Funding arb · Price arb /

CRM

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0041%/8h= −4.5% APRpaid last 24h −0.010%

Price spread now: OKX against QFEX−0.059%54s7-day average −0.085% · 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—prices read too far apart to compare

costs, in and out, $10k−$2422.417% of the position

Long on QFEX Short on OKX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.016%−$2 on $10k

Price spread, last 4 days (all we have)+0.020%+$2 · spread now −0.059%, 7d avg −0.085%

Together, before fees+0.004%$0 on $10k · with fees, hour by hour

The price spread pays, funding is against you. OKX is 0.026% dearer against QFEX than usual: you sell high and buy low (spread −0.059% now, against its 7-day average of −0.085%): +$3 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 2.1 days. At the pace of the last 4 days (−0.016% in total) that is about 6.1 days. The two prices were read 54 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	QFEX CRM-USD	238.39	0.0041	pay 0.0005% / 1h	50m 39s	$1.1M	$3.9M	10x
Short	OKX CRM-USDT-SWAP	238.25	0	get 0.0000% / 8h	50m 39s	$459K	$135K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.059%Rate

Funding earned: −$8.64
Price spread: −0.059% → −0.085%: $2.61
Slippage, 4 orders: −$221.73
Fee QFEX: 5 bp × 2 orders: −$10
Fee OKX: 5 bp × 2 orders: −$10
Net: −$247.75
Costs to cover: 2.417%
Break-even: never at this rate

Slippage from QFEX: live order book, 3 min ago; OKX: live order book, 50 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, 3 min ago	2.31 bp	13.5 bp −$14	doesn't fit	doesn't fit	doesn't fit
Sell OKX live order book, 50 min ago	6.29 bp	56.9 bp −$57	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	−0.0938%	4h	238.49	+0.043%	$96K	$229K	10x	as long as short
Aster CRMUSDT	0.0000%	8h	238.31	−0.035%	$11K	$2K	20x	as long as short
Binance CRMUSDT	0.0000%	8h	238.53	+0.058%	$1.8M	$1.4M	20x	as long as short
Bybit CRMUSDT	0.0000%	8h	238.15	−0.101%	$263K	$74K	25x	as long as short
OKX CRM-USDT-SWAPshort	0.0000%	8h	238.25	−0.059%	$459K	$135K	10x
Gate CRM_USDT	0.0000%	8h	238.56	+0.071%	$216K	$29K	20x	as long as short
Bitget CRMUSDT	0.0000%	8h	238.12	−0.113%	$445K	$31K	20x	as long as short
Variational Omni CRM	0.0000%	8h	238.44	+0.021%	$52K	$46K	—	as long as short
GRVT CRM_USDT_Perp	0.0000%	8h	238.45	+0.025%	$1K	$117K	10x	as long as short
SunX CRM-USDT	0.0000%	8h	238.54	+0.063%	$763	$261K	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	238.59	+0.084%	$10K	$31K	20x	as long as short
Injective CRM/USDC PERP	+0.0033%	1h	238.14	−0.105%	$12K	$10K	12x	as long as short
QFEX CRM-USDlong	+0.0041%	1h	238.39	long leg	$1.1M	$3.9M	10x
KuCoin CRMUSDTM	+0.0100%	8h	238.13	−0.109%	$98K	$417K	20x	as long as short