Funding arb · Price arb /

SMCI

RWAall SMCI markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0060%/8h= −6.6% APRpaid last 24h −0.093%

Price spread now: OKX against Paragon+0.003%7-day average −0.026% · you sell dearer than you buy

Net, funding: paid 7d − costs−$148as in the Funding arb table

Net, price: spread back to 7d avg − costs−$117as in the Price arb table

costs, in and out, $10k−$1201.196% of the position

Long on Paragon Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.284%−$28 on $10k

Price spread, last 4 days (all we have)+0.088%+$9 · spread now +0.003%, 7d avg −0.026%

Together, before fees−0.196%−$20 on $10k · with fees, hour by hour

The price spread pays, funding is against you. OKX is 0.030% dearer against Paragon than usual: you sell high and buy low (spread +0.003% now, against its 7-day average of −0.026%): +$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 40 hours. At the pace of the last 7 days (−0.284% in total) that is about 18 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Paragon para:SMCI	40.909	0.0060	pay 0.0008% / 1h	24m 11s	$157K	$266K	10x
Short	OKX SMCI-USDT-SWAP	40.910	0	get 0.0000% / 8h	2h 24m	$679K	$1.1M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now +0.003%Rate

Funding earned: −$12.6
Price spread: +0.003% → −0.026%: $2.97
Slippage, 4 orders: −$99.56
Fee Paragon: 5 bp × 2 orders: −$10
Fee OKX: 5 bp × 2 orders: −$10
Net: −$129.18
Costs to cover: 1.196%
Break-even: never at this rate

Slippage from Paragon: live order book, 51 min ago; OKX: live order book, 2 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, 51 min ago	28.75 bp	33.9 bp −$34	133.6 bp −$1,336	doesn't fit	doesn't fit
Sell OKX live order book, 2 min ago	4.89 bp	33.3 bp −$33	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	40.600	−0.754%	$4K	$91	12x	as long as short
Bitget SMCIUSDT	−0.0150%	8h	40.929	+0.050%	$1.3M	$501K	20x	as long as short
Bybit SMCIUSDT	0.0000%	8h	40.920	+0.028%	$996K	$307K	25x	as long as short
OKX SMCI-USDT-SWAPshort	0.0000%	8h	40.910	+0.003%	$679K	$1.1M	20x
Gate SMCI_USDT	0.0000%	8h	40.920	+0.028%	$1.5M	$1.6M	20x	as long as short
Variational Omni SMCI	0.0000%	8h	40.883	−0.062%	$116K	$130K	—	as long as short
Phemex SMCIUSDT	0.0000%	8h	40.950	+0.101%	$1.6M	$259K	10x	as long as short
Lighter RH SMCI	+0.0032%	1h	40.919	+0.025%	$32K	$5K	10x	as long as short
Extended SMCI-USD	+0.0048%	1h	40.936	+0.066%	$573	$9K	10x	as long as short
Binance SMCIUSDT	+0.0050%	8h	40.950	+0.102%	$3.4M	$5.3M	20x	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	40.920	+0.028%	$150	$3K	10x	as long as short
QFEX SMCI-USD	+0.0056%	1h	40.900	−0.021%	$1.1M	$1.8M	10x	as long as short
BloFin SMCI-USDT	+0.0060%	8h	40.940	+0.077%	$79K	$9K	20x	as long as short
Paragon para:SMCIlong	+0.0060%	1h	40.909	long leg	$157K	$266K	10x
GRVT SMCI_USDT_Perp	+0.0073%	8h	40.990	+0.199%	$427	$166K	10x	as long as short
KuCoin SMCIUSDTM	+0.0100%	8h	40.910	+0.003%	$457K	$465K	20x	as long as short
HTX SMCI-USDT	+0.0100%	8h	40.950	+0.101%	$8K	$285K	10x	as long as short