Funding you earn now, next payment 02:00 UTC−0.0272%/8h= −29.8% APRnext payment −$0.34 per $10,000 · paid last 24h +0.128%
Price spread now: Backpack against Kraken Futures−0.356%51s7-day average −0.072% · you buy dearer than you sell
Net, funding: paid 7d − costs−$138as 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−$1061.057% of the position
Funding, last 7 days−0.321%−$32 on $10k
+Price spread, last 3 days (all we have)+0.478%+$48 · spread now −0.356%, 7d avg −0.072%
=Both sides work against this trade now: funding costs −$8 a day on $10k at the current rate, and Backpack is 0.283% cheaper against Kraken Futures than usual: you would sell low and buy high (−$28 if the spread goes back to its 7-day average of −0.072%). Swap the legs. The two prices were read 51 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 | Kraken Futures PF_ZROUSD | 1.1692 | 0.0372 | pay 0.0046% / 1h | 5m 16s | $251K | $399K | 25x |
| Short | Backpack ZRO_USDC_PERP | 1.1650 | 0.0100 | get 0.0013% / 1h | 5m 16s | $97K | $210K | 20x |
Kraken Futures PF_ZROUSD
Backpack ZRO_USDC_PERPFunding history
latest
Range statsloading…
Price spread between the two exchanges
Backpack against Kraken Futures. 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
- −$57.11
- Price spread: −0.356% → −0.072%
- −$28.33
- Slippage, 4 orders
- −$85.69
- Fee Kraken Futures: 5 bp × 2 orders
- −$10
- Fee Backpack: 5 bp × 2 orders
- −$10
- Net
- −$191.14
- Costs to cover
- 1.057%
- Break-even
- never at this rate
Slippage from Kraken Futures: live order book, 62 min ago; Backpack: live order book, 63 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 Kraken Futures live order book, 62 min ago | 24.02 bp | 52.7 bp −$53 | doesn't fit | doesn't fit | doesn't fit |
| Sell Backpack live order book, 63 min ago | 0.42 bp | 9.0 bp −$9 | doesn't fit | doesn't fit | doesn't fit |
ZRO on 25 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 | −0.0216% | 1h | 1.1653 | −0.333% | $7K | $3K | 5x | as long as short |
| dYdX ZRO-USD | +0.0003% | 1h | 1.1648 | −0.376% | $21K | $3K | 5x | as long as short |
| Bybit ZROUSDT | +0.0014% | 4h | 1.1657 | −0.296% | $17.9M | $13.9M | 50x | as long as short |
| Gate ZRO_USDT | +0.0026% | 4h | 1.1660 | −0.270% | $1.3M | $1.5M | 75x | as long as short |
| Orderly PERP_ZRO_USDC | +0.0032% | 4h | 1.1671 | −0.176% | $20K | $5K | 10x | as long as short |
| Lighter ZRO | +0.0096% | 1h | 1.1666 | −0.215% | $4.3M | $1.2M | 5x | as long as short |
| Hyperliquid ZRO | +0.0100% | 1h | 1.1686 | −0.048% | $37.0M | $5.4M | 5x | as long as short |
| Aster ZROUSDT | +0.0100% | 4h | 1.1666 | −0.217% | $157K | $150K | 10x | as long as short |
| Pacifica ZRO | +0.0100% | 1h | 1.1652 | −0.335% | $135K | $167K | 5x | as long as short |
| Binance ZROUSDT | +0.0100% | 4h | 1.1671 | −0.179% | $21.9M | $29.7M | 75x | as long as short |
01 Exchange ZROUSD
dYdX ZRO-USD
Bybit ZROUSDT
Gate ZRO_USDT
Orderly PERP_ZRO_USDC
Lighter ZRO
Hyperliquid ZRO
Aster ZROUSDT
Pacifica ZRO
Binance ZROUSDTShow all 25 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| OKX ZRO-USDT-SWAP | +0.0100% | 4h | 1.1667 | −0.210% | $3.2M | $7.9M | 20x | as long as short |
| MEXC ZRO_USDT | +0.0100% | 4h | 1.1664 | −0.236% | $19.0M | $2.8M | 125x | as long as short |
| KuCoin ZROUSDTM | +0.0100% | 4h | 1.1661 | −0.262% | $2.3M | $1.9M | 50x | as long as short |
| Bitget ZROUSDT | +0.0100% | 4h | 1.1669 | −0.193% | $2.7M | $2.4M | 75x | as long as short |
| BingX ZRO-USDT | +0.0100% | 4h | 1.1664 | −0.236% | — | $16.5M | — | as long as short |
| Backpack ZRO_USDC_PERPshort | +0.0100% | 1h | 1.1650 | −0.356% | $97K | $210K | 20x | |
| Variational Omni ZRO | +0.0100% | 4h | 1.1639 | −0.446% | $2.3M | $814K | — | as long as short |
| ApeX Omni ZROUSDT | +0.0100% | 1h | 1.1680 | −0.099% | $39K | $674K | 50x | as long as short |
| Polymarket Perps ZRO-USD | +0.0100% | 1h | 1.1676 | −0.133% | $91K | $836K | 5x | as long as short |
| Aevo ZRO-PERP | +0.0104% | 1h | 1.1670 | −0.185% | $21K | — | 3x | as long as short |
| Nado ZRO-PERP | +0.0233% | 1h | 1.1670 | −0.180% | $1.3M | $123K | 5x | as long as short |
| GMX ZRO/USD [ETH-USDC] | L +0.0291% / S −0.2341% | 1h | 1.1664 | −0.234% | $3K | — | 100x | as long as short |
| Kraken Futures PF_ZROUSDlong | +0.0372% | 1h | 1.1692 | long leg | $251K | $399K | 25x | |
| Extended ZRO-USD | +0.1008% | 1h | 1.1665 | −0.225% | $780K | $590K | 10x | as long as short |
| Injective ZRO/USDC PERP | +0.1213% | 1h | 1.1700 | +0.072% | $12K | $260K | 12x | as long as short |
OKX ZRO-USDT-SWAP
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]
Extended ZRO-USD
Injective ZRO/USDC PERP