Funding you earn now, next payment 06:00 UTC−0.0351%/8h= −38.4% APRnext payment −$0.44 per $10,000 · paid last 24h −0.021%
Price spread now: Polymarket Perps against Backpack−0.215%7-day average −0.418% · you buy dearer than you sell
Net, funding: paid 7d − costs−$24as in the Funding arb table
Net, price: spread back to 7d avg − costs−$6as in the Price arb table
costs, in and out, $10k−$270.267% of the position
Funding, last 7 days+0.028%+$3 on $10k
+Price spread, last 7 days+0.888%+$89 · spread now −0.215%, 7d avg −0.418%
=The price spread pays, funding is against you. Polymarket Perps is 0.202% dearer against Backpack than usual: you sell high and buy low (spread −0.215% now, against its 7-day average of −0.418%): +$20 on $10k if it goes back. Holding the pair costs −$11 a day in funding at the current rate, which eats that in about 46 hours.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.028% in total (about 1.5% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.44 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 | 1,515.8 | 0.0451 | pay 0.0056% / 1h | 16m 53s | $2.4M | $3.8M | 15x |
| Short | Polymarket Perps ZEC-USD | 1,512.5 | 0.0100 | get 0.0013% / 1h | 16m 53s | $372K | $1.7M | 10x |
Backpack ZEC_USDC_PERP
Polymarket Perps ZEC-USDFunding history
latest
Range statsloading…
Price spread between the two exchanges
Polymarket Perps against Backpack. 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
- −$73.67
- Price spread: −0.215% → −0.418%
- $20.24
- Slippage, 4 orders
- −$8.72
- Fee Backpack: 5 bp × 2 orders
- −$10
- Fee Polymarket Perps: 4 bp × 2 orders
- −$8
- Net
- −$80.15
- Costs to cover
- 0.267%
- Break-even
- never at this rate
Slippage from Backpack: live order book, 2 min ago; Polymarket Perps: 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 | 13.5 bp −$135 | doesn't fit | doesn't fit |
| Sell Polymarket Perps live order book, 2 min ago | 2.65 bp | 8.6 bp −$9 | 11.3 bp −$113 | 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 | −1.788% | $34K | $273K | 12x | as long as short |
| BloFin ZEC-USDT | −0.0149% | 8h | 1,515.1 | −0.044% | $30.5M | $74.3M | 75x | as long as short |
| Hotstuff ZEC-PERP | −0.0080% | 1h | 1,508.8 | −0.462% | $6K | $1K | 10x | as long as short |
| dYdX ZEC-USD | 0.0000% | 1h | 1,507 | −0.581% | $419K | $36K | 5x | as long as short |
| Kalshi KXZECPERP | 0.0000% | 8h | 1,510.7 | −0.336% | $1.7M | $4.6M | 2.2x | as long as short |
| Perpl ZEC | 0.0000% | 43m | 1,511.4 | −0.285% | $86K | $239K | 10x | as long as short |
| gTrade (Gains Network) ZEC/USD | L +0.0007% / S −0.0006% | 1h | 1,514.7 | −0.068% | $5.4M | — | 150x | as long as short |
| Orderly PERP_ZEC_USDC | +0.0066% | 8h | 1,514.8 | −0.067% | $306K | $900K | 20x | as long as short |
| 01 Exchange ZECUSD | +0.0072% | 1h | 1,512.1 | −0.244% | $8K | $7K | 5x | as long as short |
| Phoenix ZEC | +0.0092% | 1h | 1,507.5 | −0.548% | $4.8M | $1.3M | 10x | as long as short |
Injective ZEC/USDC PERP
BloFin ZEC-USDT
Hotstuff ZEC-PERP
dYdX ZEC-USD
Kalshi KXZECPERP
Perpl ZEC
gTrade (Gains Network) ZEC/USD
Orderly PERP_ZEC_USDC
01 Exchange ZECUSD
Phoenix ZECShow all 51 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Popdex ZECUSDT | +0.0096% | 1h | 1,511.5 | −0.280% | $144K | $1.7M | 50x | as long as short |
| Paradex ZEC-USD-PERP | +0.0100% | 8h | 1,510.9 | −0.323% | $62K | $43K | 10x | as long as short |
| Nado ZEC-PERP | +0.0100% | 1h | 1,512.8 | −0.198% | $2.9M | $6.4M | 10x | as long as short |
| Hyperliquid ZEC | +0.0100% | 1h | 1,518.4 | +0.174% | $794.2M | $432.8M | 10x | as long as short |
| Aster ZECUSDT | +0.0100% | 8h | 1,516.7 | +0.065% | $14.8M | $29.1M | 75x | as long as short |
| Pacifica ZEC | +0.0100% | 1h | 1,509.6 | −0.405% | $1.7M | $2.4M | 10x | as long as short |
| Binance ZECUSDT | +0.0100% | 8h | 1,516.7 | +0.065% | $703.7M | $2.23B | 75x | as long as short |
| Bybit ZECUSDT | +0.0100% | 8h | 1,516.4 | +0.041% | $276.9M | $614.1M | 75x | as long as short |
