Funding you earn now, next payment 23:00 UTC+0.0110%/8h= +12.0% APRnext payment +$0.14 per $10,000 · paid last 24h +0.029%
Price spread now: Backpack against Bulk+0.119%7-day average +0.022% · you sell dearer than you buy
Net, funding: paid 7d − costs—under 7 days of funding history
Net, price: spread back to 7d avg − costs−$9as in the Price arb table
costs, in and out, $10k−$190.187% of the position
Funding, last 3 days (all we have)+0.084%+$8 on $10k
+Price spread, last 4 days (all we have)−0.152%−$15 · spread now +0.119%, 7d avg +0.022%
=Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and Backpack is 0.098% dearer against Bulk than usual: you sell high and buy low: +$10 more if the spread goes back to its 7-day average of +0.022%.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Bulk ZEC-USD | 1,467.7 | 0.0100 | pay 0.0013% / 1h | 1m 51s | $906K | $27K | 10x |
| Short | Backpack ZEC_USDC_PERP | 1,469.5 | 0.0210 | get 0.0026% / 1h | 1m 51s | $2.4M | $3.7M | 15x |
Bulk ZEC-USD
Backpack ZEC_USDC_PERPFunding history
latest
Range statsloading…
Price spread between the two exchanges
Backpack against Bulk. 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
- $23
- Price spread: +0.119% → +0.022%
- $9.77
- Slippage, 4 orders
- −$1.74
- Fee Bulk: 3.5 bp × 2 orders
- −$7
- Fee Backpack: 5 bp × 2 orders
- −$10
- Net
- $14.02
- Costs to cover
- 0.187%
- Break-even
- 2.7 days
Slippage from Bulk: live order book, 17 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 Bulk live order book, 17 min ago | 0.03 bp | 3.5 bp −$4 | 5.1 bp −$51 | 10.2 bp −$1,023 | 16.3 bp −$8,136 |
| Sell Backpack live order book, 2 min ago | 0.03 bp | 6.1 bp −$6 | 26.0 bp −$260 | 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 | −0.3310% | 1h | 1,474 | +0.425% | $34K | $275K | 12x | as long as short |
| Kraken Futures PF_ZECUSD | −0.0403% | 1h | 1,469.3 | +0.103% | $17.9M | $44.9M | 25x | as long as short |
| Ondo Perps ZEC-USD.P | −0.0266% | 1h | 1,470.5 | +0.188% | $398K | $517K | 5x | as long as short |
| BloFin ZEC-USDT | −0.0108% | 8h | 1,470.9 | +0.217% | $29.4M | $75.6M | 75x | as long as short |
| Hotstuff ZEC-PERP | −0.0080% | 1h | 1,470.7 | +0.199% | $6K | $2K | 10x | as long as short |
| Bybit ZECUSDT | −0.0077% | 8h | 1,468.5 | +0.054% | $272.1M | $665.8M | 75x | as long as short |
| Variational Omni ZEC | −0.0036% | 8h | 1,470.8 | +0.206% | $46.7M | $33.4M | — | as long as short |
| dYdX ZEC-USD | 0.0000% | 1h | 1,470.7 | +0.204% | $414K | $104K | 5x | as long as short |
| Kalshi KXZECPERP | 0.0000% | 8h | 1,470.5 | +0.191% | $897K | $5.6M | 2.2x | as long as short |
| Perpl ZEC | 0.0000% | 43m | 1,469.8 | +0.142% | $83K | $404K | 10x | as long as short |
Injective ZEC/USDC PERP
Kraken Futures PF_ZECUSD
Ondo Perps ZEC-USD.P
BloFin ZEC-USDT
Hotstuff ZEC-PERP
Bybit ZECUSDT
Variational Omni ZEC
dYdX ZEC-USD
Kalshi KXZECPERP
Perpl ZECShow all 51 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Deribit ZEC_USDC-PERPETUAL | 0.0000% | 1h | 1,469.7 | +0.133% | $598K | $1.3M | 25x | as long as short |
| gTrade (Gains Network) ZEC/USD | L +0.0007% / S −0.0006% | 1h | 1,469.5 | +0.119% | $5.2M | — | 150x | as long as short |
| Orderly PERP_ZEC_USDC | +0.0009% | 8h | 1,468.9 | +0.076% | $294K | $1.4M | 20x | as long as short |
| GMX ZEC/USD [WBTC.b-USDC] | L +0.0038% / S +0.0009% | 1h | 1,469.3 | +0.105% | $359K | — | 100x | as long as short |
| OKX ZEC-USDT-SWAP | +0.0038% | 8h | 1,469 | +0.085% | $178.3M | $1.35B | 50x | as long as short |
| Gate ZEC_USDT | +0.0045% | 8h | 1,469 | +0.088% | $50.1M | $187.7M | 75x | as long as short |
| 01 Exchange ZECUSD | +0.0064% | 1h | 1,470.4 | +0.180% | $8K | $8K | 5x | as long as short |
| Phoenix ZEC | +0.0075% | 1h | 1,473.5 | +0.393% | $4.6M | $1.6M | 10x | as long as short |
