Funding arb · Price arb /

ZEC

all ZEC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0012%/8h= +1.3% APRpaid last 24h +0.041%

Price spread now: Backpack against Variational Omni+0.124%7-day average +0.435% · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Variational Omni Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.080%+$8 on $10k

Price spread, last 7 days−0.594%−$59 · spread now +0.124%, 7d avg +0.435%

Together, before fees−0.514%+ Points / potential airdropVariational Omni: Active · farm board−$51 on $10k · with fees, hour by hour

Funding pays, the price is against you. Backpack is 0.311% cheaper against Variational Omni than usual: you would sell low and buy high (spread +0.124% now, against its 7-day average of +0.435%). If the spread goes back, that is −$31 on $10k: about 3 months of funding at the current rate ($0 a day). At the pace of the last 4 days (+0.080% in total) that is about 14 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni ZEC	1,450.8	0.0100	pay 0.0100% / 8h	3h 35m	$47.6M	$32.8M	—
Short	Backpack ZEC_USDC_PERP	1,452.6	0.0112	get 0.0014% / 1h	35m 53s	$2.4M	$3.9M	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Variational Omni. 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 Variational OmnibpFee BackpackbpOrdersPrice spread, now +0.124%Rate

Funding earned: $2.56
Price spread: +0.124% → +0.435%: −$31.1
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$38.54
Costs to cover: 0.100%
Break-even: 112.3 days

Slippage unknown: Variational Omni: RFQ quote, 3 min ago; Backpack: live order book, 3 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 Variational Omni RFQ quote, 3 min ago	2.76 bp	doesn't fit	5.4 bp −$54	14.7 bp −$1,470	doesn't fit
Sell Backpack live order book, 3 min ago	0.03 bp	5.1 bp −$5	14.4 bp −$144	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	1,451.6	+0.052%	$33K	$272K	12x	as long as short
Hotstuff ZEC-PERP	−0.0080%	1h	1,451.3	+0.038%	$6K	$1K	10x	as long as short
BloFin ZEC-USDT	−0.0070%	8h	1,454.1	+0.227%	$29.4M	$70.6M	75x	as long as short
dYdX ZEC-USD	0.0000%	1h	1,452.2	+0.098%	$409K	$36K	5x	as long as short
Kalshi KXZECPERP	0.0000%	8h	1,453.3	+0.170%	$1.5M	$4.4M	2.2x	as long as short
Perpl ZEC	0.0000%	43m	1,451.9	+0.077%	$83K	$240K	10x	as long as short
gTrade (Gains Network) ZEC/USD	L +0.0007% / S −0.0006%	1h	1,451.9	+0.076%	$5.1M	—	150x	as long as short
Orderly PERP_ZEC_USDC	+0.0063%	8h	1,451.9	+0.076%	$290K	$944K	20x	as long as short
GMX ZEC/USD [WBTC.b-USDC]	L +0.0081% / S −0.0031%	1h	1,451.9	+0.075%	$433K	—	100x	as long as short
Lighter RH ZEC	+0.0096%	1h	1,453.7	+0.200%	$2.1M	$7.0M	10x	as long as short

