Funding arb · Price arb /

SMCI

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0006%/8h= +0.6% APRpaid last 24h −0.034%

Price spread now: GRVT against Paragon+0.118%47s7-day average −0.031% · you sell dearer than you buy

Net, funding: paid 7d − costs−$156as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$1361.362% of the position

Long on Paragon Short on GRVT

What this pair did over the last

the charts below follow

Funding, last 7 days−0.202%−$20 on $10k

Price spread, last 4 days (all we have)−0.105%−$10 · spread now +0.118%, 7d avg −0.031%

Together, before fees−0.307%+ Points / potential airdropGRVT: Active · farm board−$31 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: GRVT is 0.149% dearer against Paragon than usual: you sell high and buy low, +$15 on $10k if it goes back to its 7-day average of −0.031%. The two prices were read 47 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	Paragon para:SMCI	40.962	0.0073	pay 0.0009% / 1h	40m 36s	$157K	$266K	10x
Short	GRVT SMCI_USDT_Perp	41.010	0.0079	get 0.0079% / 8h	1h 40m	$584	$169K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GRVT 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 GRVTbpOrdersPrice spread, now +0.118%Rate

Funding earned: $1.22
Price spread: +0.118% → −0.031%: $14.87
Slippage, 4 orders: −$117.25
Fee Paragon: 5 bp × 2 orders: −$10
Fee GRVT: 4.5 bp × 2 orders: −$9
Net: −$120.16
Costs to cover: 1.362%
Break-even: 696.4 days

Slippage from Paragon: live order book, 25 min ago; GRVT: live order book, 62 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, 25 min ago	28.73 bp	33.9 bp −$34	134.4 bp −$1,344	doesn't fit	doesn't fit
Sell GRVT live order book, 62 min ago	7.30 bp	11.8 bp −$12	92.9 bp −$929	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	−0.785%	$4K	$89	12x	as long as short
Bitget SMCIUSDT	−0.0133%	8h	41.014	+0.128%	$1.3M	$465K	20x	as long as short
Bybit SMCIUSDT	0.0000%	8h	40.970	+0.021%	$997K	$293K	25x	as long as short
OKX SMCI-USDT-SWAP	0.0000%	8h	40.980	+0.045%	$684K	$1.1M	20x	as long as short
Gate SMCI_USDT	0.0000%	8h	40.960	−0.004%	$1.5M	$1.4M	20x	as long as short
Variational Omni SMCI	0.0000%	8h	40.993	+0.076%	$116K	$127K	—	as long as short
Phemex SMCIUSDT	0.0000%	8h	40.980	+0.045%	$1.6M	$263K	10x	as long as short
Binance SMCIUSDT	+0.0031%	8h	40.990	+0.069%	$3.4M	$5.4M	20x	as long as short
Lighter RH SMCI	+0.0032%	1h	40.992	+0.074%	$32K	$5K	10x	as long as short
Extended SMCI-USD	+0.0032%	1h	40.981	+0.047%	$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	+0.045%	$134	$3K	10x	as long as short
BloFin SMCI-USDT	+0.0056%	8h	41.030	+0.167%	$80K	$9K	20x	as long as short
Paragon para:SMCIlong	+0.0073%	1h	40.962	long leg	$157K	$266K	10x
QFEX SMCI-USD	+0.0075%	1h	40.980	+0.045%	$1.1M	$1.8M	10x	as long as short
GRVT SMCI_USDT_Perpshort	+0.0079%	8h	41.010	+0.118%	$584	$169K	10x
KuCoin SMCIUSDTM	+0.0100%	8h	40.970	+0.021%	$459K	$485K	20x	as long as short
HTX SMCI-USDT	+0.0100%	8h	41.000	+0.094%	$8K	$285K	10x	as long as short