Funding arb · Price arb /

ZHIPU

RWAall ZHIPU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.2979%/8h= −326.2% APRpaid last 24h −0.104%

Price spread now: SunX against Bybit−0.069%7-day average 0.000% · you buy dearer than you sell

Net, funding: paid 7d − costs−$328as in the Funding arb table

Net, price: spread back to 7d avg − costs−$328as in the Price arb table

costs, in and out, $10k−$3213.209% 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)+0.514%+$51 · spread now −0.069%, 7d avg 0.000%

Together, before fees+0.443%+$44 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$89 a day on $10k at the current rate, and SunX is 0.069% cheaper against Bybit than usual: you would sell low and buy high (−$7 if the spread goes back to its 7-day average of 0.000%). Swap the legs.

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	100.90	0.2979	pay 0.2979% / 8h	5h 23m	$374K	$1.3M	25x
Short	SunX ZHIPU-USDT	100.83	0	get 0.0000% / 4h	1h 23m	$2K	$922K	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 −0.069%Rate

Funding earned: −$625.61
Price spread: −0.069% → 0.000%: −$6.93
Slippage, 4 orders: −$301.95
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee SunX: 4 bp × 2 orders: −$8
Net: −$953.49
Costs to cover: 3.209%
Break-even: never at this rate

Slippage from Bybit: live order book, 2 min ago; SunX: live order book, 29 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	4.49 bp	39.9 bp −$40	77.8 bp −$778	doesn't fit	doesn't fit
Sell SunX live order book, 29 min ago	31.72 bp	136.7 bp −$137	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	100.83	−0.069%	$2K	$922K	10x
Nado ZHIPU-PERP	+0.0100%	1h	100.02	−0.872%	$28K	$3K	3x	as long as short
Orderly PERP_ZHIPU_USDC_mythos	+0.0100%	8h	100.66	−0.238%	$52	$266	10x	as long as short
Aevo ZHIPU-PERP	+0.0104%	1h	100.75	−0.144%	—	—	10x	as long as short
SoDEX ZHIPU-USD	+0.0124%	1h	100.73	−0.168%	$36K	$3K	10x	as long as short
Aster ZHIPUUSDT	+0.0421%	8h	100.33	−0.566%	$52K	$53K	20x	as long as short
Gate ZHIPU_USDT	+0.0462%	8h	100.85	−0.050%	$3.3M	$10.8M	50x	as long as short
Bitget ZHIPUUSDT	+0.1211%	8h	100.99	+0.089%	$2.0M	$3.7M	20x	as long as short
HTX ZHIPU-USDT	+0.1246%	4h	100.64	−0.258%	$18K	$321K	20x	as long as short
Ondo Perps ZHIPU-USD.P	+0.1314%	1h	100.39	−0.505%	$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-SWAP	+0.1396%	8h	100.92	+0.020%	$5.5M	$15.8M	25x	as long as short
KuCoin ZHIPUUSDTM	+0.1408%	4h	100.43	−0.466%	$40K	$121K	20x	as long as short
Lighter ZHIPU	+0.1504%	1h	100.66	−0.238%	$106K	$20K	10x	as long as short
tradeXYZ xyz:ZHIPU	+0.2091%	1h	100.76	−0.139%	$28.5M	$6.6M	10x	as long as short
Binance ZHIPUUSDT	+0.2227%	4h	100.80	−0.099%	$23.5M	$57.1M	25x	as long as short
edgeX ZHIPUUSDC	+0.2655%	4h	100.16	−0.732%	$20K	$149K	10x	as long as short
Bybit ZHIPUUSDTlong	+0.2979%	8h	100.90	long leg	$374K	$1.3M	25x