Funding arb · Price arb /

ZEC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0392%/8h= +43.0% APRpaid last 24h +0.024%

Price spread now: Backpack against OKX+0.045%46s7-day average +0.414% · you sell dearer than you buy

Net, funding: paid 7d − costs−$28as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$230.225% of the position

Long on OKX Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days−0.060%−$6 on $10k

Price spread, last 7 days−0.629%−$63 · spread now +0.045%, 7d avg +0.414%

Together, before fees−0.689%−$69 on $10k · with fees, hour by hour

Funding pays, the price is against you. Backpack is 0.369% cheaper against OKX than usual: you would sell low and buy high (spread +0.045% now, against its 7-day average of +0.414%). If the spread goes back, that is −$37 on $10k: about 3.1 days of funding at the current rate (+$12 a day). Mind the row above: over the last 7 days funding on this pair cost −0.060%, so the current rate has only just turned in your favour. The two prices were read 46 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.060% in total (about -3.1% 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	OKX ZEC-USDT-SWAP	1,469	0.0071	pay 0.0071% / 8h	6h 55m	$180.6M	$1.28B	50x
Short	Backpack ZEC_USDC_PERP	1,469.6	0.0464	get 0.0058% / 1h	55m 22s	$2.5M	$3.9M	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against OKX. 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 OKXbpFee BackpackbpOrdersPrice spread, now +0.045%Rate

Funding earned: $82.38
Price spread: +0.045% → +0.414%: −$36.92
Slippage, 4 orders: −$2.55
Fee OKX: 5 bp × 2 orders: −$10
Fee Backpack: 5 bp × 2 orders: −$10
Net: $22.92
Costs to cover: 0.225%
Break-even: 5.1 days

Slippage from OKX: live order book, 4 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 OKX live order book, 4 min ago	0.03 bp	6.2 bp −$6	8.5 bp −$85	16.1 bp −$1,606	doesn't fit
Sell Backpack live order book, 4 min ago	0.03 bp	5.6 bp −$6	17.1 bp −$171	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	−0.3678%	1h	1,470.8	+0.127%	$34K	$274K	12x	as long as short
Ondo Perps ZEC-USD.P	−0.0210%	1h	1,469.2	+0.017%	$399K	$516K	5x	as long as short
BloFin ZEC-USDT	−0.0114%	8h	1,469.6	+0.047%	$29.6M	$72.2M	75x	as long as short
Hotstuff ZEC-PERP	−0.0080%	1h	1,469.1	+0.009%	$6K	$1K	10x	as long as short
Kraken Futures PF_ZECUSD	−0.0002%	1h	1,469.3	+0.023%	$18.1M	$43.4M	25x	as long as short
dYdX ZEC-USD	0.0000%	1h	1,469.9	+0.063%	$414K	$103K	5x	as long as short
Kalshi KXZECPERP	0.0000%	8h	1,467.7	−0.084%	$957K	$5.1M	2.2x	as long as short
Perpl ZEC	0.0000%	43m	1,469	+0.006%	$83K	$405K	10x	as long as short
Variational Omni ZEC	+0.0002%	8h	1,467.3	−0.114%	$47.8M	$33.5M	—	as long as short
gTrade (Gains Network) ZEC/USD	L +0.0007% / S −0.0006%	1h	1,468.9	−0.001%	$5.2M	—	150x	as long as short

