Funding arb · Price arb /

ZHIPU

RWAall ZHIPU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0153%/8h= +16.7% APRpaid last 24h +0.010%

Price spread now: Lighter against OKX−0.219%7-day average −0.044% · you buy dearer than you sell

Net, funding: paid 7d − costs−$41as in the Funding arb table

Net, price: spread back to 7d avg − costs−$70as in the Price arb table

costs, in and out, $10k−$520.524% of the position

Long on OKX Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.110%+$11 on $10k

Price spread, last 4 days (all we have)+0.209%+$21 · spread now −0.219%, 7d avg −0.044%

Together, before fees+0.318%+ Points / potential airdropLighter: Season 3 · farm board+$32 on $10k · with fees, hour by hour

Funding pays, the price is against you. Lighter is 0.175% cheaper against OKX than usual: you would sell low and buy high (spread −0.219% now, against its 7-day average of −0.044%). If the spread goes back, that is −$18 on $10k: about 3.8 days of funding at the current rate (+$5 a day). At the pace of the last 7 days (+0.110% in total) that is about 11 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX ZHIPU-USDT-SWAP	100.41	0.1359	pay 0.1359% / 8h	5h 25m	$5.4M	$15.6M	25x
Short	Lighter ZHIPU	100.19	0.1512	get 0.0189% / 1h	25m 50s	$106K	$20K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against OKX. 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 OKXbpFee LighterbpOrdersPrice spread, now −0.219%Rate

Funding earned: $32.06
Price spread: −0.219% → −0.044%: −$17.5
Slippage, 4 orders: −$42.38
Fee OKX: 5 bp × 2 orders: −$10
Fee Lighter: 0 bp × 2 orders: $0
Net: −$37.82
Costs to cover: 0.524%
Break-even: 15.3 days

Slippage from OKX: live order book, 3 min ago; Lighter: live order book, 18 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 OKX live order book, 3 min ago	0.50 bp	14.2 bp −$14	54.1 bp −$541	doesn't fit	doesn't fit
Sell Lighter live order book, 18 min ago	9.54 bp	12.4 bp −$12	43.8 bp −$438	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	100.34	−0.070%	$2K	$922K	10x	as long as short
Nado ZHIPU-PERP	+0.0100%	1h	99.671	−0.736%	$28K	$3K	3x	as long as short
Orderly PERP_ZHIPU_USDC_mythos	+0.0100%	8h	100.19	−0.219%	$52	$266	10x	as long as short
Aevo ZHIPU-PERP	+0.0104%	1h	100.33	−0.082%	—	—	10x	as long as short
SoDEX ZHIPU-USD	+0.0122%	1h	100.24	−0.169%	$36K	$3K	10x	as long as short
Aster ZHIPUUSDT	+0.0378%	8h	99.787	−0.620%	$51K	$53K	20x	as long as short
Gate ZHIPU_USDT	+0.0427%	8h	100.46	+0.050%	$3.2M	$10.8M	50x	as long as short
Bitget ZHIPUUSDT	+0.1178%	8h	100.37	−0.040%	$2.0M	$3.7M	20x	as long as short
HTX ZHIPU-USDT	+0.1203%	4h	100.15	−0.259%	$18K	$321K	20x	as long as short
Ondo Perps ZHIPU-USD.P	+0.1274%	1h	100.14	−0.269%	$36K	$18K	5x	as long as short

Show all 17 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX ZHIPU-USDT-SWAPlong	+0.1359%	8h	100.41	long leg	$5.4M	$15.6M	25x
KuCoin ZHIPUUSDTM	+0.1370%	4h	100.09	−0.319%	$40K	$121K	20x	as long as short
Lighter ZHIPUshort	+0.1512%	1h	100.19	−0.219%	$106K	$20K	10x
tradeXYZ xyz:ZHIPU	+0.2087%	1h	100.26	−0.149%	$28.2M	$6.8M	10x	as long as short
Binance ZHIPUUSDT	+0.2200%	4h	100.27	−0.139%	$22.7M	$56.9M	25x	as long as short
edgeX ZHIPUUSDC	+0.2715%	4h	100.26	−0.147%	$20K	$149K	10x	as long as short
Bybit ZHIPUUSDT	+0.2951%	8h	100.44	+0.030%	$375K	$1.3M	25x	as long as short