Funding arb · Price arb /

ZHIPU

RWAall ZHIPU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.1828%/8h= −200.2% APRpaid last 24h −0.050%

Price spread now: SunX against OKX−0.207%7-day average +0.005% · you buy dearer than you sell

Net, funding: paid 7d − costs−$271as in the Funding arb table

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

costs, in and out, $10k−$2652.648% of the position

Long on OKX Short on SunX

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)+0.472%+$47 · spread now −0.207%, 7d avg +0.005%

Together, before fees+0.412%+$41 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$55 a day on $10k at the current rate, and SunX is 0.213% cheaper against OKX than usual: you would sell low and buy high (−$21 if the spread goes back to its 7-day average of +0.005%). Swap the legs.

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	OKX ZHIPU-USDT-SWAP	96.420	0.1828	pay 0.1828% / 8h	4h 35m	$5.6M	$16.2M	25x
Short	SunX ZHIPU-USDT	96.220	0	get 0.0000% / 4h	35m 08s	$2K	$842K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX against OKX. 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 OKXbpFee SunXbpOrdersPrice spread, now −0.207%Rate

Funding earned: −$383.92
Price spread: −0.207% → +0.005%: −$21.26
Slippage, 4 orders: −$246.81
Fee OKX: 5 bp × 2 orders: −$10
Fee SunX: 4 bp × 2 orders: −$8
Net: −$669.98
Costs to cover: 2.648%
Break-even: never at this rate

Slippage from OKX: live order book, 3 min ago; SunX: live order book, 7 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 OKX live order book, 3 min ago	0.51 bp	7.5 bp −$7	54.1 bp −$541	doesn't fit	doesn't fit
Sell SunX live order book, 7 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	96.220	−0.207%	$2K	$842K	10x
SoDEX ZHIPU-USD	+0.0050%	1h	96.130	−0.301%	$34K	$3K	10x	as long as short
Nado ZHIPU-PERP	+0.0100%	1h	96.176	−0.253%	$27K	$3K	3x	as long as short
Orderly PERP_ZHIPU_USDC_mythos	+0.0100%	8h	96.150	−0.280%	$567	$798	10x	as long as short
Aevo ZHIPU-PERP	+0.0240%	1h	96.206	−0.222%	—	—	10x	as long as short
Gate ZHIPU_USDT	+0.0283%	8h	96.270	−0.156%	$3.0M	$11.4M	50x	as long as short
Ondo Perps ZHIPU-USD.P	+0.0435%	1h	95.990	−0.446%	$36K	$20K	5x	as long as short
Lighter ZHIPU	+0.0696%	1h	96.250	−0.176%	$101K	$20K	10x	as long as short
Aster ZHIPUUSDT	+0.0710%	8h	96.358	−0.065%	$50K	$51K	20x	as long as short
HTX ZHIPU-USDT	+0.0881%	4h	96.110	−0.322%	$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	−0.180%	$27.1M	$7.1M	10x	as long as short
KuCoin ZHIPUUSDTM	+0.1480%	4h	96.150	−0.280%	$39K	$124K	20x	as long as short
Bitget ZHIPUUSDT	+0.1503%	8h	96.320	−0.104%	$1.9M	$3.9M	20x	as long as short
OKX ZHIPU-USDT-SWAPlong	+0.1828%	8h	96.420	long leg	$5.6M	$16.2M	25x
Binance ZHIPUUSDT	+0.2114%	4h	96.153	−0.276%	$22.5M	$60.3M	25x	as long as short
Bybit ZHIPUUSDT	+0.2396%	8h	96.260	−0.166%	$293K	$1.4M	25x	as long as short
edgeX ZHIPUUSDC	+0.2739%	4h	96.656	+0.245%	$19K	$150K	10x	as long as short