Funding you earn now, next payment 06:00 UTC+0.0189%/8h= +20.7% APRnext payment +$0.24 per $10,000 · paid last 24h +0.021%
Price spread now: Backpack against Popdex+0.102%7-day average +0.427% · you sell dearer than you buy
Net, funding: paid 7d − costs—under 7 days of funding history
Net, price: spread back to 7d avg − costs−$54as in the Price arb table
costs, in and out, $10k−$220.216% of the position
Funding, last 4 days (all we have)+0.057%+$6 on $10k
+Price spread, last 7 days−0.867%−$87 · spread now +0.102%, 7d avg +0.427%
=Funding pays, the price is against you. Backpack is 0.325% cheaper against Popdex than usual: you would sell low and buy high (spread +0.102% now, against its 7-day average of +0.427%). If the spread goes back, that is −$32 on $10k: about 5.7 days of funding at the current rate (+$6 a day). At the pace of the last 4 days (+0.057% in total) that is about 21 days.
The current funding rate is far above what this pair has been paying: over the last 4 days it paid 0.057% in total (about 5.8% a year). A funding rate is set anew for every payment; at this rate the next one is about +$0.24 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 | Popdex ZECUSDT | 1,463.7 | 0.0096 | pay 0.0012% / 1h | 42m 16s | $174K | $1.6M | 50x |
| Short | Backpack ZEC_USDC_PERP | 1,465.2 | 0.0285 | get 0.0036% / 1h | 42m 16s | $2.4M | $3.7M | 15x |
Popdex ZECUSDT
Backpack ZEC_USDC_PERPFunding history
latest
Range statsloading…
Price spread between the two exchanges
Backpack against Popdex. 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
- $39.62
- Price spread: +0.102% → +0.427%
- −$32.5
- Slippage, 4 orders
- −$5.2
- Fee Popdex: 3.2 bp × 2 orders
- −$6.4
- Fee Backpack: 5 bp × 2 orders
- −$10
- Net
- −$14.48
- Costs to cover
- 0.216%
- Break-even
- 9.6 days
Slippage from Popdex: 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 Popdex live order book, 2 min ago | 0.41 bp | 4.5 bp −$5 | 10.1 bp −$101 | doesn't fit | doesn't fit |
| Sell Backpack live order book, 2 min ago | 0.03 bp | 5.6 bp −$6 | 12.7 bp −$127 | 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 | −0.3243% | 1h | 1,463.2 | −0.038% | $34K | $272K | 12x | as long as short |
| Hotstuff ZEC-PERP | −0.0080% | 1h | 1,463.6 | −0.005% | $6K | $1K | 10x | as long as short |
| BloFin ZEC-USDT | −0.0068% | 8h | 1,464.7 | +0.066% | $29.9M | $70.7M | 75x | as long as short |
| dYdX ZEC-USD | 0.0000% | 1h | 1,463.7 | −0.003% | $407K | $37K | 5x | as long as short |
| Kalshi KXZECPERP | 0.0000% | 8h | 1,465 | +0.087% | $1.5M | $4.4M | 2.2x | as long as short |
| Perpl ZEC | 0.0000% | 43m | 1,464.1 | +0.023% | $84K | $239K | 10x | as long as short |
| gTrade (Gains Network) ZEC/USD | L +0.0007% / S −0.0006% | 1h | 1,465 | +0.084% | $5.2M | — | 150x | as long as short |
| Deribit ZEC_USDC-PERPETUAL | +0.0016% | 1h | 1,465.5 | +0.118% | $617K | $1.3M | 25x | as long as short |
| 01 Exchange ZECUSD | +0.0040% | 1h | 1,463.8 | +0.005% | $8K | $7K | 5x | as long as short |
| Orderly PERP_ZEC_USDC | +0.0062% | 8h | 1,464.7 | +0.068% | $293K | $902K | 20x | as long as short |
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 ZECUSD
Orderly PERP_ZEC_USDCShow all 51 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Bybit ZECUSDT | +0.0090% | 8h | 1,463.8 | +0.005% | $261.1M | $588.5M | 75x | as long as short |
| Phoenix ZEC | +0.0092% | 1h | 1,464.1 | +0.025% | $4.7M | $1.3M | 10x | as long as short |
| GMX ZEC/USD [WBTC.b-USDC] | L +0.0095% / S −0.0048% | 1h | 1,464.7 | +0.065% | $437K | — | 100x | as long as short |
| Popdex ZECUSDTlong | +0.0096% | 1h | 1,463.7 | long leg | $174K | $1.6M | 50x | |
| Katana Perps ZEC-USD | +0.0100% | 8h | 1,463.3 | −0.032% | $13K | $811K | 10x | as long as short |
