Funding you earn now, next payment 06:00 UTC−0.0108%/8h= −11.8% APRnext payment −$0.14 per $10,000 · paid last 24h +0.022%
Price spread now: Backpack against Deribit−0.043%7-day average −0.065% · you buy dearer than you sell
Net, funding: paid 7d − costs−$47as in the Funding arb table
Net, price: spread back to 7d avg − costs−$24as in the Price arb table
costs, in and out, $10k−$260.259% of the position
Funding, last 7 days−0.209%−$21 on $10k
+Price spread, last 4 days (all we have)−0.294%−$29 · spread now −0.043%, 7d avg −0.065%
=The price spread pays, funding is against you. Backpack is 0.022% dearer against Deribit than usual: you sell high and buy low (spread −0.043% now, against its 7-day average of −0.065%): +$2 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 17 hours.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Deribit ZEC_USDC-PERPETUAL | 1,516.4 | 0.0559 | pay 0.0070% / 1h | 16m 28s | $720K | $1.4M | 25x |
| Short | Backpack ZEC_USDC_PERP | 1,515.8 | 0.0451 | get 0.0056% / 1h | 16m 28s | $2.4M | $3.8M | 15x |
Deribit ZEC_USDC-PERPETUAL
Backpack ZEC_USDC_PERPFunding history
latest
Range statsloading…
Price spread between the two exchanges
Backpack against Deribit. 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
- −$22.72
- Price spread: −0.043% → −0.065%
- $2.24
- Slippage, 4 orders
- −$8.86
- Fee Deribit: 3.5 bp × 2 orders
- −$7
- Fee Backpack: 5 bp × 2 orders
- −$10
- Net
- −$46.33
- Costs to cover
- 0.259%
- Break-even
- never at this rate
Slippage from Deribit: live order book, 3 min ago; Backpack: live order book, 3 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 Deribit live order book, 3 min ago | 3.05 bp | 7.8 bp −$8 | 13.9 bp −$139 | doesn't fit | doesn't fit |
| Sell Backpack live order book, 3 min ago | 0.03 bp | 5.6 bp −$6 | 20.8 bp −$208 | 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 | −1.830% | $34K | $273K | 12x | as long as short |
| BloFin ZEC-USDT | −0.0149% | 8h | 1,515.1 | −0.086% | $30.5M | $74.3M | 75x | as long as short |
| Hotstuff ZEC-PERP | −0.0080% | 1h | 1,516.2 | −0.013% | $6K | $1K | 10x | as long as short |
| dYdX ZEC-USD | 0.0000% | 1h | 1,516.2 | −0.016% | $421K | $36K | 5x | as long as short |
| Kalshi KXZECPERP | 0.0000% | 8h | 1,510.7 | −0.378% | $1.7M | $4.6M | 2.2x | as long as short |
| Perpl ZEC | 0.0000% | 43m | 1,519.2 | +0.185% | $87K | $239K | 10x | as long as short |
| gTrade (Gains Network) ZEC/USD | L +0.0007% / S −0.0007% | 1h | 1,519.4 | +0.194% | $5.4M | — | 150x | as long as short |
| Orderly PERP_ZEC_USDC | +0.0066% | 8h | 1,514.8 | −0.109% | $306K | $900K | 20x | as long as short |
| 01 Exchange ZECUSD | +0.0072% | 1h | 1,519.8 | +0.226% | $8K | $7K | 5x | as long as short |
| Phoenix ZEC | +0.0092% | 1h | 1,507.5 | −0.590% | $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 | 1,519.6 | +0.208% | $145K | $1.7M | 50x | as long as short |
| Nado ZEC-PERP | +0.0100% | 1h | 1,519.5 | +0.207% | $2.9M | $6.4M | 10x | as long as short |
| Hyperliquid ZEC | +0.0100% | 1h | 1,521 | +0.303% | $795.1M | $433.9M | 10x | as long as short |
| Aster ZECUSDT | +0.0100% | 8h | 1,519.5 | +0.202% | $14.8M | $29.1M | 75x | as long as short |
| Pacifica ZEC | +0.0100% | 1h | 1,517.5 | +0.075% | $1.7M | $2.4M | 10x | as long as short |
| Binance ZECUSDT | +0.0100% | 8h | 1,519.7 | +0.217% | $705.0M | $2.23B | 75x | as long as short |
| Bybit ZECUSDT | +0.0100% | 8h | 1,519.7 | +0.215% | $277.6M | $614.5M | 75x | as long as short |
| OKX ZEC-USDT-SWAP | +0.0100% | 8h | 1,520.5 | +0.271% | $182.6M | $1.30B | 50x | as long as short |
| Ondo Perps ZEC-USD.P | +0.0100% | 1h | 1,502.6 | −0.910% | $411K | $488K | 5x | as long as short |
