Funding arb · Price arb /

RDW

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0169%/8h= +18.5% APRpaid last 24h +0.059%

Price spread now: Bybit against QFEX+0.052%7-day average +0.333% · 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−$300as in the Price arb table

costs, in and out, $10k−$2722.719% of the position

Long on QFEX Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.059%+$6 on $10k

Price spread, last 7 days−0.256%−$26 · spread now +0.052%, 7d avg +0.333%

Together, before fees−0.198%−$20 on $10k · with fees, hour by hour

Funding pays, the price is against you. Bybit is 0.282% cheaper against QFEX than usual: you would sell low and buy high (spread +0.052% now, against its 7-day average of +0.333%). If the spread goes back, that is −$28 on $10k: about 5.6 days of funding at the current rate (+$5 a day). At the pace of the last 3 days (+0.059% in total) that is about 16 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	QFEX RDW-USD	11.610	0	get 0.0000% / 1h	20m 29s	$1.1M	$145K	10x
Short	Bybit RDWUSDT	11.616	0.0169	get 0.0169% / 8h	2h 20m	$457K	$940K	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 +0.052%Rate

Funding earned: $35.46
Price spread: +0.052% → +0.333%: −$28.16
Slippage, 4 orders: −$250.88
Fee QFEX: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$264.57
Costs to cover: 2.719%
Break-even: 59.2 days

Slippage from QFEX: live order book, 5 min ago; Bybit: live order book, 64 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	8.61 bp	39.1 bp −$39	42.6 bp −$426	doesn't fit	doesn't fit
Sell Bybit live order book, 64 min ago	5.16 bp	89.1 bp −$89	203.8 bp −$2,038	doesn't fit	doesn't fit

RDW on 8 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
QFEX RDW-USDlong	0.0000%	1h	11.610	long leg	$1.1M	$145K	10x
Gate RDW_USDT	0.0000%	8h	11.628	+0.155%	$138K	$23K	20x	as long as short
Bitget RDWUSDT	0.0000%	8h	11.604	−0.052%	$423K	$74K	20x	as long as short
OKX RDW-USDT-SWAP	+0.0006%	8h	11.624	+0.121%	$151K	$211K	10x	as long as short
KuCoin RDWUSDTM	+0.0100%	8h	11.610	0.000%	$291K	$776K	20x	as long as short
SunX RDW-USDT	+0.0100%	8h	11.604	−0.052%	—	$2.6M	10x	as long as short
HTX RDW-USDT	+0.0100%	8h	11.721	+0.956%	$17K	$40K	10x	as long as short
Bybit RDWUSDTshort	+0.0169%	8h	11.616	+0.052%	$457K	$940K	25x