Funding you earn now, next payment 08:00 UTC+0.0530%/8h= +58.1% APRnext payment +$0.66 per $10,000 · paid last 24h +0.052%
Price spread now: Backpack against gTrade (Gains Network)+0.057%7-day average +0.403% · you sell dearer than you buy
Net, funding: paid 7d − costs—under 7 days of funding history
Net, price: spread back to 7d avg − costs−$316as in the Price arb table
costs, in and out, $10k−$2822.819% of the position
Funding, last 3 days (all we have)+0.157%+$16 on $10k
+Price spread, last 7 days−1.241%−$124 · spread now +0.057%, 7d avg +0.403%
=Funding pays, the price is against you. Backpack is 0.346% cheaper against gTrade (Gains Network) than usual: you would sell low and buy high (spread +0.057% now, against its 7-day average of +0.403%). If the spread goes back, that is −$35 on $10k: about 2.2 days of funding at the current rate (+$16 a day). At the pace of the last 3 days (+0.157% in total) that is about 7.7 days.
The current funding rate is far above what this pair has been paying: over the last 3 days it paid 0.157% in total (about 16.4% 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 | gTrade (Gains Network) ZEC/USD | 1,499.8 | L +0.0007% / S −0.0006% | pay 0.0001% / 1h | 20m 13s | $5.3M | — | 150x |
| Short | Backpack ZEC_USDC_PERP | 1,500.7 | 0.0537 | get 0.0067% / 1h | 20m 13s | $2.3M | $3.8M | 15x |
gTrade (Gains Network) ZEC/USD
Backpack ZEC_USDC_PERPFunding history
latest
Range statsloading…
Price spread between the two exchanges
Backpack against gTrade (Gains Network). 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
- $111.34
- Price spread: +0.057% → +0.403%
- −$34.55
- Slippage, 4 orders
- −$261.95
- Fee gTrade (Gains Network): 5 bp × 2 orders
- −$10
- Fee Backpack: 5 bp × 2 orders
- −$10
- Net
- −$205.16
- Costs to cover
- 2.819%
- Break-even
- 19.9 days
Slippage from gTrade (Gains Network): virtual book (oracle venue), 4 min ago; Backpack: live order book, 4 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 gTrade (Gains Network) virtual book (oracle venue), 4 min ago | 130.06 bp | 135.1 bp −$135 | 426.0 bp −$4,260 | 4809.1 bp −$480.9K | doesn't fit |
| Sell Backpack live order book, 4 min ago | 0.03 bp | 5.7 bp −$6 | 15.8 bp −$158 | doesn't fit | 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 | −0.3442% | 1h | 1,479.6 | −1.349% | $36K | $275K | 12x | as long as short |
| Perpl ZEC | −0.0447% | 43m | 1,495.1 | −0.312% | $61K | $303K | 10x | as long as short |
| BloFin ZEC-USDT | −0.0143% | 8h | 1,495.8 | −0.266% | $31.1M | $75.5M | 75x | as long as short |
| Aftermath Perps ZECUSD | −0.0106% | 1h | 1,494.8 | −0.333% | $48K | $58K | 10x | as long as short |
| Hotstuff ZEC-PERP | −0.0080% | 1h | 1,494.7 | −0.339% | $6K | $1K | 10x | as long as short |