Show all 51 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Popdex ZECUSDT	+0.0096%	1h	1,451.7	+0.062%	$173K	$1.7M	50x	as long as short
Katana Perps ZEC-USD	+0.0100%	8h	1,451.4	+0.045%	$13K	$820K	10x	as long as short
Paradex ZEC-USD-PERP	+0.0100%	8h	1,453	+0.152%	$60K	$43K	10x	as long as short
Nado ZEC-PERP	+0.0100%	1h	1,452	+0.084%	$2.8M	$6.6M	10x	as long as short
Aster ZECUSDT	+0.0100%	8h	1,452.3	+0.105%	$14.5M	$27.9M	75x	as long as short
Pacifica ZEC	+0.0100%	1h	1,453.2	+0.167%	$1.6M	$2.4M	10x	as long as short
Binance ZECUSDT	+0.0100%	8h	1,452.1	+0.092%	$668.0M	$2.20B	75x	as long as short
Bybit ZECUSDT	+0.0100%	8h	1,452	+0.081%	$260.9M	$599.9M	75x	as long as short
OKX ZEC-USDT-SWAP	+0.0100%	8h	1,452.5	+0.120%	$178.3M	$1.21B	50x	as long as short
Ondo Perps ZEC-USD.P	+0.0100%	1h	1,452.8	+0.138%	$395K	$433K	5x	as long as short
Bulk ZEC-USD	+0.0100%	1h	1,452.9	+0.145%	$878K	$18K	10x	as long as short
Gate ZEC_USDT	+0.0100%	8h	1,452.4	+0.108%	$50.9M	$171.1M	75x	as long as short
MEXC ZEC_USDT	+0.0100%	8h	1,452.4	+0.113%	$217.9M	$768.6M	150x	as long as short
KuCoin ZECUSDTM	+0.0100%	8h	1,452.3	+0.106%	$102.4M	$53.4M	75x	as long as short
Bitget ZECUSDT	+0.0100%	8h	1,452.5	+0.115%	$165.2M	$270.2M	75x	as long as short
BingX ZEC-USDC	+0.0100%	8h	1,451.8	+0.070%	—	$6.7M	—	as long as short
Variational Omni ZEClong	+0.0100%	8h	1,450.8	long leg	$47.6M	$32.8M	—
edgeX ZECUSDC	+0.0100%	4h	1,450.8	+0.003%	$564K	$8.5M	20x	as long as short
GRVT ZEC_USDT_Perp	+0.0100%	8h	1,450.6	−0.016%	$3.0M	$463K	10x	as long as short
ApeX Omni ZECUSDT	+0.0100%	1h	1,450.6	−0.015%	$401K	$944K	50x	as long as short
StandX ZEC-USD	+0.0100%	1h	1,450.7	−0.010%	$49K	$4.7M	30x	as long as short
Polymarket Perps ZEC-USD	+0.0100%	1h	1,451.2	+0.028%	$351K	$1.8M	10x	as long as short
Bullet ZEC-USD	+0.0100%	1h	1,451.6	+0.052%	$160K	$185K	20x	as long as short
Derive ZEC-PERP	+0.0100%	1h	1,450.8	+0.002%	$443K	$521K	6.7x	as long as short
SunX ZEC-USDT	+0.0100%	8h	1,453.9	+0.212%	$3K	$1.1M	20x	as long as short
SoDEX ZEC-USD	+0.0100%	1h	1,452.2	+0.097%	$232K	$3.2M	10x	as long as short
HTX ZEC-USDT	+0.0100%	8h	1,451	+0.014%	$2.7M	$18.4M	75x	as long as short
Phemex ZECUSDT	+0.0100%	8h	1,452.7	+0.131%	$3.8M	$4.9M	50x	as long as short
Extended ZEC-USD	+0.0104%	1h	1,452.3	+0.101%	$2.8M	$7.7M	10x	as long as short
Aevo ZEC-PERP	+0.0104%	1h	1,451.8	+0.070%	$47K	$151K	20x	as long as short
01 Exchange ZECUSD	+0.0112%	1h	1,452.1	+0.092%	$8K	$7K	5x	as long as short
Backpack ZEC_USDC_PERPshort	+0.0112%	1h	1,452.6	+0.124%	$2.4M	$3.9M	15x
Hyperliquid ZEC	+0.0114%	1h	1,453.6	+0.194%	$756.1M	$425.4M	10x	as long as short
Phoenix ZEC	+0.0116%	1h	1,452.4	+0.113%	$4.6M	$1.3M	10x	as long as short
Lighter ZEC	+0.0160%	1h	1,453.6	+0.191%	$19.1M	$44.9M	20x	as long as short
RISEx ZEC/USDC	+0.0216%	1h	1,451.9	+0.079%	$918K	$1.1M	10x	as long as short
Deribit ZEC_USDC-PERPETUAL	+0.0233%	1h	1,452.8	+0.137%	$613K	$1.3M	25x	as long as short
Kraken Futures PF_ZECUSD	+0.0334%	1h	1,452.1	+0.089%	$18.0M	$45.3M	25x	as long as short
Arcus ZEC-USD	+0.0344%	1h	1,454	+0.222%	$699K	$8.2M	10x	as long as short
Coinbase International ZEC-PERP-INTX	+0.0464%	1h	1,454.4	+0.249%	$3.8M	$9.1M	50x	as long as short
Aftermath Perps ZECUSD	+0.0671%	1h	1,452.9	+0.143%	$44K	$49K	10x	as long as short