Show all 51 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
01 Exchange ZECUSD	+0.0016%	1h	1,468.1	−0.061%	$8K	$9K	5x	as long as short
Orderly PERP_ZEC_USDC	+0.0024%	8h	1,468.9	−0.003%	$293K	$1.1M	20x	as long as short
Phoenix ZEC	+0.0054%	1h	1,468.4	−0.037%	$4.6M	$1.5M	10x	as long as short
GMX ZEC/USD [WBTC.b-USDC]	L +0.0055% / S −0.0010%	1h	1,468.9	−0.007%	$382K	—	100x	as long as short
OKX ZEC-USDT-SWAPlong	+0.0071%	8h	1,469	long leg	$180.6M	$1.28B	50x
Gate ZEC_USDT	+0.0087%	8h	1,468.6	−0.024%	$49.9M	$173.2M	75x	as long as short
Popdex ZECUSDT	+0.0096%	1h	1,468.9	−0.001%	$173K	$1.8M	50x	as long as short
Katana Perps ZEC-USD	+0.0100%	8h	1,469.1	+0.009%	$14K	$845K	10x	as long as short
Paradex ZEC-USD-PERP	+0.0100%	8h	1,469.3	+0.024%	$61K	$39K	10x	as long as short
Nado ZEC-PERP	+0.0100%	1h	1,469.3	+0.023%	$2.6M	$6.5M	10x	as long as short
Hyperliquid ZEC	+0.0100%	1h	1,469.8	+0.058%	$765.1M	$451.7M	10x	as long as short
Aster ZECUSDT	+0.0100%	8h	1,469	+0.005%	$14.9M	$31.1M	75x	as long as short
Pacifica ZEC	+0.0100%	1h	1,469.2	+0.018%	$1.7M	$2.8M	10x	as long as short
Binance ZECUSDT	+0.0100%	8h	1,469	+0.003%	$681.5M	$2.34B	75x	as long as short
Bybit ZECUSDT	+0.0100%	8h	1,468.6	−0.026%	$271.7M	$625.4M	75x	as long as short
Bulk ZEC-USD	+0.0100%	1h	1,470.7	+0.116%	$895K	$17K	10x	as long as short
MEXC ZEC_USDT	+0.0100%	8h	1,468.9	−0.003%	$218.0M	$789.8M	150x	as long as short
KuCoin ZECUSDTM	+0.0100%	8h	1,468.7	−0.014%	$103.6M	$55.4M	75x	as long as short
Bitget ZECUSDT	+0.0100%	8h	1,468.7	−0.020%	$163.2M	$286.8M	75x	as long as short
BingX ZEC-USDT	+0.0100%	8h	1,468.9	−0.005%	—	$100.2M	—	as long as short
edgeX ZECUSDC	+0.0100%	4h	1,470.4	+0.099%	$572K	$9.0M	20x	as long as short
GRVT ZEC_USDT_Perp	+0.0100%	8h	1,469.4	+0.033%	$3.0M	$450K	10x	as long as short
ApeX Omni ZECUSDT	+0.0100%	1h	1,469.5	+0.037%	$427K	$883K	50x	as long as short
StandX ZEC-USD	+0.0100%	1h	1,471.1	+0.149%	$71K	$4.7M	30x	as long as short
Polymarket Perps ZEC-USD	+0.0100%	1h	1,468.7	−0.017%	$340K	$1.7M	10x	as long as short
Bullet ZEC-USD	+0.0100%	1h	1,468.4	−0.036%	$128K	$159K	20x	as long as short
Derive ZEC-PERP	+0.0100%	1h	1,467.1	−0.127%	$457K	$510K	6.7x	as long as short
SunX ZEC-USDT	+0.0100%	8h	1,471.3	+0.158%	$3K	$1.2M	20x	as long as short
SoDEX ZEC-USD	+0.0100%	1h	1,468.8	−0.012%	$242K	$3.8M	10x	as long as short
HTX ZEC-USDT	+0.0100%	8h	1,467.9	−0.073%	$2.5M	$19.1M	75x	as long as short
Phemex ZECUSDT	+0.0100%	8h	1,468.7	−0.019%	$3.8M	$5.2M	50x	as long as short
Extended ZEC-USD	+0.0104%	1h	1,469.1	+0.008%	$3.2M	$7.0M	10x	as long as short
Aevo ZEC-PERP	+0.0104%	1h	1,469.3	+0.022%	$51K	$164K	20x	as long as short
Deribit ZEC_USDC-PERPETUAL	+0.0171%	1h	1,469.4	+0.030%	$604K	$1.3M	25x	as long as short
Lighter ZEC	+0.0200%	1h	1,470.5	+0.108%	$19.1M	$47.8M	20x	as long as short
Arcus ZEC-USD	+0.0254%	1h	1,470.4	+0.100%	$693K	$8.6M	10x	as long as short
Lighter RH ZEC	+0.0296%	1h	1,471.3	+0.160%	$2.0M	$7.0M	10x	as long as short
RISEx ZEC/USDC	+0.0374%	1h	1,469.5	+0.039%	$853K	$1.0M	10x	as long as short
Backpack ZEC_USDC_PERPshort	+0.0464%	1h	1,469.6	+0.045%	$2.5M	$3.9M	15x
Coinbase International ZEC-PERP-INTX	+0.0472%	1h	1,468.7	−0.014%	$3.7M	$9.7M	50x	as long as short
Aftermath Perps ZECUSD	+0.0752%	1h	1,469.6	+0.044%	$43K	$46K	10x	as long as short