Funding arb · Price arb /

COIN

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0045%/8h= +5.0% APRpaid last 24h −0.005%

Price spread now: QFEX against Binance+0.016%7-day average −0.057% · 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−$20as in the Price arb table

costs, in and out, $10k−$270.271% of the position

Long on Binance Short on QFEX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.007%+$1 on $10k

Price spread, last 7 days−0.048%−$5 · spread now +0.016%, 7d avg −0.057%

Together, before fees−0.042%−$4 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and QFEX is 0.073% dearer against Binance than usual: you sell high and buy low: +$7 more if the spread goes back to its 7-day average of −0.057%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance COINUSDT	195.90	0	get 0.0000% / 8h	1h 55m	$15.0M	$82.3M	20x
Short	QFEX COIN-USD	195.93	0.0045	get 0.0006% / 1h	55m 20s	$1.3M	$3.0M	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

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 BinancebpFee QFEXbpOrdersPrice spread, now +0.016%Rate

Funding earned: $9.54
Price spread: +0.016% → −0.057%: $7.3
Slippage, 4 orders: −$7.06
Fee Binance: 5 bp × 2 orders: −$10
Fee QFEX: 5 bp × 2 orders: −$10
Net: −$10.22
Costs to cover: 0.271%
Break-even: 14.5 days

Slippage from Binance: live order book, 2 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, 2 min ago	0.25 bp	7.2 bp −$7	15.8 bp −$158	55.9 bp −$5,591	doesn't fit
Sell QFEX live order book, 3 min ago	1.27 bp	6.3 bp −$6	7.6 bp −$76	doesn't fit	doesn't fit

COIN on 26 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
Bitget COINUSDT	−0.0665%	8h	196.12	+0.113%	$6.3M	$10.7M	20x	as long as short
Injective COIN/USDC PERP	−0.0440%	1h	195.97	+0.036%	$43K	$48K	30x	as long as short
Vest COIN-USD-PERP	−0.0104%	1h	195.28	−0.316%	—	$289K	25x	as long as short
Gate COIN_USDT	−0.0066%	8h	195.95	+0.026%	$1.2M	$7.3M	50x	as long as short
Aster COINUSDT	0.0000%	8h	195.76	−0.070%	$342K	$890K	20x	as long as short
Extended COIN_24_5-USD	0.0000%	1h	195.86	−0.020%	$112K	$849K	10x	as long as short
Binance COINUSDTlong	0.0000%	8h	195.90	long leg	$15.0M	$82.3M	20x
Bybit COINUSDT	0.0000%	8h	195.90	0.000%	$4.7M	$6.3M	50x	as long as short
OKX COIN-USDT-SWAP	0.0000%	8h	195.87	−0.015%	$3.0M	$4.7M	20x	as long as short
Variational Omni COIN	0.0000%	8h	195.97	+0.036%	$710K	$959K	—	as long as short

Show all 26 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT COIN_USDT_Perp	0.0000%	8h	196.05	+0.076%	$17K	$2.6M	10x	as long as short
Lighter RH COIN	+0.0032%	1h	195.86	−0.020%	$456K	$1.5M	10x	as long as short
Arcus COIN-USD	+0.0040%	1h	196.20	+0.153%	$15K	$54K	5x	as long as short
QFEX COIN-USDshort	+0.0045%	1h	195.93	+0.016%	$1.3M	$3.0M	10x
Polymarket Perps COIN-USD	+0.0050%	1h	195.82	−0.040%	$128K	$1.4M	10x	as long as short
SoDEX COIN-USD	+0.0050%	1h	195.89	−0.005%	$88	$3K	10x	as long as short
Ondo Perps COIN-USD.P	+0.0050%	1h	196.04	+0.072%	$451K	$2.9M	10x	as long as short
Phoenix COIN	+0.0082%	1h	196.12	+0.113%	$4K	$283K	10x	as long as short
KuCoin COINUSDTM	+0.0100%	8h	195.74	−0.081%	$986K	$143K	20x	as long as short
ApeX Omni COINUSDT	+0.0100%	1h	195.86	−0.020%	$88K	$287K	50x	as long as short
Orderly PERP_COIN_USDC_mythos	+0.0100%	8h	195.88	−0.010%	$566	$4K	10x	as long as short
Aevo COIN-PERP	+0.0104%	1h	195.90	−0.001%	$116	—	10x	as long as short
BloFin COIN-USDT	+0.0120%	8h	195.90	0.000%	$187K	$423K	20x	as long as short
edgeX COINUSDC	+0.0157%	4h	196.13	+0.115%	$51K	$294K	10x	as long as short
Lighter COIN	+0.0168%	1h	195.90	+0.002%	$385K	$2.3M	10x	as long as short
tradeXYZ xyz:COIN	+0.0200%	1h	195.83	−0.035%	$15.2M	$13.9M	10x	as long as short