Funding you earn now, next payment 04:00 UTC−0.0077%/8h= −8.5% APRnext payment −$0.10 per $10,000 · paid last 24h −0.035%
Price spread now: Backpack against Nado−0.100%7-day average +0.007% · you buy dearer than you sell
Net, funding: paid 7d − costs—under 7 days of funding history
Net, price: spread back to 7d avg − costs−$48as in the Price arb table
costs, in and out, $10k−$370.371% of the position
Funding, last 3 days (all we have)−0.305%−$31 on $10k
+Price spread, last 4 days (all we have)−0.488%−$49 · spread now −0.100%, 7d avg +0.007%
=Together, before fees−0.793%+ Points / potential airdropNado: Active · farm board−$79 on $10k · with fees, hour by hour
Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Backpack is 0.107% cheaper against Nado than usual: you would sell low and buy high (−$11 if the spread goes back to its 7-day average of +0.007%). Swap the legs.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Nado ZRO-PERP | 1.1705 | 0.0177 | pay 0.0022% / 1h | 30m 19s | $1.3M | $125K | 5x |
| Short | Backpack ZRO_USDC_PERP | 1.1693 | 0.0100 | get 0.0013% / 1h | 30m 19s | $97K | $219K | 20x |
Nado ZRO-PERP
Backpack ZRO_USDC_PERPFunding history
latest
Range statsloading…
Price spread between the two exchanges
Backpack against Nado. 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
- −$16.25
- Price spread: −0.100% → +0.007%
- −$10.68
- Slippage, 4 orders
- −$20.08
- Fee Nado: 3.5 bp × 2 orders
- −$7
- Fee Backpack: 5 bp × 2 orders
- −$10
- Net
- −$64
- Costs to cover
- 0.371%
- Break-even
- never at this rate
Slippage from Nado: live order book, 3 min ago; Backpack: live order book, 28 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 Nado live order book, 3 min ago | 2.99 bp | 9.9 bp −$10 | 46.1 bp −$461 | doesn't fit | doesn't fit |
| Sell Backpack live order book, 28 min ago | 0.43 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 | |
|---|---|---|---|---|---|---|---|---|
| dYdX ZRO-USD | +0.0014% | 1h | 1.1709 | +0.035% | $21K | $4K | 5x | as long as short |
| Orderly PERP_ZRO_USDC | +0.0037% | 4h | 1.1712 | +0.062% | $21K | $5K | 10x | as long as short |
| 01 Exchange ZROUSD | +0.0064% | 1h | 1.1718 | +0.113% | $7K | $3K | 5x | as long as short |
| BloFin ZRO-USDT | +0.0091% | 4h | 1.1694 | −0.091% | $1.1M | $248K | 75x | as long as short |
| Lighter ZRO | +0.0096% | 1h | 1.1727 | +0.187% | $4.4M | $1.2M | 5x | as long as short |
| Aster ZROUSDT | +0.0100% | 4h | 1.1708 | +0.032% | $158K | $150K | 10x | as long as short |
| Pacifica ZRO | +0.0100% | 1h | 1.1708 | +0.028% | $136K | $178K | 5x | as long as short |
| Binance ZROUSDT | +0.0100% | 4h | 1.1711 | +0.052% | $21.9M | $29.7M | 75x | as long as short |
| Bybit ZROUSDT | +0.0100% | 4h | 1.1710 | +0.045% | $17.8M | $13.8M | 50x | as long as short |
| OKX ZRO-USDT-SWAP | +0.0100% | 4h | 1.1716 | +0.097% | $3.2M | $7.9M | 20x | as long as short |
dYdX ZRO-USD
Orderly PERP_ZRO_USDC
01 Exchange ZROUSD
BloFin ZRO-USDT
Lighter 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 | 1.1700 | −0.040% | $1.3M | $1.5M | 75x | as long as short |
| MEXC ZRO_USDT | +0.0100% | 4h | 1.1710 | +0.045% | $19.2M | $2.7M | 125x | as long as short |
| KuCoin ZROUSDTM | +0.0100% | 4h | 1.1700 | −0.040% | $2.4M | $2.0M | 50x | as long as short |
| Bitget ZROUSDT | +0.0100% | 4h | 1.1713 | +0.071% | $2.7M | $2.6M | 75x | as long as short |
| BingX ZRO-USDT | +0.0100% | 4h | 1.1712 | +0.062% | — | $16.5M | — | as long as short |
| Backpack ZRO_USDC_PERPshort | +0.0100% | 1h | 1.1693 | −0.100% | $97K | $219K | 20x | |
| Variational Omni ZRO | +0.0100% | 4h | 1.1682 | −0.194% | $2.3M | $809K | — | as long as short |
| ApeX Omni ZROUSDT | +0.0100% | 1h | 1.1650 | −0.467% | $39K | $672K | 50x | as long as short |
| Polymarket Perps ZRO-USD | +0.0100% | 1h | 1.1714 | +0.079% | $99K | $850K | 5x | as long as short |
| Aevo ZRO-PERP | +0.0104% | 1h | 1.1708 | +0.028% | $21K | — | 3x | as long as short |
| Nado ZRO-PERPlong | +0.0177% | 1h | 1.1705 | long leg | $1.3M | $125K | 5x | |
| GMX ZRO/USD [ETH-USDC] | L +0.0292% / S −0.2341% | 1h | 1.1711 | +0.057% | $3K | — | 100x | as long as short |
| Kraken Futures PF_ZROUSD | +0.0380% | 1h | 1.1724 | +0.162% | $258K | $401K | 25x | as long as short |
| Hyperliquid ZRO | +0.0413% | 1h | 1.1723 | +0.156% | $37.1M | $5.5M | 5x | as long as short |
| Injective ZRO/USDC PERP | +0.1186% | 1h | 1.1740 | +0.302% | $12K | $260K | 12x | as long as short |
| Extended ZRO-USD | +0.1248% | 1h | 1.1717 | +0.102% | $780K | $590K | 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
GMX ZRO/USD [ETH-USDC]
Kraken Futures PF_ZROUSD
Hyperliquid ZRO
Injective ZRO/USDC PERP
Extended ZRO-USD