ZEC

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0030%/8h= +3.3% APRnext payment +$0.04 per $10,000 · paid last 24h +0.018%

Price spread now: Backpack against Polymarket Perps+0.006%7-day average +0.420% · you sell dearer than you buy

Net, funding: paid 7d − costs−$29as in the Funding arb table

Net, price: spread back to 7d avg − costs−$67as in the Price arb table

costs, in and out, $10k−$250.253% of the position

Long on Polymarket Perps Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days−0.033%−$3 on $10k

Price spread, last 7 days−0.399%−$40 · spread now +0.006%, 7d avg +0.420%

Together, before fees−0.432%−$43 on $10k · with fees, hour by hour

Funding pays, the price is against you. Backpack is 0.414% cheaper against Polymarket Perps than usual: you would sell low and buy high (spread +0.006% now, against its 7-day average of +0.420%). If the spread goes back, that is −$41 on $10k: about 46 days of funding at the current rate (+$1 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Polymarket Perps ZEC-USD	1,464.9	0.0100	pay 0.0013% / 1h	54m 17s	$358K	$1.7M	10x
Short	Backpack ZEC_USDC_PERP	1,465	0.0130	get 0.0016% / 1h	54m 17s	$2.4M	$3.8M	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Polymarket Perps. 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 Polymarket PerpsbpFee BackpackbpOrdersPrice spread, now +0.006%Rate

Funding earned: $6.33
Price spread: +0.006% → +0.420%: −$41.37
Slippage, 4 orders: −$7.26
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$60.3
Costs to cover: 0.253%
Break-even: 73.7 days

Slippage from Polymarket Perps: live order book, 4 min ago; Backpack: 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 Polymarket Perps live order book, 4 min ago	2.05 bp	6.3 bp −$6	9.5 bp −$95	doesn't fit	doesn't fit
Sell Backpack live order book, 5 min ago	0.03 bp	6.3 bp −$6	17.8 bp −$178	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	−0.3243%	1h	1,467.4	+0.172%	$34K	$272K	12x	as long as short
Hotstuff ZEC-PERP	−0.0080%	1h	1,466	+0.076%	$6K	$1K	10x	as long as short
BloFin ZEC-USDT	−0.0072%	8h	1,465.8	+0.063%	$29.8M	$70.7M	75x	as long as short
Ondo Perps ZEC-USD.P	−0.0048%	1h	1,466.6	+0.116%	$398K	$435K	5x	as long as short
dYdX ZEC-USD	0.0000%	1h	1,465.4	+0.034%	$407K	$37K	5x	as long as short
Perpl ZEC	0.0000%	43m	1,464	−0.059%	$84K	$239K	10x	as long as short
Deribit ZEC_USDC-PERPETUAL	0.0000%	1h	1,465.3	+0.027%	$617K	$1.3M	25x	as long as short
gTrade (Gains Network) ZEC/USD	L +0.0007% / S −0.0006%	1h	1,465	+0.005%	$5.2M	—	150x	as long as short
01 Exchange ZECUSD	+0.0008%	1h	1,465.3	+0.029%	$8K	$7K	5x	as long as short
Orderly PERP_ZEC_USDC	+0.0062%	8h	1,464.6	−0.019%	$293K	$900K	20x	as long as short

