Funding arb · Price arb /

CRWD

RWAall CRWD markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0017%/8h= +1.9% APRpaid last 24h +0.002%

Price spread now: QFEX against Phemex−0.060%7-day average −0.022% · 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−$139as in the Price arb table

costs, in and out, $10k−$1351.347% of the position

Long on Phemex Short on QFEX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.002%$0 on $10k

Price spread, last 4 days (all we have)+0.032%+$3 · spread now −0.060%, 7d avg −0.022%

Together, before fees+0.030%+$3 on $10k · with fees, hour by hour

Funding pays, the price is against you. QFEX is 0.038% cheaper against Phemex than usual: you would sell low and buy high (spread −0.060% now, against its 7-day average of −0.022%). If the spread goes back, that is −$4 on $10k: about 7.3 days of funding at the current rate (+$1 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex CRWDUSDT	250.68	0	get 0.0000% / 8h	49m 49s	$1.5M	$220K	10x
Short	QFEX CRWD-USD	250.53	0.0017	get 0.0002% / 1h	49m 49s	$1.2M	$2.7M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

QFEX against Phemex. 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 PhemexbpFee QFEXbpOrdersPrice spread, now −0.060%Rate

Funding earned: $3.65
Price spread: −0.060% → −0.022%: −$3.82
Slippage, 4 orders: −$112.73
Fee Phemex: 6 bp × 2 orders: −$12
Fee QFEX: 5 bp × 2 orders: −$10
Net: −$134.91
Costs to cover: 1.347%
Break-even: 266.0 days

Slippage from Phemex: live order book, 3 min ago; QFEX: live order book, 3 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 Phemex live order book, 3 min ago	6.80 bp	65.0 bp −$65	doesn't fit	doesn't fit	doesn't fit
Sell QFEX live order book, 3 min ago	2.00 bp	8.7 bp −$9	doesn't fit	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	246.01	−1.863%	$22K	$20K	12x	as long as short
BloFin CRWD-USDT	−0.0004%	8h	250.21	−0.187%	$72K	$24K	25x	as long as short
Aster CRWDUSDT	0.0000%	8h	250.60	−0.033%	$4K	$35K	20x	as long as short
Binance CRWDUSDT	0.0000%	8h	250.71	+0.012%	$2.5M	$7.3M	25x	as long as short
Bybit CRWDUSDT	0.0000%	8h	250.46	−0.088%	$1.1M	$450K	25x	as long as short
OKX CRWD-USDT-SWAP	0.0000%	8h	250.68	0.000%	$547K	$763K	25x	as long as short
Bitget CRWDUSDT	0.0000%	8h	250.66	−0.008%	$305K	$442K	20x	as long as short
Variational Omni CRWD	0.0000%	8h	250.64	−0.016%	$68K	$60K	—	as long as short
SunX CRWD-USDT	0.0000%	8h	250.65	−0.012%	$2K	$1.1M	10x	as long as short
HTX CRWD-USDT	0.0000%	8h	250.20	−0.191%	$6K	$7K	20x	as long as short

Show all 18 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex CRWDUSDTlong	0.0000%	8h	250.68	long leg	$1.5M	$220K	10x
QFEX CRWD-USDshort	+0.0017%	1h	250.53	−0.060%	$1.2M	$2.7M	10x
GRVT CRWD_USDT_Perp	+0.0032%	8h	250.08	−0.238%	$985	$124K	10x	as long as short
Extended CRWD_24_5-USD	+0.0048%	1h	250.37	−0.126%	$100K	—	10x	as long as short
KuCoin CRWDUSDTM	+0.0100%	8h	250.46	−0.088%	$34K	$238K	20x	as long as short
Phoenix CRWD	+0.0128%	1h	250.25	−0.172%	$3	$121K	10x	as long as short
tradeXYZ xyz:CRWD	+0.0162%	1h	250.57	−0.044%	$894K	$676K	10x	as long as short
Paragon para:CRWD	+0.0354%	1h	250.39	−0.116%	$84K	$108K	10x	as long as short