Funding you earn now, next payment 08:00 UTC−0.0441%/8h= −48.3% APRnext payment −$0.55 per $10,000 · paid last 24h −0.026%
Price spread now: Popdex against Backpack−0.179%7-day average −0.428% · you buy dearer than you sell
Net, funding: paid 7d − costs—under 7 days of funding history
Net, price: spread back to 7d avg − costs+$3as in the Price arb table
costs, in and out, $10k−$220.219% of the position
Funding, last 4 days (all we have)−0.062%−$6 on $10k
+Price spread, last 7 days+1.312%+$131 · spread now −0.179%, 7d avg −0.428%
=The price spread pays, funding is against you. Popdex is 0.249% dearer against Backpack than usual: you sell high and buy low (spread −0.179% now, against its 7-day average of −0.428%): +$25 on $10k if it goes back. Holding the pair costs −$13 a day in funding at the current rate, which eats that in about 45 hours. At the pace of the last 4 days (−0.062% in total) that is about 15 days.
The current funding rate is far above what this pair has been paying: over the last 4 days it paid -0.062% in total (about -6.1% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.55 per $10,000. In the chart: green and red are payments made, yellow is the current rate, not paid yet.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Backpack ZEC_USDC_PERP | 1,494.9 | 0.0537 | pay 0.0067% / 1h | 24m 06s | $2.3M | $3.8M | 15x |
| Short | Popdex ZECUSDT | 1,492.2 | 0.0096 | get 0.0012% / 1h | 24m 06s | $175K | $1.8M | 50x |
Backpack ZEC_USDC_PERP
Popdex ZECUSDTFunding history
latest
Range statsloading…
Price spread between the two exchanges
Popdex against Backpack. 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
- −$92.65
- Price spread: −0.179% → −0.428%
- $24.86
- Slippage, 4 orders
- −$5.5
- Fee Backpack: 5 bp × 2 orders
- −$10
- Fee Popdex: 3.2 bp × 2 orders
- −$6.4
- Net
- −$89.69
- Costs to cover
- 0.219%
- Break-even
- from the start
Slippage from Backpack: live order book, 5 min ago; Popdex: live order book, 5 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, 5 min ago | 0.03 bp | 5.6 bp −$6 | 12.4 bp −$124 | doesn't fit | doesn't fit |
| Sell Popdex live order book, 5 min ago | 1.24 bp | 5.0 bp −$5 | 11.3 bp −$113 | 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 | −0.3442% | 1h | 1,478.8 | −1.077% | $36K | $275K | 12x | as long as short |
| Perpl ZEC | −0.0447% | 43m | 1,491.6 | −0.223% | $61K | $303K | 10x | as long as short |
| BloFin ZEC-USDT | −0.0144% | 8h | 1,491.6 | −0.223% | $31.2M | $75.4M | 75x | as long as short |
| Aftermath Perps ZECUSD | −0.0100% | 1h | 1,494.2 | −0.047% | $48K | $58K | 10x | as long as short |
| Hotstuff ZEC-PERP | −0.0080% | 1h | 1,494.2 | −0.045% | $6K | $1K | 10x | as long as short |
| Bulk ZEC-USD | −0.0053% | 1h | 1,491.1 | −0.253% | $858K | $48K | 10x | as long as short |
| dYdX ZEC-USD | 0.0000% | 1h | 1,492 | −0.195% | $415K | $34K | 5x | as long as short |
| Kalshi KXZECPERP | 0.0000% | 8h | 1,494 | −0.060% | $1.5M | $4.4M | 2.2x | as long as short |
| gTrade (Gains Network) ZEC/USD | L +0.0007% / S −0.0006% | 1h | 1,493.3 | −0.109% | $5.3M | — | 150x | as long as short |
| Kraken Futures PF_ZECUSD | +0.0012% | 1h | 1,495.7 | +0.053% | $17.9M | $47.1M | 25x | as long as short |
Injective ZEC/USDC PERP
Perpl ZEC
BloFin ZEC-USDT
Aftermath Perps ZECUSD
Hotstuff ZEC-PERP
Bulk ZEC-USD
dYdX ZEC-USD
Kalshi KXZECPERP
gTrade (Gains Network) ZEC/USD
Kraken Futures PF_ZECUSDShow all 51 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Ondo Perps ZEC-USD.P | +0.0031% | 1h | 1,495.2 | +0.019% | $408K | $554K | 5x | as long as short |
| Orderly PERP_ZEC_USDC | +0.0084% | 8h | 1,494.2 | −0.049% | $301K | $917K | 20x | as long as short |
| Phoenix ZEC | +0.0096% | 1h | 1,494.2 | −0.047% | $4.8M | $1.4M | 10x | as long as short |
| 01 Exchange ZECUSD | +0.0096% | 1h | 1,492.4 | −0.167% | $8K | $6K | 5x | as long as short |
| Popdex ZECUSDTshort | +0.0096% | 1h | 1,492.2 | −0.179% | $175K | $1.8M | 50x | |