| Bulk ZEC-USD | −0.0053% | 1h | 1,491.1 | −0.579% | $858K | $48K | 10x | as long as short |
| dYdX ZEC-USD | 0.0000% | 1h | 1,496.4 | −0.231% | $416K | $34K | 5x | as long as short |
| Kalshi KXZECPERP | 0.0000% | 8h | 1,496.9 | −0.192% | $1.5M | $4.4M | 2.2x | as long as short |
| gTrade (Gains Network) ZEC/USDlong | L +0.0007% / S −0.0006% | 1h | 1,499.8 | long leg | $5.3M | — | 150x | |
| Deribit ZEC_USDC-PERPETUAL | +0.0011% | 1h | 1,497.2 | −0.177% | $684K | $1.4M | 25x | as long as short |
Injective ZEC/USDC PERP
Perpl ZEC
BloFin ZEC-USDT
Aftermath Perps ZECUSD
Hotstuff ZEC-PERP
Bulk ZEC-USD
dYdX ZEC-USD
Kalshi KXZECPERP
Deribit ZEC_USDC-PERPETUALShow all 51 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Kraken Futures PF_ZECUSD | +0.0012% | 1h | 1,497 | −0.188% | $18.0M | $47.0M | 25x | as long as short |
| Ondo Perps ZEC-USD.P | +0.0041% | 1h | 1,493.6 | −0.415% | $408K | $554K | 5x | as long as short |
| Orderly PERP_ZEC_USDC | +0.0084% | 8h | 1,496.4 | −0.231% | $301K | $864K | 20x | as long as short |
| 01 Exchange ZECUSD | +0.0088% | 1h | 1,497.2 | −0.175% | $8K | $6K | 5x | as long as short |
| Phoenix ZEC | +0.0096% | 1h | 1,496 | −0.254% | $4.8M | $1.4M | 10x | as long as short |
| Popdex ZECUSDT | +0.0096% | 1h | 1,496.8 | −0.203% | $182K | $1.8M | 50x | as long as short |
| Katana Perps ZEC-USD | +0.0098% | 8h | 1,496.7 | −0.209% | $17K | $881K | 10x | as long as short |
| Paradex ZEC-USD-PERP | +0.0100% | 8h | 1,496.7 | −0.208% | $62K | $20K | 10x | as long as short |
| Nado ZEC-PERP | +0.0100% | 1h | 1,496.9 | −0.198% | $3.1M | $7.6M | 10x | as long as short |
| Hyperliquid ZEC | +0.0100% | 1h | 1,497.4 | −0.161% | $782.3M | $439.0M | 10x | as long as short |
| Aster ZECUSDT | +0.0100% | 8h | 1,497 | −0.186% | $14.0M | $30.8M | 75x | as long as short |
| Pacifica ZEC | +0.0100% | 1h | 1,496.2 | −0.239% | $1.7M | $2.4M | 10x | as long as short |
| Binance ZECUSDT | +0.0100% | 8h | 1,498.1 | −0.116% | $701.8M | $2.30B | 75x | as long as short |
| Bybit ZECUSDT | +0.0100% | 8h | 1,499.8 | −0.004% | $268.7M | $617.8M | 75x | as long as short |
| OKX ZEC-USDT-SWAP | +0.0100% | 8h | 1,500.5 | +0.043% | $184.1M | $1.34B | 50x | as long as short |
| Gate ZEC_USDT | +0.0100% | 8h | 1,496.2 | −0.239% | $56.6M | $185.3M | 75x | as long as short |
| MEXC ZEC_USDT | +0.0100% | 8h | 1,500.4 | +0.038% | $240.2M | $802.9M | 150x | as long as short |
| KuCoin ZECUSDTM | +0.0100% | 8h | 1,496.6 | −0.212% | $102.8M | $56.3M | 75x | as long as short |
| Bitget ZECUSDT | +0.0100% | 8h | 1,500.4 | +0.039% | $162.0M | $288.9M | 75x | as long as short |
| BingX ZEC-USDT | +0.0100% | 8h | 1,500.5 | +0.042% | — | $117.3M | — | as long as short |
