Funding you earn now, next payment 03:00 UTC−0.1002%/8h= −109.7% APRnext payment −$1.25 per $10,000 · paid last 24h −0.155%
Price spread now: Backpack against Injective−0.297%48s7-day average +0.027% · you buy dearer than you sell
Net, funding: paid 7d − costs−$90as in the Funding arb table
Net, price: spread back to 7d avg − costs—prices read too far apart to compare
costs, in and out, $10k−$930.933% of the position
Funding, last 7 days+0.033%+$3 on $10k
+Price spread, last 4 days (all we have)+1.742%+$174 · spread now −0.297%, 7d avg +0.027%
=Both sides work against this trade now: funding costs −$30 a day on $10k at the current rate, and Backpack is 0.325% cheaper against Injective than usual: you would sell low and buy high (−$32 if the spread goes back to its 7-day average of +0.027%). Swap the legs. The two prices were read 48 seconds apart, so part of this spread may be the market moving, not a spread.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.033% in total (about 1.7% a year). A funding rate is set anew for every payment; at this rate the next one is about −$1.25 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 | Injective ZRO/USDC PERP | 1.1780 | 0.1102 | pay 0.0138% / 1h | 35m 23s | $12K | $260K | 12x |
| Short | Backpack ZRO_USDC_PERP | 1.1745 | 0.0100 | get 0.0013% / 1h | 35m 23s | $95K | $211K | 20x |
Injective ZRO/USDC PERP
Backpack ZRO_USDC_PERPFunding history
latest
Range statsloading…
Price spread between the two exchanges
Backpack against Injective. 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
- −$210.45
- Price spread: −0.297% → +0.027%
- −$32.46
- Slippage, 4 orders
- −$83.26
- Fee Injective: 0.01 bp × 2 orders
- −$0.02
- Fee Backpack: 5 bp × 2 orders
- −$10
- Net
- −$336.19
- Costs to cover
- 0.933%
- Break-even
- never at this rate
Slippage from Injective: live order book, 29 min ago; Backpack: live order book, 28 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 Injective live order book, 29 min ago | 34.19 bp | 34.2 bp −$34 | doesn't fit | doesn't fit | doesn't fit |
| Sell Backpack live order book, 28 min ago | 0.43 bp | 7.4 bp −$7 | 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 | −0.0512% | 1h | 1.1746 | −0.287% | $7K | $3K | 5x | as long as short |
| dYdX ZRO-USD | 0.0000% | 1h | 1.1729 | −0.432% | $21K | $3K | 5x | as long as short |
| Bybit ZROUSDT | 0.0000% | 4h | 1.1741 | −0.331% | $17.9M | $14.1M | 50x | as long as short |
| Orderly PERP_ZRO_USDC | +0.0036% | 4h | 1.1746 | −0.289% | $21K | $5K | 10x | as long as short |
| Gate ZRO_USDT | +0.0040% | 4h | 1.1730 | −0.424% | $1.3M | $1.5M | 75x | as long as short |
| Lighter ZRO | +0.0096% | 1h | 1.1752 | −0.241% | $4.4M | $1.2M | 5x | as long as short |
| Hyperliquid ZRO | +0.0100% | 1h | 1.1764 | −0.136% | $37.2M | $5.5M | 5x | as long as short |
| Aster ZROUSDT | +0.0100% | 4h | 1.1739 | −0.347% | $158K | $150K | 10x | as long as short |
| Pacifica ZRO | +0.0100% | 1h | 1.1736 | −0.374% | $136K | $175K | 5x | as long as short |
| Binance ZROUSDT | +0.0100% | 4h | 1.1746 | −0.289% | $22.0M | $29.9M | 75x | as long as short |
01 Exchange ZROUSD
dYdX ZRO-USD
Bybit ZROUSDT
Orderly PERP_ZRO_USDC
Gate ZRO_USDT
Lighter ZRO
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 | |
|---|---|---|---|---|---|---|---|---|
| OKX ZRO-USDT-SWAP | +0.0100% | 4h | 1.1749 | −0.263% | $3.2M | $8.0M | 20x | as long as short |
| MEXC ZRO_USDT | +0.0100% | 4h | 1.1745 | −0.297% | $19.1M | $2.7M | 125x | as long as short |
| KuCoin ZROUSDTM | +0.0100% | 4h | 1.1746 | −0.289% | $2.4M | $2.0M | 50x | as long as short |
| Bitget ZROUSDT | +0.0100% | 4h | 1.1738 | −0.357% | $2.7M | $2.5M | 75x | as long as short |
| BingX ZRO-USDT | +0.0100% | 4h | 1.1743 | −0.314% | — | $16.5M | — | as long as short |
| Backpack ZRO_USDC_PERPshort | +0.0100% | 1h | 1.1745 | −0.297% | $95K | $211K | 20x | |
| Variational Omni ZRO | +0.0100% | 4h | 1.1732 | −0.406% | $2.3M | $813K | — | as long as short |
| ApeX Omni ZROUSDT | +0.0100% | 1h | 1.1710 | −0.594% | $39K | $673K | 50x | as long as short |
| Polymarket Perps ZRO-USD | +0.0100% | 1h | 1.1753 | −0.229% | $100K | $850K | 5x | as long as short |
| Aevo ZRO-PERP | +0.0104% | 1h | 1.1735 | −0.382% | $21K | — | 3x | as long as short |
| BloFin ZRO-USDT | +0.0113% | 4h | 1.1700 | −0.679% | $1.1M | $249K | 75x | as long as short |
| Nado ZRO-PERP | +0.0193% | 1h | 1.1740 | −0.342% | $1.3M | $127K | 5x | as long as short |
| Kraken Futures PF_ZROUSD | +0.0197% | 1h | 1.1751 | −0.246% | $258K | $407K | 25x | as long as short |
| GMX ZRO/USD [ETH-USDC] | L +0.0292% / S −0.2341% | 1h | 1.1752 | −0.236% | $3K | — | 100x | as long as short |
| Extended ZRO-USD | +0.0584% | 1h | 1.1742 | −0.321% | $784K | $591K | 10x | as long as short |
| Injective ZRO/USDC PERPlong | +0.1102% | 1h | 1.1780 | long leg | $12K | $260K | 12x |
OKX ZRO-USDT-SWAP
MEXC ZRO_USDT
KuCoin ZROUSDTM
Bitget ZROUSDT
BingX ZRO-USDT
Variational Omni ZRO
ApeX Omni ZROUSDT
Polymarket Perps ZRO-USD
Aevo ZRO-PERP
BloFin ZRO-USDT
Nado ZRO-PERP
Kraken Futures PF_ZROUSD
GMX ZRO/USD [ETH-USDC]
Extended ZRO-USD