ZEC

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0526%/8h= −57.5% APRnext payment −$0.66 per $10,000 · paid last 24h −0.086%

Price spread now: Kraken Futures against Backpack+0.280%51s7-day average +0.028% · you sell dearer than you buy

Net, funding: paid 7d − costs−$40as 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−$320.316% of the position

Long on Backpack Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days−0.086%−$9 on $10k

Price spread, last 4 days (all we have)−0.070%−$7 · spread now +0.280%, 7d avg +0.028%

Together, before fees−0.156%−$16 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Kraken Futures is 0.252% dearer against Backpack than usual: you sell high and buy low (spread +0.280% now, against its 7-day average of +0.028%): +$25 on $10k if it goes back. Holding the pair costs −$16 a day in funding at the current rate, which eats that in about 38 hours. At the pace of the last 7 days (−0.086% in total) that is about 21 days. The two prices were read 51 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.086% in total (about -4.5% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.66 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	Backpack ZEC_USDC_PERP	1,500.7	0.0537	pay 0.0067% / 1h	19m 14s	$2.3M	$3.8M	15x
Short	Kraken Futures PF_ZECUSD	1,504.9	0.0012	get 0.0001% / 1h	19m 14s	$18.1M	$47.1M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures 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 Kraken FuturesbpOrdersPrice spread, now +0.280%Rate

Funding earned: −$110.36
Price spread: +0.280% → +0.028%: $25.17
Slippage, 4 orders: −$11.57
Fee Backpack: 5 bp × 2 orders: −$10
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$116.75
Costs to cover: 0.316%
Break-even: never at this rate

Slippage from Backpack: live order book, 5 min ago; Kraken Futures: live order book, 5 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, 5 min ago	0.03 bp	6.1 bp −$6	13.3 bp −$133	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 5 min ago	1.97 bp	10.6 bp −$11	12.7 bp −$127	19.1 bp −$1,912	132.3 bp −$66.2K

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	−0.3442%	1h	1,479.6	−1.406%	$36K	$275K	12x	as long as short
Perpl ZEC	−0.0447%	43m	1,500.7	+0.001%	$61K	$303K	10x	as long as short
BloFin ZEC-USDT	−0.0148%	8h	1,504.3	+0.239%	$31.3M	$76.0M	75x	as long as short
Bulk ZEC-USD	−0.0108%	1h	1,495.7	−0.331%	$810K	$100K	10x	as long as short
Aftermath Perps ZECUSD	−0.0106%	1h	1,495.9	−0.318%	$48K	$58K	10x	as long as short
Hotstuff ZEC-PERP	−0.0080%	1h	1,496.8	−0.261%	$6K	$1K	10x	as long as short
dYdX ZEC-USD	0.0000%	1h	1,502	+0.091%	$417K	$34K	5x	as long as short
Kalshi KXZECPERP	0.0000%	8h	1,499.2	−0.100%	$1.5M	$4.4M	2.2x	as long as short
gTrade (Gains Network) ZEC/USD	L +0.0007% / S −0.0006%	1h	1,503	+0.155%	$5.4M	—	150x	as long as short
Kraken Futures PF_ZECUSDshort	+0.0012%	1h	1,504.9	+0.280%	$18.1M	$47.1M	25x

