Funding arb · Price arb /

CRWD

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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: Phemex against QFEX+0.060%7-day average +0.022% · 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−$131as in the Price arb table

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

Long on QFEX Short on Phemex

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

The price spread pays, funding is against you. Phemex is 0.038% dearer against QFEX than usual: you sell high and buy low (spread +0.060% now, against its 7-day average of +0.022%): +$4 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 7.3 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	QFEX CRWD-USD	250.53	0.0017	pay 0.0002% / 1h	49m 48s	$1.2M	$2.7M	10x
Short	Phemex CRWDUSDT	250.68	0	get 0.0000% / 8h	49m 48s	$1.5M	$220K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now +0.060%Rate

Funding earned: −$3.65
Price spread: +0.060% → +0.022%: $3.83
Slippage, 4 orders: −$112.73
Fee QFEX: 5 bp × 2 orders: −$10
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$134.55
Costs to cover: 1.347%
Break-even: never at this rate

Slippage from QFEX: live order book, 3 min ago; Phemex: 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 QFEX live order book, 3 min ago	2.00 bp	10.9 bp −$11	22.6 bp −$226	doesn't fit	doesn't fit
Sell Phemex live order book, 3 min ago	6.80 bp	50.2 bp −$50	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	−1.804%	$22K	$20K	12x	as long as short
BloFin CRWD-USDT	−0.0004%	8h	250.21	−0.128%	$72K	$24K	25x	as long as short
Aster CRWDUSDT	0.0000%	8h	250.60	+0.026%	$4K	$35K	20x	as long as short
Binance CRWDUSDT	0.0000%	8h	250.71	+0.072%	$2.5M	$7.3M	25x	as long as short
Bybit CRWDUSDT	0.0000%	8h	250.46	−0.028%	$1.1M	$450K	25x	as long as short
OKX CRWD-USDT-SWAP	0.0000%	8h	250.68	+0.060%	$547K	$763K	25x	as long as short
Bitget CRWDUSDT	0.0000%	8h	250.66	+0.052%	$305K	$442K	20x	as long as short
Variational Omni CRWD	0.0000%	8h	250.64	+0.044%	$68K	$60K	—	as long as short
SunX CRWD-USDT	0.0000%	8h	250.65	+0.048%	$2K	$1.1M	10x	as long as short
HTX CRWD-USDT	0.0000%	8h	250.20	−0.132%	$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 CRWDUSDTshort	0.0000%	8h	250.68	+0.060%	$1.5M	$220K	10x
QFEX CRWD-USDlong	+0.0017%	1h	250.53	long leg	$1.2M	$2.7M	10x
GRVT CRWD_USDT_Perp	+0.0032%	8h	250.08	−0.179%	$985	$124K	10x	as long as short
Extended CRWD_24_5-USD	+0.0048%	1h	250.37	−0.066%	$100K	—	10x	as long as short
KuCoin CRWDUSDTM	+0.0100%	8h	250.46	−0.028%	$34K	$238K	20x	as long as short
Phoenix CRWD	+0.0128%	1h	250.25	−0.112%	$3	$121K	10x	as long as short
tradeXYZ xyz:CRWD	+0.0162%	1h	250.57	+0.016%	$894K	$676K	10x	as long as short
Paragon para:CRWD	+0.0354%	1h	250.39	−0.056%	$84K	$108K	10x	as long as short