Funding arb · Price arb /

SMCI

RWAall SMCI markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0075%/8h= +8.2% APRpaid last 24h +0.015%

Price spread now: QFEX against OKX0.000%54s7-day average −0.046% · 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—prices read too far apart to compare

costs, in and out, $10k−$1011.012% of the position

Long on OKX Short on QFEX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.023%+$2 on $10k

Price spread, last 7 days−0.041%−$4 · spread now 0.000%, 7d avg −0.046%

Together, before fees−0.018%−$2 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and QFEX is 0.046% dearer against OKX than usual: you sell high and buy low: +$5 more if the spread goes back to its 7-day average of −0.046%. The two prices were read 54 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	OKX SMCI-USDT-SWAP	40.980	0	get 0.0000% / 8h	1h 40m	$684K	$1.1M	20x
Short	QFEX SMCI-USD	40.980	0.0075	get 0.0009% / 1h	40m 45s	$1.1M	$1.8M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

QFEX 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 QFEXbpOrdersPrice spread, now 0.000%Rate

Funding earned: $15.79
Price spread: 0.000% → −0.046%: $4.62
Slippage, 4 orders: −$81.19
Fee OKX: 5 bp × 2 orders: −$10
Fee QFEX: 5 bp × 2 orders: −$10
Net: −$80.78
Costs to cover: 1.012%
Break-even: 42.8 days

Slippage from OKX: live order book, 1 min ago; QFEX: live order book, 1 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, 1 min ago	1.22 bp	42.5 bp −$43	4469.4 bp −$44.7K	doesn't fit	doesn't fit
Sell QFEX live order book, 1 min ago	3.66 bp	11.1 bp −$11	17.8 bp −$178	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	40.640	−0.830%	$4K	$89	12x	as long as short
Bitget SMCIUSDT	−0.0132%	8h	41.014	+0.083%	$1.3M	$466K	20x	as long as short
Bybit SMCIUSDT	0.0000%	8h	40.970	−0.024%	$997K	$293K	25x	as long as short
OKX SMCI-USDT-SWAPlong	0.0000%	8h	40.980	long leg	$684K	$1.1M	20x
Gate SMCI_USDT	0.0000%	8h	40.980	0.000%	$1.5M	$1.4M	20x	as long as short
Variational Omni SMCI	0.0000%	8h	40.993	+0.031%	$116K	$127K	—	as long as short
Phemex SMCIUSDT	0.0000%	8h	40.980	0.000%	$1.6M	$263K	10x	as long as short
Binance SMCIUSDT	+0.0031%	8h	40.990	+0.024%	$3.4M	$5.4M	20x	as long as short
Lighter RH SMCI	+0.0032%	1h	40.992	+0.029%	$32K	$5K	10x	as long as short
Extended SMCI-USD	+0.0032%	1h	40.981	+0.002%	$576	—	10x	as long as short

Show all 17 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SoDEX SMCI-USD	+0.0050%	1h	40.980	0.000%	$134	$3K	10x	as long as short
BloFin SMCI-USDT	+0.0056%	8h	41.030	+0.122%	$80K	$9K	20x	as long as short
Paragon para:SMCI	+0.0073%	1h	40.962	−0.045%	$157K	$266K	10x	as long as short
QFEX SMCI-USDshort	+0.0075%	1h	40.980	0.000%	$1.1M	$1.8M	10x
GRVT SMCI_USDT_Perp	+0.0079%	8h	41.010	+0.073%	$584	$169K	10x	as long as short
KuCoin SMCIUSDTM	+0.0100%	8h	40.960	−0.049%	$459K	$486K	20x	as long as short
HTX SMCI-USDT	+0.0100%	8h	41.000	+0.049%	$8K	$285K	10x	as long as short