Funding you earn now, next payment 22:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h −0.038%
Price spread now: Backpack against BloFin−0.178%66s7-day average +0.021% · you buy dearer than you sell
Net, funding: paid 7d − costs−$65as 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−$450.446% of the position
Funding, last 7 days−0.199%−$20 on $10k
+Price spread, last 3 days (all we have)+0.918%+$92 · spread now −0.178%, 7d avg +0.021%
=Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Backpack is 0.200% cheaper against BloFin than usual: you would sell low and buy high, −$20 on $10k if it goes back to its 7-day average of +0.021%. The two prices were read 66 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 | BloFin ZRO-USDT | 1.1778 | 0.0104 | pay 0.0052% / 4h | 2h 53m | $1.1M | $265K | 75x |
| Short | Backpack ZRO_USDC_PERP | 1.1757 | 0.0100 | get 0.0013% / 1h | 53m 22s | $92K | $209K | 20x |
BloFin ZRO-USDT
Backpack ZRO_USDC_PERPFunding history
latest
Range statsloading…
Price spread between the two exchanges
Backpack against BloFin. 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
- −$0.86
- Price spread: −0.178% → +0.021%
- −$19.96
- Slippage, 4 orders
- −$22.63
- Fee BloFin: 6 bp × 2 orders
- −$12
- Fee Backpack: 5 bp × 2 orders
- −$10
- Net
- −$65.45
- Costs to cover
- 0.446%
- Break-even
- never at this rate
Slippage from BloFin: live order book, 4 min ago; Backpack: live order book, 34 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 BloFin live order book, 4 min ago | 3.40 bp | 12.3 bp −$12 | 27.3 bp −$273 | doesn't fit | doesn't fit |
| Sell Backpack live order book, 34 min ago | 0.42 bp | 6.8 bp −$7 | 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 | −0.0128% | 1h | 1.1781 | +0.021% | $7K | $3K | 5x | as long as short |
| Orderly PERP_ZRO_USDC | −0.0037% | 4h | 1.1761 | −0.144% | $21K | $7K | 10x | as long as short |
| OKX ZRO-USDT-SWAP | −0.0005% | 4h | 1.1762 | −0.136% | $3.2M | $9.2M | 20x | as long as short |
| dYdX ZRO-USD | 0.0000% | 1h | 1.1768 | −0.082% | $21K | $2K | 5x | as long as short |
| Bybit ZROUSDT | 0.0000% | 4h | 1.1752 | −0.221% | $18.0M | $16.3M | 50x | as long as short |
| Hyperliquid ZRO | +0.0100% | 1h | 1.1780 | +0.017% | $37.4M | $7.1M | 5x | as long as short |
| Aster ZROUSDT | +0.0100% | 4h | 1.1768 | −0.085% | $157K | $163K | 10x | as long as short |
| Pacifica ZRO | +0.0100% | 1h | 1.1761 | −0.142% | $143K | $201K | 5x | as long as short |
| Binance ZROUSDT | +0.0100% | 4h | 1.1767 | −0.097% | $22.3M | $34.4M | 75x | as long as short |
| Gate ZRO_USDT | +0.0100% | 4h | 1.1750 | −0.238% | $1.3M | $2.0M | 75x | as long as short |
01 Exchange ZROUSD
Orderly PERP_ZRO_USDC
OKX ZRO-USDT-SWAP
dYdX ZRO-USD
Bybit ZROUSDT
Hyperliquid ZRO
Aster ZROUSDT
Pacifica ZRO
Binance ZROUSDT
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 | 1.1770 | −0.068% | $19.0M | $3.5M | 125x | as long as short |
| KuCoin ZROUSDTM | +0.0100% | 4h | 1.1760 | −0.153% | $2.6M | $1.5M | 50x | as long as short |
| Bitget ZROUSDT | +0.0100% | 4h | 1.1764 | −0.119% | $2.7M | $2.5M | 75x | as long as short |
| BingX ZRO-USDT | +0.0100% | 4h | 1.1764 | −0.119% | — | $10.9M | — | as long as short |
| Backpack ZRO_USDC_PERPshort | +0.0100% | 1h | 1.1757 | −0.178% | $92K | $209K | 20x | |
| Variational Omni ZRO | +0.0100% | 4h | 1.1766 | −0.102% | $2.2M | $893K | — | as long as short |
| ApeX Omni ZROUSDT | +0.0100% | 1h | 1.1770 | −0.068% | $37K | $683K | 50x | as long as short |
| Polymarket Perps ZRO-USD | +0.0100% | 1h | 1.1776 | −0.017% | $86K | $1.0M | 5x | as long as short |
| Aevo ZRO-PERP | +0.0104% | 1h | 1.1783 | +0.046% | $21K | — | 3x | as long as short |
| BloFin ZRO-USDTlong | +0.0104% | 4h | 1.1778 | long leg | $1.1M | $265K | 75x | |
| Lighter ZRO | +0.0160% | 1h | 1.1764 | −0.121% | $4.6M | $1.2M | 5x | as long as short |
| Nado ZRO-PERP | +0.0235% | 1h | 1.1760 | −0.156% | $1.3M | $131K | 5x | as long as short |
| GMX ZRO/USD [ETH-USDC] | L +0.0291% / S −0.2341% | 1h | 1.1773 | −0.039% | $3K | — | 100x | as long as short |
| Kraken Futures PF_ZROUSD | +0.0319% | 1h | 1.1764 | −0.118% | $249K | $574K | 25x | as long as short |
| Extended ZRO-USD | +0.0512% | 1h | 1.1753 | −0.210% | $780K | $560K | 10x | as long as short |
| Injective ZRO/USDC PERP | +0.1237% | 1h | 1.1830 | +0.442% | $12K | $145K | 12x | 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
Lighter ZRO
Nado ZRO-PERP
GMX ZRO/USD [ETH-USDC]
Kraken Futures PF_ZROUSD
Extended ZRO-USD
Injective ZRO/USDC PERP