ZEC

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0107%/8h= +11.7% APRnext payment +$0.13 per $10,000 · paid last 24h −0.057%

Price spread now: Backpack against Hyperliquid+0.007%7-day average +0.364% · you sell dearer than you buy

Net, funding: paid 7d − costs−$68as in the Funding arb table

Net, price: spread back to 7d avg − costs−$58as in the Price arb table

costs, in and out, $10k−$220.224% of the position

Long on Hyperliquid Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days−0.457%−$46 on $10k

Price spread, last 7 days−1.000%−$100 · spread now +0.007%, 7d avg +0.364%

Together, before fees−1.458%+ Points / potential airdropHyperliquid: Season 2 · farm board−$146 on $10k · with fees, hour by hour

Funding pays, the price is against you. Backpack is 0.357% cheaper against Hyperliquid than usual: you would sell low and buy high (spread +0.007% now, against its 7-day average of +0.364%). If the spread goes back, that is −$36 on $10k: about 11 days of funding at the current rate (+$3 a day). Mind the row above: over the last 7 days funding on this pair cost −0.457%, 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	Hyperliquid ZEC	1,472.5	0.0100	pay 0.0013% / 1h	3m 19s	$764.1M	$479.1M	10x
Short	Backpack ZEC_USDC_PERP	1,472.6	0.0207	get 0.0026% / 1h	3m 19s	$2.4M	$3.7M	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Hyperliquid. 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 HyperliquidbpFee BackpackbpOrdersPrice spread, now +0.007%Rate

Funding earned: $22.45
Price spread: +0.007% → +0.364%: −$35.65
Slippage, 4 orders: −$3.43
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$35.64
Costs to cover: 0.224%
Break-even: 18.1 days

Slippage from Hyperliquid: live order book, 11 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 Hyperliquid live order book, 11 min ago	0.34 bp	5.5 bp −$6	6.8 bp −$68	12.2 bp −$1,224	doesn't fit
Sell Backpack live order book, 1 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	+0.101%	$34K	$275K	12x	as long as short
Kraken Futures PF_ZECUSD	−0.0403%	1h	1,471	−0.103%	$17.9M	$44.9M	25x	as long as short
Ondo Perps ZEC-USD.P	−0.0266%	1h	1,470.5	−0.136%	$398K	$517K	5x	as long as short
BloFin ZEC-USDT	−0.0108%	8h	1,471.5	−0.071%	$29.3M	$75.7M	75x	as long as short
Hotstuff ZEC-PERP	−0.0080%	1h	1,471.4	−0.073%	$6K	$2K	10x	as long as short
Bybit ZECUSDT	−0.0077%	8h	1,470.4	−0.145%	$272.4M	$665.8M	75x	as long as short
Variational Omni ZEC	−0.0036%	8h	1,470.8	−0.118%	$46.7M	$33.4M	—	as long as short
dYdX ZEC-USD	0.0000%	1h	1,470.7	−0.120%	$414K	$104K	5x	as long as short
Kalshi KXZECPERP	0.0000%	8h	1,471.7	−0.052%	$897K	$5.6M	2.2x	as long as short
Perpl ZEC	0.0000%	43m	1,470.8	−0.114%	$84K	$404K	10x	as long as short

