Funding arb · Price arb /

IONQ

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC−0.0660%/8h= −72.3% APRpaid last 24h +0.069%

Price spread now: Phemex against edgeX−0.088%7-day average +0.036% · you buy dearer than you sell

Net, funding: paid 7d − costs−$176as in the Funding arb table

Net, price: spread back to 7d avg − costs−$178as in the Price arb table

costs, in and out, $10k−$1661.660% of the position

Long on edgeX Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.098%−$10 on $10k

Price spread, last 4 days (all we have)+0.004%$0 · spread now −0.088%, 7d avg +0.036%

Together, before fees−0.095%+ Points / potential airdropedgeX: Active · farm board−$9 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$20 a day on $10k at the current rate, and Phemex is 0.124% cheaper against edgeX than usual: you would sell low and buy high (−$12 if the spread goes back to its 7-day average of +0.036%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.098% in total (about -5.1% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	edgeX IONQUSDC	39.865	0.0660	pay 0.0330% / 4h	3h 42m	$1K	$189K	10x
Short	Phemex IONQUSDT	39.830	0	get 0.0000% / 8h	7h 42m	$690K	$105K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against edgeX. 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 edgeXbpFee PhemexbpOrdersPrice spread, now −0.088%Rate

Funding earned: −$138.61
Price spread: −0.088% → +0.036%: −$12.39
Slippage, 4 orders: −$145.01
Fee edgeX: 4.5 bp × 2 orders: −$9
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$317.02
Costs to cover: 1.660%
Break-even: never at this rate

Slippage from edgeX: live order book, 54 min ago; Phemex: live order book, 55 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, 54 min ago	7.46 bp	41.1 bp −$41	doesn't fit	doesn't fit	doesn't fit
Sell Phemex live order book, 55 min ago	3.73 bp	43.4 bp −$43	doesn't fit	doesn't fit	doesn't fit

IONQ on 12 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
Bitget IONQUSDT	−0.0187%	8h	39.840	−0.063%	$1.5M	$413K	20x	as long as short
Binance IONQUSDT	0.0000%	8h	39.807	−0.145%	$758K	$1.3M	20x	as long as short
Bybit IONQUSDT	0.0000%	8h	39.790	−0.188%	$722K	$294K	25x	as long as short
OKX IONQ-USDT-SWAP	0.0000%	8h	39.830	−0.088%	$134K	$270K	20x	as long as short
QFEX IONQ-USD	0.0000%	1h	39.840	−0.063%	$1.1M	$504K	10x	as long as short
Gate IONQ_USDT	0.0000%	8h	39.850	−0.038%	$507K	$500K	20x	as long as short
HTX IONQ-USDT	0.0000%	8h	39.770	−0.238%	$7K	$17K	10x	as long as short
Phemex IONQUSDTshort	0.0000%	8h	39.830	−0.088%	$690K	$105K	20x
BloFin IONQ-USDT	+0.0006%	8h	39.810	−0.138%	$49K	$9K	20x	as long as short
Entropy io:IONQ	+0.0050%	1h	39.839	−0.065%	$42K	$182K	10x	as long as short

Show all 12 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin IONQUSDTM	+0.0100%	8h	39.920	+0.138%	$36K	$3.0M	20x	as long as short
edgeX IONQUSDClong	+0.0660%	4h	39.865	long leg	$1K	$189K	10x