ZEC

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0538%/8h= −58.9% APRnext payment −$0.67 per $10,000 · paid last 24h −0.026%

Price spread now: Deribit against Backpack+0.061%7-day average +0.063% · you sell dearer than you buy

Net, funding: paid 7d − costs−$3as in the Funding arb table

Net, price: spread back to 7d avg − costs−$23as in the Price arb table

costs, in and out, $10k−$230.229% of the position

Long on Backpack Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.199%+$20 on $10k

Price spread, last 4 days (all we have)+0.170%+$17 · spread now +0.061%, 7d avg +0.063%

Together, before fees+0.369%+$37 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.063%, so right now this pair is about funding alone: −$16 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair paid +0.199%, so the current rate has only just turned against you.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.199% in total (about 10.4% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.67 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	1,513.9	0.0538	pay 0.0067% / 1h	56m 56s	$2.4M	$3.8M	15x
Short	Deribit ZEC_USDC-PERPETUAL	1,514.8	0	get 0.0000% / 1h	56m 56s	$692K	$1.4M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now +0.061%Rate

Funding earned: −$112.93
Price spread: +0.061% → +0.063%: −$0.23
Slippage, 4 orders: −$5.93
Fee Backpack: 5 bp × 2 orders: −$10
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$136.09
Costs to cover: 0.229%
Break-even: never at this rate

Slippage from Backpack: live order book, 2 min ago; Deribit: 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 Backpack live order book, 2 min ago	0.03 bp	5.9 bp −$6	11.9 bp −$119	doesn't fit	doesn't fit
Sell Deribit live order book, 2 min ago	1.65 bp	5.1 bp −$5	12.0 bp −$120	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	−0.902%	$37K	$275K	12x	as long as short
Bulk ZEC-USD	−0.0463%	1h	1,515.3	+0.091%	$779K	$147K	10x	as long as short
Perpl ZEC	−0.0447%	43m	1,515.6	+0.112%	$62K	$305K	10x	as long as short
BloFin ZEC-USDT	−0.0164%	8h	1,513.7	−0.013%	$31.5M	$77.0M	75x	as long as short
Aftermath Perps ZECUSD	−0.0114%	1h	1,513.8	−0.005%	$48K	$59K	10x	as long as short
Gate ZEC_USDT	−0.0090%	8h	1,513.3	−0.038%	$60.0M	$182.3M	75x	as long as short
Hotstuff ZEC-PERP	−0.0080%	1h	1,517.5	+0.240%	$6K	$1K	10x	as long as short
Bybit ZECUSDT	−0.0030%	8h	1,511.5	−0.157%	$272.0M	$629.1M	75x	as long as short
dYdX ZEC-USD	0.0000%	1h	1,516.6	+0.176%	$421K	$34K	5x	as long as short
Kalshi KXZECPERP	0.0000%	8h	1,516.9	+0.201%	$1.6M	$5.0M	2.2x	as long as short

