Funding you earn now, next payment 00:00 UTC−0.1876%/8h= −205.4% APRnext payment −$2.35 per $10,000 · paid last 24h −0.104%
Price spread now: Backpack against Extended−0.102%7-day average +0.042% · you buy dearer than you sell
Net, funding: paid 7d − costs−$812as in the Funding arb table
Net, price: spread back to 7d avg − costs−$798as in the Price arb table
costs, in and out, $10k−$7847.835% of the position
Funding, last 7 days−0.287%−$29 on $10k
+Price spread, last 4 days (all we have)+0.009%+$1 · spread now −0.102%, 7d avg +0.042%
=Together, before fees−0.278%+ Points / potential airdropExtended: Active · farm board−$28 on $10k · with fees, hour by hour
Both sides work against this trade now: funding costs −$56 a day on $10k at the current rate, and Backpack is 0.144% cheaper against Extended than usual: you would sell low and buy high (−$14 if the spread goes back to its 7-day average of +0.042%). Swap the legs.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.287% in total (about -15.0% a year). A funding rate is set anew for every payment; at this rate the next one is about −$2.35 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 | Extended ZRO-USD | 1.1746 | 0.1976 | pay 0.0247% / 1h | 10m 34s | $784K | $589K | 10x |
| Short | Backpack ZRO_USDC_PERP | 1.1734 | 0.0100 | get 0.0013% / 1h | 10m 34s | $97K | $207K | 20x |
Extended ZRO-USD
Backpack ZRO_USDC_PERPFunding history
latest
Range statsloading…
Price spread between the two exchanges
Backpack against Extended. 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
- −$393.96
- Price spread: −0.102% → +0.042%
- −$14.38
- Slippage, 4 orders
- −$768.54
- Fee Extended: 2.5 bp × 2 orders
- −$5
- Fee Backpack: 5 bp × 2 orders
- −$10
- Net
- −$1,191.89
- Costs to cover
- 7.835%
- Break-even
- never at this rate
Slippage from Extended: live order book, 2 min ago; Backpack: 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 Extended live order book, 2 min ago | 13.16 bp | 747.4 bp −$747 | doesn't fit | doesn't fit | doesn't fit |
| Sell Backpack live order book, 3 min ago | 0.43 bp | 6.4 bp −$6 | 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 | −0.0232% | 1h | 1.1731 | −0.128% | $7K | $3K | 5x | as long as short |
| Orderly PERP_ZRO_USDC | +0.0012% | 4h | 1.1726 | −0.170% | $21K | $7K | 10x | as long as short |
| dYdX ZRO-USD | +0.0096% | 1h | 1.1738 | −0.065% | $21K | $3K | 5x | as long as short |
| Lighter ZRO | +0.0096% | 1h | 1.1748 | +0.021% | $4.4M | $1.5M | 5x | as long as short |
| Hyperliquid ZRO | +0.0100% | 1h | 1.1742 | −0.034% | $37.2M | $6.2M | 5x | as long as short |
| Aster ZROUSDT | +0.0100% | 4h | 1.1743 | −0.026% | $157K | $153K | 10x | as long as short |
| Pacifica ZRO | +0.0100% | 1h | 1.1737 | −0.076% | $136K | $175K | 5x | as long as short |
| Binance ZROUSDT | +0.0100% | 4h | 1.1739 | −0.060% | $22.0M | $30.8M | 75x | as long as short |
| Bybit ZROUSDT | +0.0100% | 4h | 1.1734 | −0.102% | $17.9M | $14.4M | 50x | as long as short |
| OKX ZRO-USDT-SWAP | +0.0100% | 4h | 1.1747 | +0.009% | $3.2M | $8.1M | 20x | as long as short |
01 Exchange ZROUSD
Orderly PERP_ZRO_USDC
dYdX ZRO-USD
Lighter ZRO
Hyperliquid ZRO
Aster ZROUSDT
Pacifica ZRO
Binance ZROUSDT
Bybit ZROUSDT
OKX ZRO-USDT-SWAPShow all 26 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Gate ZRO_USDT | +0.0100% | 4h | 1.1730 | −0.136% | $1.3M | $1.8M | 75x | as long as short |
| MEXC ZRO_USDT | +0.0100% | 4h | 1.1738 | −0.068% | $19.1M | $2.8M | 125x | as long as short |
| KuCoin ZROUSDTM | +0.0100% | 4h | 1.1735 | −0.094% | $2.4M | $1.9M | 50x | as long as short |
| Bitget ZROUSDT | +0.0100% | 4h | 1.1740 | −0.051% | $2.7M | $2.4M | 75x | as long as short |
| BingX ZRO-USDT | +0.0100% | 4h | 1.1740 | −0.051% | — | $10.7M | — | as long as short |
| Backpack ZRO_USDC_PERPshort | +0.0100% | 1h | 1.1734 | −0.102% | $97K | $207K | 20x | |
| Variational Omni ZRO | +0.0100% | 4h | 1.1719 | −0.232% | $2.3M | $879K | — | as long as short |
| ApeX Omni ZROUSDT | +0.0100% | 1h | 1.1730 | −0.136% | $37K | $687K | 50x | as long as short |
| Polymarket Perps ZRO-USD | +0.0100% | 1h | 1.1731 | −0.128% | $93K | $823K | 5x | as long as short |
| Aevo ZRO-PERP | +0.0104% | 1h | 1.1730 | −0.136% | $21K | — | 3x | as long as short |
| Kraken Futures PF_ZROUSD | +0.0133% | 1h | 1.1741 | −0.047% | $252K | $419K | 25x | as long as short |
| BloFin ZRO-USDT | +0.0150% | 4h | 1.1723 | −0.196% | $1.1M | $255K | 75x | as long as short |
| GMX ZRO/USD [ETH-USDC] | L +0.0291% / S −0.2341% | 1h | 1.1733 | −0.113% | $3K | — | 100x | as long as short |
| Nado ZRO-PERP | +0.0317% | 1h | 1.1729 | −0.147% | $1.3M | $124K | 5x | as long as short |
| Injective ZRO/USDC PERP | +0.1159% | 1h | 1.1790 | +0.375% | $12K | $260K | 12x | as long as short |
| Extended ZRO-USDlong | +0.1976% | 1h | 1.1746 | long leg | $784K | $589K | 10x |
Gate ZRO_USDT
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
GMX ZRO/USD [ETH-USDC]
Nado ZRO-PERP
Injective ZRO/USDC PERP