ZEC

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0028%/8h= −3.1% APRnext payment −$0.03 per $10,000 · paid last 24h −0.069%

Price spread now: Backpack against Coinbase International−0.082%7-day average −0.126% · you buy dearer than you sell

Net, funding: paid 7d − costs−$61as in the Funding arb table

Net, price: spread back to 7d avg − costs−$31as in the Price arb table

costs, in and out, $10k−$360.357% of the position

Long on Coinbase International Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days−0.249%−$25 on $10k

Price spread, last 3 days (all we have)−0.186%−$19 · spread now −0.082%, 7d avg −0.126%

Together, before fees−0.435%−$43 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Backpack is 0.044% dearer against Coinbase International than usual: you sell high and buy low (spread −0.082% now, against its 7-day average of −0.126%): +$4 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 5.2 days. At the pace of the last 7 days (−0.249% in total) that is about 30 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International ZEC-PERP-INTX	1,472	0.0472	pay 0.0059% / 1h	10m 03s	$3.6M	$9.3M	50x
Short	Backpack ZEC_USDC_PERP	1,470.8	0.0444	get 0.0056% / 1h	10m 03s	$2.5M	$4.0M	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Coinbase International. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 Coinbase InternationalbpFee BackpackbpOrdersPrice spread, now −0.082%Rate

Funding earned: −$5.87
Price spread: −0.082% → −0.126%: $4.4
Slippage, 4 orders: −$15.71
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$37.18
Costs to cover: 0.357%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 4 min ago; Backpack: live order book, 4 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 Coinbase International live order book, 4 min ago	1.76 bp	11.5 bp −$12	18.2 bp −$182	49.4 bp −$4,941	doesn't fit
Sell Backpack live order book, 4 min ago	0.03 bp	6.1 bp −$6	13.4 bp −$134	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	−0.3678%	1h	1,456	−1.084%	$34K	$274K	12x	as long as short
Hotstuff ZEC-PERP	−0.0080%	1h	1,470.8	−0.081%	$6K	$1K	10x	as long as short
Ondo Perps ZEC-USD.P	−0.0042%	1h	1,472	+0.001%	$399K	$514K	5x	as long as short
Kraken Futures PF_ZECUSD	−0.0002%	1h	1,470.7	−0.085%	$18.1M	$43.8M	25x	as long as short
dYdX ZEC-USD	0.0000%	1h	1,470.4	−0.109%	$414K	$53K	5x	as long as short
Kalshi KXZECPERP	0.0000%	8h	1,470.9	−0.077%	$975K	$4.9M	2.2x	as long as short
Perpl ZEC	0.0000%	43m	1,470.3	−0.118%	$84K	$252K	10x	as long as short
gTrade (Gains Network) ZEC/USD	L +0.0007% / S −0.0006%	1h	1,469.8	−0.150%	$5.2M	—	150x	as long as short
Orderly PERP_ZEC_USDC	+0.0031%	8h	1,470.2	−0.121%	$294K	$998K	20x	as long as short
GMX ZEC/USD [WBTC.b-USDC]	L +0.0055% / S −0.0009%	1h	1,469.7	−0.152%	$384K	—	100x	as long as short

