Funding arb · Price arb /

COIN

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0020%/8h= +2.2% APRpaid last 24h −0.002%

Price spread now: QFEX against Bybit+0.092%7-day average −0.060% · 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−$23as in the Price arb table

costs, in and out, $10k−$380.383% of the position

Long on Bybit Short on QFEX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.051%−$5 on $10k

Price spread, last 7 days−0.157%−$16 · spread now +0.092%, 7d avg −0.060%

Together, before fees−0.207%−$21 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 0.152% dearer against Bybit than usual: you sell high and buy low: +$15 more if the spread goes back to its 7-day average of −0.060%. Mind the row above: over the last 4 days funding on this pair cost −0.051%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit COINUSDT	196.38	0	get 0.0000% / 8h	3h 25m	$4.8M	$6.0M	50x
Short	QFEX COIN-USD	196.56	0.0020	get 0.0002% / 1h	25m 01s	$1.3M	$3.2M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

QFEX against Bybit. 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 BybitbpFee QFEXbpOrdersPrice spread, now +0.092%Rate

Funding earned: $4.18
Price spread: +0.092% → −0.060%: $15.21
Slippage, 4 orders: −$17.34
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee QFEX: 5 bp × 2 orders: −$10
Net: −$18.95
Costs to cover: 0.383%
Break-even: 38.7 days

Slippage from Bybit: live order book, 3 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 Bybit live order book, 3 min ago	2.03 bp	12.7 bp −$13	37.3 bp −$373	doesn't fit	doesn't fit
Sell QFEX live order book, 3 min ago	1.52 bp	6.5 bp −$7	6.9 bp −$69	17.5 bp −$1,753	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	−0.0718%	8h	196.58	+0.102%	$6.2M	$10.5M	20x	as long as short
Injective COIN/USDC PERP	−0.0440%	1h	196.63	+0.127%	$43K	$48K	30x	as long as short
Gate COIN_USDT	−0.0225%	8h	196.46	+0.041%	$1.2M	$7.3M	50x	as long as short
Vest COIN-USD-PERP	−0.0109%	1h	195.98	−0.204%	—	$266K	25x	as long as short
Aster COINUSDT	0.0000%	8h	196.34	−0.020%	$343K	$890K	20x	as long as short
Extended COIN_24_5-USD	0.0000%	1h	196.36	−0.008%	$116K	$643K	10x	as long as short
Binance COINUSDT	0.0000%	8h	196.34	−0.020%	$14.7M	$80.2M	20x	as long as short
Bybit COINUSDTlong	0.0000%	8h	196.38	long leg	$4.8M	$6.0M	50x
OKX COIN-USDT-SWAP	0.0000%	8h	196.36	−0.010%	$3.0M	$4.6M	20x	as long as short
Variational Omni COIN	0.0000%	8h	196.67	+0.147%	$683K	$939K	—	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	196.80	+0.213%	$13K	$2.4M	10x	as long as short
QFEX COIN-USDshort	+0.0020%	1h	196.56	+0.092%	$1.3M	$3.2M	10x
Lighter RH COIN	+0.0032%	1h	196.27	−0.056%	$453K	$1.5M	10x	as long as short
Arcus COIN-USD	+0.0040%	1h	196.79	+0.209%	$15K	$55K	5x	as long as short
tradeXYZ xyz:COIN	+0.0050%	1h	196.23	−0.076%	$15.3M	$13.6M	10x	as long as short
Polymarket Perps COIN-USD	+0.0050%	1h	196.37	−0.005%	$133K	$1.2M	10x	as long as short
SoDEX COIN-USD	+0.0050%	1h	196.41	+0.015%	$86	$3K	10x	as long as short
Ondo Perps COIN-USD.P	+0.0050%	1h	196.45	+0.036%	$368K	$2.7M	10x	as long as short
edgeX COINUSDC	+0.0054%	4h	196.66	+0.141%	$51K	$294K	10x	as long as short
Lighter COIN	+0.0064%	1h	196.31	−0.036%	$385K	$2.1M	10x	as long as short
KuCoin COINUSDTM	+0.0100%	8h	196.53	+0.076%	$991K	$143K	20x	as long as short
ApeX Omni COINUSDT	+0.0100%	1h	196.54	+0.081%	$88K	$287K	50x	as long as short
Orderly PERP_COIN_USDC_mythos	+0.0100%	8h	196.43	+0.025%	$568	$4K	10x	as long as short
Aevo COIN-PERP	+0.0104%	1h	196.29	−0.048%	$116	—	10x	as long as short
BloFin COIN-USDT	+0.0120%	8h	196.44	+0.031%	$187K	$392K	20x	as long as short
Phoenix COIN	+0.0122%	1h	196.74	+0.183%	$4K	$283K	10x	as long as short