Funding arb · Price arb /

ZEC

all ZEC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0184%/8h= +20.1% APRpaid last 24h +0.017%

Price spread now: Backpack against KuCoin−0.055%7-day average +0.410% · you buy dearer than you sell

Net, funding: paid 7d − costs−$40as in the Funding arb table

Net, price: spread back to 7d avg − costs−$80as in the Price arb table

costs, in and out, $10k−$330.334% of the position

Long on KuCoin Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days−0.065%−$7 on $10k

Price spread, last 7 days−0.426%−$43 · spread now −0.055%, 7d avg +0.410%

Together, before fees−0.491%−$49 on $10k · with fees, hour by hour

Funding pays, the price is against you. Backpack is 0.466% cheaper against KuCoin than usual: you would sell low and buy high (spread −0.055% now, against its 7-day average of +0.410%). If the spread goes back, that is −$47 on $10k: about 8.5 days of funding at the current rate (+$6 a day). Mind the row above: over the last 7 days funding on this pair cost −0.065%, 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 -0.065% in total (about -3.4% 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	KuCoin ZECUSDTM	1,463.3	0.0100	pay 0.0100% / 8h	3h 12m	$103.1M	$53.1M	75x
Short	Backpack ZEC_USDC_PERP	1,462.4	0.0284	get 0.0035% / 1h	12m 10s	$2.4M	$3.8M	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against KuCoin. 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 KuCoinbpFee BackpackbpOrdersPrice spread, now −0.055%Rate

Funding earned: $38.54
Price spread: −0.055% → +0.410%: −$46.56
Slippage, 4 orders: −$11.39
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$41.41
Costs to cover: 0.334%
Break-even: 14.5 days

Slippage from KuCoin: live order book, 2 min ago; Backpack: live order book, 2 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 KuCoin live order book, 2 min ago	0.75 bp	9.3 bp −$9	14.1 bp −$141	doesn't fit	doesn't fit
Sell Backpack live order book, 2 min ago	0.03 bp	5.4 bp −$5	17.4 bp −$174	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	−0.3042%	1h	1,461.1	−0.150%	$34K	$272K	12x	as long as short
Hotstuff ZEC-PERP	−0.0080%	1h	1,463.4	+0.008%	$6K	$1K	10x	as long as short
BloFin ZEC-USDT	−0.0071%	8h	1,461.9	−0.096%	$29.6M	$70.7M	75x	as long as short
dYdX ZEC-USD	0.0000%	1h	1,462.8	−0.031%	$407K	$40K	5x	as long as short
Perpl ZEC	0.0000%	43m	1,463.1	−0.008%	$84K	$239K	10x	as long as short
gTrade (Gains Network) ZEC/USD	L +0.0007% / S −0.0006%	1h	1,463.9	+0.041%	$5.2M	—	150x	as long as short
Orderly PERP_ZEC_USDC	+0.0063%	8h	1,463.7	+0.032%	$293K	$910K	20x	as long as short
Ondo Perps ZEC-USD.P	+0.0078%	1h	1,460.4	−0.195%	$396K	$435K	5x	as long as short
GMX ZEC/USD [WBTC.b-USDC]	L +0.0088% / S −0.0039%	1h	1,463.6	+0.025%	$436K	—	100x	as long as short
Popdex ZECUSDT	+0.0096%	1h	1,462.9	−0.023%	$175K	$1.6M	50x	as long as short

