Funding you earn now, next payment 22:00 UTC−0.1137%/8h= −124.5% APRnext payment −$1.42 per $10,000 · paid last 24h −0.088%
Price spread now: Backpack against Injective−0.806%7-day average +0.030% · you buy dearer than you sell
Net, funding: paid 7d − costs−$85as in the Funding arb table
Net, price: spread back to 7d avg − costs−$176as in the Price arb table
costs, in and out, $10k−$930.925% of the position
Funding, last 7 days+0.070%+$7 on $10k
+Price spread, last 3 days (all we have)+1.772%+$177 · spread now −0.806%, 7d avg +0.030%
=Both sides work against this trade now: funding costs −$34 a day on $10k at the current rate, and Backpack is 0.836% cheaper against Injective than usual: you would sell low and buy high (−$84 if the spread goes back to its 7-day average of +0.030%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.070%, so the current rate has only just turned against you.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.070% in total (about 3.7% a year). A funding rate is set anew for every payment; at this rate the next one is about −$1.42 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 | Injective ZRO/USDC PERP | 1.1910 | 0.1237 | pay 0.0155% / 1h | 13m 03s | $12K | $175K | 12x |
| Short | Backpack ZRO_USDC_PERP | 1.1814 | 0.0100 | get 0.0013% / 1h | 13m 03s | $95K | $206K | 20x |
Injective ZRO/USDC PERP
Backpack ZRO_USDC_PERPFunding history
latest
Range statsloading…
Price spread between the two exchanges
Backpack against Injective. 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
- −$238.71
- Price spread: −0.806% → +0.030%
- −$83.56
- Slippage, 4 orders
- −$82.52
- Fee Injective: 0.01 bp × 2 orders
- −$0.02
- Fee Backpack: 5 bp × 2 orders
- −$10
- Net
- −$414.81
- Costs to cover
- 0.925%
- Break-even
- never at this rate
Slippage from Injective: live order book, 11 min ago; Backpack: live order book, 10 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 Injective live order book, 11 min ago | 33.73 bp | 33.7 bp −$34 | doesn't fit | doesn't fit | doesn't fit |
| Sell Backpack live order book, 10 min ago | 0.84 bp | 7.3 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 | −0.0408% | 1h | 1.1818 | −0.771% | $7K | $3K | 5x | as long as short |
| Orderly PERP_ZRO_USDC | −0.0051% | 4h | 1.1813 | −0.814% | $21K | $7K | 10x | as long as short |
| dYdX ZRO-USD | +0.0044% | 1h | 1.1845 | −0.548% | $21K | $2K | 5x | as long as short |
| BloFin ZRO-USDT | +0.0065% | 4h | 1.1809 | −0.848% | $1.1M | $265K | 75x | as long as short |
| Lighter ZRO | +0.0096% | 1h | 1.1816 | −0.789% | $4.5M | $1.4M | 5x | as long as short |
| Hyperliquid ZRO | +0.0100% | 1h | 1.1819 | −0.764% | $37.5M | $6.7M | 5x | as long as short |
| Aster ZROUSDT | +0.0100% | 4h | 1.1837 | −0.612% | $158K | $160K | 10x | as long as short |
| Pacifica ZRO | +0.0100% | 1h | 1.1842 | −0.574% | $143K | $193K | 5x | as long as short |
| Binance ZROUSDT | +0.0100% | 4h | 1.1800 | −0.924% | $22.3M | $33.1M | 75x | as long as short |
| Bybit ZROUSDT | +0.0100% | 4h | 1.1804 | −0.890% | $18.1M | $15.5M | 50x | as long as short |
01 Exchange ZROUSD
Orderly PERP_ZRO_USDC
dYdX ZRO-USD
BloFin ZRO-USDT
Lighter ZRO
Hyperliquid ZRO
Aster ZROUSDT
Pacifica ZRO
Binance ZROUSDT
Bybit ZROUSDTShow all 26 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| OKX ZRO-USDT-SWAP | +0.0100% | 4h | 1.1808 | −0.856% | $3.2M | $9.0M | 20x | as long as short |
| Gate ZRO_USDT | +0.0100% | 4h | 1.1830 | −0.672% | $1.3M | $2.0M | 75x | as long as short |
| MEXC ZRO_USDT | +0.0100% | 4h | 1.1810 | −0.840% | $19.1M | $3.5M | 125x | as long as short |
| KuCoin ZROUSDTM | +0.0100% | 4h | 1.1835 | −0.630% | $3.0M | $1.8M | 50x | as long as short |
| Bitget ZROUSDT | +0.0100% | 4h | 1.1805 | −0.882% | $2.7M | $2.5M | 75x | as long as short |
| BingX ZRO-USDT | +0.0100% | 4h | 1.1815 | −0.798% | — | $10.9M | — | as long as short |
| Backpack ZRO_USDC_PERPshort | +0.0100% | 1h | 1.1814 | −0.806% | $95K | $206K | 20x | |
| Variational Omni ZRO | +0.0100% | 4h | 1.1844 | −0.550% | $2.3M | $861K | — | as long as short |
| ApeX Omni ZROUSDT | +0.0100% | 1h | 1.1850 | −0.504% | $37K | $681K | 50x | as long as short |
| Polymarket Perps ZRO-USD | +0.0100% | 1h | 1.1837 | −0.613% | $88K | $919K | 5x | as long as short |
| Aevo ZRO-PERP | +0.0104% | 1h | 1.1805 | −0.882% | $21K | — | 3x | as long as short |
| Nado ZRO-PERP | +0.0161% | 1h | 1.1827 | −0.697% | $1.3M | $131K | 5x | as long as short |
| GMX ZRO/USD [ETH-USDC] | L +0.0292% / S −0.2341% | 1h | 1.1822 | −0.736% | $3K | — | 100x | as long as short |
| Kraken Futures PF_ZROUSD | +0.0317% | 1h | 1.1822 | −0.740% | $250K | $569K | 25x | as long as short |
| Injective ZRO/USDC PERPlong | +0.1237% | 1h | 1.1910 | long leg | $12K | $175K | 12x | |
| Extended ZRO-USD | +0.1920% | 1h | 1.1807 | −0.865% | $784K | $557K | 10x | as long as short |
OKX ZRO-USDT-SWAP
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
Nado ZRO-PERP
GMX ZRO/USD [ETH-USDC]
Kraken Futures PF_ZROUSD
Extended ZRO-USD