Funding arb · Price arb /

CRM

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0828%/8h= +90.6% APRpaid last 24h −0.009%

Price spread now: GRVT against QFEX−0.171%7-day average −0.042% · you buy dearer than you sell

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

Net, price: spread back to 7d avg − costs−$80as in the Price arb table

costs, in and out, $10k−$680.676% of the position

Long on QFEX Short on GRVT

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.017%−$2 on $10k

Price spread, last 4 days (all we have)−0.159%−$16 · spread now −0.171%, 7d avg −0.042%

Together, before fees−0.176%+ Points / potential airdropGRVT: Active · farm board−$18 on $10k · with fees, hour by hour

Funding pays, the price is against you. GRVT is 0.128% cheaper against QFEX than usual: you would sell low and buy high (spread −0.171% now, against its 7-day average of −0.042%). If the spread goes back, that is −$13 on $10k: about 12 hours of funding at the current rate (+$25 a day).

The current funding rate is far above what this pair has been paying: over the last 4 days it paid -0.017% in total (about -1.6% 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	QFEX CRM-USD	240.19	0.0071	pay 0.0009% / 1h	33m 20s	$1.1M	$3.9M	10x
Short	GRVT CRM_USDT_Perp	239.78	0.0899	get 0.0899% / 8h	7h 33m	$302	$109K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GRVT 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 GRVTbpOrdersPrice spread, now −0.171%Rate

Funding earned: $173.82
Price spread: −0.171% → −0.042%: −$12.84
Slippage, 4 orders: −$48.57
Fee QFEX: 5 bp × 2 orders: −$10
Fee GRVT: 4.5 bp × 2 orders: −$9
Net: $93.41
Costs to cover: 0.676%
Break-even: 3.2 days

Slippage from QFEX: live order book, 5 min ago; GRVT: live order book, 64 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	2.30 bp	14.3 bp −$14	doesn't fit	doesn't fit	doesn't fit
Sell GRVT live order book, 64 min ago	5.03 bp	21.8 bp −$22	doesn't fit	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	−0.0917%	4h	239.95	−0.100%	$97K	$230K	10x	as long as short
Aster CRMUSDT	0.0000%	8h	239.87	−0.132%	$11K	$2K	20x	as long as short
Binance CRMUSDT	0.0000%	8h	240.21	+0.008%	$1.8M	$1.4M	20x	as long as short
Bybit CRMUSDT	0.0000%	8h	239.80	−0.162%	$264K	$75K	25x	as long as short
OKX CRM-USDT-SWAP	0.0000%	8h	240.13	−0.025%	$466K	$145K	10x	as long as short
Gate CRM_USDT	0.0000%	8h	240.14	−0.021%	$217K	$29K	20x	as long as short
Bitget CRMUSDT	0.0000%	8h	239.80	−0.162%	$448K	$30K	20x	as long as short
Variational Omni CRM	0.0000%	8h	239.75	−0.185%	$54K	$47K	—	as long as short
SunX CRM-USDT	0.0000%	8h	240.28	+0.037%	$1K	$254K	10x	as long as short
HTX CRM-USDT	0.0000%	8h	240.04	−0.062%	$10K	$31K	20x	as long as short

Show all 14 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective CRM/USDC PERP	+0.0033%	1h	238.14	−0.853%	$12K	$10K	12x	as long as short
QFEX CRM-USDlong	+0.0071%	1h	240.19	long leg	$1.1M	$3.9M	10x
KuCoin CRMUSDTM	+0.0100%	8h	239.72	−0.196%	$100K	$484K	20x	as long as short
GRVT CRM_USDT_Perpshort	+0.0899%	8h	239.78	−0.171%	$302	$109K	10x