| OKX ZEC-USDT-SWAP | +0.0100% | 8h | 1,517.5 | +0.111% | $181.7M | $1.30B | 50x | as long as short |
| Ondo Perps ZEC-USD.P | +0.0100% | 1h | 1,502.6 | −0.868% | $403K | $488K | 5x | as long as short |
| Bulk ZEC-USD | +0.0100% | 1h | 1,479.3 | −2.407% | $894K | $15K | 10x | as long as short |
| Gate ZEC_USDT | +0.0100% | 8h | 1,516.7 | +0.062% | $54.8M | $177.7M | 75x | as long as short |
| MEXC ZEC_USDT | +0.0100% | 8h | 1,516.7 | +0.061% | $232.2M | $774.5M | 150x | as long as short |
| KuCoin ZECUSDTM | +0.0100% | 8h | 1,517.2 | +0.095% | $105.2M | $54.6M | 75x | as long as short |
| Bitget ZECUSDT | +0.0100% | 8h | 1,517.2 | +0.094% | $167.9M | $276.9M | 75x | as long as short |
| BingX ZEC-USDT | +0.0100% | 8h | 1,516.2 | +0.030% | — | $114.4M | — | as long as short |
| Variational Omni ZEC | +0.0100% | 8h | 1,494.7 | −1.391% | $48.9M | $32.5M | — | as long as short |
| edgeX ZECUSDC | +0.0100% | 4h | 1,492.9 | −1.505% | $562K | $8.6M | 20x | as long as short |
| GRVT ZEC_USDT_Perp | +0.0100% | 8h | 1,505.9 | −0.649% | $3.1M | $462K | 10x | as long as short |
| ApeX Omni ZECUSDT | +0.0100% | 1h | 1,502.9 | −0.852% | $416K | $928K | 50x | as long as short |
| StandX ZEC-USD | +0.0100% | 1h | 1,506.4 | −0.619% | $57K | $4.6M | 30x | as long as short |
| Polymarket Perps ZEC-USDshort | +0.0100% | 1h | 1,512.5 | −0.215% | $372K | $1.7M | 10x | |
| Bullet ZEC-USD | +0.0100% | 1h | 1,512.3 | −0.231% | $166K | $184K | 20x | as long as short |
| Derive ZEC-PERP | +0.0100% | 1h | 1,513.9 | −0.122% | $462K | $506K | 6.7x | as long as short |
| SunX ZEC-USDT | +0.0100% | 8h | 1,516.5 | +0.047% | $3K | $1.2M | 20x | as long as short |
| SoDEX ZEC-USD | +0.0100% | 1h | 1,515 | −0.048% | $250K | $3.4M | 10x | as long as short |
| HTX ZEC-USDT | +0.0100% | 8h | 1,513.8 | −0.130% | $2.6M | $19.3M | 75x | as long as short |
| Phemex ZECUSDT | +0.0100% | 8h | 1,514.1 | −0.107% | $4.0M | $4.9M | 50x | as long as short |
| Katana Perps ZEC-USD | +0.0100% | 8h | 1,511.2 | −0.303% | $13K | $847K | 10x | as long as short |
| GMX ZEC/USD [WBTC.b-USDC] | L +0.0103% / S −0.0075% | 1h | 1,513.9 | −0.125% | $404K | — | 100x | as long as short |
| Extended ZEC-USD | +0.0104% | 1h | 1,516 | +0.014% | $2.8M | $8.0M | 10x | as long as short |
| Aevo ZEC-PERP | +0.0104% | 1h | 1,515.2 | −0.037% | $46K | $153K | 20x | as long as short |
| Kraken Futures PF_ZECUSD | +0.0142% | 1h | 1,515.3 | −0.033% | $18.5M | $46.0M | 25x | as long as short |
| Lighter RH ZEC | +0.0152% | 1h | 1,515.8 | +0.004% | $2.1M | $7.2M | 10x | as long as short |
| RISEx ZEC/USDC | +0.0154% | 1h | 1,511.7 | −0.271% | $948K | $1.1M | 10x | as long as short |
| Lighter ZEC | +0.0224% | 1h | 1,515.7 | −0.005% | $19.9M | $44.9M | 20x | as long as short |
| Backpack ZEC_USDC_PERPlong | +0.0451% | 1h | 1,515.8 | long leg | $2.4M | $3.8M | 15x | |
| Coinbase International ZEC-PERP-INTX | +0.0496% | 1h | 1,517 | +0.082% | $3.7M | $9.9M | 50x | as long as short |
| Arcus ZEC-USD | +0.0508% | 1h | 1,509.6 | −0.404% | $617K | $8.3M | 10x | as long as short |
| Deribit ZEC_USDC-PERPETUAL | +0.0559% | 1h | 1,516.4 | +0.043% | $720K | $1.4M | 25x | as long as short |
| Aftermath Perps ZECUSD | +0.0626% | 1h | 1,494.4 | −1.411% | $51K | $60K | 10x | as long as short |
Popdex ZECUSDT
Paradex ZEC-USD-PERP
Nado ZEC-PERP
Hyperliquid ZEC
Aster ZECUSDT
Pacifica ZEC
Binance ZECUSDT
Bybit ZECUSDT
OKX ZEC-USDT-SWAP
Ondo Perps ZEC-USD.P
Bulk ZEC-USD
Gate ZEC_USDT
MEXC ZEC_USDT
KuCoin ZECUSDTM
Bitget ZECUSDT
BingX ZEC-USDT
Variational Omni ZEC
edgeX ZECUSDC
GRVT ZEC_USDT_Perp
ApeX Omni ZECUSDT
StandX ZEC-USD
Bullet ZEC-USD
Derive ZEC-PERP
SunX ZEC-USDT
SoDEX ZEC-USD
HTX ZEC-USDT
Phemex ZECUSDT
Katana Perps ZEC-USD
GMX ZEC/USD [WBTC.b-USDC]
Extended ZEC-USD
Aevo ZEC-PERP
Kraken Futures PF_ZECUSD
Lighter RH ZEC
RISEx ZEC/USDC
Lighter ZEC
Coinbase International ZEC-PERP-INTX
Arcus ZEC-USD
Deribit ZEC_USDC-PERPETUAL
Aftermath Perps ZECUSD