ZEC

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0389%/8h= +42.6% APRnext payment +$0.49 per $10,000 · paid last 24h +0.010%

Price spread now: Backpack against GMX+0.150%7-day average −0.029% · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on GMX Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.116%+$12 on $10k

Price spread, last 3 days (all we have)−0.261%−$26 · spread now +0.150%, 7d avg −0.029%

Together, before fees−0.145%−$15 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$12 a day on $10k at the current rate, and Backpack is 0.180% dearer against GMX than usual: you sell high and buy low: +$18 more if the spread goes back to its 7-day average of −0.029%.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid 0.116% in total (about 13.0% a year). A funding rate is set anew for every payment; at this rate the next one is about +$0.49 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	GMX ZEC/USD [WBTC.b-USDC]	1,468.6	L +0.0055% / S −0.0009%	pay 0.0007% / 1h	9m 28s	$384K	—	100x
Short	Backpack ZEC_USDC_PERP	1,470.8	0.0444	get 0.0056% / 1h	9m 28s	$2.5M	$4.0M	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against GMX. 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 GMXbpFee BackpackbpOrdersPrice spread, now +0.150%Rate

Funding earned: $81.71
Price spread: +0.150% → −0.029%: $17.97
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Backpack: 5 bp × 2 orders: −$10
Net: $77.68
Costs to cover: 0.220%
Break-even: 0.3 days

Slippage unknown: GMX: no order-book sample; Backpack: live order book, 5 min ago. Net counts fees only.

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 GMX no order-book sample	—	—	—	—	—
Sell Backpack live order book, 5 min ago	0.03 bp	6.1 bp −$6	13.4 bp −$134	doesn't fit	doesn't fit

GMX: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.853%	$34K	$274K	12x	as long as short
Hotstuff ZEC-PERP	−0.0080%	1h	1,470.7	+0.148%	$6K	$1K	10x	as long as short
Ondo Perps ZEC-USD.P	−0.0038%	1h	1,467.9	−0.045%	$399K	$505K	5x	as long as short
Kraken Futures PF_ZECUSD	−0.0002%	1h	1,470.7	+0.147%	$18.1M	$43.8M	25x	as long as short
dYdX ZEC-USD	0.0000%	1h	1,468.8	+0.016%	$414K	$53K	5x	as long as short
Kalshi KXZECPERP	0.0000%	8h	1,470.9	+0.156%	$975K	$4.9M	2.2x	as long as short
Perpl ZEC	0.0000%	43m	1,468.5	−0.007%	$84K	$251K	10x	as long as short
gTrade (Gains Network) ZEC/USD	L +0.0007% / S −0.0006%	1h	1,468.7	+0.007%	$5.2M	—	150x	as long as short
Orderly PERP_ZEC_USDC	+0.0031%	8h	1,470.2	+0.112%	$294K	$998K	20x	as long as short
GMX ZEC/USD [WBTC.b-USDC]long	L +0.0055% / S −0.0009%	1h	1,468.6	long leg	$384K	—	100x

