Funding you earn now, next payment 00:00 UTC+0.1059%/8h= +116.0% APRnext payment +$1.32 per $10,000 · paid last 24h +0.125%
Price spread now: Injective against Backpack+0.458%7-day average −0.026% · you sell dearer than you buy
Net, funding: paid 7d − costs−$98as in the Funding arb table
Net, price: spread back to 7d avg − costs−$44as in the Price arb table
costs, in and out, $10k−$930.925% of the position
Funding, last 7 days−0.058%−$6 on $10k
+Price spread, last 3 days (all we have)−1.235%−$124 · spread now +0.458%, 7d avg −0.026%
=Both sides work for this trade now. Funding pays +$32 a day on $10k at the current rate, and Injective is 0.484% dearer against Backpack than usual: you sell high and buy low: +$48 more if the spread goes back to its 7-day average of −0.026%. Mind the row above: over the last 7 days funding on this pair cost −0.058%, 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 -0.058% in total (about -3.0% a year). A funding rate is set anew for every payment; at this rate the next one is about +$1.32 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 | Backpack ZRO_USDC_PERP | 1.1786 | 0.0100 | pay 0.0013% / 1h | 34m 33s | $100K | $207K | 20x |
| Short | Injective ZRO/USDC PERP | 1.1840 | 0.1159 | get 0.0145% / 1h | 34m 33s | $12K | $260K | 12x |
Backpack ZRO_USDC_PERP
Injective ZRO/USDC PERPFunding history
latest
Range statsloading…
Price spread between the two exchanges
Injective 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
- $222.47
- Price spread: +0.458% → −0.026%
- $48.37
- Slippage, 4 orders
- −$82.51
- Fee Backpack: 5 bp × 2 orders
- −$10
- Fee Injective: 0.01 bp × 2 orders
- −$0.02
- Net
- $178.31
- Costs to cover
- 0.925%
- Break-even
- 1.4 days
Slippage from Backpack: live order book, 44 min ago; Injective: live order book, 44 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, 44 min ago | 0.42 bp | 8.4 bp −$8 | doesn't fit | doesn't fit | doesn't fit |
| Sell Injective live order book, 44 min ago | 33.84 bp | 44.2 bp −$44 | doesn't fit | 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 | −0.0160% | 1h | 1.1768 | −0.148% | $7K | $3K | 5x | as long as short |
| Orderly PERP_ZRO_USDC | 0.0000% | 4h | 1.1776 | −0.085% | $21K | $7K | 10x | as long as short |
| Lighter ZRO | +0.0096% | 1h | 1.1786 | −0.001% | $4.4M | $1.5M | 5x | as long as short |
| Hyperliquid ZRO | +0.0100% | 1h | 1.1787 | +0.008% | $37.4M | $6.2M | 5x | as long as short |
| Aster ZROUSDT | +0.0100% | 4h | 1.1786 | +0.002% | $158K | $153K | 10x | as long as short |
| Pacifica ZRO | +0.0100% | 1h | 1.1780 | −0.051% | $136K | $177K | 5x | as long as short |
| Binance ZROUSDT | +0.0100% | 4h | 1.1763 | −0.195% | $22.1M | $31.2M | 75x | as long as short |
| Bybit ZROUSDT | +0.0100% | 4h | 1.1755 | −0.263% | $18.0M | $14.7M | 50x | as long as short |
| OKX ZRO-USDT-SWAP | +0.0100% | 4h | 1.1759 | −0.229% | $3.2M | $8.3M | 20x | as long as short |
| Gate ZRO_USDT | +0.0100% | 4h | 1.1780 | −0.051% | $1.3M | $1.8M | 75x | as long as short |
01 Exchange ZROUSD
Orderly PERP_ZRO_USDC
Lighter ZRO
Hyperliquid ZRO
Aster ZROUSDT
Pacifica ZRO
Binance ZROUSDT
Bybit ZROUSDT
OKX ZRO-USDT-SWAP
Gate ZRO_USDTShow all 26 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| MEXC ZRO_USDT | +0.0100% | 4h | 1.1779 | −0.059% | $19.1M | $2.8M | 125x | as long as short |
| KuCoin ZROUSDTM | +0.0100% | 4h | 1.1769 | −0.144% | $2.4M | $1.9M | 50x | as long as short |
| Bitget ZROUSDT | +0.0100% | 4h | 1.1739 | −0.399% | $2.7M | $2.4M | 75x | as long as short |
| BingX ZRO-USDT | +0.0100% | 4h | 1.1764 | −0.187% | — | $10.7M | — | as long as short |
| Backpack ZRO_USDC_PERPlong | +0.0100% | 1h | 1.1786 | long leg | $100K | $207K | 20x | |
| Variational Omni ZRO | +0.0100% | 4h | 1.1756 | −0.258% | $2.3M | $878K | — | as long as short |
| ApeX Omni ZROUSDT | +0.0100% | 1h | 1.1780 | −0.051% | $37K | $687K | 50x | as long as short |
| Polymarket Perps ZRO-USD | +0.0100% | 1h | 1.1761 | −0.212% | $94K | $825K | 5x | as long as short |
| Aevo ZRO-PERP | +0.0104% | 1h | 1.1775 | −0.093% | $21K | — | 3x | as long as short |
| Kraken Futures PF_ZROUSD | +0.0132% | 1h | 1.1791 | +0.041% | $253K | $434K | 25x | as long as short |
| BloFin ZRO-USDT | +0.0144% | 4h | 1.1759 | −0.229% | $1.1M | $256K | 75x | as long as short |
| dYdX ZRO-USD | +0.0148% | 1h | 1.1781 | −0.043% | $21K | $2K | 5x | as long as short |
| GMX ZRO/USD [ETH-USDC] | L +0.0291% / S −0.2341% | 1h | 1.1770 | −0.140% | $3K | — | 100x | as long as short |
| Nado ZRO-PERP | +0.0368% | 1h | 1.1764 | −0.190% | $1.3M | $125K | 5x | as long as short |
| Injective ZRO/USDC PERPshort | +0.1159% | 1h | 1.1840 | +0.458% | $12K | $260K | 12x | |
| Extended ZRO-USD | +0.1968% | 1h | 1.1775 | −0.093% | $784K | $610K | 10x | as long as short |
MEXC ZRO_USDT
KuCoin ZROUSDTM
Bitget ZROUSDT
BingX ZRO-USDT
Variational Omni ZRO
ApeX Omni ZROUSDT
Polymarket Perps ZRO-USD
Aevo ZRO-PERP
Kraken Futures PF_ZROUSD
BloFin ZRO-USDT
dYdX ZRO-USD
GMX ZRO/USD [ETH-USDC]
Nado ZRO-PERP
Extended ZRO-USD