Show all 51 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Deribit ZEC_USDC-PERPETUAL	0.0000%	1h	1,471.7	−0.055%	$599K	$1.3M	25x	as long as short
gTrade (Gains Network) ZEC/USD	L +0.0007% / S −0.0006%	1h	1,471.4	−0.078%	$5.2M	—	150x	as long as short
Orderly PERP_ZEC_USDC	+0.0009%	8h	1,471	−0.103%	$294K	$1.4M	20x	as long as short
GMX ZEC/USD [WBTC.b-USDC]	L +0.0038% / S +0.0009%	1h	1,471.2	−0.087%	$359K	—	100x	as long as short
OKX ZEC-USDT-SWAP	+0.0038%	8h	1,470.8	−0.113%	$178.5M	$1.35B	50x	as long as short
Gate ZEC_USDT	+0.0044%	8h	1,471.3	−0.083%	$50.2M	$187.7M	75x	as long as short
01 Exchange ZECUSD	+0.0064%	1h	1,470.7	−0.121%	$8K	$8K	5x	as long as short
Phoenix ZEC	+0.0075%	1h	1,473.5	+0.069%	$4.6M	$1.6M	10x	as long as short
Popdex ZECUSDT	+0.0096%	1h	1,470.8	−0.115%	$176K	$1.9M	50x	as long as short
Katana Perps ZEC-USD	+0.0097%	8h	1,471.4	−0.074%	$10K	$823K	10x	as long as short
Paradex ZEC-USD-PERP	+0.0100%	8h	1,470.7	−0.124%	$60K	$39K	10x	as long as short
Nado ZEC-PERP	+0.0100%	1h	1,471.9	−0.042%	$2.6M	$6.8M	10x	as long as short
Hyperliquid ZEClong	+0.0100%	1h	1,472.5	long leg	$764.1M	$479.1M	10x
Aster ZECUSDT	+0.0100%	8h	1,471.1	−0.092%	$15.6M	$32.4M	75x	as long as short
Pacifica ZEC	+0.0100%	1h	1,471.4	−0.075%	$1.7M	$2.9M	10x	as long as short
Binance ZECUSDT	+0.0100%	8h	1,471	−0.100%	$678.8M	$2.47B	75x	as long as short
Bulk ZEC-USD	+0.0100%	1h	1,467.7	−0.323%	$906K	$27K	10x	as long as short
MEXC ZEC_USDT	+0.0100%	8h	1,471.4	−0.077%	$222.4M	$873.3M	150x	as long as short
KuCoin ZECUSDTM	+0.0100%	8h	1,471.4	−0.077%	$103.9M	$55.8M	75x	as long as short
Bitget ZECUSDT	+0.0100%	8h	1,471	−0.101%	$162.7M	$304.0M	75x	as long as short
BingX ZEC-USDC	+0.0100%	8h	1,470.1	−0.164%	—	$6.7M	—	as long as short
edgeX ZECUSDC	+0.0100%	4h	1,472.1	−0.025%	$513K	$9.3M	20x	as long as short
GRVT ZEC_USDT_Perp	+0.0100%	8h	1,471.8	−0.046%	$3.0M	$482K	10x	as long as short
ApeX Omni ZECUSDT	+0.0100%	1h	1,469.2	−0.226%	$431K	$826K	50x	as long as short
StandX ZEC-USD	+0.0100%	1h	1,472.3	−0.011%	$110K	$4.8M	30x	as long as short
Polymarket Perps ZEC-USD	+0.0100%	1h	1,471.1	−0.095%	$347K	$1.9M	10x	as long as short
Bullet ZEC-USD	+0.0100%	1h	1,471.1	−0.096%	$128K	$160K	20x	as long as short
Derive ZEC-PERP	+0.0100%	1h	1,469.5	−0.201%	$448K	$502K	6.7x	as long as short
SunX ZEC-USDT	+0.0100%	8h	1,472.9	+0.026%	$3K	$1.2M	20x	as long as short
SoDEX ZEC-USD	+0.0100%	1h	1,470.8	−0.118%	$226K	$4.5M	10x	as long as short
HTX ZEC-USDT	+0.0100%	8h	1,469.7	−0.192%	$2.5M	$23.3M	75x	as long as short
Phemex ZECUSDT	+0.0100%	8h	1,471.3	−0.081%	$3.8M	$5.3M	50x	as long as short
Extended ZEC-USD	+0.0104%	1h	1,471.2	−0.087%	$3.3M	$6.9M	10x	as long as short
Aevo ZEC-PERP	+0.0104%	1h	1,470.6	−0.132%	$37K	$366K	20x	as long as short
Lighter ZEC	+0.0120%	1h	1,472.2	−0.017%	$19.1M	$52.8M	20x	as long as short
RISEx ZEC/USDC	+0.0190%	1h	1,471.4	−0.073%	$834K	$1.3M	10x	as long as short
Backpack ZEC_USDC_PERPshort	+0.0207%	1h	1,472.6	+0.007%	$2.4M	$3.7M	15x
Lighter RH ZEC	+0.0408%	1h	1,472.7	+0.016%	$2.0M	$8.3M	10x	as long as short
Coinbase International ZEC-PERP-INTX	+0.0424%	1h	1,473.1	+0.037%	$3.8M	$11.5M	50x	as long as short
Arcus ZEC-USD	+0.0444%	1h	1,472.2	−0.020%	$716K	$8.2M	10x	as long as short
Aftermath Perps ZECUSD	+0.0608%	1h	1,471.1	−0.097%	$41K	$34K	10x	as long as short