Funding arb · Price arb /

SMCI

RWAall SMCI markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.1038%/8h= −113.6% APRpaid last 24h −0.082%

Price spread now: Phemex against Paragon−0.034%7-day average −0.032% · you buy dearer than you sell

Net, funding: paid 7d − costs−$194as in the Funding arb table

Net, price: spread back to 7d avg − costs−$167as in the Price arb table

costs, in and out, $10k−$1671.673% of the position

Long on Paragon Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.269%−$27 on $10k

Price spread, last 3 days (all we have)+0.038%+$4 · spread now −0.034%, 7d avg −0.032%

Together, before fees−0.231%−$23 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.032%, so right now this pair is about funding alone: −$31 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.269% in total (about -14.0% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Paragon para:SMCI	41.564	0.1038	pay 0.0130% / 1h	38m 16s	$160K	$265K	10x
Short	Phemex SMCIUSDT	41.550	0	get 0.0000% / 8h	6h 38m	$1.6M	$247K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now −0.034%Rate

Funding earned: −$217.92
Price spread: −0.034% → −0.032%: −$0.21
Slippage, 4 orders: −$145.26
Fee Paragon: 5 bp × 2 orders: −$10
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$385.39
Costs to cover: 1.673%
Break-even: never at this rate

Slippage from Paragon: live order book, 7 min ago; Phemex: live order book, 5 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, 7 min ago	28.97 bp	34.0 bp −$34	129.6 bp −$1,296	doesn't fit	doesn't fit
Sell Phemex live order book, 5 min ago	1.20 bp	53.0 bp −$53	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	41.150	−0.996%	$4K	$94	12x	as long as short
Bybit SMCIUSDT	0.0000%	8h	41.500	−0.154%	$1.0M	$648K	25x	as long as short
OKX SMCI-USDT-SWAP	0.0000%	8h	41.550	−0.034%	$688K	$1.1M	20x	as long as short
Gate SMCI_USDT	0.0000%	8h	41.510	−0.130%	$1.6M	$1.6M	20x	as long as short
Bitget SMCIUSDT	0.0000%	8h	41.547	−0.041%	$1.3M	$506K	20x	as long as short
Phemex SMCIUSDTshort	0.0000%	8h	41.550	−0.034%	$1.6M	$247K	10x
Lighter RH SMCI	+0.0032%	1h	41.524	−0.096%	$32K	$5K	10x	as long as short
QFEX SMCI-USD	+0.0043%	1h	41.520	−0.106%	$1.1M	$2.2M	10x	as long as short
SoDEX SMCI-USD	+0.0050%	1h	41.520	−0.106%	$135	$3K	10x	as long as short
Variational Omni SMCI	+0.0077%	8h	41.604	+0.095%	$97K	$109K	—	as long as short

Show all 17 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin SMCIUSDTM	+0.0100%	8h	41.490	−0.178%	$462K	$508K	20x	as long as short
HTX SMCI-USDT	+0.0100%	8h	41.590	+0.062%	$8K	$285K	10x	as long as short
GRVT SMCI_USDT_Perp	+0.0146%	8h	41.590	+0.062%	$862	$154K	10x	as long as short
Extended SMCI-USD	+0.0216%	1h	41.527	−0.090%	$583	$10K	10x	as long as short
Binance SMCIUSDT	+0.0220%	8h	41.547	−0.040%	$3.4M	$5.2M	20x	as long as short
BloFin SMCI-USDT	+0.0230%	8h	41.590	+0.062%	$80K	$9K	20x	as long as short
Paragon para:SMCIlong	+0.1038%	1h	41.564	long leg	$160K	$265K	10x