Funding you earn now, next payment 22:00 UTC−0.0016%/8h= −1.7% APRpaid last 24h +0.038%
Price spread now: BloFin against Backpack−0.144%53s7-day average −0.023% · you buy dearer than you sell
Net, funding: paid 7d − costs−$26as 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−$460.461% of the position
Funding, last 7 days+0.199%+$20 on $10k
+Price spread, last 3 days (all we have)−0.279%−$28 · spread now −0.144%, 7d avg −0.023%
=Both sides work against this trade now: funding costs $0 a day on $10k at the current rate, and BloFin is 0.121% cheaper against Backpack than usual: you would sell low and buy high (−$12 if the spread goes back to its 7-day average of −0.023%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.199%, so the current rate has only just turned against you. The two prices were read 53 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 | 1.1826 | 0.0100 | pay 0.0013% / 1h | 39m 14s | $92K | $203K | 20x |
| Short | BloFin ZRO-USDT | 1.1809 | 0.0084 | get 0.0042% / 4h | 2h 39m | $1.1M | $265K | 75x |
Backpack ZRO_USDC_PERP
BloFin ZRO-USDTFunding history
latest
Range statsloading…
Price spread between the two exchanges
BloFin 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
- −$3.27
- Price spread: −0.144% → −0.023%
- −$12.07
- Slippage, 4 orders
- −$24.12
- Fee Backpack: 5 bp × 2 orders
- −$10
- Fee BloFin: 6 bp × 2 orders
- −$12
- Net
- −$61.45
- Costs to cover
- 0.461%
- Break-even
- never at this rate
Slippage from Backpack: live order book, 49 min ago; BloFin: 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 Backpack live order book, 49 min ago | 0.42 bp | 7.3 bp −$7 | doesn't fit | doesn't fit | doesn't fit |
| Sell BloFin live order book, 3 min ago | 1.27 bp | 19.1 bp −$19 | 38.6 bp −$386 | doesn't fit | 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 | 1.1772 | −0.457% | $7K | $3K | 5x | as long as short |
| Orderly PERP_ZRO_USDC | −0.0050% | 4h | 1.1786 | −0.338% | $21K | $7K | 10x | as long as short |
| dYdX ZRO-USD | 0.0000% | 1h | 1.1810 | −0.134% | $21K | $2K | 5x | as long as short |
| OKX ZRO-USDT-SWAP | +0.0036% | 4h | 1.1780 | −0.389% | $3.2M | $9.1M | 20x | as long as short |
| Bybit ZROUSDT | +0.0082% | 4h | 1.1782 | −0.372% | $18.1M | $15.9M | 50x | as long as short |
| BloFin ZRO-USDTshort | +0.0084% | 4h | 1.1809 | −0.144% | $1.1M | $265K | 75x | |
| Lighter ZRO | +0.0096% | 1h | 1.1798 | −0.237% | $4.6M | $1.2M | 5x | as long as short |
| Variational Omni ZRO | +0.0100% | 4h | 1.1802 | −0.207% | $2.3M | $879K | — | as long as short |
| Hyperliquid ZRO | +0.0100% | 1h | 1.1796 | −0.254% | $37.5M | $6.9M | 5x | as long as short |
| Aster ZROUSDT | +0.0100% | 4h | 1.1802 | −0.206% | $158K | $162K | 10x | as long as short |
01 Exchange ZROUSD
Orderly PERP_ZRO_USDC
dYdX ZRO-USD
OKX ZRO-USDT-SWAP
Bybit ZROUSDT
Lighter ZRO
Variational Omni ZRO
Hyperliquid ZRO
Aster ZROUSDTShow all 26 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Pacifica ZRO | +0.0100% | 1h | 1.1804 | −0.189% | $144K | $195K | 5x | as long as short |
| Binance ZROUSDT | +0.0100% | 4h | 1.1794 | −0.271% | $22.3M | $33.9M | 75x | as long as short |
| Gate ZRO_USDT | +0.0100% | 4h | 1.1800 | −0.220% | $1.3M | $2.0M | 75x | as long as short |
| MEXC ZRO_USDT | +0.0100% | 4h | 1.1778 | −0.406% | $19.0M | $3.5M | 125x | as long as short |
| KuCoin ZROUSDTM | +0.0100% | 4h | 1.1799 | −0.228% | $2.6M | $1.5M | 50x | as long as short |
| Bitget ZROUSDT | +0.0100% | 4h | 1.1776 | −0.423% | $2.7M | $2.5M | 75x | as long as short |
| BingX ZRO-USDT | +0.0100% | 4h | 1.1786 | −0.338% | — | $10.9M | — | as long as short |
| Backpack ZRO_USDC_PERPlong | +0.0100% | 1h | 1.1826 | long leg | $92K | $203K | 20x | |
| ApeX Omni ZROUSDT | +0.0100% | 1h | 1.1810 | −0.135% | $37K | $681K | 50x | as long as short |
| Polymarket Perps ZRO-USD | +0.0100% | 1h | 1.1786 | −0.338% | $86K | $992K | 5x | as long as short |
| Aevo ZRO-PERP | +0.0104% | 1h | 1.1779 | −0.394% | $21K | — | 3x | as long as short |
| Nado ZRO-PERP | +0.0186% | 1h | 1.1778 | −0.402% | $1.3M | $131K | 5x | as long as short |
| GMX ZRO/USD [ETH-USDC] | L +0.0292% / S −0.2341% | 1h | 1.1792 | −0.291% | $3K | — | 100x | as long as short |
| Kraken Futures PF_ZROUSD | +0.0318% | 1h | 1.1788 | −0.318% | $250K | $577K | 25x | as long as short |
| Extended ZRO-USD | +0.0856% | 1h | 1.1774 | −0.444% | $780K | $560K | 10x | as long as short |
| Injective ZRO/USDC PERP | +0.1237% | 1h | 1.1850 | +0.203% | $12K | $145K | 12x | as long as short |
Pacifica ZRO
Binance ZROUSDT
Gate ZRO_USDT
MEXC ZRO_USDT
KuCoin ZROUSDTM
Bitget ZROUSDT
BingX ZRO-USDT
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