ZEC

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0364%/8h= −39.9% APRnext payment −$0.45 per $10,000 · paid last 24h −0.025%

Price spread now: Bullet against Backpack−0.006%7-day average +0.012% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$27as in the Price arb table

costs, in and out, $10k−$250.248% of the position

Long on Backpack Short on Bullet

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.066%−$7 on $10k

Price spread, last 4 days (all we have)+0.312%+$31 · spread now −0.006%, 7d avg +0.012%

Together, before fees+0.247%+$25 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.012%, so right now this pair is about funding alone: −$11 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid -0.066% in total (about -7.0% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.45 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	Backpack ZEC_USDC_PERP	1,518.7	0.0464	pay 0.0058% / 1h	15m 35s	$2.4M	$3.8M	15x
Short	Bullet ZEC-USD	1,518.6	0.0100	get 0.0013% / 1h	15m 35s	$167K	$184K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bullet against Backpack. 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 BackpackbpFee BulletbpOrdersPrice spread, now −0.006%Rate

Funding earned: −$76.44
Price spread: −0.006% → +0.012%: −$1.76
Slippage, 4 orders: −$6.84
Fee Backpack: 5 bp × 2 orders: −$10
Fee Bullet: 4 bp × 2 orders: −$8
Net: −$103.03
Costs to cover: 0.248%
Break-even: never at this rate

Slippage from Backpack: live order book, 4 min ago; Bullet: live order book, 33 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 Backpack live order book, 4 min ago	0.03 bp	5.9 bp −$6	13.5 bp −$135	doesn't fit	doesn't fit
Sell Bullet live order book, 33 min ago	1.71 bp	6.1 bp −$6	9.3 bp −$93	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	1,488.7	−1.977%	$34K	$273K	12x	as long as short
BloFin ZEC-USDT	−0.0149%	8h	1,515.1	−0.236%	$30.5M	$74.3M	75x	as long as short
Hotstuff ZEC-PERP	−0.0080%	1h	1,513.2	−0.364%	$6K	$1K	10x	as long as short
dYdX ZEC-USD	0.0000%	1h	1,512.6	−0.400%	$420K	$36K	5x	as long as short
Kalshi KXZECPERP	0.0000%	8h	1,518.7	−0.001%	$1.7M	$4.6M	2.2x	as long as short
Perpl ZEC	0.0000%	43m	1,519.2	+0.035%	$87K	$239K	10x	as long as short
gTrade (Gains Network) ZEC/USD	L +0.0007% / S −0.0007%	1h	1,519.4	+0.044%	$5.4M	—	150x	as long as short
Orderly PERP_ZEC_USDC	+0.0066%	8h	1,516.5	−0.141%	$303K	$923K	20x	as long as short
01 Exchange ZECUSD	+0.0080%	1h	1,512.7	−0.396%	$8K	$7K	5x	as long as short
Phoenix ZEC	+0.0092%	1h	1,507.5	−0.739%	$4.8M	$1.3M	10x	as long as short