Show all 51 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GMX ZEC/USD [WBTC.b-USDC]	L +0.0092% / S −0.0044%	1h	1,464.7	−0.016%	$437K	—	100x	as long as short
Lighter RH ZEC	+0.0096%	1h	1,465.8	+0.063%	$2.1M	$7.0M	10x	as long as short
Popdex ZECUSDT	+0.0096%	1h	1,465.2	+0.018%	$173K	$1.6M	50x	as long as short
Katana Perps ZEC-USD	+0.0100%	8h	1,465.8	+0.061%	$13K	$796K	10x	as long as short
Paradex ZEC-USD-PERP	+0.0100%	8h	1,464.9	−0.003%	$60K	$43K	10x	as long as short
Nado ZEC-PERP	+0.0100%	1h	1,465.8	+0.058%	$2.8M	$6.4M	10x	as long as short
Hyperliquid ZEC	+0.0100%	1h	1,465.8	+0.061%	$763.5M	$418.5M	10x	as long as short
Aster ZECUSDT	+0.0100%	8h	1,464.5	−0.026%	$14.5M	$27.8M	75x	as long as short
Pacifica ZEC	+0.0100%	1h	1,465.4	+0.033%	$1.7M	$2.4M	10x	as long as short
Binance ZECUSDT	+0.0100%	8h	1,464.4	−0.037%	$675.4M	$2.17B	75x	as long as short
Bybit ZECUSDT	+0.0100%	8h	1,463.8	−0.075%	$261.5M	$586.1M	75x	as long as short
OKX ZEC-USDT-SWAP	+0.0100%	8h	1,463.9	−0.070%	$178.7M	$1.20B	50x	as long as short
Bulk ZEC-USD	+0.0100%	1h	1,462.8	−0.143%	$884K	$17K	10x	as long as short
Gate ZEC_USDT	+0.0100%	8h	1,464.5	−0.030%	$52.6M	$169.4M	75x	as long as short
MEXC ZEC_USDT	+0.0100%	8h	1,464.8	−0.006%	$218.2M	$757.0M	150x	as long as short
KuCoin ZECUSDTM	+0.0100%	8h	1,464.6	−0.022%	$103.1M	$52.6M	75x	as long as short
Bitget ZECUSDT	+0.0100%	8h	1,464.7	−0.012%	$166.5M	$267.3M	75x	as long as short
BingX ZEC-USDC	+0.0100%	8h	1,464.7	−0.011%	—	$6.7M	—	as long as short
Variational Omni ZEC	+0.0100%	8h	1,466.7	+0.121%	$48.1M	$32.4M	—	as long as short
edgeX ZECUSDC	+0.0100%	4h	1,466.6	+0.115%	$572K	$8.5M	20x	as long as short
GRVT ZEC_USDT_Perp	+0.0100%	8h	1,467.3	+0.167%	$3.0M	$453K	10x	as long as short
ApeX Omni ZECUSDT	+0.0100%	1h	1,467.3	+0.166%	$405K	$922K	50x	as long as short
StandX ZEC-USD	+0.0100%	1h	1,467	+0.145%	$49K	$4.7M	30x	as long as short
Polymarket Perps ZEC-USDlong	+0.0100%	1h	1,464.9	long leg	$358K	$1.7M	10x
Bullet ZEC-USD	+0.0100%	1h	1,464.5	−0.028%	$161K	$186K	20x	as long as short
Derive ZEC-PERP	+0.0100%	1h	1,463.9	−0.072%	$447K	$506K	6.7x	as long as short
SunX ZEC-USDT	+0.0100%	8h	1,467.1	+0.148%	$3K	$1.1M	20x	as long as short
SoDEX ZEC-USD	+0.0100%	1h	1,464.4	−0.035%	$234K	$3.2M	10x	as long as short
HTX ZEC-USDT	+0.0100%	8h	1,465	+0.007%	$2.7M	$18.2M	75x	as long as short
Phemex ZECUSDT	+0.0100%	8h	1,464.9	+0.001%	$3.9M	$4.8M	50x	as long as short
Kalshi KXZECPERP	+0.0101%	8h	1,465.9	+0.067%	$1.5M	$4.4M	2.2x	as long as short
Lighter ZEC	+0.0104%	1h	1,465.6	+0.050%	$19.3M	$43.8M	20x	as long as short
Extended ZEC-USD	+0.0104%	1h	1,464.7	−0.014%	$2.8M	$7.8M	10x	as long as short
Aevo ZEC-PERP	+0.0104%	1h	1,464.7	−0.015%	$47K	$151K	20x	as long as short
Phoenix ZEC	+0.0116%	1h	1,467.5	+0.174%	$4.7M	$1.3M	10x	as long as short
Backpack ZEC_USDC_PERPshort	+0.0130%	1h	1,465	+0.006%	$2.4M	$3.8M	15x
Kraken Futures PF_ZECUSD	+0.0147%	1h	1,464.4	−0.037%	$18.0M	$45.6M	25x	as long as short
RISEx ZEC/USDC	+0.0154%	1h	1,465.2	+0.022%	$926K	$1.1M	10x	as long as short
Coinbase International ZEC-PERP-INTX	+0.0496%	1h	1,466.6	+0.115%	$3.8M	$9.1M	50x	as long as short
Arcus ZEC-USD	+0.0508%	1h	1,466.6	+0.113%	$670K	$8.1M	10x	as long as short
Aftermath Perps ZECUSD	+0.0685%	1h	1,465.4	+0.037%	$45K	$49K	10x	as long as short