| Katana Perps ZEC-USD | +0.0098% | 8h | 1,492.1 | −0.190% | $17K | $881K | 10x | as long as short |
| Paradex ZEC-USD-PERP | +0.0100% | 8h | 1,492.3 | −0.177% | $62K | $20K | 10x | as long as short |
| Nado ZEC-PERP | +0.0100% | 1h | 1,493.1 | −0.120% | $3.1M | $7.6M | 10x | as long as short |
| Hyperliquid ZEC | +0.0100% | 1h | 1,495.2 | +0.020% | $781.2M | $438.8M | 10x | as long as short |
| Aster ZECUSDT | +0.0100% | 8h | 1,494.1 | −0.054% | $14.0M | $31.1M | 75x | as long as short |
| Pacifica ZEC | +0.0100% | 1h | 1,493 | −0.130% | $1.7M | $2.4M | 10x | as long as short |
| Binance ZECUSDT | +0.0100% | 8h | 1,494.6 | −0.024% | $700.1M | $2.30B | 75x | as long as short |
| Bybit ZECUSDT | +0.0100% | 8h | 1,494 | −0.060% | $268.6M | $617.2M | 75x | as long as short |
| OKX ZEC-USDT-SWAP | +0.0100% | 8h | 1,494.1 | −0.054% | $184.1M | $1.33B | 50x | as long as short |
| Gate ZEC_USDT | +0.0100% | 8h | 1,494.1 | −0.054% | $56.5M | $185.1M | 75x | as long as short |
| MEXC ZEC_USDT | +0.0100% | 8h | 1,494.4 | −0.037% | $240.4M | $801.8M | 150x | as long as short |
| KuCoin ZECUSDTM | +0.0100% | 8h | 1,495 | +0.007% | $102.7M | $56.7M | 75x | as long as short |
| Bitget ZECUSDT | +0.0100% | 8h | 1,494.4 | −0.037% | $161.4M | $288.7M | 75x | as long as short |
| BingX ZEC-USDC | +0.0100% | 8h | 1,493.6 | −0.086% | — | $6.7M | — | as long as short |
| Variational Omni ZEC | +0.0100% | 8h | 1,492.9 | −0.137% | $48.8M | $34.6M | — | as long as short |
| edgeX ZECUSDC | +0.0100% | 4h | 1,494.7 | −0.015% | $572K | $9.0M | 20x | as long as short |
| GRVT ZEC_USDT_Perp | +0.0100% | 8h | 1,494.6 | −0.019% | $3.1M | $514K | 10x | as long as short |
| ApeX Omni ZECUSDT | +0.0100% | 1h | 1,496.1 | +0.078% | $412K | $948K | 50x | as long as short |
| StandX ZEC-USD | +0.0100% | 1h | 1,494.1 | −0.056% | $55K | $4.6M | 30x | as long as short |
| Polymarket Perps ZEC-USD | +0.0100% | 1h | 1,492.2 | −0.182% | $357K | $1.6M | 10x | as long as short |
| Bullet ZEC-USD | +0.0100% | 1h | 1,493.2 | −0.112% | $164K | $184K | 20x | as long as short |
| Derive ZEC-PERP | +0.0100% | 1h | 1,493.3 | −0.110% | $456K | $469K | 6.7x | as long as short |
| SunX ZEC-USDT | +0.0100% | 8h | 1,494.3 | −0.039% | $3K | $1.2M | 20x | as long as short |
| SoDEX ZEC-USD | +0.0100% | 1h | 1,495 | +0.005% | $253K | $3.4M | 10x | as long as short |
| HTX ZEC-USDT | +0.0100% | 8h | 1,493 | −0.128% | $2.7M | $20.7M | 75x | as long as short |
| Phemex ZECUSDT | +0.0100% | 8h | 1,494.8 | −0.011% | $4.0M | $4.9M | 50x | as long as short |
| Extended ZEC-USD | +0.0104% | 1h | 1,494.6 | −0.021% | $2.8M | $7.9M | 10x | as long as short |
| Aevo ZEC-PERP | +0.0104% | 1h | 1,494.5 | −0.028% | $43K | $151K | 20x | as long as short |
| RISEx ZEC/USDC | +0.0128% | 1h | 1,492.3 | −0.172% | $939K | $1.1M | 10x | as long as short |
| Lighter RH ZEC | +0.0136% | 1h | 1,495.7 | +0.050% | $2.1M | $7.4M | 10x | as long as short |
| GMX ZEC/USD [WBTC.b-USDC] | L +0.0144% / S −0.0141% | 1h | 1,493.3 | −0.111% | $332K | — | 100x | as long as short |
| Deribit ZEC_USDC-PERPETUAL | +0.0178% | 1h | 1,495.5 | +0.038% | $683K | $1.4M | 25x | as long as short |
| Lighter ZEC | +0.0208% | 1h | 1,496.8 | +0.123% | $19.8M | $45.6M | 20x | as long as short |
| Arcus ZEC-USD | +0.0403% | 1h | 1,493.5 | −0.097% | $622K | $8.8M | 10x | as long as short |
| Coinbase International ZEC-PERP-INTX | +0.0416% | 1h | 1,495.4 | +0.031% | $3.7M | $10.0M | 50x | as long as short |
| Backpack ZEC_USDC_PERPlong | +0.0537% | 1h | 1,494.9 | long leg | $2.3M | $3.8M | 15x |
Ondo Perps ZEC-USD.P
Orderly PERP_ZEC_USDC
Phoenix ZEC
01 Exchange ZECUSD
Katana Perps ZEC-USD
Paradex ZEC-USD-PERP
Nado ZEC-PERP
Hyperliquid ZEC
Aster ZECUSDT
Pacifica ZEC
Binance ZECUSDT
Bybit ZECUSDT
OKX ZEC-USDT-SWAP
Gate ZEC_USDT
MEXC ZEC_USDT
KuCoin ZECUSDTM
Bitget ZECUSDT
BingX ZEC-USDC
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
RISEx ZEC/USDC
Lighter RH ZEC
GMX ZEC/USD [WBTC.b-USDC]
Deribit ZEC_USDC-PERPETUAL
Lighter ZEC
Arcus ZEC-USD
Coinbase International ZEC-PERP-INTX