Funding you earn now, next payment 00:00 UTC+0.0621%/8h= +68.0% APRpaid last 24h +0.032%
Price spread now: Backpack against Kalshi−0.150%7-day average +0.356% · you buy dearer than you sell
Net, funding: paid 7d − costs−$58as in the Funding arb table
Net, price: spread back to 7d avg − costs−$89as in the Price arb table
costs, in and out, $10k−$390.387% of the position
Funding, last 7 days−0.193%−$19 on $10k
+Price spread, last 7 days−0.921%−$92 · spread now −0.150%, 7d avg +0.356%
=Funding pays, the price is against you. Backpack is 0.507% cheaper against Kalshi than usual: you would sell low and buy high (spread −0.150% now, against its 7-day average of +0.356%). If the spread goes back, that is −$51 on $10k: about 2.7 days of funding at the current rate (+$19 a day). Mind the row above: over the last 7 days funding on this pair cost −0.193%, so the current rate has only just turned in your favour.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.193% in total (about -10.1% a year). A funding rate is set anew for every payment. 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 | Kalshi KXZECPERP | 1,476.8 | 0 | get 0.0000% / 8h | 4h 55m | $901K | $5.6M | 2.2x |
| Short | Backpack ZEC_USDC_PERP | 1,474.6 | 0.0621 | get 0.0078% / 1h | 55m 30s | $2.4M | $3.7M | 15x |
Kalshi KXZECPERP
Backpack ZEC_USDC_PERPFunding history
latest
Range statsloading…
Price spread between the two exchanges
Backpack against Kalshi. 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
- $130.42
- Price spread: −0.150% → +0.356%
- −$50.65
- Slippage, 4 orders
- −$18.66
- Fee Kalshi: 5 bp × 2 orders
- −$10
- Fee Backpack: 5 bp × 2 orders
- −$10
- Net
- $41.1
- Costs to cover
- 0.387%
- Break-even
- 4.8 days
Slippage from Kalshi: live order book, 3 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 Kalshi live order book, 3 min ago | 4.14 bp | 9.1 bp −$9 | 14.0 bp −$140 | doesn't fit | doesn't fit |
| Sell Backpack live order book, 4 min ago | 0.03 bp | 6.1 bp −$6 | 21.9 bp −$219 | 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 | −0.3089% | 1h | 1,474 | −0.193% | $34K | $275K | 12x | as long as short |
| ApeX Omni ZECUSDT | −0.0365% | 1h | 1,474 | −0.188% | $432K | $827K | 50x | as long as short |
| Ondo Perps ZEC-USD.P | −0.0315% | 1h | 1,473.5 | −0.224% | $400K | $517K | 5x | as long as short |
| Kraken Futures PF_ZECUSD | −0.0224% | 1h | 1,474.4 | −0.165% | $18.0M | $45.0M | 25x | as long as short |
| BloFin ZEC-USDT | −0.0110% | 8h | 1,474.6 | −0.152% | $29.5M | $75.8M | 75x | as long as short |
| Bybit ZECUSDT | −0.0082% | 8h | 1,474.2 | −0.180% | $273.6M | $665.6M | 75x | as long as short |
| Hotstuff ZEC-PERP | −0.0080% | 1h | 1,474 | −0.191% | $6K | $2K | 10x | as long as short |
| Variational Omni ZEC | −0.0037% | 8h | 1,468.5 | −0.565% | $46.8M | $33.5M | — | as long as short |
| dYdX ZEC-USD | 0.0000% | 1h | 1,473.8 | −0.205% | $415K | $104K | 5x | as long as short |
| Kalshi KXZECPERPlong | 0.0000% | 8h | 1,476.8 | long leg | $901K | $5.6M | 2.2x |
Injective ZEC/USDC PERP
ApeX Omni ZECUSDT
Ondo Perps ZEC-USD.P
Kraken Futures PF_ZECUSD
BloFin ZEC-USDT
Bybit ZECUSDT
Hotstuff ZEC-PERP
Variational Omni ZEC
dYdX ZEC-USDShow all 51 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Perpl ZEC | 0.0000% | 43m | 1,474.6 | −0.148% | $84K | $404K | 10x | as long as short |
| Deribit ZEC_USDC-PERPETUAL | 0.0000% | 1h | 1,475.4 | −0.098% | $615K | $1.3M | 25x | as long as short |
| gTrade (Gains Network) ZEC/USD | L +0.0007% / S −0.0006% | 1h | 1,475.1 | −0.113% | $5.2M | — | 150x | as long as short |
| Orderly PERP_ZEC_USDC | +0.0009% | 8h | 1,474.5 | −0.156% | $295K | $1.4M | 20x | as long as short |
| SoDEX ZEC-USD | +0.0026% | 1h | 1,474.2 | −0.174% | $227K | $4.5M | 10x | as long as short |
| 01 Exchange ZECUSD | +0.0032% | 1h | 1,475.2 | −0.112% | $8K | $8K | 5x | as long as short |
| GMX ZEC/USD [WBTC.b-USDC] | L +0.0038% / S +0.0009% | 1h | 1,474.9 | −0.128% | $366K | — | 100x | as long as short |
