Funding arb · Price arb /

ZHIPU

RWAall ZHIPU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.1719%/8h= +188.2% APRpaid last 24h +0.267%

Price spread now: edgeX against Lighter+0.256%49s7-day average +0.090% · you sell dearer than you buy

Net, funding: paid 7d − costs−$53as 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−$960.959% of the position

Long on Lighter Short on edgeX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.429%+$43 on $10k

Price spread, last 4 days (all we have)−0.145%−$15 · spread now +0.256%, 7d avg +0.090%

Together, before fees+0.284%+ Points / potential airdropLighter: Season 3 · edgeX: Active · farm board+$28 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$52 a day on $10k at the current rate, and edgeX is 0.166% dearer against Lighter than usual: you sell high and buy low: +$17 more if the spread goes back to its 7-day average of +0.090%. The two prices were read 49 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 0.429% in total (about 22.4% 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	Lighter ZHIPU	95.850	0.0032	pay 0.0004% / 1h	44m 28s	$101K	$17K	10x
Short	edgeX ZHIPUUSDC	96.095	0.1751	get 0.0875% / 4h	1h 44m	$20K	$155K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX 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 edgeXbpOrdersPrice spread, now +0.256%Rate

Funding earned: $360.89
Price spread: +0.256% → +0.090%: $16.56
Slippage, 4 orders: −$86.95
Fee Lighter: 0 bp × 2 orders: $0
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: $281.5
Costs to cover: 0.959%
Break-even: 1.5 days

Slippage from Lighter: live order book, 36 min ago; edgeX: live order book, 62 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, 36 min ago	27.08 bp	31.2 bp −$31	64.9 bp −$649	doesn't fit	doesn't fit
Sell edgeX live order book, 62 min ago	6.35 bp	13.3 bp −$13	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-USDT	0.0000%	4h	95.910	+0.063%	$1K	$809K	10x	as long as short
Lighter ZHIPUlong	+0.0032%	1h	95.850	long leg	$101K	$17K	10x
SoDEX ZHIPU-USD	+0.0050%	1h	95.830	−0.021%	$34K	$3K	10x	as long as short
Nado ZHIPU-PERP	+0.0100%	1h	95.667	−0.191%	$44K	$12K	3x	as long as short
Orderly PERP_ZHIPU_USDC_mythos	+0.0100%	8h	95.810	−0.042%	$832	$1K	10x	as long as short
Gate ZHIPU_USDT	+0.0180%	8h	95.880	+0.031%	$3.2M	$11.7M	50x	as long as short
Aevo ZHIPU-PERP	+0.0280%	1h	95.868	+0.018%	—	—	10x	as long as short
Ondo Perps ZHIPU-USD.P	+0.0923%	1h	95.730	−0.125%	$33K	$23K	5x	as long as short
Aster ZHIPUUSDT	+0.0940%	8h	96.013	+0.170%	$53K	$58K	20x	as long as short
KuCoin ZHIPUUSDTM	+0.1008%	4h	95.860	+0.010%	$39K	$121K	20x	as long as short

Show all 17 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX ZHIPU-USDT	+0.1182%	4h	95.790	−0.063%	$21K	$352K	20x	as long as short
Binance ZHIPUUSDT	+0.1208%	4h	95.770	−0.084%	$22.7M	$66.9M	25x	as long as short
tradeXYZ xyz:ZHIPU	+0.1358%	1h	95.800	−0.052%	$27.0M	$8.0M	10x	as long as short
Bybit ZHIPUUSDT	+0.1598%	8h	95.850	0.000%	$359K	$1.5M	25x	as long as short
Bitget ZHIPUUSDT	+0.1634%	8h	95.730	−0.125%	$1.7M	$4.3M	20x	as long as short
edgeX ZHIPUUSDCshort	+0.1751%	4h	96.095	+0.256%	$20K	$155K	10x
OKX ZHIPU-USDT-SWAP	+0.2028%	8h	95.880	+0.031%	$5.4M	$18.6M	25x	as long as short