Funding arb · Price arb /

IONQ

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0899%/8h= +98.4% APRpaid last 24h −0.021%

Price spread now: edgeX against QFEX+0.129%57s7-day average +0.174% · 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—prices read too far apart to compare

costs, in and out, $10k−$1201.195% of the position

Long on QFEX Short on edgeX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.132%+$13 on $10k

Price spread, last 4 days (all we have)+0.085%+$9 · spread now +0.129%, 7d avg +0.174%

Together, before fees+0.218%+ Points / potential airdropedgeX: Active · farm board+$22 on $10k · with fees, hour by hour

Funding pays, the price is against you. edgeX is 0.045% cheaper against QFEX than usual: you would sell low and buy high (spread +0.129% now, against its 7-day average of +0.174%). If the spread goes back, that is −$4 on $10k: about 4 hours of funding at the current rate (+$27 a day). At the pace of the last 4 days (+0.132% in total) that is about 29 hours. The two prices were read 57 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid 0.132% in total (about 13.4% 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	QFEX IONQ-USD	40.440	0	get 0.0000% / 1h	19m 43s	$1.1M	$504K	10x
Short	edgeX IONQUSDC	40.492	0.0899	get 0.0449% / 4h	3h 19m	$1K	$187K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX 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 edgeXbpOrdersPrice spread, now +0.129%Rate

Funding earned: $188.77
Price spread: +0.129% → +0.174%: −$4.48
Slippage, 4 orders: −$100.5
Fee QFEX: 5 bp × 2 orders: −$10
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: $64.8
Costs to cover: 1.195%
Break-even: 4.6 days

Slippage from QFEX: live order book, 1 min ago; edgeX: live order book, 32 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, 1 min ago	2.47 bp	17.5 bp −$18	32.7 bp −$327	doesn't fit	doesn't fit
Sell edgeX live order book, 32 min ago	7.37 bp	47.0 bp −$47	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
Binance IONQUSDT	0.0000%	8h	40.440	0.000%	$730K	$1.2M	20x	as long as short
Bybit IONQUSDT	0.0000%	8h	40.450	+0.025%	$677K	$248K	25x	as long as short
OKX IONQ-USDT-SWAP	0.0000%	8h	40.460	+0.049%	$133K	$269K	20x	as long as short
QFEX IONQ-USDlong	0.0000%	1h	40.440	long leg	$1.1M	$504K	10x
Gate IONQ_USDT	0.0000%	8h	40.490	+0.124%	$505K	$477K	20x	as long as short
Bitget IONQUSDT	0.0000%	8h	40.480	+0.099%	$1.5M	$380K	20x	as long as short
HTX IONQ-USDT	0.0000%	8h	40.550	+0.272%	$7K	$18K	10x	as long as short
Phemex IONQUSDT	0.0000%	8h	40.450	+0.025%	$696K	$99K	20x	as long as short
BloFin IONQ-USDT	+0.0019%	8h	40.540	+0.247%	$49K	$6K	20x	as long as short
KuCoin IONQUSDTM	+0.0100%	8h	40.560	+0.297%	$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:IONQ	+0.0325%	1h	40.437	−0.007%	$45K	$175K	10x	as long as short
edgeX IONQUSDCshort	+0.0899%	4h	40.492	+0.129%	$1K	$187K	10x