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 −0.013%

Price spread now: Bitget against QFEX+0.017%46s7-day average −0.002% · 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—prices read too far apart to compare

costs, in and out, $10k−$410.410% of the position

Long on QFEX Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.023%−$2 on $10k

Price spread, last 4 days (all we have)−0.020%−$2 · spread now +0.017%, 7d avg −0.002%

Together, before fees−0.043%−$4 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.002%, so right now this pair is about funding alone: −$1 a day on $10k at the current rate. The two prices were read 46 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	QFEX IBM-USD	232.29	0.0030	pay 0.0004% / 1h	35m 50s	$1.2M	$2.2M	10x
Short	Bitget IBMUSDT	232.33	0	get 0.0000% / 8h	2h 35m	$790K	$325K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget 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 BitgetbpOrdersPrice spread, now +0.017%Rate

Funding earned: −$6.28
Price spread: +0.017% → −0.002%: $1.92
Slippage, 4 orders: −$18.98
Fee QFEX: 5 bp × 2 orders: −$10
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$45.34
Costs to cover: 0.410%
Break-even: never at this rate

Slippage from QFEX: live order book, 11 min ago; Bitget: live order book, 10 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, 11 min ago	2.59 bp	7.6 bp −$8	10.4 bp −$104	doesn't fit	doesn't fit
Sell Bitget live order book, 10 min ago	3.02 bp	13.4 bp −$13	80.6 bp −$806	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
BloFin IBM-USDT	−0.0029%	8h	232.29	0.000%	$47K	$52K	20x	as long as short
Aster IBMUSDT	0.0000%	8h	232.25	−0.016%	$13K	$127K	20x	as long as short
Extended IBM-USD	0.0000%	1h	232.33	+0.017%	$57K	$234K	10x	as long as short
Binance IBMUSDT	0.0000%	8h	232.38	+0.041%	$3.8M	$5.5M	20x	as long as short
Bybit IBMUSDT	0.0000%	8h	232.20	−0.039%	$984K	$340K	50x	as long as short
OKX IBM-USDT-SWAP	0.0000%	8h	232.30	+0.004%	$1.4M	$1.2M	20x	as long as short
Gate IBM_USDT	0.0000%	8h	232.37	+0.034%	$805K	$1.4M	50x	as long as short
Bitget IBMUSDTshort	0.0000%	8h	232.33	+0.017%	$790K	$325K	20x
Variational Omni IBM	0.0000%	8h	232.36	+0.030%	$257K	$13K	—	as long as short
GRVT IBM_USDT_Perp	0.0000%	8h	231.96	−0.142%	$93	$160K	10x	as long as short

Show all 18 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX IBM-USDT	0.0000%	8h	231.69	−0.258%	$1K	$475K	10x	as long as short
HTX IBM-USDT	0.0000%	8h	232.62	+0.142%	$6K	$33K	20x	as long as short
QFEX IBM-USDlong	+0.0030%	1h	232.29	long leg	$1.2M	$2.2M	10x
Lighter IBM	+0.0032%	1h	232.14	−0.065%	$38K	$44K	10x	as long as short
Injective IBM/USDC PERP	+0.0033%	1h	201.05	−13.449%	—	$57	12x	as long as short
Vest IBM-USD-PERP	+0.0046%	1h	232.11	−0.077%	—	—	25x	as long as short
tradeXYZ xyz:IBM	+0.0050%	1h	232.06	−0.099%	$1.8M	$801K	10x	as long as short
KuCoin IBMUSDTM	+0.0100%	8h	232.22	−0.030%	$195K	$37K	20x	as long as short