Show all 51 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Popdex ZECUSDT	+0.0096%	1h	1,512.4	−0.414%	$147K	$1.7M	50x	as long as short
Nado ZEC-PERP	+0.0100%	1h	1,519.5	+0.057%	$2.9M	$6.4M	10x	as long as short
Hyperliquid ZEC	+0.0100%	1h	1,516.1	−0.170%	$792.8M	$434.7M	10x	as long as short
Aster ZECUSDT	+0.0100%	8h	1,512.8	−0.386%	$14.7M	$29.1M	75x	as long as short
Pacifica ZEC	+0.0100%	1h	1,513.4	−0.348%	$1.7M	$2.4M	10x	as long as short
Binance ZECUSDT	+0.0100%	8h	1,512.4	−0.414%	$701.6M	$2.24B	75x	as long as short
Bybit ZECUSDT	+0.0100%	8h	1,511	−0.508%	$277.0M	$616.0M	75x	as long as short
OKX ZEC-USDT-SWAP	+0.0100%	8h	1,511.7	−0.462%	$181.7M	$1.30B	50x	as long as short
Ondo Perps ZEC-USD.P	+0.0100%	1h	1,520.5	+0.120%	$411K	$494K	5x	as long as short
Bulk ZEC-USD	+0.0100%	1h	1,479.3	−2.594%	$894K	$15K	10x	as long as short
Gate ZEC_USDT	+0.0100%	8h	1,512.5	−0.405%	$54.5M	$178.7M	75x	as long as short
MEXC ZEC_USDT	+0.0100%	8h	1,513	−0.377%	$230.8M	$776.7M	150x	as long as short
KuCoin ZECUSDTM	+0.0100%	8h	1,514.9	−0.250%	$104.4M	$54.7M	75x	as long as short
Bitget ZECUSDT	+0.0100%	8h	1,512.2	−0.426%	$165.5M	$279.1M	75x	as long as short
BingX ZEC-USDT	+0.0100%	8h	1,512.5	−0.408%	—	$114.6M	—	as long as short
Variational Omni ZEC	+0.0100%	8h	1,519.3	+0.040%	$49.5M	$32.8M	—	as long as short
edgeX ZECUSDC	+0.0100%	4h	1,510.2	−0.560%	$577K	$8.7M	20x	as long as short
GRVT ZEC_USDT_Perp	+0.0100%	8h	1,505.9	−0.840%	$3.1M	$462K	10x	as long as short
ApeX Omni ZECUSDT	+0.0100%	1h	1,513	−0.373%	$419K	$928K	50x	as long as short
StandX ZEC-USD	+0.0100%	1h	1,512.2	−0.425%	$57K	$4.6M	30x	as long as short
Polymarket Perps ZEC-USD	+0.0100%	1h	1,519.7	+0.067%	$373K	$1.7M	10x	as long as short
Bullet ZEC-USDshort	+0.0100%	1h	1,518.6	−0.006%	$167K	$184K	20x
Derive ZEC-PERP	+0.0100%	1h	1,516.6	−0.134%	$463K	$506K	6.7x	as long as short
SunX ZEC-USDT	+0.0100%	8h	1,519.3	+0.041%	$3K	$1.2M	20x	as long as short
SoDEX ZEC-USD	+0.0100%	1h	1,517.6	−0.072%	$251K	$3.5M	10x	as long as short
HTX ZEC-USDT	+0.0100%	8h	1,516.6	−0.138%	$2.6M	$19.4M	75x	as long as short
Phemex ZECUSDT	+0.0100%	8h	1,516	−0.176%	$4.0M	$4.9M	50x	as long as short
Paradex ZEC-USD-PERP	+0.0100%	8h	1,512.1	−0.432%	$62K	$43K	10x	as long as short
Katana Perps ZEC-USD	+0.0100%	8h	1,512.9	−0.378%	$14K	$847K	10x	as long as short
GMX ZEC/USD [WBTC.b-USDC]	L +0.0104% / S −0.0076%	1h	1,519.1	+0.027%	$406K	—	100x	as long as short
Extended ZEC-USD	+0.0104%	1h	1,511.7	−0.458%	$2.8M	$8.0M	10x	as long as short
Aevo ZEC-PERP	+0.0104%	1h	1,517.8	−0.059%	$46K	$153K	20x	as long as short
Kraken Futures PF_ZECUSD	+0.0142%	1h	1,517.7	−0.062%	$18.5M	$46.0M	25x	as long as short
RISEx ZEC/USDC	+0.0154%	1h	1,512.3	−0.418%	$944K	$1.1M	10x	as long as short
Lighter RH ZEC	+0.0176%	1h	1,513.9	−0.318%	$2.1M	$7.3M	10x	as long as short
Lighter ZEC	+0.0224%	1h	1,514.7	−0.262%	$19.8M	$45.3M	20x	as long as short
Deribit ZEC_USDC-PERPETUAL	+0.0339%	1h	1,518.5	−0.012%	$721K	$1.4M	25x	as long as short
Backpack ZEC_USDC_PERPlong	+0.0464%	1h	1,518.7	long leg	$2.4M	$3.8M	15x
Coinbase International ZEC-PERP-INTX	+0.0496%	1h	1,519.8	+0.076%	$3.7M	$9.9M	50x	as long as short
Arcus ZEC-USD	+0.0508%	1h	1,512.3	−0.417%	$598K	$8.4M	10x	as long as short
Aftermath Perps ZECUSD	+0.0589%	1h	1,498.5	−1.331%	$51K	$60K	10x	as long as short