Funding arb · Price arb /

HIMS

RWAall HIMS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC+0.0022%/8h= +2.4% APRpaid last 24h −0.001%

Price spread now: QFEX against Bybit−0.103%53s7-day average −0.034% · 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—prices read too far apart to compare

costs, in and out, $10k−$5395.385% of the position

Long on Bybit Short on QFEX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.001%$0 on $10k

Price spread, last 4 days (all we have)−0.093%−$9 · spread now −0.103%, 7d avg −0.034%

Together, before fees−0.092%−$9 on $10k · with fees, hour by hour

Funding pays, the price is against you. QFEX is 0.069% cheaper against Bybit than usual: you would sell low and buy high (spread −0.103% now, against its 7-day average of −0.034%). If the spread goes back, that is −$7 on $10k: about 11 days of funding at the current rate (+$1 a day). At the pace of the last 4 days (+0.001% in total) that is about 9 months. 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	Bybit HIMSUSDT	29.140	0	get 0.0000% / 8h	6h 17m	$290K	$139K	25x
Short	QFEX HIMS-USD	29.110	0.0022	get 0.0003% / 1h	17m 49s	$1.3M	$530K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

QFEX against Bybit. 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 BybitbpFee QFEXbpOrdersPrice spread, now −0.103%Rate

Funding earned: $4.59
Price spread: −0.103% → −0.034%: −$6.94
Slippage, 4 orders: −$517.52
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee QFEX: 5 bp × 2 orders: −$10
Net: −$540.87
Costs to cover: 5.385%
Break-even: 832.5 days

Slippage from Bybit: live order book, 28 min ago; QFEX: live order book, 2 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 Bybit live order book, 28 min ago	5.15 bp	60.7 bp −$61	754.1 bp −$7,541	doesn't fit	doesn't fit
Sell QFEX live order book, 2 min ago	180.32 bp	187.4 bp −$187	doesn't fit	doesn't fit	doesn't fit

HIMS on 14 exchanges

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
Nado HIMS-PERP	−0.0257%	1h	29.144	+0.013%	$2K	$2K	10x	as long as short
Aster HIMSUSDT	0.0000%	8h	29.107	−0.114%	$4K	$2K	20x	as long as short
Binance HIMSUSDT	0.0000%	8h	29.120	−0.069%	$958K	$2.8M	20x	as long as short
Bybit HIMSUSDTlong	0.0000%	8h	29.140	long leg	$290K	$139K	25x
OKX HIMS-USDT-SWAP	0.0000%	8h	29.150	+0.034%	$280K	$129K	20x	as long as short
Gate HIMS_USDT	0.0000%	8h	29.110	−0.103%	$509K	$222K	25x	as long as short
Variational Omni HIMS	0.0000%	8h	29.114	−0.089%	$97K	$76K	—	as long as short
SunX HIMS-USDT	0.0000%	8h	29.119	−0.072%	—	$1.8M	10x	as long as short
HTX HIMS-USDT	0.0000%	8h	29.107	−0.113%	$7K	$39K	10x	as long as short
QFEX HIMS-USDshort	+0.0022%	1h	29.110	−0.103%	$1.3M	$530K	10x

Show all 14 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective HIMS/USDC PERP	+0.0033%	1h	29.430	+0.995%	$13K	$22K	5.5x	as long as short
tradeXYZ xyz:HIMS	+0.0044%	1h	29.122	−0.062%	$3.4M	$1.6M	10x	as long as short
Vest HIMS-USD-PERP	+0.0046%	1h	29.100	−0.137%	—	—	10x	as long as short
KuCoin HIMSUSDTM	+0.0100%	8h	29.100	−0.137%	$132K	$173K	20x	as long as short