Show all 51 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Katana Perps ZEC-USD	+0.0100%	8h	1,464.1	+0.058%	$14K	$804K	10x	as long as short
Paradex ZEC-USD-PERP	+0.0100%	8h	1,463	−0.015%	$60K	$43K	10x	as long as short
Nado ZEC-PERP	+0.0100%	1h	1,462.3	−0.066%	$2.9M	$6.5M	10x	as long as short
Aster ZECUSDT	+0.0100%	8h	1,463.6	+0.026%	$14.6M	$27.8M	75x	as long as short
Pacifica ZEC	+0.0100%	1h	1,462.8	−0.028%	$1.7M	$2.4M	10x	as long as short
Binance ZECUSDT	+0.0100%	8h	1,463.5	+0.017%	$673.8M	$2.18B	75x	as long as short
Bybit ZECUSDT	+0.0100%	8h	1,463.2	−0.006%	$262.1M	$589.7M	75x	as long as short
OKX ZEC-USDT-SWAP	+0.0100%	8h	1,463.7	+0.029%	$179.6M	$1.21B	50x	as long as short
Bulk ZEC-USD	+0.0100%	1h	1,460.6	−0.180%	$882K	$17K	10x	as long as short
Gate ZEC_USDT	+0.0100%	8h	1,463.7	+0.031%	$52.2M	$172.7M	75x	as long as short
MEXC ZEC_USDT	+0.0100%	8h	1,463.6	+0.024%	$220.5M	$773.2M	150x	as long as short
KuCoin ZECUSDTMlong	+0.0100%	8h	1,463.3	long leg	$103.1M	$53.1M	75x
Bitget ZECUSDT	+0.0100%	8h	1,464	+0.051%	$166.2M	$268.3M	75x	as long as short
BingX ZEC-USDT	+0.0100%	8h	1,463.7	+0.029%	—	$106.6M	—	as long as short
Variational Omni ZEC	+0.0100%	8h	1,458.8	−0.306%	$47.8M	$32.5M	—	as long as short
edgeX ZECUSDC	+0.0100%	4h	1,460.1	−0.216%	$568K	$8.5M	20x	as long as short
GRVT ZEC_USDT_Perp	+0.0100%	8h	1,461.4	−0.126%	$3.0M	$464K	10x	as long as short
ApeX Omni ZECUSDT	+0.0100%	1h	1,458.6	−0.315%	$403K	$944K	50x	as long as short
StandX ZEC-USD	+0.0100%	1h	1,462.1	−0.080%	$49K	$4.7M	30x	as long as short
Polymarket Perps ZEC-USD	+0.0100%	1h	1,462.7	−0.038%	$357K	$1.8M	10x	as long as short
Bullet ZEC-USD	+0.0100%	1h	1,463.3	+0.003%	$161K	$186K	20x	as long as short
Derive ZEC-PERP	+0.0100%	1h	1,462.7	−0.035%	$447K	$504K	6.7x	as long as short
SunX ZEC-USDT	+0.0100%	8h	1,464.3	+0.073%	$3K	$1.1M	20x	as long as short
SoDEX ZEC-USD	+0.0100%	1h	1,463.7	+0.031%	$234K	$3.2M	10x	as long as short
HTX ZEC-USDT	+0.0100%	8h	1,463.1	−0.012%	$2.7M	$18.3M	75x	as long as short
Phemex ZECUSDT	+0.0100%	8h	1,463.2	−0.007%	$3.9M	$4.9M	50x	as long as short
Extended ZEC-USD	+0.0104%	1h	1,463.6	+0.026%	$2.8M	$7.7M	10x	as long as short
Aevo ZEC-PERP	+0.0104%	1h	1,463.5	+0.019%	$47K	$151K	20x	as long as short
Phoenix ZEC	+0.0116%	1h	1,462.7	−0.038%	$4.7M	$1.3M	10x	as long as short
01 Exchange ZECUSD	+0.0120%	1h	1,463.6	+0.023%	$8K	$7K	5x	as long as short
Lighter RH ZEC	+0.0128%	1h	1,464.9	+0.110%	$2.1M	$7.0M	10x	as long as short
Hyperliquid ZEC	+0.0146%	1h	1,464.1	+0.058%	$762.9M	$424.9M	10x	as long as short
Lighter ZEC	+0.0168%	1h	1,465.1	+0.126%	$19.4M	$45.4M	20x	as long as short
Kalshi KXZECPERP	+0.0187%	8h	1,463.6	+0.022%	$1.5M	$4.4M	2.2x	as long as short
RISEx ZEC/USDC	+0.0216%	1h	1,463.3	+0.002%	$925K	$1.1M	10x	as long as short
Deribit ZEC_USDC-PERPETUAL	+0.0219%	1h	1,464.7	+0.101%	$616K	$1.3M	25x	as long as short
Backpack ZEC_USDC_PERPshort	+0.0284%	1h	1,462.4	−0.055%	$2.4M	$3.8M	15x
Kraken Futures PF_ZECUSD	+0.0331%	1h	1,463.4	+0.010%	$18.1M	$45.2M	25x	as long as short
Arcus ZEC-USD	+0.0344%	1h	1,464.3	+0.072%	$685K	$8.1M	10x	as long as short
Coinbase International ZEC-PERP-INTX	+0.0464%	1h	1,464.8	+0.103%	$3.8M	$9.1M	50x	as long as short
Aftermath Perps ZECUSD	+0.0687%	1h	1,461.3	−0.133%	$45K	$49K	10x	as long as short