Funding arb · Price arb /

IBM

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0025%/8h= +2.8% APRpaid last 24h +0.014%

Price spread now: QFEX against Bybit+0.009%7-day average +0.039% · 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−$45as in the Price arb table

costs, in and out, $10k−$420.425% of the position

Long on Bybit Short on QFEX

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 4 days (all we have)+0.052%+$5 · spread now +0.009%, 7d avg +0.039%

Together, before fees+0.073%+$7 on $10k · with fees, hour by hour

Funding pays, the price is against you. QFEX is 0.030% cheaper against Bybit than usual: you would sell low and buy high (spread +0.009% now, against its 7-day average of +0.039%). If the spread goes back, that is −$3 on $10k: about 4.0 days of funding at the current rate (+$1 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit IBMUSDT	231.52	0	get 0.0000% / 8h	7h 54m	$977K	$358K	50x
Short	QFEX IBM-USD	231.54	0.0025	get 0.0003% / 1h	54m 30s	$1.2M	$3.3M	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 +0.009%Rate

Funding earned: $5.29
Price spread: +0.009% → +0.039%: −$2.99
Slippage, 4 orders: −$21.48
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee QFEX: 5 bp × 2 orders: −$10
Net: −$40.18
Costs to cover: 0.425%
Break-even: 60.1 days

Slippage from Bybit: live order book, 16 min ago; QFEX: live order book, 8 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, 16 min ago	2.16 bp	14.9 bp −$15	83.3 bp −$833	doesn't fit	doesn't fit
Sell QFEX live order book, 8 min ago	1.51 bp	8.2 bp −$8	13.7 bp −$137	doesn't fit	doesn't fit

IBM 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
Aster IBMUSDT	0.0000%	8h	231.97	+0.195%	$13K	$127K	20x	as long as short
Bybit IBMUSDTlong	0.0000%	8h	231.52	long leg	$977K	$358K	50x
OKX IBM-USDT-SWAP	0.0000%	8h	231.69	+0.073%	$1.4M	$1.1M	20x	as long as short
Gate IBM_USDT	0.0000%	8h	231.57	+0.022%	$797K	$1.5M	50x	as long as short
Bitget IBMUSDT	0.0000%	8h	231.61	+0.039%	$793K	$372K	20x	as long as short
Variational Omni IBM	0.0000%	8h	231.65	+0.058%	$256K	$15K	—	as long as short
SunX IBM-USDT	0.0000%	8h	231.38	−0.060%	$1K	$527K	10x	as long as short
HTX IBM-USDT	0.0000%	8h	231.90	+0.164%	$5K	$34K	20x	as long as short
QFEX IBM-USDshort	+0.0025%	1h	231.54	+0.009%	$1.2M	$3.3M	10x
Lighter IBM	+0.0032%	1h	231.50	−0.009%	$38K	$43K	10x	as long as short

Show all 18 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective IBM/USDC PERP	+0.0033%	1h	201.05	−13.161%	—	$57	12x	as long as short
Vest IBM-USD-PERP	+0.0046%	1h	231.42	−0.043%	—	—	25x	as long as short
tradeXYZ xyz:IBM	+0.0050%	1h	231.49	−0.013%	$1.9M	$821K	10x	as long as short
KuCoin IBMUSDTM	+0.0100%	8h	231.57	+0.022%	$195K	$33K	20x	as long as short
Binance IBMUSDT	+0.0221%	8h	231.62	+0.043%	$3.9M	$5.6M	20x	as long as short
Extended IBM-USD	+0.0224%	1h	231.58	+0.024%	$54K	$200K	10x	as long as short
BloFin IBM-USDT	+0.0228%	8h	231.62	+0.043%	$46K	$52K	20x	as long as short
GRVT IBM_USDT_Perp	+0.0794%	8h	231.65	+0.055%	$584	$168K	10x	as long as short