Funding arb · Price arb /

SMCI

RWAall SMCI markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h 0.000%

Price spread now: Phemex against OKX+0.098%7-day average +0.007% · you sell dearer than you buy

Net, funding: paid 7d − costs−$143as in the Funding arb table

Net, price: spread back to 7d avg − costs−$134as in the Price arb table

costs, in and out, $10k−$1431.427% of the position

Long on OKX Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days0.000%$0 on $10k

Price spread, last 4 days (all we have)−0.076%−$8 · spread now +0.098%, 7d avg +0.007%

Together, before fees−0.076%−$8 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Phemex is 0.091% dearer against OKX than usual: you sell high and buy low, +$9 on $10k if it goes back to its 7-day average of +0.007%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX SMCI-USDT-SWAP	40.890	0	get 0.0000% / 8h	49m 03s	$677K	$1.1M	20x
Short	Phemex SMCIUSDT	40.930	0	get 0.0000% / 8h	49m 03s	$1.6M	$260K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against OKX. 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 OKXbpFee PhemexbpOrdersPrice spread, now +0.098%Rate

Funding earned: $0
Price spread: +0.098% → +0.007%: $9.08
Slippage, 4 orders: −$120.69
Fee OKX: 5 bp × 2 orders: −$10
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$133.61
Costs to cover: 1.427%
Break-even: never at this rate

Slippage from OKX: live order book, 2 min ago; Phemex: live order book, 4 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 OKX live order book, 2 min ago	3.67 bp	20.9 bp −$21	3991.7 bp −$39.9K	doesn't fit	doesn't fit
Sell Phemex live order book, 4 min ago	3.67 bp	45.2 bp −$45	doesn't fit	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	40.570	−0.783%	$4K	$88	12x	as long as short
Bitget SMCIUSDT	−0.0170%	8h	40.930	+0.098%	$1.3M	$506K	20x	as long as short
BloFin SMCI-USDT	−0.0014%	8h	40.940	+0.122%	$80K	$9K	20x	as long as short
Extended SMCI-USD	0.0000%	1h	40.929	+0.095%	$573	—	10x	as long as short
Binance SMCIUSDT	0.0000%	8h	40.940	+0.122%	$3.4M	$5.3M	20x	as long as short
Bybit SMCIUSDT	0.0000%	8h	40.900	+0.024%	$996K	$293K	25x	as long as short
OKX SMCI-USDT-SWAPlong	0.0000%	8h	40.890	long leg	$677K	$1.1M	20x
Gate SMCI_USDT	0.0000%	8h	40.900	+0.024%	$1.5M	$1.4M	20x	as long as short
Variational Omni SMCI	0.0000%	8h	40.902	+0.029%	$116K	$125K	—	as long as short
Phemex SMCIUSDTshort	0.0000%	8h	40.930	+0.098%	$1.6M	$260K	10x

Show all 17 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter RH SMCI	+0.0032%	1h	40.913	+0.056%	$40K	$13K	10x	as long as short
SoDEX SMCI-USD	+0.0050%	1h	40.930	+0.098%	$130	$3K	10x	as long as short
GRVT SMCI_USDT_Perp	+0.0063%	8h	40.908	+0.043%	$535	$169K	10x	as long as short
QFEX SMCI-USD	+0.0067%	1h	40.930	+0.098%	$1.1M	$1.8M	10x	as long as short
KuCoin SMCIUSDTM	+0.0100%	8h	40.870	−0.049%	$459K	$505K	20x	as long as short
HTX SMCI-USDT	+0.0100%	8h	40.980	+0.220%	$8K	$286K	10x	as long as short
Paragon para:SMCI	+0.0374%	1h	40.906	+0.040%	$157K	$266K	10x	as long as short