Funding you earn now, next payment 23:00 UTC+0.0291%/8h= +31.8% APRnext payment +$0.36 per $10,000 · paid last 24h +0.004%
Price spread now: Backpack against Polymarket Perps+0.119%7-day average +0.385% · you sell dearer than you buy
Net, funding: paid 7d − costs−$36as in the Funding arb table
Net, price: spread back to 7d avg − costs−$55as in the Price arb table
costs, in and out, $10k−$280.282% of the position
Funding, last 7 days−0.082%−$8 on $10k
+Price spread, last 7 days−0.872%−$87 · spread now +0.119%, 7d avg +0.385%
=Funding pays, the price is against you. Backpack is 0.266% cheaper against Polymarket Perps than usual: you would sell low and buy high (spread +0.119% now, against its 7-day average of +0.385%). If the spread goes back, that is −$27 on $10k: about 3.1 days of funding at the current rate (+$9 a day). Mind the row above: over the last 7 days funding on this pair cost −0.082%, 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 -0.082% in total (about -4.3% a year). A funding rate is set anew for every payment; at this rate the next one is about +$0.36 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 | Polymarket Perps ZEC-USD | 1,467.8 | 0.0100 | pay 0.0013% / 1h | 56m 20s | $344K | $2.0M | 10x |
| Short | Backpack ZEC_USDC_PERP | 1,469.5 | 0.0391 | get 0.0049% / 1h | 56m 20s | $2.4M | $4.1M | 15x |
Polymarket Perps ZEC-USD
Backpack ZEC_USDC_PERPFunding history
latest
Range statsloading…
Price spread between the two exchanges
Backpack against Polymarket Perps. 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
- $61.07
- Price spread: +0.119% → +0.385%
- −$26.63
- Slippage, 4 orders
- −$10.15
- Fee Polymarket Perps: 4 bp × 2 orders
- −$8
- Fee Backpack: 5 bp × 2 orders
- −$10
- Net
- $6.29
- Costs to cover
- 0.282%
- Break-even
- 6.3 days
Slippage from Polymarket Perps: live order book, 2 min ago; Backpack: live order book, 3 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 Polymarket Perps live order book, 2 min ago | 1.37 bp | 7.3 bp −$7 | 10.6 bp −$106 | 31.3 bp −$3,134 | doesn't fit |
| Sell Backpack live order book, 3 min ago | 0.03 bp | 7.2 bp −$7 | 24.1 bp −$241 | 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 | −0.3310% | 1h | 1,465.3 | −0.169% | $34K | $275K | 12x | as long as short |
| Kraken Futures PF_ZECUSD | −0.0404% | 1h | 1,468.7 | +0.061% | $17.8M | $44.7M | 25x | as long as short |
| BloFin ZEC-USDT | −0.0101% | 8h | 1,468.3 | +0.035% | $29.1M | $76.1M | 75x | as long as short |
| Hotstuff ZEC-PERP | −0.0080% | 1h | 1,468.3 | +0.033% | $6K | $2K | 10x | as long as short |
| Bybit ZECUSDT | −0.0042% | 8h | 1,467.7 | −0.010% | $271.4M | $680.4M | 75x | as long as short |
