Funding arb · Price arb /

CRM

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0093%/8h= −10.2% APRpaid last 24h −0.136%

Price spread now: QFEX against KuCoin+0.055%56s7-day average −0.092% · 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—prices read too far apart to compare

costs, in and out, $10k−$7187.184% of the position

Long on KuCoin Short on QFEX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.211%−$21 on $10k

Price spread, last 4 days (all we have)−0.122%−$12 · spread now +0.055%, 7d avg −0.092%

Together, before fees−0.333%−$33 on $10k · with fees, hour by hour

The price spread pays, funding is against you. QFEX is 0.147% dearer against KuCoin than usual: you sell high and buy low (spread +0.055% now, against its 7-day average of −0.092%): +$15 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 5.3 days. At the pace of the last 4 days (−0.211% in total) that is about 2.5 days. The two prices were read 56 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin CRMUSDTM	236.61	0.0100	pay 0.0100% / 8h	5h 26m	$101K	$545K	20x
Short	QFEX CRM-USD	236.74	0.0007	get 0.0001% / 1h	26m 42s	$1.3M	$8.1M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

QFEX against KuCoin. 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 KuCoinbpFee QFEXbpOrdersPrice spread, now +0.055%Rate

Funding earned: −$19.59
Price spread: +0.055% → −0.092%: $14.74
Slippage, 4 orders: −$696.43
Fee KuCoin: 6 bp × 2 orders: −$12
Fee QFEX: 5 bp × 2 orders: −$10
Net: −$723.29
Costs to cover: 7.184%
Break-even: never at this rate

Slippage from KuCoin: live order book, 72 min ago; QFEX: live order book, 7 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 KuCoin live order book, 72 min ago	6.76 bp	301.2 bp −$301	doesn't fit	doesn't fit	doesn't fit
Sell QFEX live order book, 7 min ago	27.02 bp	36.4 bp −$36	42.5 bp −$425	doesn't fit	doesn't fit

CRM 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
edgeX CRMUSDC	−0.0754%	4h	236.73	+0.051%	$96K	$229K	10x	as long as short
Aster CRMUSDT	0.0000%	8h	236.78	+0.074%	$11K	$2K	20x	as long as short
Binance CRMUSDT	0.0000%	8h	236.70	+0.039%	$1.8M	$1.4M	20x	as long as short
Bybit CRMUSDT	0.0000%	8h	236.59	−0.008%	$263K	$71K	25x	as long as short
OKX CRM-USDT-SWAP	0.0000%	8h	237.02	+0.173%	$457K	$137K	10x	as long as short
Gate CRM_USDT	0.0000%	8h	236.71	+0.042%	$221K	$29K	20x	as long as short
Bitget CRMUSDT	0.0000%	8h	236.64	+0.013%	$443K	$32K	20x	as long as short
Variational Omni CRM	0.0000%	8h	236.75	+0.060%	$49K	$44K	—	as long as short
GRVT CRM_USDT_Perp	0.0000%	8h	236.85	+0.101%	$606	$116K	10x	as long as short
SunX CRM-USDT	0.0000%	8h	236.78	+0.072%	$590	$269K	10x	as long as short

Show all 14 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX CRM-USDT	0.0000%	8h	236.83	+0.093%	$10K	$26K	20x	as long as short
QFEX CRM-USDshort	+0.0007%	1h	236.74	+0.055%	$1.3M	$8.1M	10x
Injective CRM/USDC PERP	+0.0033%	1h	238.14	+0.647%	$12K	$12K	12x	as long as short
KuCoin CRMUSDTMlong	+0.0100%	8h	236.61	long leg	$101K	$545K	20x