Funding arb · Price arb /

ZHIPU

RWAall ZHIPU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.1414%/8h= −154.9% APRpaid last 24h −0.104%

Price spread now: SunX against Bybit+0.210%56s7-day average +0.005% · you sell dearer than you buy

Net, funding: paid 7d − costs−$347as 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−$3393.395% of the position

Long on Bybit Short on SunX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.071%−$7 on $10k

Price spread, last 4 days (all we have)−0.141%−$14 · spread now +0.210%, 7d avg +0.005%

Together, before fees−0.213%−$21 on $10k · with fees, hour by hour

The price spread pays, funding is against you. SunX is 0.205% dearer against Bybit than usual: you sell high and buy low (spread +0.210% now, against its 7-day average of +0.005%): +$20 on $10k if it goes back. Holding the pair costs −$42 a day in funding at the current rate, which eats that in about 12 hours. At the pace of the last 7 days (−0.071% in total) that is about 20 days. The two prices were read 56 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 -0.071% in total (about -3.7% a year). A funding rate is set anew for every payment. 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	Bybit ZHIPUUSDT	95.120	0.1414	pay 0.1414% / 8h	49m 22s	$355K	$1.4M	25x
Short	SunX ZHIPU-USDT	95.320	0	get 0.0000% / 4h	49m 22s	$1K	$690K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX against Bybit. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee BybitbpFee SunXbpOrdersPrice spread, now +0.210%Rate

Funding earned: −$297.02
Price spread: +0.210% → +0.005%: $20.49
Slippage, 4 orders: −$320.5
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee SunX: 4 bp × 2 orders: −$8
Net: −$616.03
Costs to cover: 3.395%
Break-even: never at this rate

Slippage from Bybit: live order book, 2 min ago; SunX: live order book, 23 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 Bybit live order book, 2 min ago	4.72 bp	45.5 bp −$45	209.6 bp −$2,096	doesn't fit	doesn't fit
Sell SunX live order book, 23 min ago	31.12 bp	136.4 bp −$136	doesn't fit	doesn't fit	doesn't fit

ZHIPU on 17 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
SunX ZHIPU-USDTshort	0.0000%	4h	95.320	+0.210%	$1K	$690K	10x
SoDEX ZHIPU-USD	+0.0050%	1h	95.200	+0.084%	$34K	$3K	10x	as long as short
Nado ZHIPU-PERP	+0.0100%	1h	94.940	−0.189%	$43K	$12K	3x	as long as short
Orderly PERP_ZHIPU_USDC_mythos	+0.0100%	8h	95.060	−0.063%	$826	$798	10x	as long as short
Lighter ZHIPU	+0.0112%	1h	95.150	+0.032%	$100K	$16K	10x	as long as short
Gate ZHIPU_USDT	+0.0207%	8h	95.210	+0.095%	$3.2M	$9.8M	50x	as long as short
Aevo ZHIPU-PERP	+0.0232%	1h	95.076	−0.046%	—	—	10x	as long as short
Ondo Perps ZHIPU-USD.P	+0.0269%	1h	95.260	+0.147%	$33K	$23K	5x	as long as short
HTX ZHIPU-USDT	+0.0736%	4h	95.260	+0.147%	$20K	$353K	20x	as long as short
tradeXYZ xyz:ZHIPU	+0.0748%	1h	95.048	−0.076%	$26.9M	$7.4M	10x	as long as short

Show all 17 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster ZHIPUUSDT	+0.0922%	8h	95.210	+0.095%	$53K	$52K	20x	as long as short
KuCoin ZHIPUUSDTM	+0.1036%	4h	95.100	−0.021%	$38K	$115K	20x	as long as short
Binance ZHIPUUSDT	+0.1092%	4h	95.050	−0.074%	$22.3M	$63.2M	25x	as long as short
Bybit ZHIPUUSDTlong	+0.1414%	8h	95.120	long leg	$355K	$1.4M	25x
Bitget ZHIPUUSDT	+0.1592%	8h	95.100	−0.021%	$1.7M	$4.1M	20x	as long as short
OKX ZHIPU-USDT-SWAP	+0.1955%	8h	95.140	+0.021%	$5.3M	$17.9M	25x	as long as short
edgeX ZHIPUUSDC	+0.2093%	4h	95.220	+0.105%	$20K	$154K	10x	as long as short