Funding arb · Price arb /

ZHIPU

RWAall ZHIPU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0032%/8h= −3.5% APRpaid last 24h −0.078%

Price spread now: SunX against Lighter−0.208%7-day average +0.050% · you buy dearer than you sell

Net, funding: paid 7d − costs−$317as in the Funding arb table

Net, price: spread back to 7d avg − costs−$327as in the Price arb table

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

Long on Lighter Short on SunX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.162%−$16 on $10k

Price spread, last 4 days (all we have)+0.416%+$42 · spread now −0.208%, 7d avg +0.050%

Together, before fees+0.253%+ Points / potential airdropLighter: Season 3 · farm board+$25 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and SunX is 0.258% cheaper against Lighter than usual: you would sell low and buy high (−$26 if the spread goes back to its 7-day average of +0.050%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter ZHIPU	96.080	0.0032	pay 0.0004% / 1h	39m 12s	$101K	$20K	10x
Short	SunX ZHIPU-USDT	95.880	0	get 0.0000% / 4h	3h 39m	$1K	$851K	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 −0.208%Rate

Funding earned: −$6.72
Price spread: −0.208% → +0.050%: −$25.79
Slippage, 4 orders: −$293.21
Fee Lighter: 0 bp × 2 orders: $0
Fee SunX: 4 bp × 2 orders: −$8
Net: −$333.71
Costs to cover: 3.012%
Break-even: never at this rate

Slippage from Lighter: live order book, 60 min ago; SunX: live order book, 63 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, 60 min ago	26.80 bp	27.6 bp −$28	49.5 bp −$495	doesn't fit	doesn't fit
Sell SunX live order book, 63 min ago	16.46 bp	147.7 bp −$148	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	95.880	−0.208%	$1K	$851K	10x
HTX ZHIPU-USDT	0.0000%	4h	96.130	+0.052%	$17K	$332K	20x	as long as short
Lighter ZHIPUlong	+0.0032%	1h	96.080	long leg	$101K	$20K	10x
SoDEX ZHIPU-USD	+0.0050%	1h	96.000	−0.083%	$34K	$3K	10x	as long as short
Gate ZHIPU_USDT	+0.0086%	8h	96.170	+0.094%	$2.9M	$11.8M	50x	as long as short
Nado ZHIPU-PERP	+0.0100%	1h	96.038	−0.044%	$27K	$4K	3x	as long as short
Orderly PERP_ZHIPU_USDC_mythos	+0.0100%	8h	95.960	−0.125%	$566	$798	10x	as long as short
Aevo ZHIPU-PERP	+0.0192%	1h	95.970	−0.114%	—	—	10x	as long as short
Aster ZHIPUUSDT	+0.0557%	8h	95.902	−0.185%	$50K	$51K	20x	as long as short
Ondo Perps ZHIPU-USD.P	+0.0752%	1h	95.810	−0.281%	$36K	$20K	5x	as long as short

Show all 17 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin ZHIPUUSDTM	+0.0930%	4h	96.050	−0.031%	$39K	$124K	20x	as long as short
tradeXYZ xyz:ZHIPU	+0.1077%	1h	96.050	−0.031%	$26.9M	$7.2M	10x	as long as short
Binance ZHIPUUSDT	+0.1189%	4h	96.090	+0.011%	$22.5M	$63.4M	25x	as long as short
Bitget ZHIPUUSDT	+0.1361%	8h	96.200	+0.125%	$1.8M	$4.1M	20x	as long as short
Bybit ZHIPUUSDT	+0.1547%	8h	96.060	−0.021%	$271K	$1.4M	25x	as long as short
OKX ZHIPU-USDT-SWAP	+0.1777%	8h	96.250	+0.177%	$5.8M	$17.1M	25x	as long as short
edgeX ZHIPUUSDC	+0.1892%	4h	95.934	−0.152%	$19K	$150K	10x	as long as short