Funding you earn now, next payment 05:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.006%
Price spread now: Backpack against Bybit0.000%45s7-day average +0.058% · you sell dearer than you buy
Net, funding: paid 7d − costs−$59as 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−$430.434% of the position
Funding, last 7 days−0.153%−$15 on $10k
+Price spread, last 4 days (all we have)−0.039%−$4 · spread now 0.000%, 7d avg +0.058%
=Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Backpack is 0.058% cheaper against Bybit than usual: you would sell low and buy high, −$6 on $10k if it goes back to its 7-day average of +0.058%. The two prices were read 45 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 | Bybit ZROUSDT | 1.1730 | 0.0100 | pay 0.0050% / 4h | 3h 33m | $17.9M | $13.8M | 50x |
| Short | Backpack ZRO_USDC_PERP | 1.1730 | 0.0100 | get 0.0013% / 1h | 33m 16s | $97K | $222K | 20x |
Bybit ZROUSDT
Backpack ZRO_USDC_PERPFunding history
latest
Range statsloading…
Price spread between the two exchanges
Backpack against Bybit. 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: 0.000% → +0.058%
- −$5.84
- Slippage, 4 orders
- −$22.39
- Fee Bybit: 5.5 bp × 2 orders
- −$11
- Fee Backpack: 5 bp × 2 orders
- −$10
- Net
- −$49.24
- Costs to cover
- 0.434%
- Break-even
- never at this rate
Slippage from Bybit: live order book, just now; Backpack: live order book, 20 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 Bybit live order book, just now | 0.85 bp | 15.8 bp −$16 | 44.0 bp −$440 | doesn't fit | doesn't fit |
| Sell Backpack live order book, 20 min ago | 0.42 bp | 6.9 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 | |
|---|---|---|---|---|---|---|---|---|
| Orderly PERP_ZRO_USDC | +0.0049% | 4h | 1.1737 | +0.060% | $21K | $5K | 10x | as long as short |
| dYdX ZRO-USD | +0.0049% | 1h | 1.1734 | +0.034% | $21K | $4K | 5x | as long as short |
| Lighter ZRO | +0.0096% | 1h | 1.1758 | +0.235% | $4.4M | $1.2M | 5x | as long as short |
| Aster ZROUSDT | +0.0100% | 4h | 1.1744 | +0.118% | $158K | $150K | 10x | as long as short |
| Pacifica ZRO | +0.0100% | 1h | 1.1733 | +0.029% | $136K | $178K | 5x | as long as short |
| Binance ZROUSDT | +0.0100% | 4h | 1.1737 | +0.063% | $22.0M | $29.7M | 75x | as long as short |
| Bybit ZROUSDTlong | +0.0100% | 4h | 1.1730 | long leg | $17.9M | $13.8M | 50x | |
| OKX ZRO-USDT-SWAP | +0.0100% | 4h | 1.1738 | +0.068% | $3.2M | $7.9M | 20x | as long as short |
| Gate ZRO_USDT | +0.0100% | 4h | 1.1720 | −0.085% | $1.3M | $1.5M | 75x | as long as short |
| MEXC ZRO_USDT | +0.0100% | 4h | 1.1733 | +0.026% | $19.2M | $2.7M | 125x | as long as short |
Orderly PERP_ZRO_USDC
dYdX ZRO-USD
Lighter ZRO
Aster ZROUSDT
Pacifica ZRO
Binance ZROUSDT
OKX ZRO-USDT-SWAP
Gate ZRO_USDT
MEXC ZRO_USDTShow all 26 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| KuCoin ZROUSDTM | +0.0100% | 4h | 1.1736 | +0.051% | $2.4M | $2.0M | 50x | as long as short |
| Bitget ZROUSDT | +0.0100% | 4h | 1.1737 | +0.060% | $2.7M | $2.6M | 75x | as long as short |
| BingX ZRO-USDT | +0.0100% | 4h | 1.1733 | +0.026% | — | $16.4M | — | as long as short |
| Backpack ZRO_USDC_PERPshort | +0.0100% | 1h | 1.1730 | 0.000% | $97K | $222K | 20x | |
| Variational Omni ZRO | +0.0100% | 4h | 1.1731 | +0.008% | $2.3M | $809K | — | as long as short |
| ApeX Omni ZROUSDT | +0.0100% | 1h | 1.1760 | +0.256% | $39K | $676K | 50x | as long as short |
| Polymarket Perps ZRO-USD | +0.0100% | 1h | 1.1744 | +0.119% | $100K | $850K | 5x | as long as short |
| Aevo ZRO-PERP | +0.0104% | 1h | 1.1735 | +0.043% | $21K | — | 3x | as long as short |
| BloFin ZRO-USDT | +0.0156% | 4h | 1.1738 | +0.068% | $1.1M | $249K | 75x | as long as short |
| Nado ZRO-PERP | +0.0218% | 1h | 1.1740 | +0.085% | $1.3M | $124K | 5x | as long as short |
| GMX ZRO/USD [ETH-USDC] | L +0.0293% / S −0.2341% | 1h | 1.1734 | +0.038% | $3K | — | 100x | as long as short |
| 01 Exchange ZROUSD | +0.0328% | 1h | 1.1751 | +0.179% | $7K | $3K | 5x | as long as short |
| Kraken Futures PF_ZROUSD | +0.0461% | 1h | 1.1750 | +0.168% | $258K | $384K | 25x | as long as short |
| Hyperliquid ZRO | +0.0536% | 1h | 1.1753 | +0.196% | $37.3M | $5.5M | 5x | as long as short |
| Extended ZRO-USD | +0.1152% | 1h | 1.1735 | +0.039% | $807K | $618K | 10x | as long as short |
| Injective ZRO/USDC PERP | +0.1363% | 1h | 1.1780 | +0.426% | $12K | $261K | 12x | as long as short |
KuCoin ZROUSDTM
Bitget ZROUSDT
BingX ZRO-USDT
Variational Omni ZRO
ApeX Omni ZROUSDT
Polymarket Perps ZRO-USD
Aevo ZRO-PERP
BloFin ZRO-USDT
Nado ZRO-PERP
GMX ZRO/USD [ETH-USDC]
01 Exchange ZROUSD
Kraken Futures PF_ZROUSD
Hyperliquid ZRO
Extended ZRO-USD
Injective ZRO/USDC PERP