ZRO

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0192%/8h= −21.0% APRnext payment −$0.24 per $10,000 · paid last 24h −0.100%

Price spread now: Backpack against GMX+0.031%7-day average — · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on GMX Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

The price spread pays, funding is against you. Backpack is 0.031% dearer against GMX than usual: you sell high and buy low (spread +0.031% now, against zero (this spread has no 7-day history yet)): +$3 on $10k if it goes back. Holding the pair costs −$6 a day in funding at the current rate, which eats that in about 13 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX ZRO/USD [ETH-USDC]	1.1822	L +0.0292% / S −0.2341%	pay 0.0037% / 1h	39m 41s	$3K	—	100x
Short	Backpack ZRO_USDC_PERP	1.1826	0.0100	get 0.0013% / 1h	39m 41s	$92K	$203K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against GMX. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee GMXbpFee BackpackbpOrdersPrice spread, now +0.031%Rate

Funding earned: −$40.36
Price spread: +0.031% → 0.000%: $3.12
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$59.24
Costs to cover: 0.220%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; Backpack: live order book, 48 min ago. Net counts fees only.

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 GMX no order-book sample	—	—	—	—	—
Sell Backpack live order book, 48 min ago	0.42 bp	6.8 bp −$7	doesn't fit	doesn't fit	doesn't fit

GMX: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.0360%	1h	1.1772	−0.426%	$7K	$3K	5x	as long as short
Orderly PERP_ZRO_USDC	−0.0048%	4h	1.1813	−0.079%	$21K	$7K	10x	as long as short
dYdX ZRO-USD	0.0000%	1h	1.1810	−0.103%	$21K	$2K	5x	as long as short
OKX ZRO-USDT-SWAP	+0.0036%	4h	1.1793	−0.248%	$3.2M	$9.1M	20x	as long as short
Bybit ZROUSDT	+0.0082%	4h	1.1792	−0.256%	$18.1M	$16.0M	50x	as long as short
BloFin ZRO-USDT	+0.0092%	4h	1.1809	−0.113%	$1.1M	$265K	75x	as long as short
Lighter ZRO	+0.0096%	1h	1.1816	−0.050%	$4.6M	$1.2M	5x	as long as short
Variational Omni ZRO	+0.0100%	4h	1.1802	−0.176%	$2.3M	$879K	—	as long as short
Hyperliquid ZRO	+0.0100%	1h	1.1827	+0.039%	$37.6M	$6.9M	5x	as long as short
Aster ZROUSDT	+0.0100%	4h	1.1831	+0.074%	$158K	$162K	10x	as long as short

Show all 26 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica ZRO	+0.0100%	1h	1.1804	−0.158%	$144K	$195K	5x	as long as short
Binance ZROUSDT	+0.0100%	4h	1.1798	−0.206%	$22.3M	$34.0M	75x	as long as short
Gate ZRO_USDT	+0.0100%	4h	1.1800	−0.189%	$1.3M	$2.0M	75x	as long as short
MEXC ZRO_USDT	+0.0100%	4h	1.1797	−0.214%	$19.1M	$3.5M	125x	as long as short
KuCoin ZROUSDTM	+0.0100%	4h	1.1806	−0.138%	$2.6M	$1.5M	50x	as long as short
Bitget ZROUSDT	+0.0100%	4h	1.1794	−0.239%	$2.7M	$2.5M	75x	as long as short
BingX ZRO-USDT	+0.0100%	4h	1.1795	−0.231%	—	$10.9M	—	as long as short
Backpack ZRO_USDC_PERPshort	+0.0100%	1h	1.1826	+0.031%	$92K	$203K	20x
ApeX Omni ZROUSDT	+0.0100%	1h	1.1790	−0.273%	$37K	$680K	50x	as long as short
Polymarket Perps ZRO-USD	+0.0100%	1h	1.1821	−0.011%	$87K	$996K	5x	as long as short
Aevo ZRO-PERP	+0.0104%	1h	1.1810	−0.104%	$21K	—	3x	as long as short
Nado ZRO-PERP	+0.0181%	1h	1.1809	−0.113%	$1.3M	$131K	5x	as long as short
GMX ZRO/USD [ETH-USDC]long	L +0.0292% / S −0.2341%	1h	1.1822	long leg	$3K	—	100x
Kraken Futures PF_ZROUSD	+0.0317%	1h	1.1823	+0.006%	$250K	$577K	25x	as long as short
Extended ZRO-USD	+0.0888%	1h	1.1782	−0.341%	$780K	$560K	10x	as long as short
Injective ZRO/USDC PERP	+0.1237%	1h	1.1850	+0.234%	$12K	$145K	12x	as long as short