Funding arb · Price arb /

ZHIPU

RWAall ZHIPU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.1377%/8h= +150.8% APRpaid last 24h +0.050%

Price spread now: OKX against SunX−0.109%7-day average −0.004% · you buy dearer than you sell

Net, funding: paid 7d − costs−$269as in the Funding arb table

Net, price: spread back to 7d avg − costs−$286as in the Price arb table

costs, in and out, $10k−$2752.752% of the position

Long on SunX Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.060%+$6 on $10k

Price spread, last 4 days (all we have)−0.378%−$38 · spread now −0.109%, 7d avg −0.004%

Together, before fees−0.318%−$32 on $10k · with fees, hour by hour

Funding pays, the price is against you. OKX is 0.106% cheaper against SunX than usual: you would sell low and buy high (spread −0.109% now, against its 7-day average of −0.004%). If the spread goes back, that is −$11 on $10k: about 6 hours of funding at the current rate (+$41 a day). At the pace of the last 7 days (+0.060% in total) that is about 12 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.060% in total (about 3.1% 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	SunX ZHIPU-USDT	100.46	0	get 0.0000% / 4h	1h 25m	$2K	$922K	10x
Short	OKX ZHIPU-USDT-SWAP	100.35	0.1377	get 0.1377% / 8h	5h 25m	$5.4M	$15.6M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.109%Rate

Funding earned: $289.23
Price spread: −0.109% → −0.004%: −$10.6
Slippage, 4 orders: −$257.23
Fee SunX: 4 bp × 2 orders: −$8
Fee OKX: 5 bp × 2 orders: −$10
Net: $3.4
Costs to cover: 2.752%
Break-even: 6.9 days

Slippage from SunX: live order book, 27 min ago; OKX: live order book, 3 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, 27 min ago	31.72 bp	110.6 bp −$111	doesn't fit	doesn't fit	doesn't fit
Sell OKX live order book, 3 min ago	0.50 bp	13.7 bp −$14	33.8 bp −$338	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	100.46	long leg	$2K	$922K	10x
Nado ZHIPU-PERP	+0.0100%	1h	99.766	−0.690%	$28K	$3K	3x	as long as short
Orderly PERP_ZHIPU_USDC_mythos	+0.0100%	8h	100.19	−0.269%	$52	$266	10x	as long as short
Aevo ZHIPU-PERP	+0.0104%	1h	100.33	−0.125%	—	—	10x	as long as short
SoDEX ZHIPU-USD	+0.0104%	1h	100.19	−0.269%	$36K	$3K	10x	as long as short
Aster ZHIPUUSDT	+0.0401%	8h	99.781	−0.676%	$51K	$53K	20x	as long as short
Gate ZHIPU_USDT	+0.0436%	8h	100.36	−0.100%	$3.2M	$10.8M	50x	as long as short
Bitget ZHIPUUSDT	+0.1195%	8h	100.29	−0.169%	$2.0M	$3.7M	20x	as long as short
HTX ZHIPU-USDT	+0.1220%	4h	100.15	−0.309%	$18K	$321K	20x	as long as short
Ondo Perps ZHIPU-USD.P	+0.1289%	1h	100.14	−0.319%	$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-SWAPshort	+0.1377%	8h	100.35	−0.109%	$5.4M	$15.6M	25x
KuCoin ZHIPUUSDTM	+0.1382%	4h	100.09	−0.368%	$40K	$121K	20x	as long as short
Lighter ZHIPU	+0.1528%	1h	100.16	−0.299%	$105K	$20K	10x	as long as short
tradeXYZ xyz:ZHIPU	+0.2085%	1h	100.19	−0.269%	$28.2M	$6.9M	10x	as long as short
Binance ZHIPUUSDT	+0.2211%	4h	100.16	−0.299%	$23.4M	$56.9M	25x	as long as short
edgeX ZHIPUUSDC	+0.2655%	4h	100.16	−0.297%	$20K	$149K	10x	as long as short
Bybit ZHIPUUSDT	+0.2959%	8h	100.29	−0.169%	$372K	$1.3M	25x	as long as short