| Variational Omni ZEC | −0.0018% | 8h | 1,461.1 | −0.453% | $46.6M | $34.3M | — | as long as short |
| Ondo Perps ZEC-USD.P | −0.0003% | 1h | 1,463.8 | −0.273% | $398K | $517K | 5x | as long as short |
| dYdX ZEC-USD | 0.0000% | 1h | 1,468.8 | +0.070% | $414K | $106K | 5x | as long as short |
| Kalshi KXZECPERP | 0.0000% | 8h | 1,467.9 | +0.007% | $941K | $5.6M | 2.2x | as long as short |
| Perpl ZEC | 0.0000% | 43m | 1,468.1 | +0.022% | $83K | $401K | 10x | as long as short |
Injective ZEC/USDC PERP
Kraken Futures PF_ZECUSD
BloFin ZEC-USDT
Hotstuff ZEC-PERP
Bybit ZECUSDT
Variational Omni ZEC
Ondo Perps ZEC-USD.P
dYdX ZEC-USD
Kalshi KXZECPERP
Perpl ZECShow all 51 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Deribit ZEC_USDC-PERPETUAL | 0.0000% | 1h | 1,469.1 | +0.085% | $598K | $1.3M | 25x | as long as short |
| gTrade (Gains Network) ZEC/USD | L +0.0007% / S −0.0006% | 1h | 1,468.6 | +0.057% | $5.2M | — | 150x | as long as short |
| GMX ZEC/USD [WBTC.b-USDC] | L +0.0010% / S +0.0078% | 1h | 1,468.3 | +0.035% | $561K | — | 100x | as long as short |
| Orderly PERP_ZEC_USDC | +0.0015% | 8h | 1,467.8 | +0.001% | $294K | $1.5M | 20x | as long as short |
| OKX ZEC-USDT-SWAP | +0.0053% | 8h | 1,468 | +0.014% | $176.1M | $1.37B | 50x | as long as short |
| 01 Exchange ZECUSD | +0.0056% | 1h | 1,468.5 | +0.050% | $8K | $8K | 5x | as long as short |
| Gate ZEC_USDT | +0.0059% | 8h | 1,468.2 | +0.029% | $50.2M | $183.1M | 75x | as long as short |
| Katana Perps ZEC-USD | +0.0096% | 8h | 1,468.2 | +0.029% | $16K | $864K | 10x | as long as short |
| Lighter ZEC | +0.0096% | 1h | 1,469.1 | +0.086% | $19.0M | $52.2M | 20x | as long as short |
| Popdex ZECUSDT | +0.0096% | 1h | 1,468.3 | +0.037% | $174K | $2.0M | 50x | as long as short |
| Paradex ZEC-USD-PERP | +0.0100% | 8h | 1,468.1 | +0.023% | $60K | $39K | 10x | as long as short |
| Nado ZEC-PERP | +0.0100% | 1h | 1,468.5 | +0.050% | $2.5M | $7.1M | 10x | as long as short |
| Hyperliquid ZEC | +0.0100% | 1h | 1,469.1 | +0.089% | $761.9M | $495.8M | 10x | as long as short |
| Aster ZECUSDT | +0.0100% | 8h | 1,468.5 | +0.048% | $15.4M | $33.8M | 75x | as long as short |
| Pacifica ZEC | +0.0100% | 1h | 1,468.3 | +0.035% | $1.7M | $3.1M | 10x | as long as short |
| Binance ZECUSDT | +0.0100% | 8h | 1,468.1 | +0.022% | $672.1M | $2.54B | 75x | as long as short |
| Bulk ZEC-USD | +0.0100% | 1h | 1,460.8 | −0.478% | $899K | $25K | 10x | as long as short |
| MEXC ZEC_USDT | +0.0100% | 8h | 1,468.2 | +0.030% | $223.1M | $848.8M | 150x | as long as short |
| KuCoin ZECUSDTM | +0.0100% | 8h | 1,468.4 | +0.040% | $103.7M | $57.1M | 75x | as long as short |
| Bitget ZECUSDT | +0.0100% | 8h | 1,468.2 | +0.027% | $162.6M | $311.1M | 75x | as long as short |
