Funding arb · Price arb /

ZEC

all ZEC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0148%/8h= +16.2% APRpaid last 24h +0.058%

Price spread now: Backpack against Bybit+0.150%7-day average +0.435% · you sell dearer than you buy

Net, funding: paid 7d − costs−$49as in the Funding arb table

Net, price: spread back to 7d avg − costs−$55as in the Price arb table

costs, in and out, $10k−$260.263% of the position

Long on Bybit Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days−0.224%−$22 on $10k

Price spread, last 7 days−0.922%−$92 · spread now +0.150%, 7d avg +0.435%

Together, before fees−1.146%−$115 on $10k · with fees, hour by hour

Funding pays, the price is against you. Backpack is 0.285% cheaper against Bybit than usual: you would sell low and buy high (spread +0.150% now, against its 7-day average of +0.435%). If the spread goes back, that is −$29 on $10k: about 6.4 days of funding at the current rate (+$4 a day). Mind the row above: over the last 7 days funding on this pair cost −0.224%, 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	Bybit ZECUSDT	1,494.7	0.0100	pay 0.0100% / 8h	1h 08m	$267.7M	$631.2M	75x
Short	Backpack ZEC_USDC_PERP	1,497	0.0248	get 0.0031% / 1h	8m 33s	$2.3M	$3.9M	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Bybit. 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 BybitbpFee BackpackbpOrdersPrice spread, now +0.150%Rate

Funding earned: $31.1
Price spread: +0.150% → +0.435%: −$28.51
Slippage, 4 orders: −$5.33
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$23.74
Costs to cover: 0.263%
Break-even: 12.3 days

Slippage from Bybit: live order book, 6 min ago; Backpack: live order book, 1 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 Bybit live order book, 6 min ago	0.03 bp	7.0 bp −$7	7.7 bp −$77	17.1 bp −$1,710	40.1 bp −$20.0K
Sell Backpack live order book, 1 min ago	0.03 bp	5.7 bp −$6	14.6 bp −$146	doesn't fit	doesn't fit

ZEC on 50 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	−0.3684%	1h	1,479.6	−1.013%	$36K	$275K	12x	as long as short
Perpl ZEC	−0.0447%	43m	1,495.5	+0.049%	$61K	$304K	10x	as long as short
BloFin ZEC-USDT	−0.0149%	8h	1,496	+0.086%	$30.5M	$75.1M	75x	as long as short
Kraken Futures PF_ZECUSD	−0.0096%	1h	1,496.9	+0.143%	$18.1M	$46.5M	25x	as long as short
Hotstuff ZEC-PERP	−0.0080%	1h	1,494.8	+0.005%	$6K	$1K	10x	as long as short
dYdX ZEC-USD	0.0000%	1h	1,494	−0.052%	$415K	$35K	5x	as long as short
Kalshi KXZECPERP	0.0000%	8h	1,495.5	+0.049%	$1.5M	$4.6M	2.2x	as long as short
gTrade (Gains Network) ZEC/USD	L +0.0007% / S −0.0006%	1h	1,493.5	−0.082%	$5.3M	—	150x	as long as short
Aftermath Perps ZECUSD	+0.0025%	1h	1,495.5	+0.048%	$48K	$64K	10x	as long as short
Orderly PERP_ZEC_USDC	+0.0080%	8h	1,496.9	+0.143%	$301K	$1.1M	20x	as long as short