| Variational Omni ZEC | +0.0100% | 8h | 1,495.2 | −0.309% | $48.9M | $34.4M | — | as long as short |
| edgeX ZECUSDC | +0.0100% | 4h | 1,493.9 | −0.394% | $572K | $9.0M | 20x | as long as short |
| GRVT ZEC_USDT_Perp | +0.0100% | 8h | 1,492.1 | −0.513% | $3.1M | $514K | 10x | as long as short |
| ApeX Omni ZECUSDT | +0.0100% | 1h | 1,494.6 | −0.349% | $411K | $946K | 50x | as long as short |
| StandX ZEC-USD | +0.0100% | 1h | 1,496 | −0.256% | $56K | $4.6M | 30x | as long as short |
| Polymarket Perps ZEC-USD | +0.0100% | 1h | 1,496.5 | −0.221% | $358K | $1.6M | 10x | as long as short |
| Bullet ZEC-USD | +0.0100% | 1h | 1,496.5 | −0.221% | $165K | $184K | 20x | as long as short |
| Derive ZEC-PERP | +0.0100% | 1h | 1,493.5 | −0.422% | $456K | $469K | 6.7x | as long as short |
| SunX ZEC-USDT | +0.0100% | 8h | 1,498.7 | −0.074% | $3K | $1.2M | 20x | as long as short |
| SoDEX ZEC-USD | +0.0100% | 1h | 1,496.8 | −0.201% | $253K | $3.4M | 10x | as long as short |
| HTX ZEC-USDT | +0.0100% | 8h | 1,495.4 | −0.295% | $2.6M | $20.7M | 75x | as long as short |
| Phemex ZECUSDT | +0.0100% | 8h | 1,496.8 | −0.204% | $4.0M | $4.9M | 50x | as long as short |
| Extended ZEC-USD | +0.0104% | 1h | 1,496.6 | −0.213% | $2.8M | $7.9M | 10x | as long as short |
| Aevo ZEC-PERP | +0.0104% | 1h | 1,496.6 | −0.217% | $43K | $151K | 20x | as long as short |
| Lighter RH ZEC | +0.0120% | 1h | 1,501.1 | +0.087% | $2.1M | $7.4M | 10x | as long as short |
| RISEx ZEC/USDC | +0.0128% | 1h | 1,496.9 | −0.192% | $942K | $1.1M | 10x | as long as short |
| GMX ZEC/USD [WBTC.b-USDC] | L +0.0145% / S −0.0142% | 1h | 1,499.6 | −0.014% | $333K | — | 100x | as long as short |
| Lighter ZEC | +0.0216% | 1h | 1,498.3 | −0.098% | $19.8M | $45.6M | 20x | as long as short |
| Arcus ZEC-USD | +0.0403% | 1h | 1,497.5 | −0.154% | $616K | $8.7M | 10x | as long as short |
| Coinbase International ZEC-PERP-INTX | +0.0416% | 1h | 1,496.6 | −0.215% | $3.7M | $9.8M | 50x | as long as short |
| Backpack ZEC_USDC_PERPshort | +0.0537% | 1h | 1,500.7 | +0.057% | $2.3M | $3.8M | 15x |
Kraken Futures PF_ZECUSD
Ondo Perps ZEC-USD.P
Orderly PERP_ZEC_USDC
01 Exchange ZECUSD
Phoenix ZEC
Popdex ZECUSDT
Katana Perps ZEC-USD
Paradex ZEC-USD-PERP
Nado ZEC-PERP
Hyperliquid ZEC
Aster ZECUSDT
Pacifica ZEC
Binance ZECUSDT
Bybit ZECUSDT
OKX ZEC-USDT-SWAP
Gate ZEC_USDT
MEXC ZEC_USDT
KuCoin ZECUSDTM
Bitget ZECUSDT
BingX ZEC-USDT
Variational Omni ZEC
edgeX ZECUSDC
GRVT ZEC_USDT_Perp
ApeX Omni ZECUSDT
StandX ZEC-USD
Polymarket Perps ZEC-USD
Bullet ZEC-USD
Derive ZEC-PERP
SunX ZEC-USDT
SoDEX ZEC-USD
HTX ZEC-USDT
Phemex ZECUSDT
Extended ZEC-USD
Aevo ZEC-PERP
Lighter RH ZEC
RISEx ZEC/USDC
GMX ZEC/USD [WBTC.b-USDC]
Lighter ZEC
Arcus ZEC-USD
Coinbase International ZEC-PERP-INTX