Funding arb · Price arb /

IONQ

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0287%/8h= +31.4% APRpaid last 24h −0.021%

Price spread now: edgeX against Phemex+0.015%7-day average −0.036% · you sell dearer than you buy

Net, funding: paid 7d − costs−$161as in the Funding arb table

Net, price: spread back to 7d avg − costs−$166as in the Price arb table

costs, in and out, $10k−$1711.713% of the position

Long on Phemex Short on edgeX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.105%+$11 on $10k

Price spread, last 4 days (all we have)−0.012%−$1 · spread now +0.015%, 7d avg −0.036%

Together, before fees+0.093%+ Points / potential airdropedgeX: Active · farm board+$9 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$9 a day on $10k at the current rate, and edgeX is 0.051% dearer against Phemex than usual: you sell high and buy low: +$5 more if the spread goes back to its 7-day average of −0.036%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.105% in total (about 5.5% 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	Phemex IONQUSDT	40.120	0	get 0.0000% / 8h	50m 32s	$692K	$102K	20x
Short	edgeX IONQUSDC	40.126	0.0287	get 0.0144% / 4h	50m 32s	$1K	$188K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX against Phemex. 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 PhemexbpFee edgeXbpOrdersPrice spread, now +0.015%Rate

Funding earned: $60.3
Price spread: +0.015% → −0.036%: $5.11
Slippage, 4 orders: −$150.29
Fee Phemex: 6 bp × 2 orders: −$12
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: −$105.88
Costs to cover: 1.713%
Break-even: 19.3 days

Slippage from Phemex: live order book, 52 min ago; edgeX: live order book, 51 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 Phemex live order book, 52 min ago	7.48 bp	45.0 bp −$45	doesn't fit	doesn't fit	doesn't fit
Sell edgeX live order book, 51 min ago	6.23 bp	46.1 bp −$46	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	−0.0321%	8h	40.170	+0.125%	$1.5M	$408K	20x	as long as short
BloFin IONQ-USDT	−0.0023%	8h	40.160	+0.100%	$49K	$9K	20x	as long as short
Binance IONQUSDT	0.0000%	8h	40.110	−0.025%	$738K	$1.3M	20x	as long as short
Bybit IONQUSDT	0.0000%	8h	40.100	−0.050%	$676K	$254K	25x	as long as short
OKX IONQ-USDT-SWAP	0.0000%	8h	40.100	−0.050%	$131K	$266K	20x	as long as short
Gate IONQ_USDT	0.0000%	8h	40.170	+0.125%	$486K	$506K	20x	as long as short
HTX IONQ-USDT	0.0000%	8h	40.150	+0.075%	$7K	$17K	10x	as long as short
Phemex IONQUSDTlong	0.0000%	8h	40.120	long leg	$692K	$102K	20x
QFEX IONQ-USD	+0.0017%	1h	40.090	−0.075%	$1.1M	$513K	10x	as long as short
KuCoin IONQUSDTM	+0.0100%	8h	40.230	+0.274%	$37K	$2.9M	20x	as long as short

Show all 12 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Entropy io:IONQ	+0.0173%	1h	40.096	−0.060%	$41K	$185K	10x	as long as short
edgeX IONQUSDCshort	+0.0287%	4h	40.126	+0.015%	$1K	$188K	10x