Funding you earn now, next payment 03:00 UTC+0.0059%/8h= +6.5% APRpaid last 24h +0.040%
Price spread now: Backpack against Orderly+0.044%7-day average −0.010% · you sell dearer than you buy
to open and closeno order booka leg has no order-book sample
Funding, last 7 days+0.022%+$2 on $10k
+Price spread, last 4 days (all we have)−1.514%−$151 · spread now +0.044%, 7d avg −0.010%
=Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and Backpack is 0.054% dearer against Orderly than usual: you sell high and buy low: +$5 more if the spread goes back to its 7-day average of −0.010%.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Orderly PERP_ZEC_USDC | 1,453.3 | 0.0041 | pay 0.0041% / 8h | 5h 35m | $290K | $979K | 20x |
| Short | Backpack ZEC_USDC_PERP | 1,453.9 | 0.0100 | get 0.0013% / 1h | 35m 05s | $2.4M | $3.8M | 15x |
Orderly PERP_ZEC_USDC
Backpack ZEC_USDC_PERPFunding history
latest
Range statsloading…
Price spread between the two exchanges
Backpack against Orderly. 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
- $12.41
- Price spread: +0.044% → −0.010%
- $5.43
- Slippage, 4 orders
- no order book: not counted
- Fee Orderly: 3 bp × 2 orders
- −$6
- Fee Backpack: 5 bp × 2 orders
- −$10
- Net
- $1.84
- Costs to cover
- 0.160%
- Break-even
- 6.0 days
Slippage unknown: Orderly: no order-book sample; Backpack: live order book, 4 min ago. Net counts fees only.
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 Orderly no order-book sample | — | — | — | — | — |
| Sell Backpack live order book, 4 min ago | 0.04 bp | 5.7 bp −$6 | 11.6 bp −$116 | doesn't fit | doesn't fit |
Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.
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 | −0.3244% | 1h | 1,451.4 | −0.130% | $33K | $272K | 12x | as long as short |
| BloFin ZEC-USDT | −0.0080% | 8h | 1,453.2 | −0.006% | $29.5M | $70.8M | 75x | as long as short |
| Hotstuff ZEC-PERP | −0.0080% | 1h | 1,451.1 | −0.147% | $6K | $1K | 10x | as long as short |
| dYdX ZEC-USD | 0.0000% | 1h | 1,450.2 | −0.208% | $408K | $44K | 5x | as long as short |
| Kalshi KXZECPERP | 0.0000% | 8h | 1,452.1 | −0.076% | $1.3M | $5.0M | 2.2x | as long as short |
| Perpl ZEC | 0.0000% | 43m | 1,451.9 | −0.094% | $83K | $248K | 10x | as long as short |
| gTrade (Gains Network) ZEC/USD | L +0.0007% / S −0.0006% | 1h | 1,452.5 | −0.050% | $5.1M | — | 150x | as long as short |
| Orderly PERP_ZEC_USDClong | +0.0041% | 8h | 1,453.3 | long leg | $290K | $979K | 20x | |
| GMX ZEC/USD [WBTC.b-USDC] | L +0.0053% / S −0.0009% | 1h | 1,452.4 | −0.056% | $375K | — | 100x | as long as short |
| Phoenix ZEC | +0.0074% | 1h | 1,449.2 | −0.279% | $4.6M | $1.4M | 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
GMX ZEC/USD [WBTC.b-USDC]
Phoenix ZECShow all 51 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| ApeX Omni ZECUSDT | +0.0087% | 1h | 1,450 | −0.221% | $407K | $904K | 50x | as long as short |
| Popdex ZECUSDT | +0.0096% | 1h | 1,451.4 | −0.127% | $173K | $1.8M | 50x | as long as short |
| Ondo Perps ZEC-USD.P | +0.0098% | 1h | 1,445.9 | −0.506% | $394K | $431K | 5x | as long as short |
| Katana Perps ZEC-USD | +0.0100% | 8h | 1,449.8 | −0.236% | $14K | $859K | 10x | as long as short |
| Paradex ZEC-USD-PERP | +0.0100% | 8h | 1,451.3 | −0.135% | $60K | $43K | 10x | as long as short |
| Nado ZEC-PERP | +0.0100% | 1h | 1,452.9 | −0.024% | $2.5M | $6.5M | 10x | as long as short |
| Hyperliquid ZEC | +0.0100% | 1h | 1,454.1 | +0.058% | $756.7M | $433.7M | 10x | as long as short |
| Aster ZECUSDT | +0.0100% | 8h | 1,452.7 | −0.036% | $14.4M | $28.8M | 75x | as long as short |
| Pacifica ZEC | +0.0100% | 1h | 1,450.7 | −0.174% | $1.7M | $2.6M | 10x | as long as short |
| Binance ZECUSDT | +0.0100% | 8h | 1,453.2 | −0.006% | $665.4M | $2.26B | 75x | as long as short |
