ZEC

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC+0.0340%/8h= +37.2% APRnext payment +$0.43 per $10,000 · paid last 24h +0.072%

Price spread now: Coinbase International against Backpack+0.100%7-day average +0.128% · you sell dearer than you buy

Net, funding: paid 7d − costs−$14as in the Funding arb table

Net, price: spread back to 7d avg − costs−$42as in the Price arb table

costs, in and out, $10k−$390.387% of the position

Long on Backpack Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+0.244%+$24 on $10k

Price spread, last 3 days (all we have)+0.755%+$75 · spread now +0.100%, 7d avg +0.128%

Together, before fees+0.998%+$100 on $10k · with fees, hour by hour

Funding pays, the price is against you. Coinbase International is 0.028% cheaper against Backpack than usual: you would sell low and buy high (spread +0.100% now, against its 7-day average of +0.128%). If the spread goes back, that is −$3 on $10k: about 7 hours of funding at the current rate (+$10 a day). At the pace of the last 7 days (+0.244% in total) that is about 20 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack ZEC_USDC_PERP	1,456.6	0.0100	pay 0.0013% / 1h	21m 38s	$2.3M	$4.1M	15x
Short	Coinbase International ZEC-PERP-INTX	1,458.1	0.0440	get 0.0055% / 1h	21m 38s	$3.7M	$11.4M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against Backpack. 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 BackpackbpFee Coinbase InternationalbpOrdersPrice spread, now +0.100%Rate

Funding earned: $71.4
Price spread: +0.100% → +0.128%: −$2.84
Slippage, 4 orders: −$18.71
Fee Backpack: 5 bp × 2 orders: −$10
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: $29.85
Costs to cover: 0.387%
Break-even: 4.1 days

Slippage from Backpack: live order book, 2 min ago; Coinbase International: live order book, 2 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 Backpack live order book, 2 min ago	0.03 bp	5.1 bp −$5	11.6 bp −$116	doesn't fit	doesn't fit
Sell Coinbase International live order book, 2 min ago	1.99 bp	13.5 bp −$13	14.9 bp −$149	42.3 bp −$4,234	doesn't fit

ZEC on 51 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
Injective ZEC/USDC PERP	−0.3476%	1h	1,433.1	−1.613%	$33K	$275K	12x	as long as short
BloFin ZEC-USDT	−0.0086%	8h	1,454.8	−0.125%	$28.6M	$75.4M	75x	as long as short
Hotstuff ZEC-PERP	−0.0080%	1h	1,455.2	−0.100%	$6K	$2K	10x	as long as short
Kraken Futures PF_ZECUSD	−0.0071%	1h	1,455.7	−0.064%	$17.7M	$44.7M	25x	as long as short
dYdX ZEC-USD	0.0000%	1h	1,456.2	−0.026%	$410K	$106K	5x	as long as short
Kalshi KXZECPERP	0.0000%	8h	1,456.1	−0.036%	$933K	$5.7M	2.2x	as long as short
Perpl ZEC	0.0000%	43m	1,456.2	−0.028%	$83K	$401K	10x	as long as short
Deribit ZEC_USDC-PERPETUAL	0.0000%	1h	1,457	+0.024%	$593K	$1.3M	25x	as long as short
Variational Omni ZEC	+0.0005%	8h	1,459.3	+0.182%	$45.7M	$33.1M	—	as long as short
gTrade (Gains Network) ZEC/USD	L +0.0007% / S −0.0006%	1h	1,456.6	−0.001%	$5.2M	—	150x	as long as short

