Funding arb · Price arb /

IBM

RWAall IBM markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0030%/8h= −3.3% APRpaid last 24h +0.035%

Price spread now: Binance against QFEX+0.030%7-day average +0.056% · 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−$43as in the Price arb table

costs, in and out, $10k−$400.404% of the position

Long on QFEX Short on Binance

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.044%+$4 on $10k

Price spread, last 7 days−0.006%−$1 · spread now +0.030%, 7d avg +0.056%

Together, before fees+0.038%+$4 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 Binance 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 +0.056%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	QFEX IBM-USD	232.31	0.0030	pay 0.0004% / 1h	34m 29s	$1.2M	$2.2M	10x
Short	Binance IBMUSDT	232.38	0	get 0.0000% / 8h	2h 34m	$3.8M	$5.5M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance 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 BinancebpOrdersPrice spread, now +0.030%Rate

Funding earned: −$6.28
Price spread: +0.030% → +0.056%: −$2.62
Slippage, 4 orders: −$20.41
Fee QFEX: 5 bp × 2 orders: −$10
Fee Binance: 5 bp × 2 orders: −$10
Net: −$49.32
Costs to cover: 0.404%
Break-even: never at this rate

Slippage from QFEX: live order book, 3 min ago; Binance: 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	2.15 bp	7.2 bp −$7	12.5 bp −$125	doesn't fit	doesn't fit
Sell Binance live order book, 3 min ago	0.22 bp	13.2 bp −$13	38.8 bp −$388	135.6 bp −$13.6K	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	232.27	−0.017%	$13K	$127K	20x	as long as short
Extended IBM-USD	0.0000%	1h	232.33	+0.010%	$57K	$234K	10x	as long as short
Binance IBMUSDTshort	0.0000%	8h	232.38	+0.030%	$3.8M	$5.5M	20x
Bybit IBMUSDT	0.0000%	8h	232.23	−0.034%	$984K	$340K	50x	as long as short
OKX IBM-USDT-SWAP	0.0000%	8h	232.32	+0.004%	$1.4M	$1.2M	20x	as long as short
Gate IBM_USDT	0.0000%	8h	232.40	+0.039%	$805K	$1.4M	50x	as long as short
Bitget IBMUSDT	0.0000%	8h	232.33	+0.009%	$790K	$325K	20x	as long as short
Variational Omni IBM	0.0000%	8h	232.36	+0.021%	$257K	$13K	—	as long as short
GRVT IBM_USDT_Perp	0.0000%	8h	232.25	−0.027%	$93	$160K	10x	as long as short
SunX IBM-USDT	0.0000%	8h	231.69	−0.267%	$1K	$475K	10x	as long as short

Show all 18 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX IBM-USDT	0.0000%	8h	232.62	+0.133%	$6K	$33K	20x	as long as short
BloFin IBM-USDT	+0.0013%	8h	232.40	+0.039%	$47K	$52K	20x	as long as short
QFEX IBM-USDlong	+0.0030%	1h	232.31	long leg	$1.2M	$2.2M	10x
Lighter IBM	+0.0032%	1h	232.15	−0.069%	$38K	$44K	10x	as long as short
Injective IBM/USDC PERP	+0.0033%	1h	201.05	−13.456%	—	$57	12x	as long as short
Vest IBM-USD-PERP	+0.0046%	1h	232.13	−0.077%	—	—	25x	as long as short
tradeXYZ xyz:IBM	+0.0050%	1h	232.01	−0.129%	$1.8M	$801K	10x	as long as short
KuCoin IBMUSDTM	+0.0100%	8h	232.20	−0.047%	$196K	$37K	20x	as long as short