| Bybit ZECUSDT | +0.0100% | 8h | 1,453.1 | −0.014% | $266.4M | $610.7M | 75x | as long as short |
| OKX ZEC-USDT-SWAP | +0.0100% | 8h | 1,453.3 | +0.006% | $179.3M | $1.24B | 50x | as long as short |
| Bulk ZEC-USD | +0.0100% | 1h | 1,451.2 | −0.139% | $879K | $21K | 10x | as long as short |
| Gate ZEC_USDT | +0.0100% | 8h | 1,452.9 | −0.023% | $49.5M | $172.6M | 75x | as long as short |
| MEXC ZEC_USDT | +0.0100% | 8h | 1,453.6 | +0.025% | $213.3M | $774.4M | 150x | as long as short |
| KuCoin ZECUSDTM | +0.0100% | 8h | 1,453 | −0.017% | $102.1M | $56.0M | 75x | as long as short |
| Bitget ZECUSDT | +0.0100% | 8h | 1,453.7 | +0.032% | $161.5M | $277.7M | 75x | as long as short |
| BingX ZEC-USDC | +0.0100% | 8h | 1,452.5 | −0.051% | — | $6.7M | — | as long as short |
| Backpack ZEC_USDC_PERPshort | +0.0100% | 1h | 1,453.9 | +0.044% | $2.4M | $3.8M | 15x | |
| Variational Omni ZEC | +0.0100% | 8h | 1,448.7 | −0.312% | $46.8M | $32.3M | — | as long as short |
| edgeX ZECUSDC | +0.0100% | 4h | 1,449.1 | −0.288% | $564K | $8.9M | 20x | as long as short |
| GRVT ZEC_USDT_Perp | +0.0100% | 8h | 1,449.1 | −0.289% | $3.0M | $419K | 10x | as long as short |
| StandX ZEC-USD | +0.0100% | 1h | 1,448.7 | −0.314% | $49K | $4.7M | 30x | as long as short |
| Polymarket Perps ZEC-USD | +0.0100% | 1h | 1,451.8 | −0.100% | $323K | $1.8M | 10x | as long as short |
| Bullet ZEC-USD | +0.0100% | 1h | 1,452.6 | −0.042% | $160K | $160K | 20x | as long as short |
| Derive ZEC-PERP | +0.0100% | 1h | 1,451.7 | −0.105% | $443K | $521K | 6.7x | as long as short |
| SunX ZEC-USDT | +0.0100% | 8h | 1,455.2 | +0.135% | $3K | $1.2M | 20x | as long as short |
| SoDEX ZEC-USD | +0.0100% | 1h | 1,453.4 | +0.011% | $232K | $3.5M | 10x | as long as short |
| HTX ZEC-USDT | +0.0100% | 8h | 1,451.5 | −0.123% | $2.6M | $18.4M | 75x | as long as short |
| Phemex ZECUSDT | +0.0100% | 8h | 1,453.5 | +0.019% | $3.8M | $5.1M | 50x | as long as short |
| Extended ZEC-USD | +0.0104% | 1h | 1,453.2 | −0.003% | $2.8M | $7.7M | 10x | as long as short |
| Aevo ZEC-PERP | +0.0104% | 1h | 1,453 | −0.020% | $47K | $156K | 20x | as long as short |
| 01 Exchange ZECUSD | +0.0120% | 1h | 1,451.9 | −0.092% | $8K | $7K | 5x | as long as short |
| Lighter ZEC | +0.0192% | 1h | 1,454.7 | +0.099% | $19.0M | $46.4M | 20x | as long as short |
| Kraken Futures PF_ZECUSD | +0.0196% | 1h | 1,453.4 | +0.013% | $17.9M | $44.5M | 25x | as long as short |
| Arcus ZEC-USD | +0.0277% | 1h | 1,453.2 | −0.006% | $724K | $8.5M | 10x | as long as short |
| Lighter RH ZEC | +0.0336% | 1h | 1,455 | +0.117% | $2.0M | $6.9M | 10x | as long as short |
| RISEx ZEC/USDC | +0.0409% | 1h | 1,451.8 | −0.102% | $828K | $1.0M | 10x | as long as short |
| Coinbase International ZEC-PERP-INTX | +0.0456% | 1h | 1,453.9 | +0.041% | $3.7M | $9.1M | 50x | as long as short |
| Deribit ZEC_USDC-PERPETUAL | +0.0461% | 1h | 1,454 | +0.053% | $611K | $1.3M | 25x | as long as short |
| Aftermath Perps ZECUSD | +0.0711% | 1h | 1,453.4 | +0.011% | $43K | $46K | 10x | as long as short |
ApeX Omni ZECUSDT
Popdex ZECUSDT
Ondo Perps ZEC-USD.P
Katana Perps ZEC-USD
Paradex ZEC-USD-PERP
Nado ZEC-PERP
Hyperliquid ZEC
Aster ZECUSDT
Pacifica ZEC
Binance ZECUSDT
Bybit ZECUSDT
OKX ZEC-USDT-SWAP
Bulk ZEC-USD
Gate ZEC_USDT
MEXC ZEC_USDT
KuCoin ZECUSDTM
Bitget ZECUSDT
BingX ZEC-USDC
Variational Omni ZEC
edgeX ZECUSDC
GRVT ZEC_USDT_Perp
StandX ZEC-USD
Polymarket Perps ZEC-USD
Bullet ZEC-USD
Derive ZEC-PERP
SunX ZEC-USDT
SoDEX ZEC-USD
HTX ZEC-USDT
Phemex ZECUSDT
Extended ZEC-USD
Aevo ZEC-PERP
01 Exchange ZECUSD
Lighter ZEC
Kraken Futures PF_ZECUSD
Arcus ZEC-USD
Lighter RH ZEC
RISEx ZEC/USDC
Coinbase International ZEC-PERP-INTX
Deribit ZEC_USDC-PERPETUAL
Aftermath Perps ZECUSD