Funding you earn now, next payment 06:00 UTC+0.0218%/8h= +23.9% APRpaid last 24h +0.043%
Price spread now: Backpack against Orderly+0.112%7-day average −0.009% · you sell dearer than you buy
to open and closeno order booka leg has no order-book sample
Funding, last 7 days+0.038%+$4 on $10k
+Price spread, last 4 days (all we have)−0.390%−$39 · spread now +0.112%, 7d avg −0.009%
=Both sides work for this trade now. Funding pays +$7 a day on $10k at the current rate, and Backpack is 0.121% dearer against Orderly than usual: you sell high and buy low: +$12 more if the spread goes back to its 7-day average of −0.009%.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.038% in total (about 2.0% 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 | Orderly PERP_ZEC_USDC | 1,462.9 | 0.0062 | pay 0.0062% / 8h | 2h 43m | $292K | $900K | 20x |
| Short | Backpack ZEC_USDC_PERP | 1,464.5 | 0.0279 | get 0.0035% / 1h | 43m 29s | $2.4M | $3.7M | 15x |
Orderly PERP_ZEC_USDC
Backpack ZEC_USDC_PERPFunding history
latest
Range statsloading…
Price spread between the two exchanges
Backpack against Orderly. 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
- $45.77
- Price spread: +0.112% → −0.009%
- $12.12
- Slippage, 4 orders
- no order book: not counted
- Fee Orderly: 3 bp × 2 orders
- −$6
- Fee Backpack: 5 bp × 2 orders
- −$10
- Net
- $41.89
- Costs to cover
- 0.160%
- Break-even
- 0.6 days
Slippage unknown: Orderly: no order-book sample; Backpack: live order book, 1 min ago. Net counts fees only.
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 Orderly no order-book sample | — | — | — | — | — |
| Sell Backpack live order book, 1 min ago | 0.03 bp | 5.6 bp −$6 | 12.7 bp −$127 | doesn't fit | doesn't fit |
Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.
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 | −0.3243% | 1h | 1,463.5 | +0.044% | $34K | $272K | 12x | as long as short |
| Hotstuff ZEC-PERP | −0.0080% | 1h | 1,462.9 | +0.002% | $6K | $1K | 10x | as long as short |
| BloFin ZEC-USDT | −0.0068% | 8h | 1,462.6 | −0.014% | $29.7M | $70.6M | 75x | as long as short |
| dYdX ZEC-USD | 0.0000% | 1h | 1,463.7 | +0.056% | $407K | $37K | 5x | as long as short |
| Kalshi KXZECPERP | 0.0000% | 8h | 1,462.8 | −0.005% | $1.5M | $4.4M | 2.2x | as long as short |
| Perpl ZEC | 0.0000% | 43m | 1,463.6 | +0.053% | $84K | $239K | 10x | as long as short |
| gTrade (Gains Network) ZEC/USD | L +0.0007% / S −0.0006% | 1h | 1,464.2 | +0.092% | $5.2M | — | 150x | as long as short |
| Deribit ZEC_USDC-PERPETUAL | +0.0040% | 1h | 1,463.7 | +0.055% | $616K | $1.3M | 25x | as long as short |
| 01 Exchange ZECUSD | +0.0040% | 1h | 1,464.1 | +0.082% | $8K | $7K | 5x | as long as short |
| Orderly PERP_ZEC_USDClong | +0.0062% | 8h | 1,462.9 | long leg | $292K | $900K | 20x |
Injective ZEC/USDC PERP
Hotstuff ZEC-PERP
BloFin ZEC-USDT
dYdX ZEC-USD
Kalshi KXZECPERP
Perpl ZEC
gTrade (Gains Network) ZEC/USD
Deribit ZEC_USDC-PERPETUAL
01 Exchange ZECUSDShow all 51 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Bybit ZECUSDT | +0.0092% | 8h | 1,464.2 | +0.089% | $261.3M | $588.2M | 75x | as long as short |
| Phoenix ZEC | +0.0092% | 1h | 1,464.1 | +0.085% | $4.7M | $1.3M | 10x | as long as short |
| GMX ZEC/USD [WBTC.b-USDC] | L +0.0094% / S −0.0048% | 1h | 1,463.9 | +0.072% | $436K | — | 100x | as long as short |
| Lighter RH ZEC | +0.0096% | 1h | 1,465.8 | +0.200% | $2.1M | $7.1M | 10x | as long as short |
| Popdex ZECUSDT | +0.0096% | 1h | 1,464 | +0.079% | $174K | $1.6M | 50x | as long as short |
| Katana Perps ZEC-USD | +0.0100% | 8h | 1,463.6 | +0.048% | $13K | $811K | 10x | as long as short |
| Paradex ZEC-USD-PERP | +0.0100% | 8h | 1,464.6 | +0.117% | $60K | $43K | 10x | as long as short |
| Nado ZEC-PERP | +0.0100% | 1h | 1,464.4 | +0.108% | $2.9M | $6.3M | 10x | as long as short |
