Funding arb · Price arb /

JPM

RWAall JPM markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0019%/8h= +2.1% APRpaid last 24h +0.004%

Price spread now: QFEX against Binance−0.046%53s7-day average +0.064% · you buy dearer than you sell

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−$3383.380% of the position

Long on Binance Short on QFEX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.025%−$3 on $10k

Price spread, last 2 days (all we have)+0.072%+$7 · spread now −0.046%, 7d avg +0.064%

Together, before fees+0.046%+$5 on $10k · with fees, hour by hour

Funding pays, the price is against you. QFEX is 0.109% cheaper against Binance than usual: you would sell low and buy high (spread −0.046% now, against its 7-day average of +0.064%). If the spread goes back, that is −$11 on $10k: about 19 days of funding at the current rate (+$1 a day). The two prices were read 53 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	Binance JPMUSDT	351.60	0	get 0.0000% / 8h	7h 38m	$933K	$501K	20x
Short	QFEX JPM-USD	351.44	0.0019	get 0.0002% / 1h	38m 43s	$1.1M	$2.4M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

QFEX against Binance. 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 BinancebpFee QFEXbpOrdersPrice spread, now −0.046%Rate

Funding earned: $4.05
Price spread: −0.046% → +0.064%: −$10.94
Slippage, 4 orders: −$317.98
Fee Binance: 5 bp × 2 orders: −$10
Fee QFEX: 5 bp × 2 orders: −$10
Net: −$344.87
Costs to cover: 3.380%
Break-even: 603.3 days

Slippage from Binance: live order book, 24 min ago; QFEX: live order book, 4 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 Binance live order book, 24 min ago	0.85 bp	7.8 bp −$8	46.4 bp −$464	doesn't fit	doesn't fit
Sell QFEX live order book, 4 min ago	152.18 bp	158.5 bp −$159	doesn't fit	doesn't fit	doesn't fit

JPM on 14 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
Gate JPM_USDT	−0.1120%	8h	351.77	+0.048%	$724K	$195K	25x	as long as short
Injective JPM/USDC PERP	−0.0220%	1h	348.04	−1.013%	$7K	$34K	12x	as long as short
GRVT JPM_USDT_Perp	−0.0216%	8h	351.76	+0.046%	$6K	$79K	10x	as long as short
BloFin JPM-USDT	−0.0003%	8h	351.76	+0.046%	$90K	$27K	20x	as long as short
Aster JPMUSDT	0.0000%	8h	352.46	+0.245%	$3K	$388	20x	as long as short
Binance JPMUSDTlong	0.0000%	8h	351.60	long leg	$933K	$501K	20x
Bybit JPMUSDT	0.0000%	8h	351.76	+0.046%	$153K	$1.1M	25x	as long as short
Bitget JPMUSDT	0.0000%	8h	351.88	+0.080%	$205K	$11K	20x	as long as short
Variational Omni JPM	0.0000%	8h	351.58	−0.005%	$119K	$7K	—	as long as short
SunX JPM-USDT	0.0000%	8h	351.51	−0.026%	$787	$807K	10x	as long as short

Show all 14 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX JPM-USDT	0.0000%	8h	351.42	−0.051%	$7K	$39K	20x	as long as short
QFEX JPM-USDshort	+0.0019%	1h	351.44	−0.046%	$1.1M	$2.4M	10x
KuCoin JPMUSDTM	+0.0100%	8h	351.78	+0.051%	$155K	$960K	20x	as long as short
edgeX JPMUSDC	+0.0406%	4h	351.60	0.000%	$36K	$171K	10x	as long as short