Funding arb · Price arb /

ZHIPU

RWAall ZHIPU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0232%/8h= +25.4% APRpaid last 24h +0.077%

Price spread now: Lighter against SunX+0.073%7-day average −0.052% · you sell dearer than you buy

Net, funding: paid 7d − costs−$283as in the Funding arb table

Net, price: spread back to 7d avg − costs−$289as in the Price arb table

costs, in and out, $10k−$3013.012% of the position

Long on SunX Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.179%+$18 on $10k

Price spread, last 4 days (all we have)−0.342%−$34 · spread now +0.073%, 7d avg −0.052%

Together, before fees−0.163%+ Points / potential airdropLighter: Season 3 · farm board−$16 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$7 a day on $10k at the current rate, and Lighter is 0.125% dearer against SunX than usual: you sell high and buy low: +$13 more if the spread goes back to its 7-day average of −0.052%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX ZHIPU-USDT	95.950	0	get 0.0000% / 4h	11m 34s	$1K	$851K	10x
Short	Lighter ZHIPU	96.020	0.0232	get 0.0029% / 1h	11m 34s	$101K	$20K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against SunX. 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 SunXbpFee LighterbpOrdersPrice spread, now +0.073%Rate

Funding earned: $48.72
Price spread: +0.073% → −0.052%: $12.54
Slippage, 4 orders: −$293.21
Fee SunX: 4 bp × 2 orders: −$8
Fee Lighter: 0 bp × 2 orders: $0
Net: −$239.95
Costs to cover: 3.012%
Break-even: 41.5 days

Slippage from SunX: live order book, 31 min ago; Lighter: live order book, 28 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 SunX live order book, 31 min ago	16.46 bp	94.9 bp −$95	doesn't fit	doesn't fit	doesn't fit
Sell Lighter live order book, 28 min ago	26.80 bp	31.0 bp −$31	68.0 bp −$680	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-USDTlong	0.0000%	4h	95.950	long leg	$1K	$851K	10x
SoDEX ZHIPU-USD	+0.0050%	1h	96.040	+0.094%	$34K	$3K	10x	as long as short
Nado ZHIPU-PERP	+0.0100%	1h	95.923	−0.028%	$26K	$4K	3x	as long as short
Orderly PERP_ZHIPU_USDC_mythos	+0.0100%	8h	96.010	+0.063%	$566	$798	10x	as long as short
Ondo Perps ZHIPU-USD.P	+0.0131%	1h	95.780	−0.177%	$36K	$20K	5x	as long as short
Gate ZHIPU_USDT	+0.0164%	8h	96.050	+0.104%	$3.0M	$11.8M	50x	as long as short
Aevo ZHIPU-PERP	+0.0192%	1h	96.079	+0.134%	—	—	10x	as long as short
Lighter ZHIPUshort	+0.0232%	1h	96.020	+0.073%	$101K	$20K	10x
HTX ZHIPU-USDT	+0.0513%	4h	96.070	+0.125%	$17K	$331K	20x	as long as short
tradeXYZ xyz:ZHIPU	+0.0645%	1h	95.889	−0.064%	$26.9M	$7.2M	10x	as long as short

Show all 17 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster ZHIPUUSDT	+0.0652%	8h	96.137	+0.195%	$49K	$51K	20x	as long as short
KuCoin ZHIPUUSDTM	+0.1162%	4h	96.020	+0.073%	$39K	$125K	20x	as long as short
Bitget ZHIPUUSDT	+0.1412%	8h	95.970	+0.021%	$1.9M	$3.9M	20x	as long as short
Binance ZHIPUUSDT	+0.1607%	4h	95.895	−0.057%	$22.5M	$62.0M	25x	as long as short
OKX ZHIPU-USDT-SWAP	+0.1822%	8h	95.950	0.000%	$5.8M	$16.6M	25x	as long as short
Bybit ZHIPUUSDT	+0.1836%	8h	95.940	−0.010%	$275K	$1.4M	25x	as long as short
edgeX ZHIPUUSDC	+0.2384%	4h	96.007	+0.059%	$19K	$151K	10x	as long as short