Funding arb · Price arb /

CRWD

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0024%/8h= −2.6% APRpaid last 24h −0.015%

Price spread now: Bybit against QFEX+0.052%53s7-day average −0.003% · 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−$2102.097% of the position

Long on QFEX Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.047%−$5 on $10k

Price spread, last 7 days−0.033%−$3 · spread now +0.052%, 7d avg −0.003%

Together, before fees−0.080%−$8 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Bybit is 0.055% dearer against QFEX than usual: you sell high and buy low (spread +0.052% now, against its 7-day average of −0.003%): +$5 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 7.6 days. 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	QFEX CRWD-USD	249.19	0.0024	pay 0.0003% / 1h	24m 44s	$1.2M	$2.6M	10x
Short	Bybit CRWDUSDT	249.32	0	get 0.0000% / 8h	3h 24m	$1.1M	$530K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now +0.052%Rate

Funding earned: −$5.06
Price spread: +0.052% → −0.003%: $5.48
Slippage, 4 orders: −$188.75
Fee QFEX: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$209.32
Costs to cover: 2.097%
Break-even: never at this rate

Slippage from QFEX: live order book, 3 min ago; Bybit: live order book, 1 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	52.37 bp	59.4 bp −$59	67.8 bp −$678	doesn't fit	doesn't fit
Sell Bybit live order book, 1 min ago	8.64 bp	48.1 bp −$48	212.1 bp −$2,121	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	245.36	−1.537%	$22K	$20K	12x	as long as short
Aster CRWDUSDT	0.0000%	8h	249.38	+0.075%	$4K	$37K	20x	as long as short
Binance CRWDUSDT	0.0000%	8h	249.49	+0.119%	$2.4M	$6.7M	25x	as long as short
Bybit CRWDUSDTshort	0.0000%	8h	249.32	+0.052%	$1.1M	$530K	25x
OKX CRWD-USDT-SWAP	0.0000%	8h	249.39	+0.080%	$597K	$668K	25x	as long as short
Bitget CRWDUSDT	0.0000%	8h	249.07	−0.048%	$292K	$416K	20x	as long as short
Variational Omni CRWD	0.0000%	8h	249.08	−0.045%	$67K	$60K	—	as long as short
GRVT CRWD_USDT_Perp	0.0000%	8h	249.16	−0.012%	$615	$115K	10x	as long as short
SunX CRWD-USDT	0.0000%	8h	249.13	−0.024%	$2K	$1.2M	10x	as long as short
HTX CRWD-USDT	0.0000%	8h	249.38	+0.076%	$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 CRWDUSDT	0.0000%	8h	249.47	+0.112%	$1.5M	$194K	10x	as long as short
BloFin CRWD-USDT	0.0000%	8h	249.23	+0.016%	$72K	$24K	25x	as long as short
QFEX CRWD-USDlong	+0.0024%	1h	249.19	long leg	$1.2M	$2.6M	10x
Extended CRWD_24_5-USD	+0.0048%	1h	249.35	+0.066%	$99K	—	10x	as long as short
tradeXYZ xyz:CRWD	+0.0050%	1h	249.35	+0.064%	$863K	$629K	10x	as long as short
KuCoin CRWDUSDTM	+0.0100%	8h	249.31	+0.048%	$34K	$336K	20x	as long as short
Paragon para:CRWD	+0.0307%	1h	249.29	+0.040%	$84K	$108K	10x	as long as short
Phoenix CRWD	+0.0353%	1h	249.11	−0.032%	$2	$106K	10x	as long as short