Funding arb · Price arb /

IONQ

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0905%/8h= +99.1% APRpaid last 24h +0.133%

Price spread now: Entropy against Phemex0.000%7-day average −0.051% · you sell dearer than you buy

Net, funding: paid 7d − costs−$123as in the Funding arb table

Net, price: spread back to 7d avg − costs−$156as in the Price arb table

costs, in and out, $10k−$1611.613% of the position

Long on Phemex Short on Entropy

What this pair did over the last

the charts below follow

Funding, last 7 days+0.388%+$39 on $10k

Price spread, last 4 days (all we have)−0.101%−$10 · spread now 0.000%, 7d avg −0.051%

Together, before fees+0.286%+$29 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$27 a day on $10k at the current rate, and Entropy 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 −0.051%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.388% in total (about 20.2% 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	40.200	0	get 0.0000% / 8h	1h 48m	$693K	$102K	20x
Short	Entropy io:IONQ	40.200	0.0905	get 0.0113% / 1h	48m 50s	$42K	$186K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Entropy 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 EntropybpOrdersPrice spread, now 0.000%Rate

Funding earned: $190.1
Price spread: 0.000% → −0.051%: $5.07
Slippage, 4 orders: −$131.32
Fee Phemex: 6 bp × 2 orders: −$12
Fee Entropy: 9 bp × 2 orders: −$18
Net: $33.86
Costs to cover: 1.613%
Break-even: 5.8 days

Slippage from Phemex: live order book, 59 min ago; Entropy: live order book, 16 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, 59 min ago	4.95 bp	43.4 bp −$43	doesn't fit	doesn't fit	doesn't fit
Sell Entropy live order book, 16 min ago	5.33 bp	36.8 bp −$37	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	−0.0330%	8h	40.250	+0.124%	$1.5M	$417K	20x	as long as short
BloFin IONQ-USDT	−0.0008%	8h	40.240	+0.100%	$49K	$9K	20x	as long as short
Binance IONQUSDT	0.0000%	8h	40.204	+0.009%	$738K	$1.3M	20x	as long as short
Bybit IONQUSDT	0.0000%	8h	40.190	−0.025%	$678K	$254K	25x	as long as short
OKX IONQ-USDT-SWAP	0.0000%	8h	40.200	0.000%	$132K	$267K	20x	as long as short
QFEX IONQ-USD	0.0000%	1h	40.170	−0.075%	$1.1M	$530K	10x	as long as short
Gate IONQ_USDT	0.0000%	8h	40.220	+0.050%	$479K	$497K	20x	as long as short
HTX IONQ-USDT	0.0000%	8h	40.150	−0.124%	$7K	$17K	10x	as long as short
Phemex IONQUSDTlong	0.0000%	8h	40.200	long leg	$693K	$102K	20x
KuCoin IONQUSDTM	+0.0100%	8h	40.310	+0.274%	$38K	$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:IONQshort	+0.0905%	1h	40.200	0.000%	$42K	$186K	10x
edgeX IONQUSDC	+0.0912%	4h	40.202	+0.004%	$1K	$188K	10x	as long as short