Funding you earn now, next payment 05:00 UTC+0.0362%/8h= +39.6% APRnext payment +$0.45 per $10,000 · paid last 24h −0.069%
Price spread now: Kraken Futures against Backpack+0.101%7-day average +0.074% · you sell dearer than you buy
Net, funding: paid 7d − costs−$72as in the Funding arb table
Net, price: spread back to 7d avg − costs−$101as in the Price arb table
costs, in and out, $10k−$1041.036% of the position
Funding, last 7 days+0.316%+$32 on $10k
+Price spread, last 4 days (all we have)−0.438%−$44 · spread now +0.101%, 7d avg +0.074%
=Both sides work for this trade now. Funding pays +$11 a day on $10k at the current rate, and Kraken Futures is 0.028% dearer against Backpack than usual: you sell high and buy low: +$3 more if the spread goes back to its 7-day average of +0.074%.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Backpack ZRO_USDC_PERP | 1.1730 | 0.0100 | pay 0.0013% / 1h | 11m 52s | $97K | $221K | 20x |
| Short | Kraken Futures PF_ZROUSD | 1.1742 | 0.0462 | get 0.0058% / 1h | 11m 52s | $256K | $355K | 25x |
Backpack ZRO_USDC_PERP
Kraken Futures PF_ZROUSDFunding history
latest
Range statsloading…
Price spread between the two exchanges
Kraken Futures 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
- $75.93
- Price spread: +0.101% → +0.074%
- $2.75
- Slippage, 4 orders
- −$83.6
- Fee Backpack: 5 bp × 2 orders
- −$10
- Fee Kraken Futures: 5 bp × 2 orders
- −$10
- Net
- −$24.92
- Costs to cover
- 1.036%
- Break-even
- 9.3 days
Slippage from Backpack: live order book, 41 min ago; Kraken Futures: live order book, 41 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, 41 min ago | 0.42 bp | 6.4 bp −$6 | doesn't fit | doesn't fit | doesn't fit |
| Sell Kraken Futures live order book, 41 min ago | 31.31 bp | 36.3 bp −$36 | 132.5 bp −$1,325 | 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 | |
|---|---|---|---|---|---|---|---|---|
| Orderly PERP_ZRO_USDC | +0.0051% | 4h | 1.1731 | +0.009% | $21K | $5K | 10x | as long as short |
| BloFin ZRO-USDT | +0.0073% | 4h | 1.1748 | +0.153% | $1.1M | $250K | 75x | as long as short |
| Aster ZROUSDT | +0.0100% | 4h | 1.1742 | +0.106% | $158K | $150K | 10x | as long as short |
| Pacifica ZRO | +0.0100% | 1h | 1.1747 | +0.141% | $136K | $178K | 5x | as long as short |
| Binance ZROUSDT | +0.0100% | 4h | 1.1736 | +0.054% | $22.0M | $29.5M | 75x | as long as short |
| Bybit ZROUSDT | +0.0100% | 4h | 1.1734 | +0.034% | $17.9M | $13.6M | 50x | as long as short |
| OKX ZRO-USDT-SWAP | +0.0100% | 4h | 1.1739 | +0.077% | $3.2M | $7.9M | 20x | as long as short |
| Gate ZRO_USDT | +0.0100% | 4h | 1.1730 | 0.000% | $1.3M | $1.5M | 75x | as long as short |
| MEXC ZRO_USDT | +0.0100% | 4h | 1.1732 | +0.017% | $19.2M | $2.7M | 125x | as long as short |
| KuCoin ZROUSDTM | +0.0100% | 4h | 1.1726 | −0.034% | $2.4M | $2.0M | 50x | as long as short |
Orderly PERP_ZRO_USDC
BloFin ZRO-USDT
Aster ZROUSDT
Pacifica ZRO
Binance ZROUSDT
Bybit ZROUSDT
OKX ZRO-USDT-SWAP
Gate ZRO_USDT
MEXC ZRO_USDT
KuCoin ZROUSDTMShow all 26 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Bitget ZROUSDT | +0.0100% | 4h | 1.1724 | −0.051% | $2.7M | $2.5M | 75x | as long as short |
| BingX ZRO-USDT | +0.0100% | 4h | 1.1733 | +0.026% | — | $16.4M | — | as long as short |
| Backpack ZRO_USDC_PERPlong | +0.0100% | 1h | 1.1730 | long leg | $97K | $221K | 20x | |
| Variational Omni ZRO | +0.0100% | 4h | 1.1733 | +0.029% | $2.3M | $809K | — | as long as short |
| ApeX Omni ZROUSDT | +0.0100% | 1h | 1.1780 | +0.426% | $39K | $676K | 50x | as long as short |
| Polymarket Perps ZRO-USD | +0.0100% | 1h | 1.1738 | +0.068% | $100K | $844K | 5x | as long as short |
| Aevo ZRO-PERP | +0.0104% | 1h | 1.1725 | −0.043% | $21K | — | 3x | as long as short |
| Lighter ZRO | +0.0120% | 1h | 1.1758 | +0.239% | $4.4M | $1.2M | 5x | as long as short |
| dYdX ZRO-USD | +0.0138% | 1h | 1.1743 | +0.112% | $21K | $4K | 5x | as long as short |
| Nado ZRO-PERP | +0.0210% | 1h | 1.1738 | +0.069% | $1.3M | $124K | 5x | as long as short |
| GMX ZRO/USD [ETH-USDC] | L +0.0293% / S −0.2341% | 1h | 1.1731 | +0.009% | $3K | — | 100x | as long as short |
| 01 Exchange ZROUSD | +0.0344% | 1h | 1.1749 | +0.159% | $7K | $3K | 5x | as long as short |
| Kraken Futures PF_ZROUSDshort | +0.0462% | 1h | 1.1742 | +0.101% | $256K | $355K | 25x | |
| Hyperliquid ZRO | +0.0563% | 1h | 1.1744 | +0.119% | $37.3M | $5.5M | 5x | as long as short |
| Extended ZRO-USD | +0.1048% | 1h | 1.1729 | −0.005% | $804K | $625K | 10x | as long as short |
| Injective ZRO/USDC PERP | +0.1363% | 1h | 1.1800 | +0.597% | $12K | $261K | 12x | as long as short |
Bitget ZROUSDT
BingX ZRO-USDT
Variational Omni ZRO
ApeX Omni ZROUSDT
Polymarket Perps ZRO-USD
Aevo ZRO-PERP
Lighter ZRO
dYdX ZRO-USD
Nado ZRO-PERP
GMX ZRO/USD [ETH-USDC]
01 Exchange ZROUSD
Hyperliquid ZRO
Extended ZRO-USD
Injective ZRO/USDC PERP