| BingX ZEC-USDC | +0.0100% | 8h | 1,467.1 | −0.046% | — | $6.7M | — | as long as short |
| edgeX ZECUSDC | +0.0100% | 4h | 1,463.9 | −0.266% | $510K | $9.4M | 20x | as long as short |
| GRVT ZEC_USDT_Perp | +0.0100% | 8h | 1,462.6 | −0.355% | $3.0M | $492K | 10x | as long as short |
| ApeX Omni ZECUSDT | +0.0100% | 1h | 1,462.4 | −0.371% | $429K | $817K | 50x | as long as short |
| StandX ZEC-USD | +0.0100% | 1h | 1,468.2 | +0.026% | $110K | $4.8M | 30x | as long as short |
| Polymarket Perps ZEC-USDlong | +0.0100% | 1h | 1,467.8 | long leg | $344K | $2.0M | 10x | |
| Bullet ZEC-USD | +0.0100% | 1h | 1,468.1 | +0.017% | $128K | $160K | 20x | as long as short |
| Derive ZEC-PERP | +0.0100% | 1h | 1,466.5 | −0.087% | $448K | $498K | 6.7x | as long as short |
| SunX ZEC-USDT | +0.0100% | 8h | 1,469.6 | +0.122% | $3K | $1.3M | 20x | as long as short |
| SoDEX ZEC-USD | +0.0100% | 1h | 1,468.5 | +0.048% | $223K | $4.7M | 10x | as long as short |
| HTX ZEC-USDT | +0.0100% | 8h | 1,467.6 | −0.017% | $2.4M | $24.5M | 75x | as long as short |
| Phemex ZECUSDT | +0.0100% | 8h | 1,469.2 | +0.094% | $3.8M | $5.4M | 50x | as long as short |
| Phoenix ZEC | +0.0103% | 1h | 1,464.5 | −0.228% | $4.6M | $1.6M | 10x | as long as short |
| Extended ZEC-USD | +0.0104% | 1h | 1,468.8 | +0.068% | $3.3M | $7.0M | 10x | as long as short |
| Aevo ZEC-PERP | +0.0104% | 1h | 1,468.1 | +0.021% | $37K | $362K | 20x | as long as short |
| RISEx ZEC/USDC | +0.0190% | 1h | 1,468.9 | +0.073% | $846K | $1.8M | 10x | as long as short |
| Backpack ZEC_USDC_PERPshort | +0.0391% | 1h | 1,469.5 | +0.119% | $2.4M | $4.1M | 15x | |
| Coinbase International ZEC-PERP-INTX | +0.0424% | 1h | 1,469.9 | +0.140% | $3.7M | $11.7M | 50x | as long as short |
| Arcus ZEC-USD | +0.0444% | 1h | 1,469.1 | +0.086% | $728K | $8.1M | 10x | as long as short |
| Aftermath Perps ZECUSD | +0.0513% | 1h | 1,464.9 | −0.196% | $40K | $34K | 10x | as long as short |
| Lighter RH ZEC | +0.0520% | 1h | 1,470 | +0.150% | $2.0M | $8.2M | 10x | as long as short |
Deribit ZEC_USDC-PERPETUAL
gTrade (Gains Network) ZEC/USD
GMX ZEC/USD [WBTC.b-USDC]
Orderly PERP_ZEC_USDC
OKX ZEC-USDT-SWAP
01 Exchange ZECUSD
Gate ZEC_USDT
Katana Perps ZEC-USD
Lighter ZEC
Popdex ZECUSDT
Paradex ZEC-USD-PERP
Nado ZEC-PERP
Hyperliquid ZEC
Aster ZECUSDT
Pacifica ZEC
Binance ZECUSDT
Bulk ZEC-USD
MEXC ZEC_USDT
KuCoin ZECUSDTM
Bitget ZECUSDT
BingX ZEC-USDC
edgeX ZECUSDC
GRVT ZEC_USDT_Perp
ApeX Omni ZECUSDT
StandX ZEC-USD
Bullet ZEC-USD
Derive ZEC-PERP
SunX ZEC-USDT
SoDEX ZEC-USD
HTX ZEC-USDT
Phemex ZECUSDT
Phoenix ZEC
Extended ZEC-USD
Aevo ZEC-PERP
RISEx ZEC/USDC
Coinbase International ZEC-PERP-INTX
Arcus ZEC-USD
Aftermath Perps ZECUSD
Lighter RH ZEC