M	$45.4M	25x	as long as short
Arcus ZEC-USD	+0.0344%	1h	1,465.3	+0.086%	$677K	$8.1M	10x	as long as short
Coinbase International ZEC-PERP-INTX	+0.0464%	1h	1,465.2	+0.084%	$3.8M	$8.9M	50x	as long as short
Aftermath Perps ZECUSD	+0.0684%	1h	1,463	−0.067%	$45K	$49K	10x	as long as short