Funding arb · Price arb /

ZHIPU

RWAall ZHIPU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0112%/8h= −12.3% APRpaid last 24h −0.053%

Price spread now: SunX against Lighter−0.038%7-day average +0.048% · you buy dearer than you sell

Net, funding: paid 7d − costs−$333as in the Funding arb table

Net, price: spread back to 7d avg − costs−$324as in the Price arb table

costs, in and out, $10k−$3163.158% of the position

Long on Lighter Short on SunX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.177%−$18 on $10k

Price spread, last 3 days (all we have)+0.198%+$20 · spread now −0.038%, 7d avg +0.048%

Together, before fees+0.021%+ Points / potential airdropLighter: Season 3 · farm board+$2 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and SunX is 0.086% cheaper against Lighter than usual: you would sell low and buy high (−$9 if the spread goes back to its 7-day average of +0.048%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter ZHIPU	106.32	0.0112	pay 0.0014% / 1h	59m 37s	$112K	$20K	10x
Short	SunX ZHIPU-USDT	106.28	0	get 0.0000% / 4h	2h 59m	$2K	$1.2M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX 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 SunXbpOrdersPrice spread, now −0.038%Rate

Funding earned: −$23.52
Price spread: −0.038% → +0.048%: −$8.58
Slippage, 4 orders: −$307.82
Fee Lighter: 0 bp × 2 orders: $0
Fee SunX: 4 bp × 2 orders: −$8
Net: −$347.92
Costs to cover: 3.158%
Break-even: never at this rate

Slippage from Lighter: live order book, 55 min ago; SunX: live order book, 4 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, 55 min ago	13.25 bp	44.6 bp −$45	69.2 bp −$692	doesn't fit	doesn't fit
Sell SunX live order book, 4 min ago	30.13 bp	136.6 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
Aster ZHIPUUSDT	0.0000%	8h	105.92	−0.381%	$54K	$51K	20x	as long as short
SunX ZHIPU-USDTshort	0.0000%	4h	106.28	−0.038%	$2K	$1.2M	10x
Gate ZHIPU_USDT	+0.0030%	8h	106.37	+0.047%	$2.9M	$10.1M	50x	as long as short
SoDEX ZHIPU-USD	+0.0050%	1h	106.23	−0.085%	$38K	$3K	10x	as long as short
Nado ZHIPU-PERP	+0.0100%	1h	106.24	−0.078%	$23K	$20	3x	as long as short
Aevo ZHIPU-PERP	+0.0104%	1h	106.21	−0.104%	—	—	10x	as long as short
Lighter ZHIPUlong	+0.0112%	1h	106.32	long leg	$112K	$20K	10x
Orderly PERP_ZHIPU_USDC_mythos	+0.0172%	8h	106.17	−0.141%	$55	$266	10x	as long as short
KuCoin ZHIPUUSDTM	+0.0244%	4h	106.06	−0.245%	$42K	$128K	20x	as long as short
OKX ZHIPU-USDT-SWAP	+0.0298%	8h	106.44	+0.113%	$5.1M	$18.8M	25x	as long as short

Show all 17 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget ZHIPUUSDT	+0.0319%	8h	106.28	−0.038%	$1.8M	$4.7M	20x	as long as short
HTX ZHIPU-USDT	+0.0789%	4h	106.15	−0.160%	$19K	$315K	20x	as long as short
Binance ZHIPUUSDT	+0.0956%	4h	106.20	−0.117%	$21.3M	$57.2M	25x	as long as short
tradeXYZ xyz:ZHIPU	+0.1261%	1h	106.24	−0.075%	$29.1M	$7.9M	10x	as long as short
edgeX ZHIPUUSDC	+0.1820%	4h	106.22	−0.097%	$21K	$151K	10x	as long as short
Bybit ZHIPUUSDT	+0.2123%	8h	106.32	0.000%	$405K	$1.4M	25x	as long as short
Ondo Perps ZHIPU-USD.P	+0.2276%	1h	106.29	−0.028%	$37K	$22K	5x	as long as short