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 −0.012%

Price spread now: OKX against QFEX+0.047%7-day average +0.017% · 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−$42as in the Price arb table

costs, in and out, $10k−$460.455% of the position

Long on QFEX Short on OKX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.020%−$2 on $10k

Price spread, last 7 days−0.081%−$8 · spread now +0.047%, 7d avg +0.017%

Together, before fees−0.101%−$10 on $10k · with fees, hour by hour

The price spread pays, funding is against you. OKX is 0.030% dearer against QFEX than usual: you sell high and buy low (spread +0.047% now, against its 7-day average of +0.017%): +$3 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 2.3 days. At the pace of the last 4 days (−0.020% in total) that is about 5.6 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	QFEX IBM-USD	232.11	0.0043	pay 0.0005% / 1h	16m 27s	$1.2M	$2.0M	10x
Short	OKX IBM-USDT-SWAP	232.22	0	get 0.0000% / 8h	16m 27s	$1.4M	$1.2M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now +0.047%Rate

Funding earned: −$9
Price spread: +0.047% → +0.017%: $3.02
Slippage, 4 orders: −$25.51
Fee QFEX: 5 bp × 2 orders: −$10
Fee OKX: 5 bp × 2 orders: −$10
Net: −$51.49
Costs to cover: 0.455%
Break-even: never at this rate

Slippage from QFEX: live order book, 11 min ago; OKX: live order book, 5 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	1.72 bp	6.7 bp −$7	12.5 bp −$125	doesn't fit	doesn't fit
Sell OKX live order book, 5 min ago	0.22 bp	16.4 bp −$16	186.2 bp −$1,862	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	−0.0024%	8h	232.18	+0.030%	$47K	$59K	20x	as long as short
Aster IBMUSDT	0.0000%	8h	232.12	+0.005%	$13K	$127K	20x	as long as short
Extended IBM-USD	0.0000%	1h	232.14	+0.015%	$53K	$311K	10x	as long as short
Binance IBMUSDT	0.0000%	8h	232.20	+0.039%	$3.8M	$5.6M	20x	as long as short
Bybit IBMUSDT	0.0000%	8h	232.01	−0.043%	$1.0M	$352K	50x	as long as short
OKX IBM-USDT-SWAPshort	0.0000%	8h	232.22	+0.047%	$1.4M	$1.2M	20x
Gate IBM_USDT	0.0000%	8h	232.21	+0.043%	$750K	$1.5M	50x	as long as short
Bitget IBMUSDT	0.0000%	8h	232.21	+0.043%	$780K	$350K	20x	as long as short
Variational Omni IBM	0.0000%	8h	232.16	+0.023%	$257K	$13K	—	as long as short
GRVT IBM_USDT_Perp	0.0000%	8h	232.17	+0.028%	$539	$167K	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	232.10	−0.004%	$808	$472K	10x	as long as short
HTX IBM-USDT	0.0000%	8h	232.53	+0.181%	$6K	$33K	20x	as long as short
Lighter IBM	+0.0032%	1h	232.31	+0.086%	$38K	$49K	10x	as long as short
Injective IBM/USDC PERP	+0.0033%	1h	201.05	−13.382%	—	$57	12x	as long as short
QFEX IBM-USDlong	+0.0043%	1h	232.11	long leg	$1.2M	$2.0M	10x
Vest IBM-USD-PERP	+0.0046%	1h	232.02	−0.039%	—	—	25x	as long as short
tradeXYZ xyz:IBM	+0.0050%	1h	231.94	−0.073%	$1.8M	$797K	10x	as long as short
KuCoin IBMUSDTM	+0.0100%	8h	232.17	+0.026%	$195K	$54K	20x	as long as short