| Bulk ZEC-USD | +0.0100% | 1h | 1,479.3 | −2.448% | $894K | $15K | 10x | as long as short |
| Gate ZEC_USDT | +0.0100% | 8h | 1,518.2 | +0.118% | $54.8M | $177.7M | 75x | as long as short |
| MEXC ZEC_USDT | +0.0100% | 8h | 1,519.1 | +0.176% | $232.7M | $775.3M | 150x | as long as short |
| KuCoin ZECUSDTM | +0.0100% | 8h | 1,520.2 | +0.250% | $104.8M | $54.7M | 75x | as long as short |
| Bitget ZECUSDT | +0.0100% | 8h | 1,520.1 | +0.245% | $168.1M | $277.1M | 75x | as long as short |
| BingX ZEC-USDT | +0.0100% | 8h | 1,518.3 | +0.122% | — | $114.4M | — | as long as short |
| Variational Omni ZEC | +0.0100% | 8h | 1,494.7 | −1.433% | $48.9M | $32.5M | — | as long as short |
| edgeX ZECUSDC | +0.0100% | 4h | 1,492.9 | −1.547% | $562K | $8.6M | 20x | as long as short |
| GRVT ZEC_USDT_Perp | +0.0100% | 8h | 1,505.9 | −0.691% | $3.1M | $462K | 10x | as long as short |
| ApeX Omni ZECUSDT | +0.0100% | 1h | 1,502.9 | −0.894% | $416K | $928K | 50x | as long as short |
| StandX ZEC-USD | +0.0100% | 1h | 1,512.2 | −0.275% | $57K | $4.6M | 30x | as long as short |
| Polymarket Perps ZEC-USD | +0.0100% | 1h | 1,519.7 | +0.217% | $373K | $1.7M | 10x | as long as short |
| Bullet ZEC-USD | +0.0100% | 1h | 1,518.6 | +0.144% | $167K | $184K | 20x | as long as short |
| Derive ZEC-PERP | +0.0100% | 1h | 1,513.9 | −0.165% | $462K | $506K | 6.7x | as long as short |
| SunX ZEC-USDT | +0.0100% | 8h | 1,516.5 | +0.004% | $3K | $1.2M | 20x | as long as short |
| SoDEX ZEC-USD | +0.0100% | 1h | 1,515 | −0.090% | $250K | $3.4M | 10x | as long as short |
| HTX ZEC-USDT | +0.0100% | 8h | 1,513.8 | −0.173% | $2.6M | $19.3M | 75x | as long as short |
| Phemex ZECUSDT | +0.0100% | 8h | 1,514.1 | −0.149% | $4.0M | $4.9M | 50x | as long as short |
| Paradex ZEC-USD-PERP | +0.0100% | 8h | 1,516.8 | +0.028% | $63K | $43K | 10x | as long as short |
| Katana Perps ZEC-USD | +0.0100% | 8h | 1,520 | +0.234% | $14K | $847K | 10x | as long as short |
| GMX ZEC/USD [WBTC.b-USDC] | L +0.0103% / S −0.0075% | 1h | 1,513.9 | −0.168% | $404K | — | 100x | as long as short |
| Extended ZEC-USD | +0.0104% | 1h | 1,518.4 | +0.129% | $2.8M | $8.0M | 10x | as long as short |
| Aevo ZEC-PERP | +0.0104% | 1h | 1,515.2 | −0.080% | $46K | $153K | 20x | as long as short |
| Kraken Futures PF_ZECUSD | +0.0142% | 1h | 1,515.3 | −0.076% | $18.5M | $46.0M | 25x | as long as short |
| RISEx ZEC/USDC | +0.0154% | 1h | 1,519.2 | +0.186% | $950K | $1.1M | 10x | as long as short |
| Lighter RH ZEC | +0.0168% | 1h | 1,518.7 | +0.149% | $2.1M | $7.3M | 10x | as long as short |
| Lighter ZEC | +0.0224% | 1h | 1,518.3 | +0.126% | $19.9M | $45.1M | 20x | as long as short |
| Backpack ZEC_USDC_PERPshort | +0.0451% | 1h | 1,515.8 | −0.043% | $2.4M | $3.8M | 15x | |
| Coinbase International ZEC-PERP-INTX | +0.0496% | 1h | 1,517 | +0.039% | $3.7M | $9.9M | 50x | as long as short |
| Arcus ZEC-USD | +0.0508% | 1h | 1,518.7 | +0.149% | $610K | $8.4M | 10x | as long as short |
| Deribit ZEC_USDC-PERPETUALlong | +0.0559% | 1h | 1,516.4 | long leg | $720K | $1.4M | 25x | |
| Aftermath Perps ZECUSD | +0.0589% | 1h | 1,498.5 | −1.183% | $51K | $60K | 10x | as long as short |
Popdex ZECUSDT
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
Polymarket Perps ZEC-USD
Bullet ZEC-USD
Derive ZEC-PERP
SunX ZEC-USDT
SoDEX ZEC-USD
HTX ZEC-USDT
Phemex ZECUSDT
Paradex ZEC-USD-PERP
Katana Perps ZEC-USD
GMX ZEC/USD [WBTC.b-USDC]
Extended ZEC-USD
Aevo ZEC-PERP
Kraken Futures PF_ZECUSD
RISEx ZEC/USDC
Lighter RH ZEC
Lighter ZEC
Coinbase International ZEC-PERP-INTX
Arcus ZEC-USD
Aftermath Perps ZECUSD