Funding you earn now, next payment 09:00 UTC−0.0758%/8h= −83.0% APRnext payment −$0.95 per $10,000 · paid last 24h +0.001%
Price spread now: Polymarket Perps against Backpack+0.260%7-day average +0.045% · you sell dearer than you buy
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−$280.275% of the position
Funding, last 7 days+0.035%+$3 on $10k
+Price spread, last 4 days (all we have)+0.145%+$14 · spread now +0.260%, 7d avg +0.045%
=The price spread pays, funding is against you. Polymarket Perps is 0.215% dearer against Backpack than usual: you sell high and buy low (spread +0.260% now, against its 7-day average of +0.045%): +$21 on $10k if it goes back. Holding the pair costs −$23 a day in funding at the current rate, which eats that in about 23 hours.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.035% in total (about 1.8% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.95 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 ZRO_USDC_PERP | 1.1932 | 0.0858 | pay 0.0107% / 1h | 55m 41s | $97K | $218K | 20x |
| Short | Polymarket Perps ZRO-USD | 1.1963 | 0.0100 | get 0.0013% / 1h | 55m 41s | $101K | $809K | 5x |
Backpack ZRO_USDC_PERP
Polymarket Perps ZRO-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
- −$159.24
- Price spread: +0.260% → +0.045%
- $21.5
- Slippage, 4 orders
- −$9.52
- Fee Backpack: 5 bp × 2 orders
- −$10
- Fee Polymarket Perps: 4 bp × 2 orders
- −$8
- Net
- −$165.27
- Costs to cover
- 0.275%
- Break-even
- never at this rate
Slippage from Backpack: live order book, 42 min ago; Polymarket Perps: live order book, 67 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, 42 min ago | 0.43 bp | 6.4 bp −$6 | doesn't fit | doesn't fit | doesn't fit |
| Sell Polymarket Perps live order book, 67 min ago | 2.14 bp | 8.7 bp −$9 | 11.0 bp −$110 | 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 | −0.0008% | 1h | 1.1948 | +0.134% | $4K | $5K | 5x | as long as short |
| dYdX ZRO-USD | 0.0000% | 1h | 1.1956 | +0.198% | $21K | $5K | 5x | as long as short |
| BloFin ZRO-USDT | +0.0046% | 4h | 1.1924 | −0.067% | $1.1M | $201K | 75x | as long as short |
| Orderly PERP_ZRO_USDC | +0.0080% | 4h | 1.1947 | +0.126% | $21K | $4K | 10x | as long as short |
| Lighter ZRO | +0.0096% | 1h | 1.1963 | +0.258% | $4.5M | $1.2M | 5x | as long as short |
| Nado ZRO-PERP | +0.0100% | 1h | 1.1957 | +0.213% | $1.4M | $129K | 5x | as long as short |
| Hyperliquid ZRO | +0.0100% | 1h | 1.1948 | +0.134% | $37.8M | $5.4M | 5x | as long as short |
| Aster ZROUSDT | +0.0100% | 4h | 1.1953 | +0.175% | $161K | $151K | 10x | as long as short |
| Pacifica ZRO | +0.0100% | 1h | 1.1937 | +0.045% | $141K | $168K | 5x | as long as short |
| Binance ZROUSDT | +0.0100% | 4h | 1.1942 | +0.084% | $22.4M | $29.2M | 75x | as long as short |
01 Exchange ZROUSD
dYdX ZRO-USD
BloFin ZRO-USDT
Orderly PERP_ZRO_USDC
Lighter ZRO
Nado ZRO-PERP
Hyperliquid ZRO
Aster ZROUSDT
Pacifica ZRO
Binance ZROUSDTShow all 26 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Bybit ZROUSDT | +0.0100% | 4h | 1.1936 | +0.034% | $18.3M | $13.2M | 50x | as long as short |
| OKX ZRO-USDT-SWAP | +0.0100% | 4h | 1.1939 | +0.059% | $3.2M | $7.9M | 20x | as long as short |
| Gate ZRO_USDT | +0.0100% | 4h | 1.1920 | −0.101% | $1.4M | $1.3M | 75x | as long as short |
| MEXC ZRO_USDT | +0.0100% | 4h | 1.1941 | +0.075% | $19.6M | $2.6M | 125x | as long as short |
| KuCoin ZROUSDTM | +0.0100% | 4h | 1.1946 | +0.117% | $2.5M | $2.2M | 50x | as long as short |
| Bitget ZROUSDT | +0.0100% | 4h | 1.1934 | +0.017% | $2.8M | $2.6M | 75x | as long as short |
| BingX ZRO-USDT | +0.0100% | 4h | 1.1937 | +0.042% | — | $21.7M | — | as long as short |
| Variational Omni ZRO | +0.0100% | 4h | 1.1933 | +0.004% | $2.3M | $759K | — | as long as short |
| ApeX Omni ZROUSDT | +0.0100% | 1h | 1.1840 | −0.771% | $40K | $668K | 50x | as long as short |
| Polymarket Perps ZRO-USDshort | +0.0100% | 1h | 1.1963 | +0.260% | $101K | $809K | 5x | |
| Aevo ZRO-PERP | +0.0104% | 1h | 1.1938 | +0.047% | $21K | — | 3x | as long as short |
| GMX ZRO/USD [ETH-USDC] | L +0.0295% / S −0.2341% | 1h | 1.1941 | +0.076% | $3K | — | 100x | as long as short |
| Extended ZRO-USD | +0.0472% | 1h | 1.1938 | +0.047% | $815K | $647K | 10x | as long as short |
| Kraken Futures PF_ZROUSD | +0.0548% | 1h | 1.1962 | +0.254% | $274K | $311K | 25x | as long as short |
| Backpack ZRO_USDC_PERPlong | +0.0858% | 1h | 1.1932 | long leg | $97K | $218K | 20x | |
| Injective ZRO/USDC PERP | +0.1160% | 1h | 1.1860 | −0.603% | $12K | $258K | 12x | as long as short |
Bybit ZROUSDT
OKX ZRO-USDT-SWAP
Gate ZRO_USDT
MEXC ZRO_USDT
KuCoin ZROUSDTM
Bitget ZROUSDT
BingX ZRO-USDT
Variational Omni ZRO
ApeX Omni ZROUSDT
Aevo ZRO-PERP
GMX ZRO/USD [ETH-USDC]
Extended ZRO-USD
Kraken Futures PF_ZROUSD
Injective ZRO/USDC PERP