Funding arb · Price arb /

CRDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0024%/8h= +2.6% APRpaid last 24h +0.003%

Price spread now: Bybit against QFEX+0.037%7-day average +0.103% · 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−$129as in the Price arb table

costs, in and out, $10k−$1231.226% of the position

Long on QFEX Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.102%+$10 on $10k

Price spread, last 4 days (all we have)+0.516%+$52 · spread now +0.037%, 7d avg +0.103%

Together, before fees+0.618%+$62 on $10k · with fees, hour by hour

Funding pays, the price is against you. Bybit is 0.066% cheaper against QFEX than usual: you would sell low and buy high (spread +0.037% now, against its 7-day average of +0.103%). If the spread goes back, that is −$7 on $10k: about 9.2 days of funding at the current rate (+$1 a day). At the pace of the last 4 days (+0.102% in total) that is about 2.3 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	QFEX CRDO-USD	189.27	−0.0024	get 0.0003% / 1h	33m 03s	$1.1M	$2.8M	10x
Short	Bybit CRDOUSDT	189.34	0	get 0.0000% / 8h	5h 33m	$716K	$740K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against QFEX. 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 QFEXbpFee BybitbpOrdersPrice spread, now +0.037%Rate

Funding earned: $5.06
Price spread: +0.037% → +0.103%: −$6.62
Slippage, 4 orders: −$101.59
Fee QFEX: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$124.16
Costs to cover: 1.226%
Break-even: 178.9 days

Slippage from QFEX: live order book, 5 min ago; Bybit: live order book, 27 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 QFEX live order book, 5 min ago	26.98 bp	32.1 bp −$32	38.4 bp −$384	doesn't fit	doesn't fit
Sell Bybit live order book, 27 min ago	5.29 bp	16.7 bp −$17	182.0 bp −$1,820	doesn't fit	doesn't fit

CRDO on 15 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
QFEX CRDO-USDlong	−0.0024%	1h	189.27	long leg	$1.1M	$2.8M	10x
Aster CRDOUSDT	0.0000%	8h	189.41	+0.076%	$38K	$11K	20x	as long as short
Binance CRDOUSDT	0.0000%	8h	189.27	0.000%	$4.2M	$8.1M	20x	as long as short
Bybit CRDOUSDTshort	0.0000%	8h	189.34	+0.037%	$716K	$740K	25x
OKX CRDO-USDT-SWAP	0.0000%	8h	189.32	+0.026%	$921K	$1.4M	20x	as long as short
Gate CRDO_USDT	0.0000%	8h	189.27	0.000%	$658K	$120K	20x	as long as short
Bitget CRDOUSDT	0.0000%	8h	189.05	−0.116%	$1.7M	$1.6M	20x	as long as short
Variational Omni CRDO	0.0000%	8h	189.10	−0.088%	$221K	$59K	—	as long as short
GRVT CRDO_USDT_Perp	0.0000%	8h	189.05	−0.117%	$293	$116K	10x	as long as short
SunX CRDO-USDT	0.0000%	8h	189.06	−0.111%	$1K	$517K	10x	as long as short

Show all 15 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX CRDO-USDT	0.0000%	8h	189.38	+0.058%	$8K	$39K	20x	as long as short
Extended CRDO_24_5-USD	+0.0040%	1h	189.47	+0.106%	$1K	—	5x	as long as short
Vest CRDO-USD-PERP	+0.0046%	1h	189.30	+0.016%	—	—	5x	as long as short
KuCoin CRDOUSDTM	+0.0100%	8h	189.15	−0.063%	$195K	$893K	20x	as long as short
Paragon para:CRDO	+0.1571%	1h	189.61	+0.180%	$1.3M	$450K	10x	as long as short