| Hyperliquid ZEC | +0.0100% | 1h | 1,465.1 | +0.154% | $762.6M | $419.6M | 10x | as long as short |
| Aster ZECUSDT | +0.0100% | 8h | 1,464 | +0.081% | $14.4M | $28.0M | 75x | as long as short |
| Pacifica ZEC | +0.0100% | 1h | 1,464.6 | +0.118% | $1.7M | $2.4M | 10x | as long as short |
| Binance ZECUSDT | +0.0100% | 8h | 1,464.3 | +0.101% | $675.5M | $2.17B | 75x | as long as short |
| OKX ZEC-USDT-SWAP | +0.0100% | 8h | 1,463.8 | +0.067% | $178.2M | $1.20B | 50x | as long as short |
| Ondo Perps ZEC-USD.P | +0.0100% | 1h | 1,463.4 | +0.038% | $397K | $429K | 5x | as long as short |
| Bulk ZEC-USD | +0.0100% | 1h | 1,464.4 | +0.107% | $885K | $17K | 10x | as long as short |
| Gate ZEC_USDT | +0.0100% | 8h | 1,464 | +0.077% | $52.8M | $170.1M | 75x | as long as short |
| MEXC ZEC_USDT | +0.0100% | 8h | 1,464 | +0.077% | $218.4M | $758.9M | 150x | as long as short |
| KuCoin ZECUSDTM | +0.0100% | 8h | 1,464 | +0.079% | $103.2M | $52.8M | 75x | as long as short |
| Bitget ZECUSDT | +0.0100% | 8h | 1,464.3 | +0.096% | $165.8M | $267.0M | 75x | as long as short |
| BingX ZEC-USDT | +0.0100% | 8h | 1,464 | +0.079% | — | $107.8M | — | as long as short |
| Variational Omni ZEC | +0.0100% | 8h | 1,462.5 | −0.023% | $48.0M | $32.4M | — | as long as short |
| edgeX ZECUSDC | +0.0100% | 4h | 1,464.4 | +0.105% | $571K | $8.5M | 20x | as long as short |
| GRVT ZEC_USDT_Perp | +0.0100% | 8h | 1,463.1 | +0.018% | $3.0M | $467K | 10x | as long as short |
| ApeX Omni ZECUSDT | +0.0100% | 1h | 1,463.4 | +0.036% | $405K | $924K | 50x | as long as short |
| StandX ZEC-USD | +0.0100% | 1h | 1,462.8 | −0.001% | $49K | $4.7M | 30x | as long as short |
| Polymarket Perps ZEC-USD | +0.0100% | 1h | 1,463.8 | +0.065% | $358K | $1.7M | 10x | as long as short |
| Bullet ZEC-USD | +0.0100% | 1h | 1,463.8 | +0.068% | $161K | $186K | 20x | as long as short |
| Derive ZEC-PERP | +0.0100% | 1h | 1,462 | −0.056% | $446K | $506K | 6.7x | as long as short |
| SunX ZEC-USDT | +0.0100% | 8h | 1,465.1 | +0.152% | $3K | $1.1M | 20x | as long as short |
| SoDEX ZEC-USD | +0.0100% | 1h | 1,463 | +0.010% | $234K | $3.2M | 10x | as long as short |
| HTX ZEC-USDT | +0.0100% | 8h | 1,462 | −0.056% | $2.7M | $18.3M | 75x | as long as short |
| Phemex ZECUSDT | +0.0100% | 8h | 1,463.4 | +0.038% | $3.9M | $4.7M | 50x | as long as short |
| Extended ZEC-USD | +0.0104% | 1h | 1,464.2 | +0.091% | $2.8M | $7.8M | 10x | as long as short |
| Aevo ZEC-PERP | +0.0104% | 1h | 1,463.1 | +0.015% | $47K | $151K | 20x | as long as short |
| Lighter ZEC | +0.0120% | 1h | 1,465.7 | +0.194% | $19.4M | $43.8M | 20x | as long as short |
| Kraken Futures PF_ZECUSD | +0.0147% | 1h | 1,462.8 | −0.003% | $18.0M | $45.6M | 25x | as long as short |
| RISEx ZEC/USDC | +0.0154% | 1h | 1,464.3 | +0.097% | $926K | $1.1M | 10x | as long as short |
| Backpack ZEC_USDC_PERPshort | +0.0279% | 1h | 1,464.5 | +0.112% | $2.4M | $3.7M | 15x | |
| Coinbase International ZEC-PERP-INTX | +0.0496% | 1h | 1,465.1 | +0.155% | $3.7M | $9.2M | 50x | as long as short |
| Arcus ZEC-USD | +0.0508% | 1h | 1,465.4 | +0.173% | $670K | $8.1M | 10x | as long as short |
| Aftermath Perps ZECUSD | +0.0677% | 1h | 1,464.7 | +0.129% | $45K | $49K | 10x | as long as short |
Bybit ZECUSDT
Phoenix ZEC
GMX ZEC/USD [WBTC.b-USDC]
Lighter RH ZEC
Popdex ZECUSDT
Katana Perps ZEC-USD
Paradex ZEC-USD-PERP
Nado ZEC-PERP
Hyperliquid ZEC
Aster ZECUSDT
Pacifica ZEC
Binance ZECUSDT
OKX ZEC-USDT-SWAP
Ondo Perps ZEC-USD.P
Bulk ZEC-USD
Gate ZEC_USDT
MEXC ZEC_USDT
KuCoin ZECUSDTM
Bitget ZECUSDT
BingX ZEC-USDT
Variational Omni ZEC
edgeX ZECUSDC
GRVT ZEC_USDT_Perp
ApeX Omni ZECUSDT
StandX ZEC-USD
Polymarket Perps ZEC-USD
Bullet ZEC-USD
Derive ZEC-PERP
SunX ZEC-USDT
SoDEX ZEC-USD
HTX ZEC-USDT
Phemex ZECUSDT
Extended ZEC-USD
Aevo ZEC-PERP
Lighter ZEC
Kraken Futures PF_ZECUSD
RISEx ZEC/USDC
Coinbase International ZEC-PERP-INTX
Arcus ZEC-USD
Aftermath Perps ZECUSD