Funding arb · Price arb /

SMCI

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0841%/8h= +92.1% APRpaid last 24h +0.072%

Price spread now: Paragon against Gate−0.047%7-day average +0.058% · you buy dearer than you sell

Net, funding: paid 7d − costs−$139as in the Funding arb table

Net, price: spread back to 7d avg − costs−$177as in the Price arb table

costs, in and out, $10k−$1661.660% of the position

Long on Gate Short on Paragon

What this pair did over the last

the charts below follow

Funding, last 7 days+0.271%+$27 on $10k

Price spread, last 4 days (all we have)+0.123%+$12 · spread now −0.047%, 7d avg +0.058%

Together, before fees+0.394%+$39 on $10k · with fees, hour by hour

Funding pays, the price is against you. Paragon is 0.105% cheaper against Gate than usual: you would sell low and buy high (spread −0.047% now, against its 7-day average of +0.058%). If the spread goes back, that is −$10 on $10k: about 10 hours of funding at the current rate (+$25 a day). At the pace of the last 7 days (+0.271% in total) that is about 2.7 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.271% in total (about 14.1% 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	Gate SMCI_USDT	40.650	0	get 0.0000% / 8h	7h 43m	$1.5M	$1.4M	20x
Short	Paragon para:SMCI	40.631	0.0841	get 0.0105% / 1h	43m 08s	$156K	$241K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Paragon against Gate. 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 GatebpFee ParagonbpOrdersPrice spread, now −0.047%Rate

Funding earned: $176.7
Price spread: −0.047% → +0.058%: −$10.48
Slippage, 4 orders: −$141.02
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Paragon: 5 bp × 2 orders: −$10
Net: $0.19
Costs to cover: 1.660%
Break-even: 7.0 days

Slippage from Gate: live order book, 4 min ago; Paragon: live order book, 2 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 Gate live order book, 4 min ago	13.53 bp	29.3 bp −$29	doesn't fit	doesn't fit	doesn't fit
Sell Paragon live order book, 2 min ago	29.03 bp	34.0 bp −$34	329.0 bp −$3,290	doesn't fit	doesn't fit

SMCI on 17 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
Injective SMCI/USDC PERP	−0.0220%	1h	40.460	−0.467%	$4K	$86	12x	as long as short
Bitget SMCIUSDT	−0.0110%	8h	40.647	−0.007%	$1.3M	$487K	20x	as long as short
Extended SMCI-USD	0.0000%	1h	40.650	−0.001%	$571	—	10x	as long as short
Binance SMCIUSDT	0.0000%	8h	40.660	+0.025%	$3.4M	$5.2M	20x	as long as short
Bybit SMCIUSDT	0.0000%	8h	40.640	−0.025%	$990K	$291K	25x	as long as short
OKX SMCI-USDT-SWAP	0.0000%	8h	40.640	−0.025%	$670K	$1.1M	20x	as long as short
Gate SMCI_USDTlong	0.0000%	8h	40.650	long leg	$1.5M	$1.4M	20x
Variational Omni SMCI	0.0000%	8h	40.668	+0.045%	$135K	$145K	—	as long as short
GRVT SMCI_USDT_Perp	0.0000%	8h	40.687	+0.090%	$209	$168K	10x	as long as short
Phemex SMCIUSDT	0.0000%	8h	40.660	+0.025%	$1.6M	$253K	10x	as long as short

Show all 17 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BloFin SMCI-USDT	+0.0014%	8h	40.700	+0.123%	$79K	$9K	20x	as long as short
Lighter RH SMCI	+0.0032%	1h	40.634	−0.039%	$40K	$13K	10x	as long as short
SoDEX SMCI-USD	+0.0050%	1h	40.650	0.000%	$137	$3K	10x	as long as short
QFEX SMCI-USD	+0.0054%	1h	40.700	+0.123%	$1.1M	$1.8M	10x	as long as short
KuCoin SMCIUSDTM	+0.0100%	8h	40.630	−0.049%	$457K	$533K	20x	as long as short
HTX SMCI-USDT	+0.0100%	8h	40.710	+0.148%	$8K	$288K	10x	as long as short
Paragon para:SMCIshort	+0.0841%	1h	40.631	−0.047%	$156K	$241K	10x