| Paradex ZEC-USD-PERP | +0.0100% | 8h | 1,463.4 | −0.025% | $60K | $43K | 10x | as long as short |
| Nado ZEC-PERP | +0.0100% | 1h | 1,464.4 | +0.045% | $2.9M | $6.3M | 10x | as long as short |
| Hyperliquid ZEC | +0.0100% | 1h | 1,465.6 | +0.128% | $762.8M | $419.7M | 10x | as long as short |
| Aster ZECUSDT | +0.0100% | 8h | 1,464.3 | +0.042% | $14.4M | $28.0M | 75x | as long as short |
| Pacifica ZEC | +0.0100% | 1h | 1,463.7 | −0.004% | $1.7M | $2.4M | 10x | as long as short |
| Binance ZECUSDT | +0.0100% | 8h | 1,464.6 | +0.058% | $675.7M | $2.16B | 75x | as long as short |
| OKX ZEC-USDT-SWAP | +0.0100% | 8h | 1,464.4 | +0.046% | $178.3M | $1.20B | 50x | as long as short |
| Ondo Perps ZEC-USD.P | +0.0100% | 1h | 1,462.5 | −0.083% | $397K | $429K | 5x | as long as short |
| Bulk ZEC-USD | +0.0100% | 1h | 1,462.7 | −0.071% | $884K | $17K | 10x | as long as short |
| Gate ZEC_USDT | +0.0100% | 8h | 1,464.3 | +0.038% | $52.7M | $170.2M | 75x | as long as short |
| MEXC ZEC_USDT | +0.0100% | 8h | 1,464.6 | +0.059% | $218.4M | $759.1M | 150x | as long as short |
| KuCoin ZECUSDTM | +0.0100% | 8h | 1,464.8 | +0.072% | $103.3M | $52.7M | 75x | as long as short |
| Bitget ZECUSDT | +0.0100% | 8h | 1,464.6 | +0.061% | $165.8M | $267.0M | 75x | as long as short |
| BingX ZEC-USDT | +0.0100% | 8h | 1,464.2 | +0.033% | — | $107.8M | — | as long as short |
| Variational Omni ZEC | +0.0100% | 8h | 1,462.5 | −0.082% | $48.0M | $32.4M | — | as long as short |
| edgeX ZECUSDC | +0.0100% | 4h | 1,464.4 | +0.046% | $571K | $8.5M | 20x | as long as short |
| GRVT ZEC_USDT_Perp | +0.0100% | 8h | 1,463.1 | −0.042% | $3.0M | $467K | 10x | as long as short |
| ApeX Omni ZECUSDT | +0.0100% | 1h | 1,463.4 | −0.024% | $405K | $924K | 50x | as long as short |
| StandX ZEC-USD | +0.0100% | 1h | 1,462.8 | −0.061% | $49K | $4.7M | 30x | as long as short |
| Polymarket Perps ZEC-USD | +0.0100% | 1h | 1,464.4 | +0.046% | $359K | $1.7M | 10x | as long as short |
| Bullet ZEC-USD | +0.0100% | 1h | 1,464.6 | +0.057% | $161K | $186K | 20x | as long as short |
| Derive ZEC-PERP | +0.0100% | 1h | 1,463.8 | +0.004% | $447K | $506K | 6.7x | as long as short |
| SunX ZEC-USDT | +0.0100% | 8h | 1,465.6 | +0.128% | $3K | $1.1M | 20x | as long as short |
| SoDEX ZEC-USD | +0.0100% | 1h | 1,464.5 | +0.051% | $234K | $3.2M | 10x | as long as short |
| HTX ZEC-USDT | +0.0100% | 8h | 1,463.7 | −0.001% | $2.7M | $18.2M | 75x | as long as short |
| Phemex ZECUSDT | +0.0100% | 8h | 1,464.7 | +0.066% | $3.9M | $4.8M | 50x | as long as short |
| Lighter RH ZEC | +0.0104% | 1h | 1,465.9 | +0.150% | $2.1M | $7.1M | 10x | as long as short |
| Extended ZEC-USD | +0.0104% | 1h | 1,464.8 | +0.071% | $2.8M | $7.8M | 10x | as long as short |
| Aevo ZEC-PERP | +0.0104% | 1h | 1,464.5 | +0.053% | $47K | $151K | 20x | as long as short |
| Lighter ZEC | +0.0112% | 1h | 1,465.7 | +0.138% | $19.4M | $43.8M | 20x | as long as short |
| Kraken Futures PF_ZECUSD | +0.0147% | 1h | 1,464.3 | +0.041% | $18.0M | $45.6M | 25x | as long as short |
| RISEx ZEC/USDC | +0.0154% | 1h | 1,464.1 | +0.024% | $926K | $1.1M | 10x | as long as short |
| Backpack ZEC_USDC_PERPshort | +0.0285% | 1h | 1,465.2 | +0.102% | $2.4M | $3.7M | 15x | |
| Coinbase International ZEC-PERP-INTX | +0.0496% | 1h | 1,466.1 | +0.161% | $3.7M | $9.2M | 50x | as long as short |
| Arcus ZEC-USD | +0.0508% | 1h | 1,465.4 | +0.113% | $669K | $8.1M | 10x | as long as short |
| Aftermath Perps ZECUSD | +0.0675% | 1h | 1,465.4 | +0.112% | $45K | $49K | 10x | as long as short |
Bybit ZECUSDT
Phoenix ZEC
GMX ZEC/USD [WBTC.b-USDC]
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
Lighter RH ZEC
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