Funding arb · Price arb /

NOW

RWAall NOW markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0204%/8h= +22.4% APRpaid last 24h 0.000%

Price spread now: Bybit against QFEX+0.123%53s7-day average +0.105% · 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—prices read too far apart to compare

costs, in and out, $10k−$1091.092% 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)0.000%$0 on $10k

Price spread, last 7 days−0.045%−$4 · spread now +0.123%, 7d avg +0.105%

Together, before fees−0.045%−$4 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.105%, so right now this pair is about funding alone: +$6 a day on $10k at the current rate. The two prices were read 53 seconds apart, so part of this spread may be the market moving, not a spread.

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	QFEX NOW-USD	137.87	0	get 0.0000% / 1h	51m 40s	$1.1M	$1.5M	10x
Short	Bybit NOWUSDT	138.04	0.0204	get 0.0204% / 8h	3h 51m	$1.6M	$3.3M	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 +0.123%Rate

Funding earned: $42.9
Price spread: +0.123% → +0.105%: $1.79
Slippage, 4 orders: −$88.23
Fee QFEX: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$64.54
Costs to cover: 1.092%
Break-even: 17.5 days

Slippage from QFEX: live order book, 5 min ago; Bybit: live order book, 6 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	2.18 bp	8.3 bp −$8	16.1 bp −$161	doesn't fit	doesn't fit
Sell Bybit live order book, 6 min ago	2.17 bp	56.6 bp −$57	160.0 bp −$1,600	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
Aster NOWUSDT	0.0000%	8h	138.45	+0.418%	$41K	$995	20x	as long as short
OKX NOW-USDT-SWAP	0.0000%	8h	137.92	+0.036%	$491K	$226K	20x	as long as short
QFEX NOW-USDlong	0.0000%	1h	137.87	long leg	$1.1M	$1.5M	10x
Gate NOW_USDT	0.0000%	8h	138.09	+0.160%	$249K	$348K	20x	as long as short
Bitget NOWUSDT	0.0000%	8h	137.98	+0.080%	$781K	$235K	20x	as long as short
SunX NOW-USDT	0.0000%	8h	138.10	+0.167%	$833	$381K	10x	as long as short
HTX NOW-USDT	0.0000%	8h	137.90	+0.022%	$5K	$33K	20x	as long as short
Lighter NOW	+0.0032%	1h	137.99	+0.087%	$5K	$184	5x	as long as short
Injective NOW/USDC PERP	+0.0033%	1h	139.80	+1.400%	$3K	$101	12x	as long as short
Vest NOW-USD-PERP	+0.0046%	1h	137.88	+0.007%	—	—	25x	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	137.82	−0.036%	$316K	$635K	20x	as long as short
Binance NOWUSDT	+0.0196%	8h	138.12	+0.180%	$1.8M	$1.4M	20x	as long as short
Bybit NOWUSDTshort	+0.0204%	8h	138.04	+0.123%	$1.6M	$3.3M	25x
BloFin NOW-USDT	+0.0220%	8h	138.16	+0.210%	$46K	$17K	20x	as long as short
GRVT NOW_USDT_Perp	+0.0392%	8h	138.04	+0.123%	$366	$147K	10x	as long as short
tradeXYZ xyz:NOW	+0.0426%	1h	137.93	+0.044%	$2.1M	$226K	10x	as long as short