Show all 50 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
01 Exchange ZECUSD	+0.0064%	1h	1,468.8	+0.014%	$8K	$8K	5x	as long as short
Variational Omni ZEC	+0.0067%	8h	1,470.6	+0.140%	$48.0M	$32.8M	—	as long as short
Phoenix ZEC	+0.0070%	1h	1,470	+0.097%	$4.6M	$1.5M	10x	as long as short
OKX ZEC-USDT-SWAP	+0.0093%	8h	1,468.6	+0.002%	$180.8M	$1.26B	50x	as long as short
Popdex ZECUSDT	+0.0096%	1h	1,468.7	+0.008%	$173K	$1.8M	50x	as long as short
Katana Perps ZEC-USD	+0.0100%	8h	1,468.3	−0.019%	$9K	$840K	10x	as long as short
Paradex ZEC-USD-PERP	+0.0100%	8h	1,469.6	+0.071%	$61K	$40K	10x	as long as short
Nado ZEC-PERP	+0.0100%	1h	1,469.2	+0.041%	$2.6M	$6.5M	10x	as long as short
Hyperliquid ZEC	+0.0100%	1h	1,469.9	+0.091%	$765.7M	$434.3M	10x	as long as short
Aster ZECUSDT	+0.0100%	8h	1,468.5	−0.005%	$14.8M	$29.9M	75x	as long as short
Pacifica ZEC	+0.0100%	1h	1,469.5	+0.061%	$1.7M	$2.7M	10x	as long as short
Binance ZECUSDT	+0.0100%	8h	1,468.5	−0.007%	$679.1M	$2.30B	75x	as long as short
Bybit ZECUSDT	+0.0100%	8h	1,468.3	−0.019%	$271.1M	$613.6M	75x	as long as short
Bulk ZEC-USD	+0.0100%	1h	1,472.8	+0.287%	$894K	$18K	10x	as long as short
Gate ZEC_USDT	+0.0100%	8h	1,468.7	+0.007%	$50.1M	$176.5M	75x	as long as short
MEXC ZEC_USDT	+0.0100%	8h	1,468.9	+0.020%	$216.7M	$802.1M	150x	as long as short
KuCoin ZECUSDTM	+0.0100%	8h	1,468.7	+0.012%	$103.2M	$56.2M	75x	as long as short
Bitget ZECUSDT	+0.0100%	8h	1,469	+0.029%	$163.2M	$280.9M	75x	as long as short
BingX ZEC-USDC	+0.0100%	8h	1,468.8	+0.016%	—	$6.7M	—	as long as short
edgeX ZECUSDC	+0.0100%	4h	1,470.2	+0.110%	$572K	$8.9M	20x	as long as short
GRVT ZEC_USDT_Perp	+0.0100%	8h	1,471.2	+0.180%	$3.0M	$453K	10x	as long as short
ApeX Omni ZECUSDT	+0.0100%	1h	1,471.1	+0.175%	$428K	$895K	50x	as long as short
StandX ZEC-USD	+0.0100%	1h	1,470.1	+0.106%	$71K	$4.7M	30x	as long as short
Polymarket Perps ZEC-USD	+0.0100%	1h	1,468.7	+0.010%	$345K	$1.8M	10x	as long as short
Bullet ZEC-USD	+0.0100%	1h	1,468.4	−0.009%	$128K	$160K	20x	as long as short
Derive ZEC-PERP	+0.0100%	1h	1,468.7	+0.012%	$457K	$511K	6.7x	as long as short
SunX ZEC-USDT	+0.0100%	8h	1,472	+0.232%	$3K	$1.2M	20x	as long as short
SoDEX ZEC-USD	+0.0100%	1h	1,470.4	+0.128%	$242K	$3.6M	10x	as long as short
HTX ZEC-USDT	+0.0100%	8h	1,470.3	+0.115%	$2.5M	$18.5M	75x	as long as short
Phemex ZECUSDT	+0.0100%	8h	1,471.1	+0.172%	$3.9M	$5.3M	50x	as long as short
Extended ZEC-USD	+0.0104%	1h	1,468.8	+0.014%	$2.8M	$7.6M	10x	as long as short
Aevo ZEC-PERP	+0.0104%	1h	1,470.1	+0.103%	$48K	$162K	20x	as long as short
Lighter ZEC	+0.0232%	1h	1,470.4	+0.128%	$19.2M	$48.2M	20x	as long as short
Deribit ZEC_USDC-PERPETUAL	+0.0235%	1h	1,471.3	+0.185%	$612K	$1.3M	25x	as long as short
Arcus ZEC-USD	+0.0254%	1h	1,470.7	+0.145%	$696K	$8.6M	10x	as long as short
Lighter RH ZEC	+0.0288%	1h	1,471.1	+0.176%	$2.1M	$7.1M	10x	as long as short
RISEx ZEC/USDC	+0.0374%	1h	1,469.4	+0.060%	$856K	$1.0M	10x	as long as short
Backpack ZEC_USDC_PERPshort	+0.0444%	1h	1,470.8	+0.150%	$2.5M	$4.0M	15x
Coinbase International ZEC-PERP-INTX	+0.0472%	1h	1,472	+0.233%	$3.6M	$9.3M	50x	as long as short
Aftermath Perps ZECUSD	+0.0739%	1h	1,471.4	+0.192%	$44K	$46K	10x	as long as short