Funding arb · Price arb /

JPM

RWAall JPM markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0016%/8h= −1.7% APRpaid last 24h −0.004%

Price spread now: Bybit against QFEX+0.105%7-day average +0.067% · 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−$219as in the Price arb table

costs, in and out, $10k−$2232.229% of the position

Long on QFEX Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.008%−$1 on $10k

Price spread, last 7 days−0.036%−$4 · spread now +0.105%, 7d avg +0.067%

Together, before fees−0.044%−$4 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Bybit is 0.038% dearer against QFEX than usual: you sell high and buy low (spread +0.105% now, against its 7-day average of +0.067%): +$4 on $10k if it goes back. Holding the pair costs $0 a day in funding at the current rate, which eats that in about 8.0 days. At the pace of the last 4 days (−0.008% in total) that is about 17 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	QFEX JPM-USD	351.90	0.0016	pay 0.0002% / 1h	32m 52s	$1.1M	$2.9M	10x
Short	Bybit JPMUSDT	352.27	0	get 0.0000% / 8h	5h 32m	$153K	$1.1M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now +0.105%Rate

Funding earned: −$3.31
Price spread: +0.105% → +0.067%: $3.8
Slippage, 4 orders: −$201.88
Fee QFEX: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$222.39
Costs to cover: 2.229%
Break-even: never at this rate

Slippage from QFEX: live order book, 5 min ago; Bybit: live order book, 3 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, 5 min ago	51.58 bp	57.2 bp −$57	66.9 bp −$669	doesn't fit	doesn't fit
Sell Bybit live order book, 3 min ago	3.55 bp	55.7 bp −$56	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
edgeX JPMUSDC	−0.0389%	4h	351.90	+0.001%	$36K	$172K	10x	as long as short
Injective JPM/USDC PERP	−0.0220%	1h	348.44	−0.983%	$7K	$45K	12x	as long as short
Aster JPMUSDT	0.0000%	8h	351.99	+0.025%	$3K	$437	20x	as long as short
Binance JPMUSDT	0.0000%	8h	351.97	+0.019%	$927K	$487K	20x	as long as short
Bybit JPMUSDTshort	0.0000%	8h	352.27	+0.105%	$153K	$1.1M	25x
Gate JPM_USDT	0.0000%	8h	351.96	+0.017%	$731K	$249K	25x	as long as short
Bitget JPMUSDT	0.0000%	8h	351.82	−0.023%	$205K	$11K	20x	as long as short
Variational Omni JPM	0.0000%	8h	351.91	+0.002%	$119K	$7K	—	as long as short
GRVT JPM_USDT_Perp	0.0000%	8h	352.01	+0.032%	$5K	$84K	10x	as long as short
SunX JPM-USDT	0.0000%	8h	351.86	−0.011%	$1K	$870K	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	351.72	−0.051%	$7K	$38K	20x	as long as short
BloFin JPM-USDT	+0.0001%	8h	351.96	+0.017%	$90K	$26K	20x	as long as short
QFEX JPM-USDlong	+0.0016%	1h	351.90	long leg	$1.1M	$2.9M	10x
KuCoin JPMUSDTM	+0.0100%	8h	352.03	+0.037%	$155K	$848K	20x	as long as short