Funding arb · Price arb /

ZEC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0438%/8h= +47.9% APRpaid last 24h +0.024%

Price spread now: Backpack against HTX−0.027%7-day average +0.031% · you buy dearer than you sell

Net, funding: paid 7d − costs−$25as in the Funding arb table

Net, price: spread back to 7d avg − costs−$38as in the Price arb table

costs, in and out, $10k−$320.318% of the position

Long on HTX Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.064%+$6 on $10k

Price spread, last 4 days (all we have)−0.053%−$5 · spread now −0.027%, 7d avg +0.031%

Together, before fees+0.011%+$1 on $10k · with fees, hour by hour

Funding pays, the price is against you. Backpack is 0.058% cheaper against HTX than usual: you would sell low and buy high (spread −0.027% now, against its 7-day average of +0.031%). If the spread goes back, that is −$6 on $10k: about 11 hours of funding at the current rate (+$13 a day). At the pace of the last 7 days (+0.064% in total) that is about 6.3 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.064% in total (about 3.3% a year). A funding rate is set anew for every payment. 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	HTX ZEC-USDT	1,514.3	0.0100	pay 0.0100% / 8h	7h 56m	$2.7M	$21.3M	75x
Short	Backpack ZEC_USDC_PERP	1,513.9	0.0538	get 0.0067% / 1h	56m 40s	$2.4M	$3.8M	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against HTX. 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 HTXbpFee BackpackbpOrdersPrice spread, now −0.027%Rate

Funding earned: $91.93
Price spread: −0.027% → +0.031%: −$5.76
Slippage, 4 orders: −$9.78
Fee HTX: 6 bp × 2 orders: −$12
Fee Backpack: 5 bp × 2 orders: −$10
Net: $54.39
Costs to cover: 0.318%
Break-even: 2.9 days

Slippage from HTX: live order book, 2 min ago; Backpack: 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 HTX live order book, 2 min ago	1.59 bp	12.8 bp −$13	17.3 bp −$173	41.7 bp −$4,175	doesn't fit
Sell Backpack live order book, 2 min ago	0.03 bp	5.2 bp −$5	15.7 bp −$157	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	−0.3702%	1h	1,500.2	−0.928%	$37K	$275K	12x	as long as short
Bulk ZEC-USD	−0.0463%	1h	1,515.3	+0.064%	$779K	$147K	10x	as long as short
Perpl ZEC	−0.0447%	43m	1,515.6	+0.085%	$62K	$305K	10x	as long as short
BloFin ZEC-USDT	−0.0164%	8h	1,513.7	−0.040%	$31.5M	$77.0M	75x	as long as short
Aftermath Perps ZECUSD	−0.0114%	1h	1,513.8	−0.032%	$48K	$59K	10x	as long as short
Gate ZEC_USDT	−0.0090%	8h	1,511.5	−0.185%	$59.9M	$182.3M	75x	as long as short
Hotstuff ZEC-PERP	−0.0080%	1h	1,517.5	+0.213%	$6K	$1K	10x	as long as short
dYdX ZEC-USD	0.0000%	1h	1,512.1	−0.144%	$420K	$34K	5x	as long as short
Kalshi KXZECPERP	0.0000%	8h	1,516.9	+0.174%	$1.6M	$5.0M	2.2x	as long as short
Deribit ZEC_USDC-PERPETUAL	0.0000%	1h	1,514.8	+0.034%	$692K	$1.4M	25x	as long as short

