Funding you earn now, next payment 09:00 UTC+0.0707%/8h= +77.5% APRnext payment +$0.88 per $10,000 · paid last 24h −0.001%
Price spread now: Backpack against ApeX Omni−0.366%7-day average −0.011% · you buy dearer than you sell
Net, funding: paid 7d − costs−$72as in the Funding arb table
Net, price: spread back to 7d avg − costs−$94as in the Price arb table
costs, in and out, $10k−$580.583% of the position
Funding, last 7 days−0.134%−$13 on $10k
+Price spread, last 4 days (all we have)+0.181%+$18 · spread now −0.366%, 7d avg −0.011%
=Funding pays, the price is against you. Backpack is 0.355% cheaper against ApeX Omni than usual: you would sell low and buy high (spread −0.366% now, against its 7-day average of −0.011%). If the spread goes back, that is −$35 on $10k: about 40 hours of funding at the current rate (+$21 a day). Mind the row above: over the last 7 days funding on this pair cost −0.134%, so the current rate has only just turned in your favour.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.134% in total (about -7.0% a year). A funding rate is set anew for every payment; at this rate the next one is about +$0.88 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 | ApeX Omni ZROUSDT | 1.2030 | 0.0100 | pay 0.0013% / 1h | 48m 37s | $41K | $667K | 50x |
| Short | Backpack ZRO_USDC_PERP | 1.1986 | 0.0807 | get 0.0101% / 1h | 48m 37s | $96K | $222K | 20x |
ApeX Omni ZROUSDT
Backpack ZRO_USDC_PERPFunding history
latest
Range statsloading…
Price spread between the two exchanges
Backpack against ApeX Omni. 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
- $148.57
- Price spread: −0.366% → −0.011%
- −$35.45
- Slippage, 4 orders
- −$38.32
- Fee ApeX Omni: 5 bp × 2 orders
- −$10
- Fee Backpack: 5 bp × 2 orders
- −$10
- Net
- $54.8
- Costs to cover
- 0.583%
- Break-even
- 4.4 days
Slippage from ApeX Omni: live order book, 50 min ago; Backpack: live order book, 50 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 ApeX Omni live order book, 50 min ago | 12.88 bp | 23.2 bp −$23 | 126.8 bp −$1,268 | doesn't fit | doesn't fit |
| Sell Backpack live order book, 50 min ago | 0.43 bp | 6.1 bp −$6 | doesn't fit | doesn't fit | doesn't fit |
ZRO on 26 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 | |
|---|---|---|---|---|---|---|---|---|
| 01 Exchange ZROUSD | −0.0200% | 1h | 1.1955 | −0.623% | $4K | $5K | 5x | as long as short |
| dYdX ZRO-USD | 0.0000% | 1h | 1.1978 | −0.433% | $21K | $5K | 5x | as long as short |
| Orderly PERP_ZRO_USDC | +0.0078% | 4h | 1.1980 | −0.416% | $21K | $4K | 10x | as long as short |
| Lighter ZRO | +0.0096% | 1h | 1.1986 | −0.362% | $4.5M | $1.2M | 5x | as long as short |
| Hyperliquid ZRO | +0.0100% | 1h | 1.1988 | −0.349% | $38.0M | $5.5M | 5x | as long as short |
| Aster ZROUSDT | +0.0100% | 4h | 1.1978 | −0.434% | $162K | $151K | 10x | as long as short |
| Pacifica ZRO | +0.0100% | 1h | 1.1969 | −0.504% | $141K | $168K | 5x | as long as short |
| Binance ZROUSDT | +0.0100% | 4h | 1.1966 | −0.532% | $22.6M | $29.5M | 75x | as long as short |
| Bybit ZROUSDT | +0.0100% | 4h | 1.1954 | −0.632% | $18.3M | $13.3M | 50x | as long as short |
| OKX ZRO-USDT-SWAP | +0.0100% | 4h | 1.1968 | −0.515% | $3.2M | $8.0M | 20x | as long as short |
01 Exchange ZROUSD
dYdX ZRO-USD
Orderly PERP_ZRO_USDC
Lighter ZRO
Hyperliquid ZRO
Aster ZROUSDT
Pacifica ZRO
Binance ZROUSDT
Bybit ZROUSDT
OKX ZRO-USDT-SWAPShow all 26 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Gate ZRO_USDT | +0.0100% | 4h | 1.1960 | −0.582% | $1.4M | $1.3M | 75x | as long as short |
| MEXC ZRO_USDT | +0.0100% | 4h | 1.1970 | −0.499% | $20.0M | $2.7M | 125x | as long as short |
| KuCoin ZROUSDTM | +0.0100% | 4h | 1.1982 | −0.399% | $2.5M | $2.2M | 50x | as long as short |
| Bitget ZROUSDT | +0.0100% | 4h | 1.1961 | −0.574% | $2.8M | $2.6M | 75x | as long as short |
| BingX ZRO-USDT | +0.0100% | 4h | 1.1971 | −0.490% | — | $21.7M | — | as long as short |
| Variational Omni ZRO | +0.0100% | 4h | 1.2018 | −0.100% | $2.3M | $759K | — | as long as short |
| ApeX Omni ZROUSDTlong | +0.0100% | 1h | 1.2030 | long leg | $41K | $667K | 50x | |
| Polymarket Perps ZRO-USD | +0.0100% | 1h | 1.1977 | −0.441% | $102K | $805K | 5x | as long as short |
| Aevo ZRO-PERP | +0.0104% | 1h | 1.1975 | −0.457% | $21K | — | 3x | as long as short |
| BloFin ZRO-USDT | +0.0111% | 4h | 1.1989 | −0.341% | $1.1M | $203K | 75x | as long as short |
| Nado ZRO-PERP | +0.0131% | 1h | 1.1965 | −0.538% | $1.4M | $129K | 5x | as long as short |
| GMX ZRO/USD [ETH-USDC] | L +0.0295% / S −0.2341% | 1h | 1.1981 | −0.407% | $3K | — | 100x | as long as short |
| Extended ZRO-USD | +0.0448% | 1h | 1.1960 | −0.580% | $819K | $647K | 10x | as long as short |
| Kraken Futures PF_ZROUSD | +0.0546% | 1h | 1.1998 | −0.264% | $274K | $313K | 25x | as long as short |
| Backpack ZRO_USDC_PERPshort | +0.0807% | 1h | 1.1986 | −0.366% | $96K | $222K | 20x | |
| Injective ZRO/USDC PERP | +0.1160% | 1h | 1.2030 | 0.000% | $13K | $258K | 12x | as long as short |
Gate ZRO_USDT
MEXC ZRO_USDT
KuCoin ZROUSDTM
Bitget ZROUSDT
BingX ZRO-USDT
Variational Omni ZRO
Polymarket Perps ZRO-USD
Aevo ZRO-PERP
BloFin ZRO-USDT
Nado ZRO-PERP
GMX ZRO/USD [ETH-USDC]
Extended ZRO-USD
Kraken Futures PF_ZROUSD
Injective ZRO/USDC PERP