Funding arb · Price arb /

LLY

RWAall LLY markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0011%/8h= −1.2% APRpaid last 24h −0.002%

Price spread now: Bybit against QFEX−0.027%7-day average +0.045% · 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−$119as in the Price arb table

costs, in and out, $10k−$1121.116% 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)−0.001%$0 on $10k

Price spread, last 7 days+0.059%+$6 · spread now −0.027%, 7d avg +0.045%

Together, before fees+0.058%+$6 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs $0 a day on $10k at the current rate, and Bybit is 0.072% cheaper against QFEX than usual: you would sell low and buy high (−$7 if the spread goes back to its 7-day average of +0.045%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	QFEX LLY-USD	1,165.6	0.0011	pay 0.0001% / 1h	13m 21s	$1.2M	$3.7M	10x
Short	Bybit LLYUSDT	1,165.3	0	get 0.0000% / 8h	2h 13m	$1.3M	$401K	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 −0.027%Rate

Funding earned: −$2.3
Price spread: −0.027% → +0.045%: −$7.22
Slippage, 4 orders: −$90.56
Fee QFEX: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$121.09
Costs to cover: 1.116%
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	27.11 bp	32.9 bp −$33	39.0 bp −$390	doesn't fit	doesn't fit
Sell Bybit live order book, 3 min ago	6.99 bp	24.7 bp −$25	doesn't fit	doesn't fit	doesn't fit

LLY on 19 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
Aster LLYUSDT	0.0000%	8h	1,165.4	−0.018%	$24K	$3K	20x	as long as short
Binance LLYUSDT	0.0000%	8h	1,165.7	+0.012%	$2.0M	$3.2M	20x	as long as short
Bybit LLYUSDTshort	0.0000%	8h	1,165.3	−0.027%	$1.3M	$401K	25x
OKX LLY-USDT-SWAP	0.0000%	8h	1,165.5	−0.009%	$790K	$568K	20x	as long as short
Gate LLY_USDT	0.0000%	8h	1,165.5	−0.006%	$1.3M	$833K	25x	as long as short
Bitget LLYUSDT	0.0000%	8h	1,165.8	+0.021%	$2.3M	$169K	20x	as long as short
Variational Omni LLY	0.0000%	8h	1,165.5	−0.008%	$192K	$18K	—	as long as short
GRVT LLY_USDT_Perp	0.0000%	8h	1,165.4	−0.020%	$268	$180K	10x	as long as short
SunX LLY-USDT	0.0000%	8h	1,165.6	0.000%	$2K	$5.8M	10x	as long as short
HTX LLY-USDT	0.0000%	8h	1,164.4	−0.100%	$6K	$41K	20x	as long as short

Show all 19 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
QFEX LLY-USDlong	+0.0011%	1h	1,165.6	long leg	$1.2M	$3.7M	10x
Aftermath Perps LLYUSD	+0.0017%	1h	1,165.5	−0.007%	$47K	$40K	5x	as long as short
BloFin LLY-USDT	+0.0026%	8h	1,165.4	−0.015%	$84K	$86K	20x	as long as short
Vest LLY-USD-PERP	+0.0046%	1h	1,164.7	−0.077%	—	—	25x	as long as short
tradeXYZ xyz:LLY	+0.0050%	1h	1,165.6	0.000%	$8.7M	$1.2M	10x	as long as short
KuCoin LLYUSDTM	+0.0100%	8h	1,165.1	−0.043%	$139K	$72K	20x	as long as short
Nado LLY-PERP	+0.0214%	1h	1,164.7	−0.076%	$39K	$251	10x	as long as short
Injective LLY/USDC PERP	+0.0220%	1h	1,178	+1.064%	$7K	$24K	12x	as long as short
Phoenix LLY	+0.0274%	1h	1,166.1	+0.043%	$1K	$7K	10x	as long as short