Funding arb · Price arb / RWA

NET

RWAAll NET markets →

LONGtradeXYZ▾edgeX −0.0282%Gate 0.0000%KuCoin 0.0000%HTX 0.0000%MEXC +0.0262%Binance +0.0262%Bybit +0.0931%OKX +0.1046%Phoenix +0.1441%BingX +0.1537%Bitget +0.1598%Paragon +0.1857%tradeXYZ +0.1986%

⇄⇅

SHORTQFEX▾Paragon +0.1857%Bitget +0.1598%BingX +0.1537%Phoenix +0.1441%OKX +0.1046%Bybit +0.0931%QFEX +0.0320%Binance +0.0262%MEXC +0.0262%Gate 0.0000%KuCoin 0.0000%HTX 0.0000%edgeX −0.0282%

Backtest 30d

☆

Leg	Exchange	Price	Fund. /8h	Each payment	Next in	OI	Vol 24h	Lev
LONG	tradeXYZxyz:NET	277.23	+0.1986	pay 0.0248% / 1h	15m 28s	$4.5M	$9.7M	10x	Long tradeXYZ
SHORT	QFEXNET-USD	276.81	+0.0320	get 0.0040% / 1h	15m 28s	$1.1M	$1.2M	10x	Short QFEX10% back

Price gap−0.151%

Funding gap−0.1666% /8h

Both sides work against this direction now: funding costs $50 a day on $10k and the gap is 0.176% under its 7d average. Swap the legs.

The current funding rate is far below what this pair has been paying: over the last 7 days it paid −0.076% in total, about −0.0036%/8h on average.

Price and funding

Entry / ExitPrice spreadPricesFundingLeg ratesP&L

1m5m15m1h

1h · history

24H3D7D14D30D90D

Entry / Exit?

Price spread?

Prices?

Funding?per 8h

ENTRY / EXIT · 7D

Entry now—

Entry average—

Best entry—

Exit now—

Exit average—

Best exit—

Exit free—

PRICE SPREAD · 7D

Now−0.151%

Average—

Range—

Wider than now—

FUNDING SPREAD · 7D

Average /8h—

Highest—

Lowest—

Paid you—

Where the spread has been, last 7D▾

share of time at each level

Funding on every exchange

/8h

24H3D7D14D30D90D

tradeXYZQFEX

NET on 14 exchanges

lowest funding first

Before you open

3 ok · 2 to watch

• !
  Watch: Thin at this size25.0 / 24.2 bp

  At $10k entering tradeXYZ costs 25.0 bp, fee and slippage, 1.0× QFEX’s.
• i
  Note: Margin at max leverage$1,000 + $1,000

  tradeXYZ 10x, QFEX 10x. Keep about 2× this so a sharp move doesn’t liquidate one leg.
• ✓
  OK: Same payment interval1h / 1h

  Both legs pay at the same time.

  Long tradeXYZ · 1h−$59.59

  Short QFEX · 1h+$9.60

  now+6h+12h+18h+24h

  Next 24h at the current rates, on $10k a leg: −$49.99Long tradeXYZ: 24 payments, −$59.59; short QFEX: 24 payments, +$9.60.
• !
  Watch: Gap narrower than usual−0.151% vs +0.025%

  Less room for the price leg to pay you. If it goes back to average, the short loses.
• i
  Note: Short leg is thinner$1.1M vs $4.5M OI

  Both legs are deep; QFEX is the smaller one.
• ✓
  OK: Points on a legtradeXYZ points

  Volume here counts toward the points program.
• ✓
  OK: No KYC on either legtradeXYZ No · QFEX No

  Both exchanges let you trade without ID.

Profit calculator

both legs, in and out

Position, each leg

$10k$100k$1M

Hold for

1 day7 days30 days

Orders

takermaker

Price spread

to 7d avgclosesnot counted

Funding rate

range avgcurrent

Funding earned−0.0036%/8h × 21 periods−$7.60

Price spread−0.151% → +0.025% (7d avg)−$17.62

Slippage, 4 orderslive order books−$82.73

Fee tradeXYZ bp × 2 orders−$1.80

Fee QFEX bp × 2 orders−$20.00

Net · 7 days · $10k−$129.75

Costs to cover1.045%Break-evennever at this rate

Slippage: tradeXYZ: live order book, 2 min ago; QFEX: live order book, 4 min ago

Cost to enter

taker + slippage from mid, one side

Leg½ spr$10k$100k$1M$5M

BUY · LONGtradeXYZ11.5425.0 bp−$2544.0 bp−$440doesn’t fitdoesn’t fit

SELL · SHORTQFEX3.9624.2 bp−$24doesn’t fitdoesn’t fitdoesn’t fit

Closing costs about the same again.

Alert

FundingSpread

Tell me when it goes above%/8hNot more often than everymin

Create alert

FundingPrice spread

I'm in

NET news

posts that mention NET or Cloudflare, from every exchange

Search all news →

11-02 12:06	Arcus	Other	another heavy week of earnings $AAPL and $PLTR kick it off after the close today, then $AMD Tuesday, $QCOM Wednesday and $NET Thursday. most of the big ones land after the bell fyi @arcus_xyz on X ↗
11-02 03:49	Backpack	Other	Earnings & macro to watch for Nov 2–6 ▸ Macro: US midterm elections, BoE decision, Oct jobs report ▸ Earnings: $AAPL $PLTR $AMD $SHOP $SMCI $ANET $UBER $APP $MCD $QCOM $ARM $CRCL $NET $IONQ $SOUN $ABNB $IREN $OKLO $XYZ $AFRM $DKNG Full market calendar → @Backpack on X ↗
10-27 09:00	KuCoin	Listing	new market NETUSDTM ($NET) seen by our collector
10-23 15:37	QFEX	Listing	new market NET-USD ($NET) seen by our collector
10-22 17:59	Paragon	Other	The 10-year Treasury yield traded below 5% today for the first time since Sept 23, as investors sought safety during the AI selloff. Security concerns lifted cyber names too. PHP2Shell, two critical PHP flaws that could let attackers run code on servers, drew urgent warnings from the NSA, FBI and cyber agencies worldwide. $NET and $CRWD are up 5.2% and 4.7% since Tuesday's close. @tradeparagon on X ↗
10-21 17:04	Paragon	Other	Node.js joins PHP in this week’s security headlines, with high-severity vulnerabilities across its 22.x, 24.x and 26.x releases. The bull case for cybersecurity is pressure on businesses to spend more on protection. CrowdStrike ($CRWD) and Cloudflare ($NET) sell that protection. Trade both 24/7 on Hyperliquid, with up to 10x leverage each. @tradeparagon on X ↗