Funding you earn now, next payment 01:00 UTC+0.0357%/8h= +39.1% APRnext payment +$0.45 per $10,000 · paid last 24h −0.055%
Price spread now: Backpack against Lighter−0.139%7-day average −0.157% · you buy dearer than you sell
Net, funding: paid 7d − costs−$98as in the Funding arb table
Net, price: spread back to 7d avg − costs−$43as in the Price arb table
costs, in and out, $10k−$450.447% of the position
Funding, last 7 days−0.530%−$53 on $10k
+Price spread, last 4 days (all we have)−0.130%−$13 · spread now −0.139%, 7d avg −0.157%
=Together, before fees−0.659%+ Points / potential airdropLighter: Season 3 · farm board−$66 on $10k · with fees, hour by hour
The price spread sits at its 7-day average of −0.157%, so right now this pair is about funding alone: +$11 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair cost −0.530%, so the current rate has only just turned in your favour.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Lighter ZRO | 1.1876 | 0.0096 | pay 0.0012% / 1h | 7m 39s | $4.4M | $1.5M | 5x |
| Short | Backpack ZRO_USDC_PERP | 1.1859 | 0.0453 | get 0.0057% / 1h | 7m 39s | $98K | $207K | 20x |
Lighter ZRO
Backpack ZRO_USDC_PERPFunding history
latest
Range statsloading…
Price spread between the two exchanges
Backpack against Lighter. 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
- $74.93
- Price spread: −0.139% → −0.157%
- $1.76
- Slippage, 4 orders
- −$34.74
- Fee Lighter: 0 bp × 2 orders
- $0
- Fee Backpack: 5 bp × 2 orders
- −$10
- Net
- $31.96
- Costs to cover
- 0.447%
- Break-even
- 4.0 days
Slippage from Lighter: live order book, 5 min ago; Backpack: live order book, just now.
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 Lighter live order book, 5 min ago | 11.36 bp | 16.7 bp −$17 | 77.2 bp −$772 | doesn't fit | doesn't fit |
| Sell Backpack live order book, just now | 0.42 bp | 9.0 bp −$9 | 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 | −0.0112% | 1h | 1.1844 | −0.268% | $7K | $3K | 5x | as long as short |
| Orderly PERP_ZRO_USDC | +0.0010% | 4h | 1.1854 | −0.181% | $21K | $6K | 10x | as long as short |
| Lighter ZROlong | +0.0096% | 1h | 1.1876 | long leg | $4.4M | $1.5M | 5x | |
| Hyperliquid ZRO | +0.0100% | 1h | 1.1871 | −0.038% | $37.6M | $5.6M | 5x | as long as short |
| Aster ZROUSDT | +0.0100% | 4h | 1.1861 | −0.122% | $159K | $149K | 10x | as long as short |
| Pacifica ZRO | +0.0100% | 1h | 1.1855 | −0.169% | $137K | $168K | 5x | as long as short |
| Binance ZROUSDT | +0.0100% | 4h | 1.1852 | −0.198% | $22.2M | $30.1M | 75x | as long as short |
| Bybit ZROUSDT | +0.0100% | 4h | 1.1847 | −0.240% | $18.1M | $14.0M | 50x | as long as short |
| OKX ZRO-USDT-SWAP | +0.0100% | 4h | 1.1850 | −0.215% | $3.2M | $8.0M | 20x | as long as short |
| Gate ZRO_USDT | +0.0100% | 4h | 1.1860 | −0.131% | $1.4M | $1.5M | 75x | as long as short |
01 Exchange ZROUSD
Orderly PERP_ZRO_USDC
Hyperliquid ZRO
Aster ZROUSDT
Pacifica ZRO
Binance ZROUSDT
Bybit ZROUSDT
OKX ZRO-USDT-SWAP
Gate ZRO_USDTShow all 26 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| MEXC ZRO_USDT | +0.0100% | 4h | 1.1852 | −0.198% | $19.3M | $2.7M | 125x | as long as short |
| KuCoin ZROUSDTM | +0.0100% | 4h | 1.1860 | −0.131% | $2.4M | $1.9M | 50x | as long as short |
| Bitget ZROUSDT | +0.0100% | 4h | 1.1858 | −0.147% | $2.7M | $2.4M | 75x | as long as short |
| BingX ZRO-USDT | +0.0100% | 4h | 1.1852 | −0.198% | — | $16.5M | — | as long as short |
| Variational Omni ZRO | +0.0100% | 4h | 1.1845 | −0.256% | $2.3M | $853K | — | as long as short |
| ApeX Omni ZROUSDT | +0.0100% | 1h | 1.1860 | −0.131% | $37K | $686K | 50x | as long as short |
| Polymarket Perps ZRO-USD | +0.0100% | 1h | 1.1862 | −0.114% | $93K | $840K | 5x | as long as short |
| Aevo ZRO-PERP | +0.0104% | 1h | 1.1850 | −0.215% | $21K | — | 3x | as long as short |
| BloFin ZRO-USDT | +0.0124% | 4h | 1.1879 | +0.029% | $1.1M | $258K | 75x | as long as short |
| dYdX ZRO-USD | +0.0188% | 1h | 1.1855 | −0.176% | $21K | $3K | 5x | as long as short |
| Nado ZRO-PERP | +0.0289% | 1h | 1.1852 | −0.194% | $1.4M | $127K | 5x | as long as short |
| GMX ZRO/USD [ETH-USDC] | L +0.0292% / S −0.2341% | 1h | 1.1861 | −0.120% | $3K | — | 100x | as long as short |
| Kraken Futures PF_ZROUSD | +0.0299% | 1h | 1.1872 | −0.025% | $255K | $408K | 25x | as long as short |
| Backpack ZRO_USDC_PERPshort | +0.0453% | 1h | 1.1859 | −0.139% | $98K | $207K | 20x | |
| Extended ZRO-USD | +0.1168% | 1h | 1.1855 | −0.168% | $792K | $613K | 10x | as long as short |
| Injective ZRO/USDC PERP | +0.1190% | 1h | 1.1920 | +0.375% | $12K | $260K | 12x | as long as short |
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
dYdX ZRO-USD
Nado ZRO-PERP
GMX ZRO/USD [ETH-USDC]
Kraken Futures PF_ZROUSD
Extended ZRO-USD
Injective ZRO/USDC PERP