| OKX ZEC-USDT-SWAP | +0.0040% | 8h | 1,474.5 | −0.155% | $180.0M | $1.35B | 50x | as long as short |
| Gate ZEC_USDT | +0.0046% | 8h | 1,474.5 | −0.155% | $50.4M | $183.7M | 75x | as long as short |
| Phoenix ZEC | +0.0075% | 1h | 1,475.4 | −0.095% | $4.7M | $1.6M | 10x | as long as short |
| Popdex ZECUSDT | +0.0096% | 1h | 1,474.6 | −0.148% | $176K | $1.9M | 50x | as long as short |
| Katana Perps ZEC-USD | +0.0097% | 8h | 1,475.3 | −0.104% | $12K | $828K | 10x | as long as short |
| Paradex ZEC-USD-PERP | +0.0100% | 8h | 1,474.3 | −0.169% | $61K | $39K | 10x | as long as short |
| Nado ZEC-PERP | +0.0100% | 1h | 1,474.8 | −0.137% | $2.6M | $6.8M | 10x | as long as short |
| Hyperliquid ZEC | +0.0100% | 1h | 1,476 | −0.055% | $765.9M | $479.7M | 10x | as long as short |
| Aster ZECUSDT | +0.0100% | 8h | 1,474.4 | −0.164% | $15.6M | $32.5M | 75x | as long as short |
| Pacifica ZEC | +0.0100% | 1h | 1,474.8 | −0.136% | $1.7M | $2.9M | 10x | as long as short |
| Binance ZECUSDT | +0.0100% | 8h | 1,474.6 | −0.147% | $682.3M | $2.47B | 75x | as long as short |
| Arcus ZEC-USD | +0.0100% | 1h | 1,475.4 | −0.096% | $715K | $8.3M | 10x | as long as short |
| Bulk ZEC-USD | +0.0100% | 1h | 1,471.1 | −0.385% | $908K | $26K | 10x | as long as short |
| MEXC ZEC_USDT | +0.0100% | 8h | 1,474.8 | −0.134% | $222.4M | $829.2M | 150x | as long as short |
| KuCoin ZECUSDTM | +0.0100% | 8h | 1,474.3 | −0.169% | $104.2M | $56.0M | 75x | as long as short |
| Bitget ZECUSDT | +0.0100% | 8h | 1,474.8 | −0.139% | $162.9M | $303.9M | 75x | as long as short |
| BingX ZEC-USDC | +0.0100% | 8h | 1,473.5 | −0.224% | — | $6.7M | — | as long as short |
| edgeX ZECUSDC | +0.0100% | 4h | 1,473.3 | −0.236% | $515K | $9.2M | 20x | as long as short |
| GRVT ZEC_USDT_Perp | +0.0100% | 8h | 1,474.7 | −0.142% | $3.0M | $482K | 10x | as long as short |
| StandX ZEC-USD | +0.0100% | 1h | 1,475.4 | −0.098% | $110K | $4.8M | 30x | as long as short |
| Polymarket Perps ZEC-USD | +0.0100% | 1h | 1,474.6 | −0.150% | $348K | $1.9M | 10x | as long as short |
| Bullet ZEC-USD | +0.0100% | 1h | 1,475.1 | −0.117% | $128K | $159K | 20x | as long as short |
| Derive ZEC-PERP | +0.0100% | 1h | 1,473.1 | −0.249% | $449K | $502K | 6.7x | as long as short |
| SunX ZEC-USDT | +0.0100% | 8h | 1,477 | +0.010% | $3K | $1.2M | 20x | as long as short |
| HTX ZEC-USDT | +0.0100% | 8h | 1,473.5 | −0.228% | $2.5M | $23.3M | 75x | as long as short |
| Phemex ZECUSDT | +0.0100% | 8h | 1,474.6 | −0.152% | $3.9M | $5.3M | 50x | as long as short |
| Extended ZEC-USD | +0.0104% | 1h | 1,475 | −0.119% | $3.3M | $6.9M | 10x | as long as short |
| Aevo ZEC-PERP | +0.0104% | 1h | 1,474.4 | −0.160% | $37K | $366K | 20x | as long as short |
| Lighter ZEC | +0.0112% | 1h | 1,475.8 | −0.069% | $19.1M | $52.1M | 20x | as long as short |
| RISEx ZEC/USDC | +0.0132% | 1h | 1,475.3 | −0.103% | $836K | $1.3M | 10x | as long as short |
| Coinbase International ZEC-PERP-INTX | +0.0432% | 1h | 1,476.4 | −0.028% | $3.8M | $11.5M | 50x | as long as short |
| Lighter RH ZEC | +0.0464% | 1h | 1,476.4 | −0.028% | $2.0M | $8.2M | 10x | as long as short |
| Aftermath Perps ZECUSD | +0.0620% | 1h | 1,473 | −0.257% | $41K | $34K | 10x | as long as short |
| Backpack ZEC_USDC_PERPshort | +0.0621% | 1h | 1,474.6 | −0.150% | $2.4M | $3.7M | 15x |
Perpl ZEC
Deribit ZEC_USDC-PERPETUAL
gTrade (Gains Network) ZEC/USD
Orderly PERP_ZEC_USDC
SoDEX ZEC-USD
01 Exchange ZECUSD
GMX ZEC/USD [WBTC.b-USDC]
OKX ZEC-USDT-SWAP
Gate ZEC_USDT
Phoenix ZEC
Popdex ZECUSDT
Katana Perps ZEC-USD
Paradex ZEC-USD-PERP
Nado ZEC-PERP
Hyperliquid ZEC
Aster ZECUSDT
Pacifica ZEC
Binance ZECUSDT
Arcus ZEC-USD
Bulk ZEC-USD
MEXC ZEC_USDT
KuCoin ZECUSDTM
Bitget ZECUSDT
BingX ZEC-USDC
edgeX ZECUSDC
GRVT ZEC_USDT_Perp
StandX ZEC-USD
Polymarket Perps ZEC-USD
Bullet ZEC-USD
Derive ZEC-PERP
SunX ZEC-USDT
HTX ZEC-USDT
Phemex ZECUSDT
Extended ZEC-USD
Aevo ZEC-PERP
Lighter ZEC
RISEx ZEC/USDC
Coinbase International ZEC-PERP-INTX
Lighter RH ZEC
Aftermath Perps ZECUSD