Show all 50 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
01 Exchange ZECUSD	+0.0064%	1h	1,470	−0.135%	$8K	$8K	5x	as long as short
Variational Omni ZEC	+0.0067%	8h	1,470.6	−0.093%	$48.0M	$32.8M	—	as long as short
Phoenix ZEC	+0.0070%	1h	1,471.5	−0.034%	$4.7M	$1.5M	10x	as long as short
OKX ZEC-USDT-SWAP	+0.0094%	8h	1,470.1	−0.126%	$181.2M	$1.26B	50x	as long as short
Popdex ZECUSDT	+0.0096%	1h	1,469.6	−0.162%	$173K	$1.8M	50x	as long as short
Katana Perps ZEC-USD	+0.0100%	8h	1,469.3	−0.181%	$9K	$843K	10x	as long as short
Paradex ZEC-USD-PERP	+0.0100%	8h	1,470.1	−0.131%	$61K	$40K	10x	as long as short
Nado ZEC-PERP	+0.0100%	1h	1,470.2	−0.123%	$2.6M	$6.5M	10x	as long as short
Hyperliquid ZEC	+0.0100%	1h	1,471.7	−0.019%	$766.6M	$443.6M	10x	as long as short
Aster ZECUSDT	+0.0100%	8h	1,470.1	−0.130%	$14.8M	$30.0M	75x	as long as short
Pacifica ZEC	+0.0100%	1h	1,470.2	−0.118%	$1.7M	$2.7M	10x	as long as short
Binance ZECUSDT	+0.0100%	8h	1,470.3	−0.111%	$680.0M	$2.30B	75x	as long as short
Bybit ZECUSDT	+0.0100%	8h	1,470.2	−0.120%	$271.6M	$613.4M	75x	as long as short
Bulk ZEC-USD	+0.0100%	1h	1,472.8	+0.054%	$894K	$18K	10x	as long as short
Gate ZEC_USDT	+0.0100%	8h	1,470.5	−0.104%	$50.0M	$176.5M	75x	as long as short
MEXC ZEC_USDT	+0.0100%	8h	1,470.5	−0.099%	$217.2M	$802.0M	150x	as long as short
KuCoin ZECUSDTM	+0.0100%	8h	1,470.1	−0.125%	$103.3M	$56.2M	75x	as long as short
Bitget ZECUSDT	+0.0100%	8h	1,470.5	−0.101%	$163.3M	$281.2M	75x	as long as short
BingX ZEC-USDC	+0.0100%	8h	1,469.9	−0.142%	—	$6.7M	—	as long as short
edgeX ZECUSDC	+0.0100%	4h	1,470.8	−0.082%	$573K	$9.0M	20x	as long as short
GRVT ZEC_USDT_Perp	+0.0100%	8h	1,470.8	−0.081%	$3.0M	$453K	10x	as long as short
ApeX Omni ZECUSDT	+0.0100%	1h	1,471.1	−0.058%	$428K	$895K	50x	as long as short
StandX ZEC-USD	+0.0100%	1h	1,471	−0.070%	$71K	$4.7M	30x	as long as short
Polymarket Perps ZEC-USD	+0.0100%	1h	1,469.5	−0.168%	$345K	$1.8M	10x	as long as short
Bullet ZEC-USD	+0.0100%	1h	1,469.7	−0.156%	$128K	$160K	20x	as long as short
Derive ZEC-PERP	+0.0100%	1h	1,468.7	−0.220%	$457K	$511K	6.7x	as long as short
SunX ZEC-USDT	+0.0100%	8h	1,472	−0.001%	$3K	$1.2M	20x	as long as short
SoDEX ZEC-USD	+0.0100%	1h	1,470.4	−0.105%	$242K	$3.6M	10x	as long as short
HTX ZEC-USDT	+0.0100%	8h	1,470.3	−0.118%	$2.5M	$18.5M	75x	as long as short
Phemex ZECUSDT	+0.0100%	8h	1,471.1	−0.061%	$3.9M	$5.3M	50x	as long as short
Extended ZEC-USD	+0.0104%	1h	1,470.4	−0.108%	$3.2M	$7.1M	10x	as long as short
Aevo ZEC-PERP	+0.0104%	1h	1,470.1	−0.129%	$48K	$162K	20x	as long as short
Deribit ZEC_USDC-PERPETUAL	+0.0235%	1h	1,471.3	−0.048%	$612K	$1.3M	25x	as long as short
Lighter ZEC	+0.0240%	1h	1,472.1	+0.007%	$19.2M	$48.2M	20x	as long as short
Arcus ZEC-USD	+0.0254%	1h	1,471.7	−0.021%	$695K	$8.6M	10x	as long as short
Lighter RH ZEC	+0.0288%	1h	1,472.3	+0.022%	$2.1M	$7.1M	10x	as long as short
RISEx ZEC/USDC	+0.0374%	1h	1,470.3	−0.116%	$856K	$1.0M	10x	as long as short
Backpack ZEC_USDC_PERPshort	+0.0444%	1h	1,470.8	−0.082%	$2.5M	$4.0M	15x
Coinbase International ZEC-PERP-INTXlong	+0.0472%	1h	1,472	long leg	$3.6M	$9.3M	50x
Aftermath Perps ZECUSD	+0.0736%	1h	1,471.7	−0.017%	$44K	$46K	10x	as long as short