Funding arb · Price arb /

SMCI

RWAall SMCI markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0119%/8h= −13.1% APRpaid last 24h −0.036%

Price spread now: QFEX against GRVT−0.104%57s7-day average −0.027% · 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—prices read too far apart to compare

costs, in and out, $10k−$1501.496% of the position

Long on GRVT Short on QFEX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.054%−$5 on $10k

Price spread, last 4 days (all we have)+0.184%+$18 · spread now −0.104%, 7d avg −0.027%

Together, before fees+0.130%+ Points / potential airdropGRVT: Active · farm board+$13 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$4 a day on $10k at the current rate, and QFEX is 0.077% cheaper against GRVT than usual: you would sell low and buy high (−$8 if the spread goes back to its 7-day average of −0.027%). Swap the legs. The two prices were read 57 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GRVT SMCI_USDT_Perp	41.583	0.0140	pay 0.0140% / 8h	4h 16m	$307	$160K	10x
Short	QFEX SMCI-USD	41.540	0.0021	get 0.0003% / 1h	16m 09s	$1.1M	$1.9M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

QFEX against GRVT. 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 GRVTbpFee QFEXbpOrdersPrice spread, now −0.104%Rate

Funding earned: −$25.03
Price spread: −0.104% → −0.027%: −$7.68
Slippage, 4 orders: −$130.6
Fee GRVT: 4.5 bp × 2 orders: −$9
Fee QFEX: 5 bp × 2 orders: −$10
Net: −$182.32
Costs to cover: 1.496%
Break-even: never at this rate

Slippage from GRVT: live order book, 37 min ago; QFEX: 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 GRVT live order book, 37 min ago	4.81 bp	35.7 bp −$36	93.1 bp −$931	doesn't fit	doesn't fit
Sell QFEX live order book, 6 min ago	27.65 bp	32.7 bp −$33	39.5 bp −$395	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	41.190	−0.946%	$4K	$93	12x	as long as short
Bybit SMCIUSDT	0.0000%	8h	41.530	−0.128%	$1.0M	$647K	25x	as long as short
OKX SMCI-USDT-SWAP	0.0000%	8h	41.590	+0.016%	$690K	$1.1M	20x	as long as short
Gate SMCI_USDT	0.0000%	8h	41.540	−0.104%	$1.6M	$1.6M	20x	as long as short
Bitget SMCIUSDT	0.0000%	8h	41.542	−0.099%	$1.3M	$503K	20x	as long as short
Phemex SMCIUSDT	0.0000%	8h	41.550	−0.080%	$1.6M	$250K	10x	as long as short
QFEX SMCI-USDshort	+0.0021%	1h	41.540	−0.104%	$1.1M	$1.9M	10x
Lighter RH SMCI	+0.0032%	1h	41.546	−0.090%	$32K	$5K	10x	as long as short
Variational Omni SMCI	+0.0038%	8h	41.553	−0.073%	$98K	$110K	—	as long as short
SoDEX SMCI-USD	+0.0050%	1h	41.540	−0.104%	$149	$3K	10x	as long as short

Show all 17 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin SMCIUSDTM	+0.0100%	8h	41.530	−0.128%	$463K	$481K	20x	as long as short
HTX SMCI-USDT	+0.0100%	8h	41.560	−0.056%	$8K	$285K	10x	as long as short
GRVT SMCI_USDT_Perplong	+0.0140%	8h	41.583	long leg	$307	$160K	10x
BloFin SMCI-USDT	+0.0145%	8h	41.560	−0.056%	$80K	$9K	20x	as long as short
Binance SMCIUSDT	+0.0157%	8h	41.550	−0.080%	$3.4M	$5.2M	20x	as long as short
Extended SMCI-USD	+0.0160%	1h	41.539	−0.107%	$582	$10K	10x	as long as short
Paragon para:SMCI	+0.1282%	1h	41.520	−0.152%	$159K	$265K	10x	as long as short