| Popdex ZECUSDT | +0.0096% | 1h | 1,469.8 | +0.142% | $175K | $1.9M | 50x | as long as short |
| Katana Perps ZEC-USD | +0.0097% | 8h | 1,470.4 | +0.180% | $12K | $823K | 10x | as long as short |
| Paradex ZEC-USD-PERP | +0.0100% | 8h | 1,469.9 | +0.145% | $60K | $39K | 10x | as long as short |
| Nado ZEC-PERP | +0.0100% | 1h | 1,471.1 | +0.231% | $2.6M | $6.8M | 10x | as long as short |
| Hyperliquid ZEC | +0.0100% | 1h | 1,470.1 | +0.161% | $762.9M | $479.1M | 10x | as long as short |
| Aster ZECUSDT | +0.0100% | 8h | 1,468.9 | +0.079% | $15.6M | $32.4M | 75x | as long as short |
| Pacifica ZEC | +0.0100% | 1h | 1,470.9 | +0.213% | $1.7M | $2.9M | 10x | as long as short |
| Binance ZECUSDT | +0.0100% | 8h | 1,469.2 | +0.097% | $678.0M | $2.47B | 75x | as long as short |
| Bulk ZEC-USDlong | +0.0100% | 1h | 1,467.7 | long leg | $906K | $27K | 10x | |
| MEXC ZEC_USDT | +0.0100% | 8h | 1,468.7 | +0.066% | $221.8M | $873.6M | 150x | as long as short |
| KuCoin ZECUSDTM | +0.0100% | 8h | 1,468.9 | +0.082% | $103.7M | $55.8M | 75x | as long as short |
| Bitget ZECUSDT | +0.0100% | 8h | 1,469.1 | +0.091% | $162.4M | $303.8M | 75x | as long as short |
| BingX ZEC-USDT | +0.0100% | 8h | 1,469.4 | +0.115% | — | $102.5M | — | as long as short |
| edgeX ZECUSDC | +0.0100% | 4h | 1,472.1 | +0.299% | $513K | $9.3M | 20x | as long as short |
| GRVT ZEC_USDT_Perp | +0.0100% | 8h | 1,471.8 | +0.279% | $3.0M | $482K | 10x | as long as short |
| ApeX Omni ZECUSDT | +0.0100% | 1h | 1,469.2 | +0.097% | $431K | $826K | 50x | as long as short |
| StandX ZEC-USD | +0.0100% | 1h | 1,471.9 | +0.283% | $110K | $4.8M | 30x | as long as short |
| Polymarket Perps ZEC-USD | +0.0100% | 1h | 1,469.3 | +0.106% | $346K | $1.9M | 10x | as long as short |
| Bullet ZEC-USD | +0.0100% | 1h | 1,468.8 | +0.074% | $127K | $160K | 20x | as long as short |
| Derive ZEC-PERP | +0.0100% | 1h | 1,467.4 | −0.021% | $447K | $502K | 6.7x | as long as short |
| SunX ZEC-USDT | +0.0100% | 8h | 1,472.5 | +0.326% | $3K | $1.2M | 20x | as long as short |
| SoDEX ZEC-USD | +0.0100% | 1h | 1,468.9 | +0.079% | $226K | $4.5M | 10x | as long as short |
| HTX ZEC-USDT | +0.0100% | 8h | 1,469 | +0.086% | $2.5M | $23.3M | 75x | as long as short |
| Phemex ZECUSDT | +0.0100% | 8h | 1,469.6 | +0.123% | $3.8M | $5.3M | 50x | as long as short |
| Extended ZEC-USD | +0.0104% | 1h | 1,469.1 | +0.095% | $3.3M | $6.9M | 10x | as long as short |
| Aevo ZEC-PERP | +0.0104% | 1h | 1,468.5 | +0.053% | $37K | $366K | 20x | as long as short |
| Lighter ZEC | +0.0112% | 1h | 1,470.5 | +0.189% | $19.0M | $52.8M | 20x | as long as short |
| RISEx ZEC/USDC | +0.0190% | 1h | 1,470.4 | +0.178% | $833K | $1.3M | 10x | as long as short |
| Backpack ZEC_USDC_PERPshort | +0.0210% | 1h | 1,469.5 | +0.119% | $2.4M | $3.7M | 15x | |
| Lighter RH ZEC | +0.0400% | 1h | 1,471.2 | +0.233% | $2.0M | $8.3M | 10x | as long as short |
| Coinbase International ZEC-PERP-INTX | +0.0424% | 1h | 1,471.2 | +0.234% | $3.8M | $11.5M | 50x | as long as short |
| Arcus ZEC-USD | +0.0444% | 1h | 1,471.6 | +0.266% | $718K | $8.2M | 10x | as long as short |
| Aftermath Perps ZECUSD | +0.0609% | 1h | 1,470.3 | +0.172% | $41K | $34K | 10x | as long as short |
Deribit ZEC_USDC-PERPETUAL
gTrade (Gains Network) ZEC/USD
Orderly PERP_ZEC_USDC
GMX ZEC/USD [WBTC.b-USDC]
OKX ZEC-USDT-SWAP
Gate ZEC_USDT
01 Exchange ZECUSD
Phoenix ZEC
Popdex ZECUSDT
Katana Perps ZEC-USD
Paradex ZEC-USD-PERP
Nado ZEC-PERP
Hyperliquid ZEC
Aster ZECUSDT
Pacifica ZEC
Binance ZECUSDT
MEXC ZEC_USDT
KuCoin ZECUSDTM
Bitget ZECUSDT
BingX ZEC-USDT
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
Lighter ZEC
RISEx ZEC/USDC
Lighter RH ZEC
Coinbase International ZEC-PERP-INTX
Arcus ZEC-USD
Aftermath Perps ZECUSD