ZEC

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0628%/8h= +68.8% APRnext payment +$0.79 per $10,000 · paid last 24h +0.041%

Price spread now: Backpack against Kraken Futures+0.042%7-day average −0.034% · you sell dearer than you buy

Net, funding: paid 7d − costs−$23as in the Funding arb table

Net, price: spread back to 7d avg − costs−$22as in the Price arb table

costs, in and out, $10k−$300.299% of the position

Long on Kraken Futures Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.065%+$6 on $10k

Price spread, last 3 days (all we have)−0.344%−$34 · spread now +0.042%, 7d avg −0.034%

Together, before fees−0.279%−$28 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$19 a day on $10k at the current rate, and Backpack is 0.076% dearer against Kraken Futures than usual: you sell high and buy low: +$8 more if the spread goes back to its 7-day average of −0.034%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.065% in total (about 3.4% a year). A funding rate is set anew for every payment; at this rate the next one is about +$0.79 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	Kraken Futures PF_ZECUSD	1,472.7	−0.0225	get 0.0028% / 1h	7m 52s	$17.9M	$44.2M	25x
Short	Backpack ZEC_USDC_PERP	1,473.3	0.0403	get 0.0050% / 1h	7m 52s	$2.5M	$3.8M	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Kraken Futures. 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 Kraken FuturesbpFee BackpackbpOrdersPrice spread, now +0.042%Rate

Funding earned: $131.92
Price spread: +0.042% → −0.034%: $7.56
Slippage, 4 orders: −$9.93
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Backpack: 5 bp × 2 orders: −$10
Net: $109.55
Costs to cover: 0.299%
Break-even: 1.2 days

