Funding arb · Price arb /

NOW

RWAall NOW markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0233%/8h= −25.6% APRpaid last 24h 0.000%

Price spread now: QFEX against Bybit−0.144%7-day average −0.106% · 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−$193as in the Price arb table

costs, in and out, $10k−$1891.892% 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)0.000%$0 on $10k

Price spread, last 7 days+0.075%+$7 · spread now −0.144%, 7d avg −0.106%

Together, before fees+0.075%+$7 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$7 a day on $10k at the current rate, and QFEX is 0.038% cheaper against Bybit than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of −0.106%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid -0.000% in total (about -0.0% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit NOWUSDT	138.99	0.0233	pay 0.0233% / 8h	1h 57m	$1.6M	$1.5M	25x
Short	QFEX NOW-USD	138.79	0	get 0.0000% / 1h	57m 13s	$1.1M	$1.5M	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 −0.144%Rate

Funding earned: −$49.02
Price spread: −0.144% → −0.106%: −$3.84
Slippage, 4 orders: −$168.18
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee QFEX: 5 bp × 2 orders: −$10
Net: −$242.03
Costs to cover: 1.892%
Break-even: never at this rate

Slippage from Bybit: live order book, 4 min ago; QFEX: live order book, 4 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, 4 min ago	1.80 bp	76.2 bp −$76	167.6 bp −$1,676	doesn't fit	doesn't fit
Sell QFEX live order book, 4 min ago	2.16 bp	15.2 bp −$15	23.9 bp −$239	doesn't fit	doesn't fit

NOW on 16 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
OKX NOW-USDT-SWAP	0.0000%	8h	138.84	−0.108%	$496K	$232K	20x	as long as short
QFEX NOW-USDshort	0.0000%	1h	138.79	−0.144%	$1.1M	$1.5M	10x
Gate NOW_USDT	0.0000%	8h	138.89	−0.072%	$253K	$345K	20x	as long as short
Bitget NOWUSDT	0.0000%	8h	138.82	−0.122%	$769K	$254K	20x	as long as short
SunX NOW-USDT	0.0000%	8h	138.92	−0.050%	$947	$348K	10x	as long as short
HTX NOW-USDT	0.0000%	8h	138.78	−0.151%	$5K	$36K	20x	as long as short
Lighter NOW	+0.0032%	1h	138.81	−0.130%	$5K	$171	5x	as long as short
Injective NOW/USDC PERP	+0.0033%	1h	139.80	+0.583%	$3K	$101	12x	as long as short
Vest NOW-USD-PERP	+0.0046%	1h	138.84	−0.108%	—	—	25x	as long as short
Aster NOWUSDT	+0.0060%	8h	139.03	+0.030%	$41K	$995	20x	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin NOWUSDTM	+0.0100%	8h	138.63	−0.259%	$319K	$631K	20x	as long as short
tradeXYZ xyz:NOW	+0.0198%	1h	138.79	−0.144%	$2.1M	$228K	10x	as long as short
BloFin NOW-USDT	+0.0206%	8h	138.95	−0.029%	$46K	$18K	20x	as long as short
Binance NOWUSDT	+0.0209%	8h	138.89	−0.072%	$1.8M	$1.4M	20x	as long as short
Bybit NOWUSDTlong	+0.0233%	8h	138.99	long leg	$1.6M	$1.5M	25x
GRVT NOW_USDT_Perp	+0.0310%	8h	138.89	−0.071%	$581	$144K	10x	as long as short