Funding arb · Price arb /

BX

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.1675%/8h= −183.5% APRpaid last 24h −0.167%

Price spread now: QFEX against Binance+0.254%7-day average −0.149% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$169as in the Price arb table

costs, in and out, $10k−$2092.090% of the position

Long on Binance Short on QFEX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.138%−$14 on $10k

Price spread, last 2 days (all we have)−0.483%−$48 · spread now +0.254%, 7d avg −0.149%

Together, before fees−0.621%−$62 on $10k · with fees, hour by hour

The price spread pays, funding is against you. QFEX is 0.403% dearer against Binance than usual: you sell high and buy low (spread +0.254% now, against its 7-day average of −0.149%): +$40 on $10k if it goes back. Holding the pair costs −$50 a day in funding at the current rate, which eats that in about 19 hours. At the pace of the last 3 days (−0.138% in total) that is about 10 days.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid -0.138% in total (about -14.7% 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	Binance BXUSDT	126.70	0.1675	pay 0.1675% / 8h	7h 38m	$796K	$480K	20x
Short	QFEX BX-USD	127.02	0	get 0.0000% / 1h	38m 32s	$1.1M	$1.4M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

QFEX against Binance. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 BinancebpFee QFEXbpOrdersPrice spread, now +0.254%Rate

Funding earned: −$351.82
Price spread: +0.254% → −0.149%: $40.28
Slippage, 4 orders: −$188.95
Fee Binance: 5 bp × 2 orders: −$10
Fee QFEX: 5 bp × 2 orders: −$10
Net: −$520.5
Costs to cover: 2.090%
Break-even: never at this rate

Slippage from Binance: live order book, 69 min ago; QFEX: 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 Binance live order book, 69 min ago	1.18 bp	17.3 bp −$17	120.4 bp −$1,204	doesn't fit	doesn't fit
Sell QFEX live order book, 3 min ago	2.36 bp	79.2 bp −$79	80.5 bp −$805	87.0 bp −$8,699	doesn't fit

BX on 14 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 BXUSDT	0.0000%	8h	126.48	−0.170%	$5K	$2K	20x	as long as short
Bybit BXUSDT	0.0000%	8h	126.61	−0.070%	$488K	$866K	25x	as long as short
QFEX BX-USDshort	0.0000%	1h	127.02	+0.254%	$1.1M	$1.4M	10x
Gate BX_USDT	0.0000%	8h	126.80	+0.080%	$425K	$27K	20x	as long as short
Bitget BXUSDT	0.0000%	8h	126.70	+0.001%	$900K	$43K	20x	as long as short
SunX BX-USDT	0.0000%	8h	126.72	+0.017%	$924	$311K	10x	as long as short
HTX BX-USDT	0.0000%	8h	126.88	+0.143%	$7K	$3K	20x	as long as short
Injective BX/USDC PERP	+0.0220%	1h	138.72	+9.488%	$4K	$32K	12x	as long as short
OKX BX-USDT-SWAP	+0.0266%	8h	126.67	−0.023%	$164K	$111K	20x	as long as short
tradeXYZ xyz:BX	+0.0805%	1h	126.64	−0.046%	$669K	$196K	10x	as long as short

Show all 14 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin BXUSDTM	+0.1158%	8h	126.58	−0.094%	$112K	$1.1M	20x	as long as short
Variational Omni BX	+0.1286%	8h	126.72	+0.013%	$31K	$127	—	as long as short
Binance BXUSDTlong	+0.1675%	8h	126.70	long leg	$796K	$480K	20x
GRVT BX_USDT_Perp	+0.2595%	8h	126.78	+0.061%	$1K	$121K	10x	as long as short