Funding you earn now, next payment 00:00 UTC+0.0004%/8h= +0.4% APRnext payment +$0.01 per $10,000 · paid last 24h −0.065%
Price spread now: Backpack against Lighter−0.035%7-day average −0.159% · you buy dearer than you sell
Net, funding: paid 7d − costs−$95as in the Funding arb table
Net, price: spread back to 7d avg − costs−$29as in the Price arb table
costs, in and out, $10k−$410.413% of the position
Funding, last 7 days−0.535%−$54 on $10k
+Price spread, last 4 days (all we have)−0.227%−$23 · spread now −0.035%, 7d avg −0.159%
=Together, before fees−0.763%+ Points / potential airdropLighter: Season 3 · farm board−$76 on $10k · with fees, hour by hour
Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Backpack is 0.124% dearer against Lighter than usual: you sell high and buy low, +$12 on $10k if it goes back to its 7-day average of −0.159%.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Lighter ZRO | 1.1746 | 0.0096 | pay 0.0012% / 1h | 32m 55s | $4.4M | $1.5M | 5x |
| Short | Backpack ZRO_USDC_PERP | 1.1742 | 0.0100 | get 0.0013% / 1h | 32m 55s | $100K | $207K | 20x |
Lighter ZRO
Backpack ZRO_USDC_PERPFunding history
latest
Range statsloading…
Price spread between the two exchanges
Backpack against Lighter. 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
- $0.84
- Price spread: −0.035% → −0.159%
- $12.45
- Slippage, 4 orders
- −$31.31
- Fee Lighter: 0 bp × 2 orders
- $0
- Fee Backpack: 5 bp × 2 orders
- −$10
- Net
- −$28.02
- Costs to cover
- 0.413%
- Break-even
- 240.5 days
Slippage from Lighter: live order book, 5 min ago; Backpack: live order book, 45 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 Lighter live order book, 5 min ago | 9.58 bp | 16.2 bp −$16 | 95.5 bp −$955 | doesn't fit | doesn't fit |
| Sell Backpack live order book, 45 min ago | 0.42 bp | 6.1 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 | −0.0160% | 1h | 1.1734 | −0.101% | $7K | $3K | 5x | as long as short |
| Orderly PERP_ZRO_USDC | 0.0000% | 4h | 1.1744 | −0.018% | $21K | $7K | 10x | as long as short |
| BloFin ZRO-USDT | +0.0076% | 4h | 1.1737 | −0.077% | $1.1M | $255K | 75x | as long as short |
| Lighter ZROlong | +0.0096% | 1h | 1.1746 | long leg | $4.4M | $1.5M | 5x | |
| Hyperliquid ZRO | +0.0100% | 1h | 1.1738 | −0.069% | $37.2M | $6.2M | 5x | as long as short |
| Aster ZROUSDT | +0.0100% | 4h | 1.1743 | −0.030% | $157K | $153K | 10x | as long as short |
| Pacifica ZRO | +0.0100% | 1h | 1.1745 | −0.009% | $136K | $177K | 5x | as long as short |
| Binance ZROUSDT | +0.0100% | 4h | 1.1729 | −0.146% | $22.0M | $31.3M | 75x | as long as short |
| Bybit ZROUSDT | +0.0100% | 4h | 1.1730 | −0.137% | $17.9M | $14.7M | 50x | as long as short |
| OKX ZRO-USDT-SWAP | +0.0100% | 4h | 1.1728 | −0.154% | $3.2M | $8.3M | 20x | as long as short |
01 Exchange ZROUSD
Orderly PERP_ZRO_USDC
BloFin ZRO-USDT
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 | 1.1740 | −0.052% | $1.3M | $1.8M | 75x | as long as short |
| MEXC ZRO_USDT | +0.0100% | 4h | 1.1730 | −0.137% | $19.1M | $2.8M | 125x | as long as short |
| KuCoin ZROUSDTM | +0.0100% | 4h | 1.1732 | −0.120% | $2.4M | $1.9M | 50x | as long as short |
| Bitget ZROUSDT | +0.0100% | 4h | 1.1724 | −0.188% | $2.7M | $2.4M | 75x | as long as short |
| BingX ZRO-USDT | +0.0100% | 4h | 1.1734 | −0.103% | — | $10.7M | — | as long as short |
| Backpack ZRO_USDC_PERPshort | +0.0100% | 1h | 1.1742 | −0.035% | $100K | $207K | 20x | |
| Variational Omni ZRO | +0.0100% | 4h | 1.1756 | +0.081% | $2.3M | $878K | — | as long as short |
| ApeX Omni ZROUSDT | +0.0100% | 1h | 1.1770 | +0.203% | $37K | $685K | 50x | as long as short |
| Polymarket Perps ZRO-USD | +0.0100% | 1h | 1.1747 | +0.008% | $94K | $825K | 5x | as long as short |
| Aevo ZRO-PERP | +0.0104% | 1h | 1.1738 | −0.073% | $21K | — | 3x | as long as short |
| Kraken Futures PF_ZROUSD | +0.0133% | 1h | 1.1747 | +0.009% | $252K | $434K | 25x | as long as short |
| dYdX ZRO-USD | +0.0143% | 1h | 1.1748 | +0.016% | $21K | $2K | 5x | as long as short |
| GMX ZRO/USD [ETH-USDC] | L +0.0291% / S −0.2341% | 1h | 1.1743 | −0.029% | $3K | — | 100x | as long as short |
| Nado ZRO-PERP | +0.0369% | 1h | 1.1741 | −0.047% | $1.3M | $125K | 5x | as long as short |
| Injective ZRO/USDC PERP | +0.1159% | 1h | 1.1840 | +0.799% | $12K | $260K | 12x | as long as short |
| Extended ZRO-USD | +0.1984% | 1h | 1.1730 | −0.141% | $784K | $610K | 10x | as long as short |
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
dYdX ZRO-USD
GMX ZRO/USD [ETH-USDC]
Nado ZRO-PERP
Injective ZRO/USDC PERP
Extended ZRO-USD