Show all 50 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Popdex ZECUSDT	+0.0096%	1h	1,495.1	+0.021%	$171K	$1.8M	50x	as long as short
Katana Perps ZEC-USD	+0.0097%	8h	1,495.1	+0.023%	$12K	$876K	10x	as long as short
Paradex ZEC-USD-PERP	+0.0100%	8h	1,494.7	0.000%	$62K	$43K	10x	as long as short
Nado ZEC-PERP	+0.0100%	1h	1,495.9	+0.078%	$3.1M	$7.5M	10x	as long as short
Aster ZECUSDT	+0.0100%	8h	1,494.6	−0.010%	$14.0M	$30.9M	75x	as long as short
Pacifica ZEC	+0.0100%	1h	1,494.7	0.000%	$1.7M	$2.4M	10x	as long as short
Binance ZECUSDT	+0.0100%	8h	1,495.2	+0.028%	$696.5M	$2.31B	75x	as long as short
Bybit ZECUSDTlong	+0.0100%	8h	1,494.7	long leg	$267.7M	$631.2M	75x
OKX ZEC-USDT-SWAP	+0.0100%	8h	1,495.2	+0.030%	$182.6M	$1.34B	50x	as long as short
Ondo Perps ZEC-USD.P	+0.0100%	1h	1,493.8	−0.062%	$408K	$551K	5x	as long as short
Bulk ZEC-USD	+0.0100%	1h	1,494.2	−0.033%	$903K	$7K	10x	as long as short
Gate ZEC_USDT	+0.0100%	8h	1,494.4	−0.025%	$55.1M	$187.1M	75x	as long as short
MEXC ZEC_USDT	+0.0100%	8h	1,494.4	−0.022%	$241.7M	$798.9M	150x	as long as short
KuCoin ZECUSDTM	+0.0100%	8h	1,494.4	−0.022%	$103.0M	$57.5M	75x	as long as short
Bitget ZECUSDT	+0.0100%	8h	1,495.2	+0.031%	$160.8M	$289.6M	75x	as long as short
BingX ZEC-USDC	+0.0100%	8h	1,494.5	−0.013%	—	$6.7M	—	as long as short
Variational Omni ZEC	+0.0100%	8h	1,496.1	+0.093%	$48.9M	$34.8M	—	as long as short
edgeX ZECUSDC	+0.0100%	4h	1,496.9	+0.142%	$574K	$9.0M	20x	as long as short
GRVT ZEC_USDT_Perp	+0.0100%	8h	1,495.9	+0.075%	$3.1M	$510K	10x	as long as short
ApeX Omni ZECUSDT	+0.0100%	1h	1,496.3	+0.106%	$412K	$942K	50x	as long as short
StandX ZEC-USD	+0.0100%	1h	1,493.8	−0.060%	$56K	$4.6M	30x	as long as short
Polymarket Perps ZEC-USD	+0.0100%	1h	1,495.2	+0.031%	$358K	$1.8M	10x	as long as short
Bullet ZEC-USD	+0.0100%	1h	1,497	+0.151%	$164K	$184K	20x	as long as short
SunX ZEC-USDT	+0.0100%	8h	1,499.1	+0.292%	$3K	$1.2M	20x	as long as short
SoDEX ZEC-USD	+0.0100%	1h	1,496.5	+0.120%	$255K	$3.6M	10x	as long as short
HTX ZEC-USDT	+0.0100%	8h	1,496.8	+0.137%	$2.7M	$20.3M	75x	as long as short
Phemex ZECUSDT	+0.0100%	8h	1,495.8	+0.069%	$4.0M	$5.0M	50x	as long as short
Extended ZEC-USD	+0.0104%	1h	1,494.7	0.000%	$2.8M	$7.9M	10x	as long as short
Aevo ZEC-PERP	+0.0104%	1h	1,496.7	+0.131%	$43K	$151K	20x	as long as short
01 Exchange ZECUSD	+0.0120%	1h	1,495.2	+0.030%	$8K	$7K	5x	as long as short
RISEx ZEC/USDC	+0.0129%	1h	1,495	+0.015%	$939K	$1.1M	10x	as long as short
Phoenix ZEC	+0.0134%	1h	1,494.9	+0.013%	$4.8M	$1.4M	10x	as long as short
Hyperliquid ZEC	+0.0134%	1h	1,495.9	+0.078%	$779.8M	$445.3M	10x	as long as short
GMX ZEC/USD [WBTC.b-USDC]	L +0.0135% / S −0.0129%	1h	1,493.5	−0.082%	$395K	—	100x	as long as short
Deribit ZEC_USDC-PERPETUAL	+0.0143%	1h	1,497.7	+0.197%	$684K	$1.4M	25x	as long as short
Lighter RH ZEC	+0.0200%	1h	1,495.3	+0.036%	$2.1M	$7.5M	10x	as long as short
Arcus ZEC-USD	+0.0221%	1h	1,495.6	+0.055%	$609K	$8.7M	10x	as long as short
Backpack ZEC_USDC_PERPshort	+0.0248%	1h	1,497	+0.150%	$2.3M	$3.9M	15x
Lighter ZEC	+0.0272%	1h	1,495.3	+0.040%	$19.6M	$47.1M	20x	as long as short
Coinbase International ZEC-PERP-INTX	+0.0480%	1h	1,498.4	+0.248%	$3.7M	$10.1M	50x	as long as short