Funding you earn now, next payment 22:00 UTC−0.0217%/8h= −23.8% APRnext payment −$0.27 per $10,000 · paid last 24h +0.132%
Price spread now: Backpack against Kraken Futures−0.088%7-day average −0.074% · you buy dearer than you sell
Net, funding: paid 7d − costs−$126as in the Funding arb table
Net, price: spread back to 7d avg − costs−$96as in the Price arb table
costs, in and out, $10k−$940.942% of the position
Funding, last 7 days−0.318%−$32 on $10k
+Price spread, last 3 days (all we have)+0.596%+$60 · spread now −0.088%, 7d avg −0.074%
=The price spread sits at its 7-day average of −0.074%, so right now this pair is about funding alone: −$7 a day on $10k at the current rate.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Kraken Futures PF_ZROUSD | 1.1820 | 0.0317 | pay 0.0040% / 1h | 59m 58s | $250K | $566K | 25x |
| Short | Backpack ZRO_USDC_PERP | 1.1810 | 0.0100 | get 0.0013% / 1h | 59m 58s | $95K | $206K | 20x |
Kraken Futures PF_ZROUSD
Backpack ZRO_USDC_PERPFunding history
latest
Range statsloading…
Price spread between the two exchanges
Backpack against Kraken Futures. 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
- −$45.61
- Price spread: −0.088% → −0.074%
- −$1.46
- Slippage, 4 orders
- −$74.2
- Fee Kraken Futures: 5 bp × 2 orders
- −$10
- Fee Backpack: 5 bp × 2 orders
- −$10
- Net
- −$141.26
- Costs to cover
- 0.942%
- Break-even
- never at this rate
Slippage from Kraken Futures: live order book, 23 min ago; Backpack: live order book, 23 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 Kraken Futures live order book, 23 min ago | 25.70 bp | 39.7 bp −$40 | doesn't fit | doesn't fit | doesn't fit |
| Sell Backpack live order book, 23 min ago | 0.84 bp | 7.3 bp −$7 | 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 | −0.0432% | 1h | 1.1798 | −0.192% | $7K | $3K | 5x | as long as short |
| Orderly PERP_ZRO_USDC | −0.0057% | 4h | 1.1812 | −0.072% | $21K | $7K | 10x | as long as short |
| dYdX ZRO-USD | +0.0076% | 1h | 1.1814 | −0.055% | $21K | $2K | 5x | as long as short |
| Lighter ZRO | +0.0096% | 1h | 1.1811 | −0.081% | $4.5M | $1.5M | 5x | as long as short |
| Hyperliquid ZRO | +0.0100% | 1h | 1.1819 | −0.016% | $37.5M | $6.4M | 5x | as long as short |
| Aster ZROUSDT | +0.0100% | 4h | 1.1824 | +0.032% | $158K | $160K | 10x | as long as short |
| Pacifica ZRO | +0.0100% | 1h | 1.1809 | −0.094% | $138K | $191K | 5x | as long as short |
| Binance ZROUSDT | +0.0100% | 4h | 1.1804 | −0.141% | $22.2M | $32.6M | 75x | as long as short |
| Bybit ZROUSDT | +0.0100% | 4h | 1.1797 | −0.198% | $18.0M | $15.3M | 50x | as long as short |
| OKX ZRO-USDT-SWAP | +0.0100% | 4h | 1.1802 | −0.156% | $3.2M | $8.9M | 20x | as long as short |
01 Exchange ZROUSD
Orderly PERP_ZRO_USDC
dYdX ZRO-USD
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 | 1.1810 | −0.088% | $1.3M | $2.0M | 75x | as long as short |
| MEXC ZRO_USDT | +0.0100% | 4h | 1.1803 | −0.148% | $19.1M | $3.5M | 125x | as long as short |
| KuCoin ZROUSDTM | +0.0100% | 4h | 1.1821 | +0.005% | $2.9M | $1.8M | 50x | as long as short |
| Bitget ZROUSDT | +0.0100% | 4h | 1.1812 | −0.072% | $2.7M | $2.5M | 75x | as long as short |
| BingX ZRO-USDT | +0.0100% | 4h | 1.1807 | −0.114% | — | $10.9M | — | as long as short |
| Backpack ZRO_USDC_PERPshort | +0.0100% | 1h | 1.1810 | −0.088% | $95K | $206K | 20x | |
| Variational Omni ZRO | +0.0100% | 4h | 1.1806 | −0.126% | $2.3M | $859K | — | as long as short |
| ApeX Omni ZROUSDT | +0.0100% | 1h | 1.1820 | −0.004% | $37K | $682K | 50x | as long as short |
| Polymarket Perps ZRO-USD | +0.0100% | 1h | 1.1818 | −0.021% | $88K | $911K | 5x | as long as short |
| Aevo ZRO-PERP | +0.0104% | 1h | 1.1816 | −0.034% | $21K | — | 3x | as long as short |
| BloFin ZRO-USDT | +0.0144% | 4h | 1.1807 | −0.114% | $1.1M | $264K | 75x | as long as short |
| Nado ZRO-PERP | +0.0179% | 1h | 1.1812 | −0.073% | $1.3M | $129K | 5x | as long as short |
| GMX ZRO/USD [ETH-USDC] | L +0.0295% / S −0.2416% | 1h | 1.1820 | −0.003% | $3K | — | 100x | as long as short |
| Kraken Futures PF_ZROUSDlong | +0.0317% | 1h | 1.1820 | long leg | $250K | $566K | 25x | |
| Injective ZRO/USDC PERP | +0.1237% | 1h | 1.1850 | +0.250% | $12K | $175K | 12x | as long as short |
| Extended ZRO-USD | +0.2272% | 1h | 1.1797 | −0.203% | $784K | $539K | 10x | 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
BloFin ZRO-USDT
Nado ZRO-PERP
GMX ZRO/USD [ETH-USDC]
Injective ZRO/USDC PERP
Extended ZRO-USD