Funding arb · Price arb /

GOOGL

RWAall GOOGL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0045%/8h= −4.9% APRpaid last 24h −0.013%

Price spread now: Phemex against QFEX+0.006%7-day average +0.032% · 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−$96as in the Price arb table

costs, in and out, $10k−$930.932% 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)−0.021%−$2 on $10k

Price spread, last 3 days (all we have)+0.107%+$11 · spread now +0.006%, 7d avg +0.032%

Together, before fees+0.086%+$9 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Phemex is 0.026% cheaper against QFEX than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of +0.032%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	QFEX GOOGL-USD	356.36	0.0045	pay 0.0006% / 1h	48m 03s	$1.3M	$4.8M	10x
Short	Phemex GOOGLUSDT	356.38	0	get 0.0000% / 4h	1h 48m	$2.7M	$64K	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 +0.006%Rate

Funding earned: −$9.48
Price spread: +0.006% → +0.032%: −$2.64
Slippage, 4 orders: −$71.15
Fee QFEX: 5 bp × 2 orders: −$10
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$105.27
Costs to cover: 0.932%
Break-even: never at this rate

Slippage from QFEX: live order book, 5 min ago; Phemex: live order book, 6 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, 5 min ago	1.68 bp	6.7 bp −$7	6.7 bp −$67	11.5 bp −$1,149	doesn't fit
Sell Phemex live order book, 6 min ago	1.40 bp	40.4 bp −$40	doesn't fit	doesn't fit	doesn't fit

GOOGL on 36 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
Coinbase International GOOGL-PERP-INTX	−0.0024%	1h	356.19	−0.048%	$530K	$1.1M	10x	as long as short
Hotstuff GOOGL-PERP	−0.0016%	1h	356.26	−0.028%	$33K	—	20x	as long as short
Gate GOOGL_USDT	0.0000%	8h	356.27	−0.025%	$3.6M	$7.5M	100x	as long as short
Variational Omni GOOGL	0.0000%	8h	356.19	−0.046%	$4.6M	$2.5M	—	as long as short
GRVT GOOGL_USDT_Perp	0.0000%	8h	356.26	−0.028%	$23K	$504K	10x	as long as short
SunX GOOGL-USDT	0.0000%	8h	356.44	+0.022%	$1K	$4.2M	20x	as long as short
HTX GOOGL-USDT	0.0000%	8h	356.54	+0.051%	$114K	$224K	30x	as long as short
Phemex GOOGLUSDTshort	0.0000%	4h	356.38	+0.006%	$2.7M	$64K	10x
Aftermath Perps GOOGLUSD	+0.0018%	1h	356.07	−0.083%	$144K	$55K	10x	as long as short
Bybit GOOGLUSDT	+0.0023%	8h	356.49	+0.036%	$11.5M	$7.7M	100x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster GOOGLUSDT	+0.0024%	8h	356.45	+0.027%	$362K	$455K	20x	as long as short
Lighter RH GOOGL	+0.0032%	1h	356.42	+0.017%	$1.4M	$2.5M	20x	as long as short
Injective GOOGL/USDC PERP	+0.0033%	1h	357.12	+0.213%	$128K	$45K	30x	as long as short
QFEX GOOGL-USDlong	+0.0045%	1h	356.36	long leg	$1.3M	$4.8M	10x
Vest GOOGL-USD-PERP	+0.0046%	1h	356.36	0.000%	—	$5K	25x	as long as short
Extended GOOGL-USD	+0.0048%	1h	356.34	−0.007%	$421K	$1.6M	20x	as long as short
Binance GOOGLUSDT	+0.0048%	8h	356.39	+0.008%	$73.0M	$142.2M	50x	as long as short
Polymarket Perps GOOG-USD	+0.0050%	1h	356.18	−0.051%	$683K	$438K	10x	as long as short
SoDEX GOOGL-USD	+0.0050%	1h	356.20	−0.045%	$187	$46K	10x	as long as short
Ondo Perps GOOGL-USD.P	+0.0050%	1h	356.04	−0.090%	$2.3M	$5.0M	15x	as long as short
tradeXYZ xyz:GOOGL	+0.0056%	1h	356.21	−0.042%	$98.0M	$25.2M	20x	as long as short
Bitget GOOGLUSDT	+0.0064%	8h	356.42	+0.017%	$16.9M	$9.2M	100x	as long as short
OKX GOOGL-USDT-SWAP	+0.0066%	8h	356.39	+0.008%	$13.8M	$12.8M	50x	as long as short
Paradex GOOGL-USD-PERP	+0.0085%	8h	356.36	+0.001%	$292	$253	5x	as long as short
Pacifica GOOGL	+0.0100%	1h	356.06	−0.085%	$42K	$45K	10x	as long as short
KuCoin GOOGLUSDTM	+0.0100%	8h	355.94	−0.118%	$3.0M	$68K	20x	as long as short
ApeX Omni GOOGLUSDT	+0.0100%	1h	355.97	−0.109%	$21K	$9K	50x	as long as short
Orderly PERP_GOOGL_USDC	+0.0100%	8h	356.24	−0.034%	$10K	$10K	20x	as long as short
Aevo GOOGL-PERP	+0.0104%	1h	356.24	−0.035%	$25K	—	10x	as long as short
Phoenix GOOGL	+0.0135%	1h	356.14	−0.062%	$137K	$48K	20x	as long as short
Nado GOOGL-PERP	+0.0137%	1h	356.10	−0.072%	$558K	$81K	20x	as long as short
BloFin GOOGL-USDT	+0.0167%	8h	356.16	−0.056%	$689K	$235K	20x	as long as short
Arcus GOOGL-USD	+0.0169%	1h	356.15	−0.059%	$202K	$271K	10x	as long as short
Deribit GOOGL_USDC-PERPETUAL	+0.0199%	1h	356.23	−0.036%	$22K	$151K	10x	as long as short
Lighter GOOGL	+0.0248%	1h	356.42	+0.017%	$2.0M	$1.0M	20x	as long as short
edgeX GOOGLUSDC	+0.1000%	4h	356.20	−0.046%	$208K	$1.2M	10x	as long as short