Funding arb · Price arb /

IBM

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0043%/8h= −4.7% APRpaid last 24h −0.007%

Price spread now: Gate against QFEX+0.056%7-day average +0.049% · 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−$48as in the Price arb table

costs, in and out, $10k−$490.491% of the position

Long on QFEX Short on Gate

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.082%+$8 on $10k

Price spread, last 7 days−0.068%−$7 · spread now +0.056%, 7d avg +0.049%

Together, before fees+0.014%+$1 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.049%, so right now this pair is about funding alone: −$1 a day on $10k at the current rate. Mind the row above: over the last 4 days funding on this pair paid +0.082%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	QFEX IBM-USD	232.08	0.0043	pay 0.0005% / 1h	38m 52s	$1.2M	$2.0M	10x
Short	Gate IBM_USDT	232.21	0	get 0.0000% / 8h	38m 52s	$750K	$1.5M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now +0.056%Rate

Funding earned: −$9
Price spread: +0.056% → +0.049%: $0.74
Slippage, 4 orders: −$24.05
Fee QFEX: 5 bp × 2 orders: −$10
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$57.31
Costs to cover: 0.491%
Break-even: never at this rate

Slippage from QFEX: live order book, 3 min ago; Gate: 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	1.72 bp	8.4 bp −$8	12.8 bp −$128	doesn't fit	doesn't fit
Sell Gate live order book, 3 min ago	2.80 bp	17.2 bp −$17	208.4 bp −$2,084	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	232.28	+0.086%	$13K	$127K	20x	as long as short
Extended IBM-USD	0.0000%	1h	232.06	−0.009%	$53K	$315K	10x	as long as short
Binance IBMUSDT	0.0000%	8h	232.11	+0.014%	$3.8M	$5.6M	20x	as long as short
Bybit IBMUSDT	0.0000%	8h	232.03	−0.022%	$1.0M	$354K	50x	as long as short
OKX IBM-USDT-SWAP	0.0000%	8h	232.29	+0.090%	$1.4M	$1.2M	20x	as long as short
Gate IBM_USDTshort	0.0000%	8h	232.21	+0.056%	$750K	$1.5M	50x
Bitget IBMUSDT	0.0000%	8h	232.22	+0.060%	$780K	$350K	20x	as long as short
Variational Omni IBM	0.0000%	8h	232.20	+0.052%	$257K	$13K	—	as long as short
GRVT IBM_USDT_Perp	0.0000%	8h	232.21	+0.056%	$65	$168K	10x	as long as short
SunX IBM-USDT	0.0000%	8h	231.96	−0.052%	$988	$471K	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	232.38	+0.129%	$6K	$33K	20x	as long as short
BloFin IBM-USDT	+0.0010%	8h	232.14	+0.026%	$47K	$59K	20x	as long as short
Lighter IBM	+0.0032%	1h	232.23	+0.065%	$38K	$49K	10x	as long as short
Injective IBM/USDC PERP	+0.0033%	1h	201.05	−13.370%	—	$57	12x	as long as short
QFEX IBM-USDlong	+0.0043%	1h	232.08	long leg	$1.2M	$2.0M	10x
Vest IBM-USD-PERP	+0.0046%	1h	232.09	+0.004%	—	—	25x	as long as short
tradeXYZ xyz:IBM	+0.0050%	1h	231.94	−0.060%	$1.8M	$796K	10x	as long as short
KuCoin IBMUSDTM	+0.0100%	8h	232.11	+0.013%	$194K	$50K	20x	as long as short