Show all 51 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
gTrade (Gains Network) ZEC/USD	L +0.0007% / S −0.0006%	1h	1,514.5	+0.014%	$5.4M	—	150x	as long as short
01 Exchange ZECUSD	+0.0016%	1h	1,516.5	+0.143%	$8K	$6K	5x	as long as short
Kraken Futures PF_ZECUSD	+0.0019%	1h	1,514.6	+0.019%	$18.3M	$47.8M	25x	as long as short
Bybit ZECUSDT	+0.0052%	8h	1,511.1	−0.215%	$272.0M	$629.3M	75x	as long as short
Ondo Perps ZEC-USD.P	+0.0054%	1h	1,513.3	−0.066%	$413K	$554K	5x	as long as short
Orderly PERP_ZEC_USDC	+0.0084%	8h	1,514.4	+0.008%	$305K	$860K	20x	as long as short
Phoenix ZEC	+0.0096%	1h	1,514.3	−0.002%	$4.8M	$1.4M	10x	as long as short
Lighter RH ZEC	+0.0096%	1h	1,513.2	−0.071%	$2.1M	$7.4M	10x	as long as short
Popdex ZECUSDT	+0.0096%	1h	1,516	+0.111%	$176K	$1.8M	50x	as long as short
Paradex ZEC-USD-PERP	+0.0100%	8h	1,516.6	+0.149%	$63K	$19K	10x	as long as short
Katana Perps ZEC-USD	+0.0100%	8h	1,515.5	+0.079%	$16K	$898K	10x	as long as short
Nado ZEC-PERP	+0.0100%	1h	1,516.6	+0.151%	$3.1M	$7.7M	10x	as long as short
Hyperliquid ZEC	+0.0100%	1h	1,512.5	−0.119%	$791.3M	$448.3M	10x	as long as short
Aster ZECUSDT	+0.0100%	8h	1,511.8	−0.168%	$14.2M	$30.9M	75x	as long as short
Pacifica ZEC	+0.0100%	1h	1,512.2	−0.142%	$1.7M	$2.4M	10x	as long as short
Binance ZECUSDT	+0.0100%	8h	1,512	−0.154%	$714.3M	$2.33B	75x	as long as short
OKX ZEC-USDT-SWAP	+0.0100%	8h	1,511.4	−0.192%	$182.8M	$1.38B	50x	as long as short
Arcus ZEC-USD	+0.0100%	1h	1,517	+0.179%	$597K	$8.9M	10x	as long as short
MEXC ZEC_USDT	+0.0100%	8h	1,511.8	−0.166%	$356.3M	$816.7M	150x	as long as short
KuCoin ZECUSDTM	+0.0100%	8h	1,512.4	−0.126%	$103.4M	$57.4M	75x	as long as short
Bitget ZECUSDT	+0.0100%	8h	1,512	−0.151%	$163.1M	$294.4M	75x	as long as short
BingX ZEC-USDT	+0.0100%	8h	1,511.4	−0.189%	—	$119.9M	—	as long as short
Variational Omni ZEC	+0.0100%	8h	1,513.8	−0.034%	$50.0M	$35.6M	—	as long as short
edgeX ZECUSDC	+0.0100%	4h	1,515.1	+0.054%	$580K	$9.1M	20x	as long as short
GRVT ZEC_USDT_Perp	+0.0100%	8h	1,515.9	+0.106%	$3.1M	$532K	10x	as long as short
ApeX Omni ZECUSDT	+0.0100%	1h	1,515.1	+0.051%	$417K	$949K	50x	as long as short
StandX ZEC-USD	+0.0100%	1h	1,517.7	+0.223%	$54K	$4.6M	30x	as long as short
Polymarket Perps ZEC-USD	+0.0100%	1h	1,515.7	+0.092%	$376K	$1.7M	10x	as long as short
Bullet ZEC-USD	+0.0100%	1h	1,515.2	+0.059%	$169K	$193K	20x	as long as short
Derive ZEC-PERP	+0.0100%	1h	1,512.3	−0.131%	$452K	$408K	6.7x	as long as short
SunX ZEC-USDT	+0.0100%	8h	1,517.4	+0.202%	$3K	$1.2M	20x	as long as short
SoDEX ZEC-USD	+0.0100%	1h	1,514.1	−0.011%	$256K	$3.6M	10x	as long as short
HTX ZEC-USDTlong	+0.0100%	8h	1,514.3	long leg	$2.7M	$21.3M	75x
Phemex ZECUSDT	+0.0100%	8h	1,514.2	−0.005%	$4.0M	$4.9M	50x	as long as short
Lighter ZEC	+0.0104%	1h	1,512.9	−0.091%	$19.6M	$44.0M	20x	as long as short
Extended ZEC-USD	+0.0104%	1h	1,511.6	−0.175%	$2.7M	$8.0M	10x	as long as short
Aevo ZEC-PERP	+0.0104%	1h	1,514.7	+0.025%	$43K	$151K	20x	as long as short
GMX ZEC/USD [WBTC.b-USDC]	L +0.0152% / S −0.0153%	1h	1,514.3	+0.002%	$336K	—	100x	as long as short
RISEx ZEC/USDC	+0.0157%	1h	1,515.1	+0.053%	$966K	$1.1M	10x	as long as short
Coinbase International ZEC-PERP-INTX	+0.0368%	1h	1,516	+0.112%	$3.7M	$9.8M	50x	as long as short
Backpack ZEC_USDC_PERPshort	+0.0538%	1h	1,513.9	−0.027%	$2.4M	$3.8M	15x