Funding arb · Price arb /

CRWD

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0077%/8h= +8.4% APRpaid last 24h +0.003%

Price spread now: QFEX against Bybit+0.064%53s7-day average +0.006% · 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−$1021.021% 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)+0.049%+$5 on $10k

Price spread, last 7 days+0.019%+$2 · spread now +0.064%, 7d avg +0.006%

Together, before fees+0.068%+$7 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and QFEX is 0.058% dearer against Bybit than usual: you sell high and buy low: +$6 more if the spread goes back to its 7-day average of +0.006%. The two prices were read 53 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	Bybit CRWDUSDT	250.27	−0.0047	get 0.0047% / 8h	7h 42m	$1.1M	$438K	25x
Short	QFEX CRWD-USD	250.43	0.0030	get 0.0004% / 1h	42m 47s	$1.2M	$2.7M	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 +0.064%Rate

Funding earned: $16.09
Price spread: +0.064% → +0.006%: $5.75
Slippage, 4 orders: −$81.09
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee QFEX: 5 bp × 2 orders: −$10
Net: −$80.25
Costs to cover: 1.021%
Break-even: 41.9 days

Slippage from Bybit: live order book, 3 min ago; QFEX: live order book, 5 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	7.99 bp	49.3 bp −$49	203.5 bp −$2,035	doesn't fit	doesn't fit
Sell QFEX live order book, 5 min ago	2.20 bp	8.8 bp −$9	17.7 bp −$177	doesn't fit	doesn't fit

CRWD on 18 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
Injective CRWD/USDC PERP	−0.0220%	1h	247.18	−1.235%	$22K	$20K	12x	as long as short
Paragon para:CRWD	−0.0147%	1h	250.44	+0.068%	$84K	$108K	10x	as long as short
Bybit CRWDUSDTlong	−0.0047%	8h	250.27	long leg	$1.1M	$438K	25x
BloFin CRWD-USDT	−0.0013%	8h	250.41	+0.056%	$70K	$24K	25x	as long as short
Aster CRWDUSDT	0.0000%	8h	250.32	+0.020%	$4K	$36K	20x	as long as short
Binance CRWDUSDT	0.0000%	8h	250.54	+0.109%	$2.5M	$7.3M	25x	as long as short
OKX CRWD-USDT-SWAP	0.0000%	8h	250.54	+0.108%	$542K	$773K	25x	as long as short
Bitget CRWDUSDT	0.0000%	8h	250.46	+0.076%	$305K	$411K	20x	as long as short
Variational Omni CRWD	0.0000%	8h	250.43	+0.063%	$68K	$56K	—	as long as short
GRVT CRWD_USDT_Perp	0.0000%	8h	250.54	+0.106%	$641	$123K	10x	as long as short

Show all 18 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX CRWD-USDT	0.0000%	8h	250.42	+0.060%	$2K	$1.1M	10x	as long as short
HTX CRWD-USDT	0.0000%	8h	250.78	+0.204%	$6K	$7K	20x	as long as short
Phemex CRWDUSDT	0.0000%	8h	250.50	+0.092%	$1.5M	$225K	10x	as long as short
QFEX CRWD-USDshort	+0.0030%	1h	250.43	+0.064%	$1.2M	$2.7M	10x
Extended CRWD_24_5-USD	+0.0048%	1h	250.37	+0.038%	$100K	—	10x	as long as short
tradeXYZ xyz:CRWD	+0.0050%	1h	250.40	+0.052%	$892K	$677K	10x	as long as short
KuCoin CRWDUSDTM	+0.0100%	8h	250.46	+0.076%	$34K	$258K	20x	as long as short
Phoenix CRWD	+0.0255%	1h	250.54	+0.108%	$6	$120K	10x	as long as short