Show all 51 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps ZEC-USD.P	+0.0043%	1h	1,493.6	−0.472%	$408K	$554K	5x	as long as short
Orderly PERP_ZEC_USDC	+0.0084%	8h	1,503.6	+0.195%	$303K	$864K	20x	as long as short
01 Exchange ZECUSD	+0.0088%	1h	1,502.8	+0.139%	$8K	$6K	5x	as long as short
Phoenix ZEC	+0.0096%	1h	1,496	−0.311%	$4.8M	$1.4M	10x	as long as short
Popdex ZECUSDT	+0.0096%	1h	1,502.5	+0.121%	$183K	$1.8M	50x	as long as short
Katana Perps ZEC-USD	+0.0098%	8h	1,502.6	+0.129%	$12K	$891K	10x	as long as short
Paradex ZEC-USD-PERP	+0.0100%	8h	1,502.6	+0.131%	$62K	$20K	10x	as long as short
Nado ZEC-PERP	+0.0100%	1h	1,501.9	+0.082%	$3.1M	$7.6M	10x	as long as short
Hyperliquid ZEC	+0.0100%	1h	1,503.2	+0.168%	$785.3M	$439.2M	10x	as long as short
Aster ZECUSDT	+0.0100%	8h	1,503.7	+0.201%	$14.1M	$30.9M	75x	as long as short
Pacifica ZEC	+0.0100%	1h	1,502.3	+0.108%	$1.7M	$2.4M	10x	as long as short
Binance ZECUSDT	+0.0100%	8h	1,504.2	+0.237%	$703.7M	$2.30B	75x	as long as short
Bybit ZECUSDT	+0.0100%	8h	1,503.3	+0.175%	$270.2M	$617.8M	75x	as long as short
OKX ZEC-USDT-SWAP	+0.0100%	8h	1,504	+0.218%	$183.3M	$1.34B	50x	as long as short
Gate ZEC_USDT	+0.0100%	8h	1,502.6	+0.129%	$56.8M	$185.4M	75x	as long as short
MEXC ZEC_USDT	+0.0100%	8h	1,502.6	+0.126%	$243.0M	$803.6M	150x	as long as short
KuCoin ZECUSDTM	+0.0100%	8h	1,502.5	+0.122%	$103.2M	$56.4M	75x	as long as short
Bitget ZECUSDT	+0.0100%	8h	1,504	+0.223%	$162.6M	$289.0M	75x	as long as short
BingX ZEC-USDT	+0.0100%	8h	1,503.2	+0.169%	—	$117.3M	—	as long as short
Variational Omni ZEC	+0.0100%	8h	1,495.2	−0.366%	$48.9M	$34.4M	—	as long as short
edgeX ZECUSDC	+0.0100%	4h	1,493.9	−0.451%	$572K	$9.0M	20x	as long as short
GRVT ZEC_USDT_Perp	+0.0100%	8h	1,496.3	−0.292%	$3.1M	$510K	10x	as long as short
ApeX Omni ZECUSDT	+0.0100%	1h	1,494.6	−0.406%	$411K	$946K	50x	as long as short
StandX ZEC-USD	+0.0100%	1h	1,496	−0.313%	$56K	$4.6M	30x	as long as short
Polymarket Perps ZEC-USD	+0.0100%	1h	1,502.3	+0.108%	$360K	$1.6M	10x	as long as short
Bullet ZEC-USD	+0.0100%	1h	1,502.8	+0.144%	$165K	$184K	20x	as long as short
Derive ZEC-PERP	+0.0100%	1h	1,493.5	−0.479%	$456K	$469K	6.7x	as long as short
SunX ZEC-USDT	+0.0100%	8h	1,506.5	+0.390%	$3K	$1.2M	20x	as long as short
SoDEX ZEC-USD	+0.0100%	1h	1,504.2	+0.236%	$254K	$3.4M	10x	as long as short
HTX ZEC-USDT	+0.0100%	8h	1,503.6	+0.193%	$2.7M	$20.7M	75x	as long as short
Phemex ZECUSDT	+0.0100%	8h	1,504.2	+0.233%	$4.0M	$4.9M	50x	as long as short
Extended ZEC-USD	+0.0104%	1h	1,504.1	+0.230%	$2.8M	$7.9M	10x	as long as short
Aevo ZEC-PERP	+0.0104%	1h	1,504	+0.224%	$43K	$151K	20x	as long as short
Lighter RH ZEC	+0.0120%	1h	1,505.5	+0.320%	$2.1M	$7.4M	10x	as long as short
RISEx ZEC/USDC	+0.0128%	1h	1,503	+0.153%	$946K	$1.1M	10x	as long as short
GMX ZEC/USD [WBTC.b-USDC]	L +0.0145% / S −0.0142%	1h	1,499.6	−0.071%	$333K	—	100x	as long as short
Lighter ZEC	+0.0216%	1h	1,505.8	+0.339%	$19.9M	$45.7M	20x	as long as short
Deribit ZEC_USDC-PERPETUAL	+0.0226%	1h	1,504.9	+0.280%	$687K	$1.4M	25x	as long as short
Arcus ZEC-USD	+0.0403%	1h	1,503.3	+0.177%	$609K	$8.8M	10x	as long as short
Coinbase International ZEC-PERP-INTX	+0.0416%	1h	1,504.8	+0.277%	$3.7M	$9.9M	50x	as long as short
Backpack ZEC_USDC_PERPlong	+0.0537%	1h	1,500.7	long leg	$2.3M	$3.8M	15x