Funding you earn now, next payment 22:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.028%
Price spread now: Binance against Backpack−0.140%55s7-day average −0.012% · you buy dearer than you sell
Net, funding: paid 7d − costs−$22as 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−$400.399% of the position
Funding, last 7 days+0.177%+$18 on $10k
+Price spread, last 4 days (all we have)+0.239%+$24 · spread now −0.140%, 7d avg −0.012%
=Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Binance is 0.128% cheaper against Backpack than usual: you would sell low and buy high, −$13 on $10k if it goes back to its 7-day average of −0.012%. The two prices were read 55 seconds apart, so part of this spread may be the market moving, not a spread.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Backpack ZRO_USDC_PERP | 1.1827 | 0.0100 | pay 0.0013% / 1h | 41m 13s | $92K | $205K | 20x |
| Short | Binance ZROUSDT | 1.1810 | 0.0100 | get 0.0050% / 4h | 2h 41m | $22.3M | $34.0M | 75x |
Backpack ZRO_USDC_PERP
Binance ZROUSDTFunding history
latest
Range statsloading…
Price spread between the two exchanges
Binance against Backpack. 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
- $0
- Price spread: −0.140% → −0.012%
- −$12.83
- Slippage, 4 orders
- −$19.95
- Fee Backpack: 5 bp × 2 orders
- −$10
- Fee Binance: 5 bp × 2 orders
- −$10
- Net
- −$52.77
- Costs to cover
- 0.399%
- Break-even
- never at this rate
Slippage from Backpack: live order book, 47 min ago; Binance: live order book, 15 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 Backpack live order book, 47 min ago | 0.42 bp | 7.3 bp −$7 | doesn't fit | doesn't fit | doesn't fit |
| Sell Binance live order book, 15 min ago | 0.43 bp | 13.8 bp −$14 | 35.3 bp −$353 | 220.3 bp −$22.0K | doesn't fit |
ZRO on 26 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 | |
|---|---|---|---|---|---|---|---|---|
| 01 Exchange ZROUSD | −0.0360% | 1h | 1.1810 | −0.141% | $7K | $3K | 5x | as long as short |
| Orderly PERP_ZRO_USDC | −0.0047% | 4h | 1.1814 | −0.110% | $21K | $7K | 10x | as long as short |
| dYdX ZRO-USD | 0.0000% | 1h | 1.1810 | −0.143% | $21K | $2K | 5x | as long as short |
| OKX ZRO-USDT-SWAP | +0.0030% | 4h | 1.1811 | −0.135% | $3.2M | $9.2M | 20x | as long as short |
| Bybit ZROUSDT | +0.0049% | 4h | 1.1801 | −0.220% | $18.1M | $16.1M | 50x | as long as short |
| BloFin ZRO-USDT | +0.0092% | 4h | 1.1809 | −0.152% | $1.1M | $265K | 75x | as long as short |
| Lighter ZRO | +0.0096% | 1h | 1.1822 | −0.043% | $4.6M | $1.2M | 5x | as long as short |
| Hyperliquid ZRO | +0.0100% | 1h | 1.1824 | −0.025% | $37.5M | $7.1M | 5x | as long as short |
| Aster ZROUSDT | +0.0100% | 4h | 1.1823 | −0.034% | $158K | $162K | 10x | as long as short |
| Pacifica ZRO | +0.0100% | 1h | 1.1811 | −0.135% | $144K | $197K | 5x | as long as short |
01 Exchange ZROUSD
Orderly PERP_ZRO_USDC
dYdX ZRO-USD
OKX ZRO-USDT-SWAP
Bybit ZROUSDT
BloFin ZRO-USDT
Lighter ZRO
Hyperliquid ZRO
Aster ZROUSDT
Pacifica ZROShow all 26 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Binance ZROUSDTshort | +0.0100% | 4h | 1.1810 | −0.140% | $22.3M | $34.0M | 75x | |
| Gate ZRO_USDT | +0.0100% | 4h | 1.1810 | −0.144% | $1.3M | $2.0M | 75x | as long as short |
| MEXC ZRO_USDT | +0.0100% | 4h | 1.1809 | −0.152% | $19.1M | $3.5M | 125x | as long as short |
| KuCoin ZROUSDTM | +0.0100% | 4h | 1.1808 | −0.161% | $2.6M | $1.5M | 50x | as long as short |
| Bitget ZROUSDT | +0.0100% | 4h | 1.1808 | −0.161% | $2.7M | $2.5M | 75x | as long as short |
| BingX ZRO-USDT | +0.0100% | 4h | 1.1807 | −0.169% | — | $10.9M | — | as long as short |
| Backpack ZRO_USDC_PERPlong | +0.0100% | 1h | 1.1827 | long leg | $92K | $205K | 20x | |
| Variational Omni ZRO | +0.0100% | 4h | 1.1763 | −0.541% | $2.2M | $878K | — | as long as short |
| ApeX Omni ZROUSDT | +0.0100% | 1h | 1.1790 | −0.313% | $37K | $680K | 50x | as long as short |
| Polymarket Perps ZRO-USD | +0.0100% | 1h | 1.1817 | −0.085% | $87K | $996K | 5x | as long as short |
| Aevo ZRO-PERP | +0.0104% | 1h | 1.1805 | −0.186% | $21K | — | 3x | as long as short |
| Nado ZRO-PERP | +0.0177% | 1h | 1.1810 | −0.141% | $1.3M | $131K | 5x | as long as short |
| GMX ZRO/USD [ETH-USDC] | L +0.0292% / S −0.2341% | 1h | 1.1822 | −0.045% | $3K | — | 100x | as long as short |
| Kraken Futures PF_ZROUSD | +0.0317% | 1h | 1.1822 | −0.045% | $250K | $577K | 25x | as long as short |
| Extended ZRO-USD | +0.0928% | 1h | 1.1806 | −0.178% | $780K | $560K | 10x | as long as short |
| Injective ZRO/USDC PERP | +0.1237% | 1h | 1.1850 | +0.194% | $12K | $145K | 12x | as long as short |
Gate ZRO_USDT
MEXC ZRO_USDT
KuCoin ZROUSDTM
Bitget ZROUSDT
BingX ZRO-USDT
Variational Omni ZRO
ApeX Omni ZROUSDT
Polymarket Perps ZRO-USD
Aevo ZRO-PERP
Nado ZRO-PERP
GMX ZRO/USD [ETH-USDC]
Kraken Futures PF_ZROUSD
Extended ZRO-USD
Injective ZRO/USDC PERP