Funding arb · Price arb /

SMCI

RWAall SMCI markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0060%/8h= −6.6% APRpaid last 24h −0.047%

Price spread now: Bybit against Paragon0.000%7-day average −0.027% · you sell dearer than you buy

Net, funding: paid 7d − costs−$263as in the Funding arb table

Net, price: spread back to 7d avg − costs−$231as in the Price arb table

costs, in and out, $10k−$2332.332% of the position

Long on Paragon Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.295%−$29 on $10k

Price spread, last 4 days (all we have)+0.023%+$2 · spread now 0.000%, 7d avg −0.027%

Together, before fees−0.272%−$27 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Bybit is 0.027% dearer against Paragon than usual: you sell high and buy low (spread 0.000% now, against its 7-day average of −0.027%): +$3 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 35 hours. At the pace of the last 7 days (−0.295% in total) that is about 15 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Paragon para:SMCI	41.350	0.0060	pay 0.0008% / 1h	4m 01s	$159K	$265K	10x
Short	Bybit SMCIUSDT	41.350	0	get 0.0000% / 8h	1h 04m	$1.0M	$656K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Paragon. 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 ParagonbpFee BybitbpOrdersPrice spread, now 0.000%Rate

Funding earned: −$12.6
Price spread: 0.000% → −0.027%: $2.65
Slippage, 4 orders: −$212.17
Fee Paragon: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$243.12
Costs to cover: 2.332%
Break-even: never at this rate

Slippage from Paragon: live order book, 1 min ago; Bybit: 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 Paragon live order book, 1 min ago	28.89 bp	33.9 bp −$34	75.8 bp −$758	doesn't fit	doesn't fit
Sell Bybit live order book, 6 min ago	6.05 bp	74.8 bp −$75	201.9 bp −$2,019	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	41.000	−0.846%	$4K	$99	12x	as long as short
Bybit SMCIUSDTshort	0.0000%	8h	41.350	0.000%	$1.0M	$656K	25x
OKX SMCI-USDT-SWAP	0.0000%	8h	41.420	+0.169%	$689K	$1.2M	20x	as long as short
Gate SMCI_USDT	0.0000%	8h	41.360	+0.024%	$1.6M	$1.9M	20x	as long as short
Bitget SMCIUSDT	0.0000%	8h	41.382	+0.077%	$1.3M	$530K	20x	as long as short
Variational Omni SMCI	0.0000%	8h	41.404	+0.132%	$67K	$81K	—	as long as short
Phemex SMCIUSDT	0.0000%	8h	41.400	+0.121%	$1.6M	$266K	10x	as long as short
Lighter RH SMCI	+0.0032%	1h	41.395	+0.109%	$32K	$7K	10x	as long as short
QFEX SMCI-USD	+0.0049%	1h	41.410	+0.145%	$1.1M	$2.3M	10x	as long as short
Paragon para:SMCIlong	+0.0060%	1h	41.350	long leg	$159K	$265K	10x

Show all 17 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin SMCIUSDTM	+0.0100%	8h	41.330	−0.048%	$460K	$545K	20x	as long as short
HTX SMCI-USDT	+0.0100%	8h	41.370	+0.048%	$8K	$284K	10x	as long as short
SoDEX SMCI-USD	+0.0110%	1h	41.380	+0.073%	$129	$3K	10x	as long as short
Extended SMCI-USD	+0.0144%	1h	41.409	+0.142%	$578	$10K	10x	as long as short
Binance SMCIUSDT	+0.0145%	8h	41.417	+0.161%	$3.4M	$5.5M	20x	as long as short
BloFin SMCI-USDT	+0.0162%	8h	41.370	+0.048%	$79K	$9K	20x	as long as short
GRVT SMCI_USDT_Perp	+0.0264%	8h	41.400	+0.121%	$348	$158K	10x	as long as short