Funding arb · Price arb /

SQD

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h 0.000%

Price spread now: Bybit against MEXC−0.308%7-day average −0.234% · you buy dearer than you sell

Net, funding: paid 7d − costs−$160as in the Funding arb table

Net, price: spread back to 7d avg − costs−$167as in the Price arb table

costs, in and out, $10k−$1601.600% of the position

Long on MEXC Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days0.000%$0 on $10k

Price spread, last 4 days (all we have)+0.108%+$11 · spread now −0.308%, 7d avg −0.234%

Together, before fees+0.108%+$11 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Bybit is 0.074% cheaper against MEXC than usual: you would sell low and buy high, −$7 on $10k if it goes back to its 7-day average of −0.234%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	MEXC SQD_USDT	0.02922	0.0100	pay 0.0050% / 4h	46m 48s	$5.9M	$181K	50x
Short	Bybit SQDUSDT	0.02913	0.0100	get 0.0050% / 4h	46m 48s	$898K	$338K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against MEXC. 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 MEXCbpFee BybitbpOrdersPrice spread, now −0.308%Rate

Funding earned: $0
Price spread: −0.308% → −0.234%: −$7.43
Slippage, 4 orders: −$145.01
Fee MEXC: 2 bp × 2 orders: −$4
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$167.44
Costs to cover: 1.600%
Break-even: never at this rate

Slippage from MEXC: live order book, 1 min ago; Bybit: live order book, 53 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 MEXC live order book, 1 min ago	5.13 bp	28.5 bp −$29	78.4 bp −$784	206.2 bp −$20.6K	doesn't fit
Sell Bybit live order book, 53 min ago	10.44 bp	53.4 bp −$53	277.6 bp −$2,776	doesn't fit	doesn't fit

SQD on 10 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 SQDUSDT	+0.0100%	4h	0.02919	−0.103%	$15K	$928	5x	as long as short
Binance SQDUSDT	+0.0100%	4h	0.02920	−0.068%	$1.2M	$1.3M	50x	as long as short
Bybit SQDUSDTshort	+0.0100%	4h	0.02913	−0.308%	$898K	$338K	20x
Gate SQD_USDT	+0.0100%	4h	0.02919	−0.103%	$615K	$29K	20x	as long as short
MEXC SQD_USDTlong	+0.0100%	4h	0.02922	long leg	$5.9M	$181K	50x
KuCoin SQDUSDTM	+0.0100%	4h	0.02919	−0.103%	$405K	$1.3M	50x	as long as short
Bitget SQDUSDT	+0.0100%	4h	0.02913	−0.308%	$747K	$55K	25x	as long as short
BingX SQD-USDT	+0.0100%	4h	0.02915	−0.240%	—	$2.3M	—	as long as short
Variational Omni SQD	+0.0100%	4h	0.02903	−0.635%	$7K	$33K	—	as long as short
BloFin SQD-USDT	+0.0144%	4h	0.02924	+0.068%	$81K	$41K	50x	as long as short