Funding arb · Price arb /

DRAM

RWAall DRAM markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0080%/8h= −8.8% APRpaid last 24h −0.009%

Price spread now: Phemex against QFEX+0.032%7-day average −0.001% · 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−$104as in the Price arb table

costs, in and out, $10k−$1071.075% of the position

Long on QFEX Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.016%−$2 on $10k

Price spread, last 3 days (all we have)−0.049%−$5 · spread now +0.032%, 7d avg −0.001%

Together, before fees−0.066%−$7 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Phemex is 0.034% dearer against QFEX than usual: you sell high and buy low (spread +0.032% now, against its 7-day average of −0.001%): +$3 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 34 hours. At the pace of the last 3 days (−0.016% in total) that is about 6.9 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	QFEX DRAM-USD	61.560	0.0080	pay 0.0010% / 1h	8m 18s	$1.0M	$77K	10x
Short	Phemex DRAMUSDT	61.580	0	get 0.0000% / 8h	2h 08m	$1.8M	$1.3M	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 +0.032%Rate

Funding earned: −$16.8
Price spread: +0.032% → −0.001%: $3.35
Slippage, 4 orders: −$85.5
Fee QFEX: 5 bp × 2 orders: −$10
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$120.95
Costs to cover: 1.075%
Break-even: never at this rate

Slippage from QFEX: live order book, 1 min ago; Phemex: 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 QFEX live order book, 1 min ago	2.44 bp	7.4 bp −$7	8.7 bp −$87	13.4 bp −$1,335	doesn't fit
Sell Phemex live order book, 5 min ago	4.06 bp	46.1 bp −$46	doesn't fit	doesn't fit	doesn't fit

DRAM on 34 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
Gate DRAM_USDT	0.0000%	8h	61.600	+0.065%	$8.2M	$3.6M	75x	as long as short
SunX DRAM-USDT	0.0000%	8h	61.570	+0.016%	$649	$3.3M	10x	as long as short
HTX DRAM-USDT	0.0000%	8h	61.540	−0.032%	$28K	$3K	20x	as long as short
Phemex DRAMUSDTshort	0.0000%	8h	61.580	+0.032%	$1.8M	$1.3M	10x
edgeX DRAMUSDC	+0.0020%	4h	61.573	+0.021%	$152K	$288K	20x	as long as short
Aftermath Perps DRAMUSD	+0.0032%	1h	61.565	+0.008%	$1K	$36K	5x	as long as short
Vest DRAM-USD-PERP	+0.0046%	1h	61.550	−0.016%	—	$797	10x	as long as short
Entropy io:DRAM	+0.0050%	1h	61.550	−0.016%	$251K	$502K	25x	as long as short
Polymarket Perps DRAM-USD	+0.0050%	1h	61.560	0.000%	$203K	$1.2M	10x	as long as short
SoDEX DRAM-USD	+0.0050%	1h	61.571	+0.018%	$2K	$15K	20x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps DRAM-USD.P	+0.0050%	1h	61.500	−0.097%	$1.2M	$1.7M	10x	as long as short
OKX DRAM-USDT-SWAP	+0.0052%	8h	61.610	+0.081%	$5.4M	$4.9M	50x	as long as short
Deribit DRAM_USDC-PERPETUAL	+0.0075%	1h	61.580	+0.032%	$13K	$9K	20x	as long as short
QFEX DRAM-USDlong	+0.0080%	1h	61.560	long leg	$1.0M	$77K	10x
Bitget DRAMUSDT	+0.0086%	8h	61.570	+0.016%	$25.9M	$12.6M	20x	as long as short
Aster DRAMUSDT	+0.0093%	8h	61.590	+0.049%	$201K	$36K	20x	as long as short
Pacifica DRAM	+0.0100%	1h	61.588	+0.046%	$75K	$40K	10x	as long as short
KuCoin DRAMUSDTM	+0.0100%	8h	61.570	+0.016%	$3.0M	$483K	20x	as long as short
ApeX Omni DRAMUSDT	+0.0100%	1h	61.580	+0.032%	$22K	$183K	50x	as long as short
Orderly PERP_DRAM_USDC_mythos	+0.0100%	8h	61.570	+0.016%	$8K	—	10x	as long as short
Aevo DRAM-PERP	+0.0104%	1h	61.584	+0.039%	$4K	—	10x	as long as short
tradeXYZ xyz:DRAM	+0.0121%	1h	61.570	+0.016%	$78.9M	$39.7M	20x	as long as short
Paradex DRAM-USD-PERP	+0.0131%	8h	61.579	+0.031%	—	—	5x	as long as short
Bybit DRAMUSDT	+0.0132%	8h	61.610	+0.081%	$9.2M	$10.3M	100x	as long as short
Lighter DRAM	+0.0144%	1h	61.580	+0.032%	$990K	$1.2M	20x	as long as short
GRVT DRAM_USDT_Perp	+0.0164%	8h	61.580	+0.032%	$36K	$190K	10x	as long as short
Variational Omni DRAM	+0.0178%	8h	61.573	+0.022%	$2.4M	$978K	—	as long as short
BloFin DRAM-USDT	+0.0208%	8h	61.600	+0.065%	$295K	$26K	20x	as long as short
Extended DRAM-USD	+0.0224%	1h	61.573	+0.021%	$102K	$741K	10x	as long as short
Binance DRAMUSDT	+0.0224%	8h	61.579	+0.031%	$43.7M	$82.9M	50x	as long as short
MEXC DRAM_USDT	+0.0225%	8h	61.570	+0.016%	$11.1M	$6.4M	100x	as long as short
Coinbase International DRAM-PERP-INTX	+0.0232%	1h	61.580	+0.032%	$510K	$44K	20x	as long as short
RISEx DRAM/USDC	+0.0459%	1h	61.580	+0.032%	$479K	$443K	20x	as long as short
Arcus DRAM-USD	+0.0739%	1h	61.560	0.000%	$50K	$94K	10x	as long as short