Slippage from Kraken Futures: live order book, 1 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 Kraken Futures live order book, 1 min ago	0.85 bp	9.0 bp −$9	12.5 bp −$125	19.6 bp −$1,964	85.2 bp −$42.6K
Sell Backpack live order book, 1 min ago	0.03 bp	5.5 bp −$5	18.8 bp −$188	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	1,474.5	+0.124%	$34K	$275K	12x	as long as short
Ondo Perps ZEC-USD.P	−0.0258%	1h	1,472	−0.047%	$400K	$521K	5x	as long as short
Kraken Futures PF_ZECUSDlong	−0.0225%	1h	1,472.7	long leg	$17.9M	$44.2M	25x
Bybit ZECUSDT	−0.0114%	8h	1,471.7	−0.064%	$274.9M	$651.4M	75x	as long as short
BloFin ZEC-USDT	−0.0107%	8h	1,474.2	+0.101%	$29.7M	$74.9M	75x	as long as short
Hotstuff ZEC-PERP	−0.0080%	1h	1,473.9	+0.085%	$6K	$2K	10x	as long as short
Variational Omni ZEC	−0.0058%	8h	1,472.3	−0.026%	$47.5M	$34.3M	—	as long as short
dYdX ZEC-USD	0.0000%	1h	1,474.4	+0.118%	$415K	$104K	5x	as long as short
Kalshi KXZECPERP	0.0000%	8h	1,472.3	−0.028%	$959K	$5.6M	2.2x	as long as short
Perpl ZEC	0.0000%	43m	1,473.3	+0.041%	$84K	$406K	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	1,473.3	+0.040%	$615K	$1.3M	25x	as long as short
gTrade (Gains Network) ZEC/USD	L +0.0007% / S −0.0006%	1h	1,472.9	+0.016%	$5.2M	—	150x	as long as short
01 Exchange ZECUSD	+0.0008%	1h	1,473.7	+0.070%	$8K	$8K	5x	as long as short
Orderly PERP_ZEC_USDC	+0.0014%	8h	1,472.5	−0.016%	$295K	$1.4M	20x	as long as short
Phoenix ZEC	+0.0024%	1h	1,473.6	+0.060%	$4.7M	$1.6M	10x	as long as short
OKX ZEC-USDT-SWAP	+0.0039%	8h	1,472	−0.045%	$181.5M	$1.34B	50x	as long as short
Gate ZEC_USDT	+0.0048%	8h	1,472.4	−0.019%	$51.2M	$187.8M	75x	as long as short
ApeX Omni ZECUSDT	+0.0049%	1h	1,472	−0.049%	$431K	$843K	50x	as long as short
GMX ZEC/USD [WBTC.b-USDC]	L +0.0055% / S −0.0010%	1h	1,472.7	−0.002%	$372K	—	100x	as long as short
Lighter ZEC	+0.0096%	1h	1,473.9	+0.083%	$19.2M	$52.6M	20x	as long as short
Popdex ZECUSDT	+0.0096%	1h	1,473.2	+0.036%	$175K	$1.9M	50x	as long as short
Katana Perps ZEC-USD	+0.0097%	8h	1,474.4	+0.114%	$19K	$851K	10x	as long as short
Paradex ZEC-USD-PERP	+0.0100%	8h	1,473.6	+0.063%	$61K	$39K	10x	as long as short
Nado ZEC-PERP	+0.0100%	1h	1,474.4	+0.114%	$2.6M	$6.8M	10x	as long as short
Hyperliquid ZEC	+0.0100%	1h	1,473.6	+0.062%	$763.4M	$472.5M	10x	as long as short
Aster ZECUSDT	+0.0100%	8h	1,472.3	−0.029%	$15.0M	$32.5M	75x	as long as short
Pacifica ZEC	+0.0100%	1h	1,474.4	+0.116%	$1.7M	$2.9M	10x	as long as short
Binance ZECUSDT	+0.0100%	8h	1,472.2	−0.035%	$683.4M	$2.45B	75x	as long as short
Arcus ZEC-USD	+0.0100%	1h	1,474.7	+0.137%	$697K	$8.4M	10x	as long as short
Bulk ZEC-USD	+0.0100%	1h	1,472.8	+0.006%	$896K	$38K	10x	as long as short
MEXC ZEC_USDT	+0.0100%	8h	1,472.2	−0.033%	$226.3M	$845.5M	150x	as long as short
KuCoin ZECUSDTM	+0.0100%	8h	1,472.3	−0.024%	$104.5M	$56.3M	75x	as long as short
Bitget ZECUSDT	+0.0100%	8h	1,472.3	−0.029%	$163.6M	$300.8M	75x	as long as short
BingX ZEC-USDC	+0.0100%	8h	1,472.6	−0.006%	—	$6.7M	—	as long as short
edgeX ZECUSDC	+0.0100%	4h	1,471.5	−0.080%	$513K	$9.1M	20x	as long as short
GRVT ZEC_USDT_Perp	+0.0100%	8h	1,473	+0.022%	$3.0M	$454K	10x	as long as short
StandX ZEC-USD	+0.0100%	1h	1,473.5	+0.056%	$110K	$4.8M	30x	as long as short
Polymarket Perps ZEC-USD	+0.0100%	1h	1,472.4	−0.020%	$335K	$1.9M	10x	as long as short
Bullet ZEC-USD	+0.0100%	1h	1,472.1	−0.040%	$128K	$159K	20x	as long as short
Derive ZEC-PERP	+0.0100%	1h	1,470.9	−0.120%	$458K	$508K	6.7x	as long as short
SunX ZEC-USDT	+0.0100%	8h	1,475.5	+0.188%	$3K	$1.2M	20x	as long as short
SoDEX ZEC-USD	+0.0100%	1h	1,472.4	−0.018%	$238K	$4.4M	10x	as long as short
HTX ZEC-USDT	+0.0100%	8h	1,471.8	−0.060%	$2.5M	$22.7M	75x	as long as short
Phemex ZECUSDT	+0.0100%	8h	1,473.3	+0.043%	$3.9M	$5.3M	50x	as long as short
Extended ZEC-USD	+0.0104%	1h	1,472.8	+0.008%	$3.2M	$7.0M	10x	as long as short
Aevo ZEC-PERP	+0.0104%	1h	1,472.6	−0.007%	$37K	$366K	20x	as long as short
RISEx ZEC/USDC	+0.0132%	1h	1,474.2	+0.103%	$830K	$1.3M	10x	as long as short
Backpack ZEC_USDC_PERPshort	+0.0403%	1h	1,473.3	+0.042%	$2.5M	$3.8M	15x
Coinbase International ZEC-PERP-INTX	+0.0432%	1h	1,474.9	+0.153%	$3.8M	$10.6M	50x	as long as short
Lighter RH ZEC	+0.0440%	1h	1,474.6	+0.130%	$2.0M	$8.4M	10x	as long as short
Aftermath Perps ZECUSD	+0.0765%	1h	1,474	+0.086%	$46K	$47K	10x	as long as short