Funding arb · Price arb /

ZHIPU

RWAall ZHIPU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.2044%/8h= +223.8% APRpaid last 24h +0.227%

Price spread now: edgeX against Lighter+0.422%7-day average +0.088% · you sell dearer than you buy

Net, funding: paid 7d − costs−$71as in the Funding arb table

Net, price: spread back to 7d avg − costs−$76as in the Price arb table

costs, in and out, $10k−$1101.096% of the position

Long on Lighter Short on edgeX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.382%+$38 on $10k

Price spread, last 4 days (all we have)−0.390%−$39 · spread now +0.422%, 7d avg +0.088%

Together, before fees−0.008%+ Points / potential airdropLighter: Season 3 · edgeX: Active · farm board−$1 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$61 a day on $10k at the current rate, and edgeX is 0.334% dearer against Lighter than usual: you sell high and buy low: +$33 more if the spread goes back to its 7-day average of +0.088%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.382% in total (about 19.9% 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	96.250	0.0696	pay 0.0087% / 1h	34m 54s	$101K	$20K	10x
Short	edgeX ZHIPUUSDC	96.656	0.2739	get 0.1370% / 4h	34m 54s	$19K	$150K	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 +0.422%Rate

Funding earned: $429.14
Price spread: +0.422% → +0.088%: $33.42
Slippage, 4 orders: −$100.58
Fee Lighter: 0 bp × 2 orders: $0
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: $352.98
Costs to cover: 1.096%
Break-even: 1.2 days

Slippage from Lighter: live order book, 4 min ago; edgeX: live order book, 22 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, 4 min ago	26.80 bp	27.6 bp −$28	49.5 bp −$495	doesn't fit	doesn't fit
Sell edgeX live order book, 22 min ago	12.27 bp	30.0 bp −$30	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	96.220	−0.031%	$2K	$842K	10x	as long as short
SoDEX ZHIPU-USD	+0.0050%	1h	96.130	−0.125%	$34K	$3K	10x	as long as short
Nado ZHIPU-PERP	+0.0100%	1h	96.176	−0.077%	$27K	$3K	3x	as long as short
Orderly PERP_ZHIPU_USDC_mythos	+0.0100%	8h	96.150	−0.104%	$567	$798	10x	as long as short
Aevo ZHIPU-PERP	+0.0240%	1h	96.206	−0.045%	—	—	10x	as long as short
Gate ZHIPU_USDT	+0.0283%	8h	96.270	+0.021%	$3.0M	$11.4M	50x	as long as short
Ondo Perps ZHIPU-USD.P	+0.0435%	1h	95.990	−0.270%	$36K	$20K	5x	as long as short
Lighter ZHIPUlong	+0.0696%	1h	96.250	long leg	$101K	$20K	10x
Aster ZHIPUUSDT	+0.0710%	8h	96.356	+0.110%	$50K	$51K	20x	as long as short
HTX ZHIPU-USDT	+0.0881%	4h	96.110	−0.145%	$17K	$327K	20x	as long as short

Show all 17 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
tradeXYZ xyz:ZHIPU	+0.1075%	1h	96.246	−0.004%	$27.1M	$7.1M	10x	as long as short
KuCoin ZHIPUUSDTM	+0.1480%	4h	96.150	−0.104%	$39K	$124K	20x	as long as short
Bitget ZHIPUUSDT	+0.1503%	8h	96.410	+0.166%	$1.9M	$3.9M	20x	as long as short
OKX ZHIPU-USDT-SWAP	+0.1828%	8h	96.530	+0.291%	$5.6M	$16.3M	25x	as long as short
Binance ZHIPUUSDT	+0.2114%	4h	96.254	+0.004%	$22.5M	$60.3M	25x	as long as short
Bybit ZHIPUUSDT	+0.2396%	8h	96.350	+0.104%	$292K	$1.4M	25x	as long as short
edgeX ZHIPUUSDCshort	+0.2739%	4h	96.656	+0.422%	$19K	$150K	10x