Funding arb · Price arb /

IONQ

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC−0.0117%/8h= −12.8% APRpaid last 24h +0.194%

Price spread now: Entropy against edgeX+0.132%108s7-day average −0.024% · you sell dearer than you buy

Net, funding: paid 7d − costs−$183as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$2132.129% of the position

Long on edgeX Short on Entropy

What this pair did over the last

the charts below follow

Funding, last 7 days+0.298%+$30 on $10k

Price spread, last 4 days (all we have)−0.352%−$35 · spread now +0.132%, 7d avg −0.024%

Together, before fees−0.054%+ Points / potential airdropedgeX: Active · farm board−$5 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Entropy is 0.156% dearer against edgeX than usual: you sell high and buy low (spread +0.132% now, against its 7-day average of −0.024%): +$16 on $10k if it goes back. Holding the pair costs −$4 a day in funding at the current rate, which eats that in about 4.5 days. Mind the row above: over the last 7 days funding on this pair paid +0.298%, so the current rate has only just turned against you. The two prices were read 108 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	edgeX IONQUSDC	40.177	0.0520	pay 0.0260% / 4h	2h 17m	$1K	$188K	10x
Short	Entropy io:IONQ	40.230	0.0403	get 0.0050% / 1h	17m 41s	$96K	$215K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Entropy against edgeX. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 edgeXbpFee EntropybpOrdersPrice spread, now +0.132%Rate

Funding earned: −$24.55
Price spread: +0.132% → −0.024%: $15.64
Slippage, 4 orders: −$185.86
Fee edgeX: 4.5 bp × 2 orders: −$9
Fee Entropy: 9 bp × 2 orders: −$18
Net: −$221.77
Costs to cover: 2.129%
Break-even: never at this rate

Slippage from edgeX: live order book, 32 min ago; Entropy: live order book, 24 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 edgeX live order book, 32 min ago	8.72 bp	46.4 bp −$46	doesn't fit	doesn't fit	doesn't fit
Sell Entropy live order book, 24 min ago	15.05 bp	49.4 bp −$49	doesn't fit	doesn't fit	doesn't fit

IONQ on 12 exchanges

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
QFEX IONQ-USD	0.0000%	1h	40.200	+0.058%	$1.1M	$472K	10x	as long as short
Binance IONQUSDT	0.0000%	8h	40.183	+0.014%	$745K	$1.4M	20x	as long as short
Bybit IONQUSDT	0.0000%	8h	40.210	+0.082%	$815K	$344K	25x	as long as short
OKX IONQ-USDT-SWAP	0.0000%	8h	40.240	+0.157%	$139K	$295K	20x	as long as short
Gate IONQ_USDT	0.0000%	8h	40.200	+0.058%	$542K	$524K	20x	as long as short
Bitget IONQUSDT	0.0000%	8h	40.180	+0.008%	$1.5M	$399K	20x	as long as short
HTX IONQ-USDT	0.0000%	8h	40.130	−0.117%	$7K	$15K	10x	as long as short
Phemex IONQUSDT	0.0000%	8h	40.210	+0.082%	$700K	$109K	20x	as long as short
BloFin IONQ-USDT	+0.0030%	8h	40.220	+0.107%	$50K	$8K	20x	as long as short
KuCoin IONQUSDTM	+0.0100%	8h	40.280	+0.257%	$37K	$3.0M	20x	as long as short

Show all 12 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Entropy io:IONQshort	+0.0403%	1h	40.230	+0.132%	$96K	$215K	10x
edgeX IONQUSDClong	+0.0520%	4h	40.177	long leg	$1K	$188K	10x