Funding arb · Price arb /

ZHIPU

RWAall ZHIPU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0112%/8h= −12.2% APRpaid last 24h +0.122%

Price spread now: Bybit against Lighter+0.096%7-day average +0.056% · you sell dearer than you buy

Net, funding: paid 7d − costs−$130as in the Funding arb table

Net, price: spread back to 7d avg − costs−$124as in the Price arb table

costs, in and out, $10k−$1281.276% of the position

Long on Lighter Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.029%−$3 on $10k

Price spread, last 4 days (all we have)−0.025%−$3 · spread now +0.096%, 7d avg +0.056%

Together, before fees−0.054%+ Points / potential airdropLighter: Season 3 · farm board−$5 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Bybit is 0.040% dearer against Lighter than usual: you sell high and buy low (spread +0.096% now, against its 7-day average of +0.056%): +$4 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 29 hours. At the pace of the last 7 days (−0.029% in total) that is about 9.8 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter ZHIPU	93.910	0.0032	pay 0.0004% / 1h	28m 14s	$99K	$16K	10x
Short	Bybit ZHIPUUSDT	94.000	−0.0080	pay 0.0080% / 8h	7h 28m	$350K	$1.2M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Lighter. 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 LighterbpFee BybitbpOrdersPrice spread, now +0.096%Rate

Funding earned: −$23.43
Price spread: +0.096% → +0.056%: $4
Slippage, 4 orders: −$116.62
Fee Lighter: 0 bp × 2 orders: $0
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$147.05
Costs to cover: 1.276%
Break-even: never at this rate

Slippage from Lighter: live order book, 42 min ago; Bybit: live order book, 2 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 Lighter live order book, 42 min ago	11.56 bp	22.8 bp −$23	64.1 bp −$641	doesn't fit	doesn't fit
Sell Bybit live order book, 2 min ago	5.32 bp	45.1 bp −$45	292.3 bp −$2,923	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
Bybit ZHIPUUSDTshort	−0.0080%	8h	94.000	+0.096%	$350K	$1.2M	25x
Gate ZHIPU_USDT	0.0000%	8h	93.890	−0.021%	$3.3M	$10.1M	50x	as long as short
SunX ZHIPU-USDT	0.0000%	4h	94.020	+0.117%	$1K	$396K	10x	as long as short
HTX ZHIPU-USDT	0.0000%	4h	93.840	−0.075%	$15K	$347K	20x	as long as short
Lighter ZHIPUlong	+0.0032%	1h	93.910	long leg	$99K	$16K	10x
tradeXYZ xyz:ZHIPU	+0.0050%	1h	93.850	−0.064%	$26.4M	$6.9M	10x	as long as short
SoDEX ZHIPU-USD	+0.0050%	1h	93.900	−0.011%	$33K	$3K	10x	as long as short
Nado ZHIPU-PERP	+0.0100%	1h	93.885	−0.027%	$43K	$12K	3x	as long as short
Orderly PERP_ZHIPU_USDC_mythos	+0.0100%	8h	93.860	−0.053%	$815	$798	10x	as long as short
Aevo ZHIPU-PERP	+0.0152%	1h	93.862	−0.051%	—	—	10x	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	+0.0366%	1h	93.890	−0.021%	$31K	$19K	5x	as long as short
Aster ZHIPUUSDT	+0.0666%	8h	94.307	+0.423%	$53K	$33K	20x	as long as short
KuCoin ZHIPUUSDTM	+0.0668%	4h	93.890	−0.021%	$38K	$172K	20x	as long as short
Binance ZHIPUUSDT	+0.0680%	4h	93.888	−0.023%	$21.9M	$55.5M	25x	as long as short
edgeX ZHIPUUSDC	+0.1063%	4h	93.796	−0.122%	$20K	$152K	10x	as long as short
Bitget ZHIPUUSDT	+0.1253%	8h	93.920	+0.011%	$1.6M	$3.9M	20x	as long as short
OKX ZHIPU-USDT-SWAP	+0.1687%	8h	93.950	+0.043%	$5.1M	$15.0M	25x	as long as short