Funding arb · Price arb /

NVDA

RWAall NVDA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0064%/8h= +7.0% APRpaid last 24h +0.015%

Price spread now: QFEX against Phemex−0.141%7-day average −0.032% · 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−$109as in the Price arb table

costs, in and out, $10k−$980.979% of the position

Long on Phemex Short on QFEX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.024%+$2 on $10k

Price spread, last 4 days (all we have)+0.143%+$14 · spread now −0.141%, 7d avg −0.032%

Together, before fees+0.167%+$17 on $10k · with fees, hour by hour

Funding pays, the price is against you. QFEX is 0.109% cheaper against Phemex than usual: you would sell low and buy high (spread −0.141% now, against its 7-day average of −0.032%). If the spread goes back, that is −$11 on $10k: about 5.6 days of funding at the current rate (+$2 a day). At the pace of the last 4 days (+0.024% in total) that is about 17 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex NVDAUSDT	226.63	0	get 0.0000% / 4h	20m 32s	$2.2M	$42K	10x
Short	QFEX NVDA-USD	226.31	0.0064	get 0.0008% / 1h	20m 32s	$1.3M	$9.1M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

QFEX against Phemex. 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 PhemexbpFee QFEXbpOrdersPrice spread, now −0.141%Rate

Funding earned: $13.49
Price spread: −0.141% → −0.032%: −$10.88
Slippage, 4 orders: −$75.95
Fee Phemex: 6 bp × 2 orders: −$12
Fee QFEX: 5 bp × 2 orders: −$10
Net: −$95.33
Costs to cover: 0.979%
Break-even: 56.5 days

Slippage from Phemex: live order book, 3 min ago; QFEX: live order book, 8 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 Phemex live order book, 3 min ago	0.66 bp	39.9 bp −$40	doesn't fit	doesn't fit	doesn't fit
Sell QFEX live order book, 8 min ago	1.11 bp	6.1 bp −$6	6.1 bp −$61	10.8 bp −$1,080	doesn't fit

NVDA on 35 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
Bybit NVDAUSDT	0.0000%	8h	226.31	−0.141%	$12.4M	$14.3M	100x	as long as short
OKX NVDA-USDT-SWAP	0.0000%	8h	226.30	−0.146%	$14.1M	$20.4M	50x	as long as short
Gate NVDA_USDT	0.0000%	8h	226.26	−0.163%	$7.2M	$10.0M	100x	as long as short
Bitget NVDAUSDT	0.0000%	8h	226.40	−0.101%	$15.9M	$16.7M	100x	as long as short
SunX NVDA-USDT	0.0000%	8h	225.96	−0.296%	$3K	$3.6M	20x	as long as short
HTX NVDA-USDT	0.0000%	8h	226.40	−0.101%	$198K	$443K	30x	as long as short
Phemex NVDAUSDTlong	0.0000%	4h	226.63	long leg	$2.2M	$42K	10x
Aftermath Perps NVDAUSD	+0.0017%	1h	226.03	−0.265%	$117K	$50K	10x	as long as short
GRVT NVDA_USDT_Perp	+0.0031%	8h	226.23	−0.176%	$22K	$423K	10x	as long as short
Arcus NVDA-USD	+0.0040%	1h	226.20	−0.190%	$392K	$740K	20x	as long as short

Show all 35 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Vest NVDA-USD-PERP	+0.0046%	1h	226.38	−0.110%	—	$74K	25x	as long as short
Aster NVDAUSDT	+0.0048%	8h	226.35	−0.121%	$482K	$530K	20x	as long as short
SoDEX NVDA-USD	+0.0050%	1h	226.20	−0.190%	$59K	$19K	10x	as long as short
Ondo Perps NVDA-USD.P	+0.0050%	1h	226.08	−0.243%	$1.6M	$1.9M	15x	as long as short
QFEX NVDA-USDshort	+0.0064%	1h	226.31	−0.141%	$1.3M	$9.1M	10x
Hotstuff NVDA-PERP	+0.0072%	1h	226.14	−0.216%	$35K	—	20x	as long as short
Variational Omni NVDA	+0.0073%	8h	226.31	−0.143%	$3.5M	$2.2M	—	as long as short
tradeXYZ xyz:NVDA	+0.0081%	1h	226.17	−0.203%	$146.9M	$43.2M	20x	as long as short
Polymarket Perps NVDA-USD	+0.0082%	1h	226.30	−0.146%	$391K	$247K	10x	as long as short
Pacifica NVDA	+0.0100%	1h	226.17	−0.203%	$297K	$49K	10x	as long as short
KuCoin NVDAUSDTM	+0.0100%	8h	226.29	−0.150%	$1.6M	$783K	20x	as long as short
ApeX Omni NVDAUSDT	+0.0100%	1h	226.03	−0.265%	$16K	$44K	50x	as long as short
Orderly PERP_NVDA_USDC	+0.0100%	8h	226.30	−0.146%	$36K	$21K	20x	as long as short
Aevo NVDA-PERP	+0.0112%	1h	226.33	−0.132%	—	—	10x	as long as short
Coinbase International NVDA-PERP-INTX	+0.0120%	1h	226.09	−0.238%	$1.3M	$697K	10x	as long as short
Binance NVDAUSDT	+0.0133%	8h	226.34	−0.130%	$155.3M	$219.8M	50x	as long as short
Lighter NVDA	+0.0152%	1h	226.29	−0.152%	$2.1M	$3.3M	20x	as long as short
Nado NVDA-PERP	+0.0167%	1h	226.16	−0.207%	$480K	$223K	20x	as long as short
Phoenix NVDA	+0.0177%	1h	226.13	−0.221%	$93K	$83K	20x	as long as short
Deribit NVDA_USDC-PERPETUAL	+0.0192%	1h	226.22	−0.181%	$53K	$1.9M	10x	as long as short
edgeX NVDAUSDC	+0.0215%	4h	226.19	−0.195%	$170K	$1.9M	20x	as long as short
Injective NVDA/USDC PERP	+0.0220%	1h	226.78	+0.066%	$73K	$139	30x	as long as short
Lighter RH NVDA	+0.0224%	1h	226.44	−0.084%	$5.1M	$6.9M	20x	as long as short
BloFin NVDA-USDT	+0.0252%	8h	226.34	−0.128%	$713K	$195K	20x	as long as short
Extended NVDA_24_5-USD	+0.0320%	1h	226.07	−0.247%	$644K	$875K	10x	as long as short