Show all 51 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Deribit ZEC_USDC-PERPETUALshort	0.0000%	1h	1,514.8	+0.061%	$692K	$1.4M	25x
gTrade (Gains Network) ZEC/USD	L +0.0007% / S −0.0006%	1h	1,514.5	+0.041%	$5.4M	—	150x	as long as short
01 Exchange ZECUSD	+0.0016%	1h	1,516.5	+0.170%	$8K	$6K	5x	as long as short
Kraken Futures PF_ZECUSD	+0.0019%	1h	1,514.6	+0.046%	$18.3M	$47.8M	25x	as long as short
Ondo Perps ZEC-USD.P	+0.0054%	1h	1,513.3	−0.039%	$413K	$554K	5x	as long as short
Orderly PERP_ZEC_USDC	+0.0084%	8h	1,514.4	+0.035%	$305K	$860K	20x	as long as short
Phoenix ZEC	+0.0096%	1h	1,514.3	+0.025%	$4.8M	$1.4M	10x	as long as short
Lighter RH ZEC	+0.0096%	1h	1,515.2	+0.086%	$2.1M	$7.4M	10x	as long as short
Popdex ZECUSDT	+0.0096%	1h	1,516	+0.138%	$176K	$1.8M	50x	as long as short
Paradex ZEC-USD-PERP	+0.0100%	8h	1,516.6	+0.176%	$63K	$19K	10x	as long as short
Katana Perps ZEC-USD	+0.0100%	8h	1,515.5	+0.106%	$16K	$898K	10x	as long as short
Nado ZEC-PERP	+0.0100%	1h	1,516.6	+0.178%	$3.1M	$7.7M	10x	as long as short
Hyperliquid ZEC	+0.0100%	1h	1,513.4	−0.032%	$791.8M	$448.3M	10x	as long as short
Aster ZECUSDT	+0.0100%	8h	1,512.1	−0.120%	$14.2M	$30.9M	75x	as long as short
Pacifica ZEC	+0.0100%	1h	1,516.9	+0.200%	$1.7M	$2.4M	10x	as long as short
Binance ZECUSDT	+0.0100%	8h	1,511.7	−0.145%	$714.4M	$2.34B	75x	as long as short
OKX ZEC-USDT-SWAP	+0.0100%	8h	1,511.5	−0.157%	$182.9M	$1.38B	50x	as long as short
Arcus ZEC-USD	+0.0100%	1h	1,517	+0.206%	$597K	$8.9M	10x	as long as short
MEXC ZEC_USDT	+0.0100%	8h	1,511.8	−0.139%	$356.3M	$816.7M	150x	as long as short
KuCoin ZECUSDTM	+0.0100%	8h	1,512.4	−0.099%	$103.4M	$57.4M	75x	as long as short
Bitget ZECUSDT	+0.0100%	8h	1,511.8	−0.141%	$163.2M	$294.4M	75x	as long as short
BingX ZEC-USDT	+0.0100%	8h	1,511.4	−0.162%	—	$119.9M	—	as long as short
Variational Omni ZEC	+0.0100%	8h	1,513.8	−0.007%	$50.0M	$35.6M	—	as long as short
edgeX ZECUSDC	+0.0100%	4h	1,515.1	+0.081%	$580K	$9.1M	20x	as long as short
GRVT ZEC_USDT_Perp	+0.0100%	8h	1,515.9	+0.133%	$3.1M	$532K	10x	as long as short
ApeX Omni ZECUSDT	+0.0100%	1h	1,515.1	+0.078%	$417K	$949K	50x	as long as short
StandX ZEC-USD	+0.0100%	1h	1,517.7	+0.250%	$54K	$4.6M	30x	as long as short
Polymarket Perps ZEC-USD	+0.0100%	1h	1,515.7	+0.120%	$376K	$1.7M	10x	as long as short
Bullet ZEC-USD	+0.0100%	1h	1,515.2	+0.087%	$169K	$193K	20x	as long as short
Derive ZEC-PERP	+0.0100%	1h	1,512.3	−0.104%	$452K	$408K	6.7x	as long as short
SunX ZEC-USDT	+0.0100%	8h	1,517.4	+0.229%	$3K	$1.2M	20x	as long as short
SoDEX ZEC-USD	+0.0100%	1h	1,514.1	+0.017%	$256K	$3.6M	10x	as long as short
HTX ZEC-USDT	+0.0100%	8h	1,514.3	+0.027%	$2.7M	$21.3M	75x	as long as short
Phemex ZECUSDT	+0.0100%	8h	1,514.2	+0.022%	$4.0M	$4.9M	50x	as long as short
Lighter ZEC	+0.0104%	1h	1,514.7	+0.051%	$19.7M	$43.8M	20x	as long as short
Extended ZEC-USD	+0.0104%	1h	1,511.6	−0.148%	$2.7M	$8.0M	10x	as long as short
Aevo ZEC-PERP	+0.0104%	1h	1,514.7	+0.052%	$43K	$151K	20x	as long as short
GMX ZEC/USD [WBTC.b-USDC]	L +0.0152% / S −0.0153%	1h	1,514.3	+0.030%	$336K	—	100x	as long as short
RISEx ZEC/USDC	+0.0157%	1h	1,515.1	+0.080%	$966K	$1.1M	10x	as long as short
Coinbase International ZEC-PERP-INTX	+0.0368%	1h	1,516	+0.139%	$3.7M	$9.8M	50x	as long as short
Backpack ZEC_USDC_PERPlong	+0.0538%	1h	1,513.9	long leg	$2.4M	$3.8M	15x