Funding you earn now, next payment 01:00 UTC−0.0711%/8h= −77.8% APRnext payment −$0.89 per $10,000 · paid last 24h −0.119%
Price spread now: Backpack against Extended+0.353%48s7-day average +0.043% · you sell dearer than you buy
Net, funding: paid 7d − costs−$753as 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−$7237.231% of the position
Funding, last 7 days−0.302%−$30 on $10k
+Price spread, last 4 days (all we have)−0.431%−$43 · spread now +0.353%, 7d avg +0.043%
=Together, before fees−0.733%+ Points / potential airdropExtended: Active · farm board−$73 on $10k · with fees, hour by hour
The price spread pays, funding is against you. Backpack is 0.310% dearer against Extended than usual: you sell high and buy low (spread +0.353% now, against its 7-day average of +0.043%): +$31 on $10k if it goes back. Holding the pair costs −$21 a day in funding at the current rate, which eats that in about 35 hours. At the pace of the last 7 days (−0.302% in total) that is about 7.2 days. The two prices were read 48 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 -0.302% in total (about -15.8% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.89 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 | Extended ZRO-USD | 1.1813 | 0.1160 | pay 0.0145% / 1h | 6m 10s | $792K | $613K | 10x |
| Short | Backpack ZRO_USDC_PERP | 1.1855 | 0.0449 | get 0.0056% / 1h | 6m 10s | $98K | $207K | 20x |
Extended ZRO-USD
Backpack ZRO_USDC_PERPFunding history
latest
Range statsloading…
Price spread between the two exchanges
Backpack against Extended. 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
- −$149.24
- Price spread: +0.353% → +0.043%
- $31
- Slippage, 4 orders
- −$708.09
- Fee Extended: 2.5 bp × 2 orders
- −$5
- Fee Backpack: 5 bp × 2 orders
- −$10
- Net
- −$841.33
- Costs to cover
- 7.231%
- Break-even
- never at this rate
Slippage from Extended: 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 Extended live order book, 2 min ago | 11.35 bp | 685.8 bp −$686 | doesn't fit | doesn't fit | doesn't fit |
| Sell Backpack live order book, 2 min ago | 0.42 bp | 9.0 bp −$9 | doesn't fit | doesn't fit | doesn't fit |
ZRO on 26 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 | |
|---|---|---|---|---|---|---|---|---|
| 01 Exchange ZROUSD | −0.0112% | 1h | 1.1799 | −0.122% | $7K | $3K | 5x | as long as short |
| Orderly PERP_ZRO_USDC | +0.0008% | 4h | 1.1818 | +0.040% | $21K | $6K | 10x | as long as short |
| BloFin ZRO-USDT | +0.0059% | 4h | 1.1857 | +0.370% | $1.1M | $258K | 75x | as long as short |
| Lighter ZRO | +0.0096% | 1h | 1.1842 | +0.239% | $4.4M | $1.5M | 5x | as long as short |
| Hyperliquid ZRO | +0.0100% | 1h | 1.1830 | +0.142% | $37.5M | $5.6M | 5x | as long as short |
| Aster ZROUSDT | +0.0100% | 4h | 1.1837 | +0.198% | $158K | $149K | 10x | as long as short |
| Pacifica ZRO | +0.0100% | 1h | 1.1831 | +0.146% | $137K | $168K | 5x | as long as short |
| Binance ZROUSDT | +0.0100% | 4h | 1.1820 | +0.057% | $22.2M | $30.0M | 75x | as long as short |
| Bybit ZROUSDT | +0.0100% | 4h | 1.1820 | +0.057% | $18.1M | $14.0M | 50x | as long as short |
| OKX ZRO-USDT-SWAP | +0.0100% | 4h | 1.1822 | +0.074% | $3.2M | $8.0M | 20x | as long as short |
01 Exchange ZROUSD
Orderly PERP_ZRO_USDC
BloFin ZRO-USDT
Lighter ZRO
Hyperliquid ZRO
Aster ZROUSDT
Pacifica ZRO
Binance ZROUSDT
Bybit ZROUSDT
OKX ZRO-USDT-SWAPShow all 26 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Gate ZRO_USDT | +0.0100% | 4h | 1.1820 | +0.057% | $1.4M | $1.5M | 75x | as long as short |
| MEXC ZRO_USDT | +0.0100% | 4h | 1.1820 | +0.057% | $19.2M | $2.7M | 125x | as long as short |
| KuCoin ZROUSDTM | +0.0100% | 4h | 1.1829 | +0.133% | $2.4M | $1.9M | 50x | as long as short |
| Bitget ZROUSDT | +0.0100% | 4h | 1.1820 | +0.057% | $2.7M | $2.4M | 75x | as long as short |
| BingX ZRO-USDT | +0.0100% | 4h | 1.1823 | +0.083% | — | $16.5M | — | as long as short |
| Variational Omni ZRO | +0.0100% | 4h | 1.1804 | −0.080% | $2.3M | $847K | — | as long as short |
| ApeX Omni ZROUSDT | +0.0100% | 1h | 1.1870 | +0.480% | $37K | $686K | 50x | as long as short |
| Polymarket Perps ZRO-USD | +0.0100% | 1h | 1.1822 | +0.074% | $93K | $840K | 5x | as long as short |
| Aevo ZRO-PERP | +0.0104% | 1h | 1.1816 | +0.022% | $21K | — | 3x | as long as short |
| dYdX ZRO-USD | +0.0185% | 1h | 1.1844 | +0.263% | $21K | $3K | 5x | as long as short |
| GMX ZRO/USD [ETH-USDC] | L +0.0292% / S −0.2341% | 1h | 1.1821 | +0.063% | $3K | — | 100x | as long as short |
| Nado ZRO-PERP | +0.0293% | 1h | 1.1819 | +0.053% | $1.3M | $126K | 5x | as long as short |
| Kraken Futures PF_ZROUSD | +0.0300% | 1h | 1.1833 | +0.171% | $254K | $408K | 25x | as long as short |
| Backpack ZRO_USDC_PERPshort | +0.0449% | 1h | 1.1855 | +0.353% | $98K | $207K | 20x | |
| Extended ZRO-USDlong | +0.1160% | 1h | 1.1813 | long leg | $792K | $613K | 10x | |
| Injective ZRO/USDC PERP | +0.1190% | 1h | 1.1920 | +0.904% | $12K | $260K | 12x | as long as short |
Gate ZRO_USDT
MEXC ZRO_USDT
KuCoin ZROUSDTM
Bitget ZROUSDT
BingX ZRO-USDT
Variational Omni ZRO
ApeX Omni ZROUSDT
Polymarket Perps ZRO-USD
Aevo ZRO-PERP
dYdX ZRO-USD
GMX ZRO/USD [ETH-USDC]
Nado ZRO-PERP
Kraken Futures PF_ZROUSD
Injective ZRO/USDC PERP