Funding arb · Price arb /

JPM

RWAall JPM markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0095%/8h= +10.4% APRpaid last 24h +0.026%

Price spread now: KuCoin against QFEX−0.065%7-day average +0.008% · 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−$736as in the Price arb table

costs, in and out, $10k−$7297.289% of the position

Long on QFEX Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.102%+$10 on $10k

Price spread, last 4 days (all we have)+0.091%+$9 · spread now −0.065%, 7d avg +0.008%

Together, before fees+0.193%+$19 on $10k · with fees, hour by hour

Funding pays, the price is against you. KuCoin is 0.073% cheaper against QFEX than usual: you would sell low and buy high (spread −0.065% now, against its 7-day average of +0.008%). If the spread goes back, that is −$7 on $10k: about 2.6 days of funding at the current rate (+$3 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	QFEX JPM-USD	352.44	0.0005	pay 0.0001% / 1h	22m 44s	$1.1M	$2.5M	10x
Short	KuCoin JPMUSDTM	352.21	0.0100	get 0.0100% / 8h	1h 22m	$155K	$958K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now −0.065%Rate

Funding earned: $19.87
Price spread: −0.065% → +0.008%: −$7.34
Slippage, 4 orders: −$706.95
Fee QFEX: 5 bp × 2 orders: −$10
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$716.41
Costs to cover: 7.289%
Break-even: 259.3 days

Slippage from QFEX: live order book, 10 min ago; KuCoin: live order book, 57 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, 10 min ago	1.70 bp	7.1 bp −$7	14.5 bp −$145	doesn't fit	doesn't fit
Sell KuCoin live order book, 57 min ago	26.26 bp	162.2 bp −$162	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	−0.0646%	4h	352.48	+0.012%	$36K	$171K	10x	as long as short
Injective JPM/USDC PERP	−0.0220%	1h	347.62	−1.368%	$7K	$45K	12x	as long as short
BloFin JPM-USDT	−0.0012%	8h	352.42	−0.006%	$90K	$27K	20x	as long as short
Aster JPMUSDT	0.0000%	8h	352.47	+0.010%	$3K	$388	20x	as long as short
Binance JPMUSDT	0.0000%	8h	352.54	+0.028%	$941K	$489K	20x	as long as short
Bybit JPMUSDT	0.0000%	8h	352.52	+0.023%	$154K	$1.1M	25x	as long as short
Gate JPM_USDT	0.0000%	8h	352.52	+0.023%	$727K	$204K	25x	as long as short
Bitget JPMUSDT	0.0000%	8h	352.23	−0.060%	$205K	$11K	20x	as long as short
Variational Omni JPM	0.0000%	8h	352.48	+0.012%	$120K	$7K	—	as long as short
GRVT JPM_USDT_Perp	0.0000%	8h	352.55	+0.031%	$5K	$82K	10x	as long as short

Show all 14 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX JPM-USDT	0.0000%	8h	352.59	+0.043%	$1K	$809K	10x	as long as short
HTX JPM-USDT	0.0000%	8h	352.29	−0.043%	$7K	$39K	20x	as long as short
QFEX JPM-USDlong	+0.0005%	1h	352.44	long leg	$1.1M	$2.5M	10x
KuCoin JPMUSDTMshort	+0.0100%	8h	352.21	−0.065%	$155K	$958K	20x