Funding arb · Price arb /

ZHIPU

RWAall ZHIPU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0327%/8h= −35.8% APRpaid last 24h +0.040%

Price spread now: Lighter against HTX−0.094%7-day average +0.038% · you buy dearer than you sell

Net, funding: paid 7d − costs−$24as in the Funding arb table

Net, price: spread back to 7d avg − costs−$69as in the Price arb table

costs, in and out, $10k−$560.563% of the position

Long on HTX Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.322%+$32 on $10k

Price spread, last 4 days (all we have)−0.023%−$2 · spread now −0.094%, 7d avg +0.038%

Together, before fees+0.300%+ Points / potential airdropLighter: Season 3 · farm board+$30 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$10 a day on $10k at the current rate, and Lighter is 0.132% cheaper against HTX than usual: you would sell low and buy high (−$13 if the spread goes back to its 7-day average of +0.038%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.322%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	HTX ZHIPU-USDT	96.170	0.0391	pay 0.0195% / 4h	3h 19m	$18K	$334K	20x
Short	Lighter ZHIPU	96.080	0.0064	get 0.0008% / 1h	19m 42s	$101K	$20K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against HTX. 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 HTXbpFee LighterbpOrdersPrice spread, now −0.094%Rate

Funding earned: −$68.58
Price spread: −0.094% → +0.038%: −$13.2
Slippage, 4 orders: −$44.25
Fee HTX: 6 bp × 2 orders: −$12
Fee Lighter: 0 bp × 2 orders: $0
Net: −$138.03
Costs to cover: 0.563%
Break-even: never at this rate

Slippage from HTX: live order book, 33 min ago; Lighter: live order book, 6 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 HTX live order book, 33 min ago	5.74 bp	12.4 bp −$12	29.5 bp −$295	doesn't fit	doesn't fit
Sell Lighter live order book, 6 min ago	7.27 bp	14.1 bp −$14	35.4 bp −$354	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-USDT	0.0000%	4h	95.960	−0.218%	$1K	$849K	10x	as long as short
SoDEX ZHIPU-USD	+0.0050%	1h	96.020	−0.156%	$34K	$3K	10x	as long as short
Lighter ZHIPUshort	+0.0064%	1h	96.080	−0.094%	$101K	$20K	10x
Gate ZHIPU_USDT	+0.0068%	8h	96.020	−0.156%	$2.9M	$11.8M	50x	as long as short
Nado ZHIPU-PERP	+0.0100%	1h	96.040	−0.136%	$27K	$4K	3x	as long as short
Orderly PERP_ZHIPU_USDC_mythos	+0.0100%	8h	96.030	−0.146%	$566	$798	10x	as long as short
Aevo ZHIPU-PERP	+0.0216%	1h	96.028	−0.148%	—	—	10x	as long as short
HTX ZHIPU-USDTlong	+0.0391%	4h	96.170	long leg	$18K	$334K	20x
Aster ZHIPUUSDT	+0.0499%	8h	96.009	−0.167%	$50K	$51K	20x	as long as short
KuCoin ZHIPUUSDTM	+0.0766%	4h	96.050	−0.125%	$39K	$123K	20x	as long as short

Show all 17 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps ZHIPU-USD.P	+0.0894%	1h	96.200	+0.031%	$36K	$20K	5x	as long as short
tradeXYZ xyz:ZHIPU	+0.1006%	1h	96.024	−0.152%	$26.9M	$7.2M	10x	as long as short
Binance ZHIPUUSDT	+0.1081%	4h	95.966	−0.212%	$22.5M	$63.7M	25x	as long as short
edgeX ZHIPUUSDC	+0.1165%	4h	96.097	−0.076%	$19K	$150K	10x	as long as short
Bitget ZHIPUUSDT	+0.1359%	8h	96.010	−0.166%	$1.8M	$4.1M	20x	as long as short
Bybit ZHIPUUSDT	+0.1456%	8h	96.070	−0.104%	$267K	$1.4M	25x	as long as short
OKX ZHIPU-USDT-SWAP	+0.1737%	8h	96.010	−0.166%	$5.7M	$17.1M	25x	as long as short