Funding arb · Price arb /

JPM

RWAall JPM markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC−0.0160%/8h= −17.5% APRpaid last 24h +0.002%

Price spread now: QFEX against Bybit−0.130%7-day average −0.059% · 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−$108as in the Price arb table

costs, in and out, $10k−$1001.005% of the position

Long on Bybit Short on QFEX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.007%+$1 on $10k

Price spread, last 7 days+0.112%+$11 · spread now −0.130%, 7d avg −0.059%

Together, before fees+0.118%+$12 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$5 a day on $10k at the current rate, and QFEX is 0.072% cheaper against Bybit than usual: you would sell low and buy high (−$7 if the spread goes back to its 7-day average of −0.059%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit JPMUSDT	352.57	0	get 0.0000% / 8h	5h 27m	$154K	$54K	25x
Short	QFEX JPM-USD	352.11	−0.0160	pay 0.0020% / 1h	27m 18s	$1.1M	$2.4M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

QFEX against Bybit. 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 BybitbpFee QFEXbpOrdersPrice spread, now −0.130%Rate

Funding earned: −$33.6
Price spread: −0.130% → −0.059%: −$7.17
Slippage, 4 orders: −$79.47
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee QFEX: 5 bp × 2 orders: −$10
Net: −$141.23
Costs to cover: 1.005%
Break-even: never at this rate

Slippage from Bybit: live order book, 1 min ago; QFEX: live order book, 8 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 Bybit live order book, 1 min ago	1.13 bp	33.8 bp −$34	doesn't fit	doesn't fit	doesn't fit
Sell QFEX live order book, 8 min ago	1.42 bp	7.4 bp −$7	doesn't fit	doesn't fit	doesn't fit

JPM on 14 exchanges

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
edgeX JPMUSDC	−0.0593%	4h	352.20	−0.105%	$36K	$171K	10x	as long as short
Gate JPM_USDT	−0.0477%	8h	352.37	−0.057%	$727K	$145K	25x	as long as short
QFEX JPM-USDshort	−0.0160%	1h	352.11	−0.130%	$1.1M	$2.4M	10x
BloFin JPM-USDT	−0.0012%	8h	352.33	−0.068%	$91K	$28K	20x	as long as short
Aster JPMUSDT	0.0000%	8h	352.20	−0.104%	$3K	$388	20x	as long as short
Binance JPMUSDT	0.0000%	8h	352.24	−0.094%	$934K	$475K	20x	as long as short
Bybit JPMUSDTlong	0.0000%	8h	352.57	long leg	$154K	$54K	25x
Bitget JPMUSDT	0.0000%	8h	352.08	−0.139%	$205K	$11K	20x	as long as short
Variational Omni JPM	0.0000%	8h	352.20	−0.104%	$120K	$6K	—	as long as short
GRVT JPM_USDT_Perp	0.0000%	8h	352.33	−0.068%	$5K	$78K	10x	as long as short

Show all 14 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX JPM-USDT	0.0000%	8h	352.08	−0.139%	$1K	$752K	10x	as long as short
HTX JPM-USDT	0.0000%	8h	352.05	−0.147%	$7K	$39K	20x	as long as short
Injective JPM/USDC PERP	+0.0033%	1h	345.91	−1.889%	$7K	$34K	12x	as long as short
KuCoin JPMUSDTM	+0.0100%	8h	352.31	−0.074%	$155K	$1.1M	20x	as long as short