Show all 51 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit ZECUSDT	+0.0008%	8h	1,455.7	−0.063%	$267.5M	$677.2M	75x	as long as short
Orderly PERP_ZEC_USDC	+0.0016%	8h	1,455.9	−0.047%	$292K	$1.5M	20x	as long as short
GMX ZEC/USD [WBTC.b-USDC]	L +0.0023% / S +0.0072%	1h	1,456.5	−0.006%	$565K	—	100x	as long as short
01 Exchange ZECUSD	+0.0056%	1h	1,455.7	−0.066%	$8K	$8K	5x	as long as short
OKX ZEC-USDT-SWAP	+0.0060%	8h	1,457.3	+0.047%	$173.2M	$1.36B	50x	as long as short
Gate ZEC_USDT	+0.0079%	8h	1,457.1	+0.034%	$49.5M	$190.3M	75x	as long as short
Aster ZECUSDT	+0.0092%	8h	1,456.7	+0.006%	$15.3M	$34.5M	75x	as long as short
Katana Perps ZEC-USD	+0.0095%	8h	1,457.3	+0.043%	$13K	$871K	10x	as long as short
Lighter ZEC	+0.0096%	1h	1,457.7	+0.072%	$18.8M	$54.5M	20x	as long as short
Popdex ZECUSDT	+0.0096%	1h	1,455.4	−0.082%	$173K	$2.0M	50x	as long as short
Paradex ZEC-USD-PERP	+0.0100%	8h	1,456.3	−0.026%	$60K	$39K	10x	as long as short
Nado ZEC-PERP	+0.0100%	1h	1,455.6	−0.069%	$2.5M	$7.1M	10x	as long as short
Hyperliquid ZEC	+0.0100%	1h	1,457.3	+0.048%	$753.1M	$494.0M	10x	as long as short
Pacifica ZEC	+0.0100%	1h	1,456.9	+0.017%	$1.6M	$3.0M	10x	as long as short
Binance ZECUSDT	+0.0100%	8h	1,456.9	+0.021%	$664.3M	$2.53B	75x	as long as short
Ondo Perps ZEC-USD.P	+0.0100%	1h	1,454.6	−0.139%	$395K	$521K	5x	as long as short
MEXC ZEC_USDT	+0.0100%	8h	1,456.9	+0.021%	$216.0M	$896.8M	150x	as long as short
KuCoin ZECUSDTM	+0.0100%	8h	1,456.8	+0.014%	$103.1M	$57.1M	75x	as long as short
Bitget ZECUSDT	+0.0100%	8h	1,457.2	+0.036%	$161.3M	$313.3M	75x	as long as short
BingX ZEC-USDT	+0.0100%	8h	1,456.9	+0.018%	—	$101.4M	—	as long as short
Backpack ZEC_USDC_PERPlong	+0.0100%	1h	1,456.6	long leg	$2.3M	$4.1M	15x
edgeX ZECUSDC	+0.0100%	4h	1,457.3	+0.049%	$490K	$9.6M	20x	as long as short
GRVT ZEC_USDT_Perp	+0.0100%	8h	1,459.6	+0.205%	$3.0M	$510K	10x	as long as short
ApeX Omni ZECUSDT	+0.0100%	1h	1,458.8	+0.146%	$455K	$800K	50x	as long as short
StandX ZEC-USD	+0.0100%	1h	1,456.6	+0.001%	$109K	$4.8M	30x	as long as short
Polymarket Perps ZEC-USD	+0.0100%	1h	1,456	−0.043%	$347K	$2.0M	10x	as long as short
Bullet ZEC-USD	+0.0100%	1h	1,456.1	−0.037%	$127K	$161K	20x	as long as short
Derive ZEC-PERP	+0.0100%	1h	1,454.9	−0.117%	$442K	$498K	6.7x	as long as short
SunX ZEC-USDT	+0.0100%	8h	1,457.3	+0.045%	$3K	$1.3M	20x	as long as short
SoDEX ZEC-USD	+0.0100%	1h	1,456	−0.041%	$221K	$4.7M	10x	as long as short
HTX ZEC-USDT	+0.0100%	8h	1,456	−0.041%	$2.4M	$25.0M	75x	as long as short
Phemex ZECUSDT	+0.0100%	8h	1,456	−0.043%	$3.8M	$5.4M	50x	as long as short
Bulk ZEC-USD	+0.0100%	1h	1,455	−0.113%	$896K	$26K	10x	as long as short
Phoenix ZEC	+0.0103%	1h	1,460.3	+0.255%	$4.6M	$1.6M	10x	as long as short
Extended ZEC-USD	+0.0104%	1h	1,457.8	+0.078%	$3.3M	$6.9M	10x	as long as short
Aevo ZEC-PERP	+0.0104%	1h	1,456.1	−0.034%	$36K	$362K	20x	as long as short
RISEx ZEC/USDC	+0.0219%	1h	1,457.9	+0.087%	$867K	$1.8M	10x	as long as short
Coinbase International ZEC-PERP-INTXshort	+0.0440%	1h	1,458.1	+0.100%	$3.7M	$11.4M	50x
Aftermath Perps ZECUSD	+0.0450%	1h	1,455.3	−0.092%	$40K	$34K	10x	as long as short
Arcus ZEC-USD	+0.0518%	1h	1,458.7	+0.142%	$750K	$8.0M	10x	as long as short
Lighter RH ZEC	+0.0648%	1h	1,458.3	+0.117%	$1.9M	$8.5M	10x	as long as short