Funding arb · Price arb /

SMCI

RWAall SMCI markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h 0.000%

Price spread now: Bybit against Phemex−0.072%53s7-day average +0.003% · you buy dearer than you sell

Net, funding: paid 7d − costs−$266as 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−$2632.634% of the position

Long on Phemex Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.025%−$3 on $10k

Price spread, last 3 days (all we have)+0.030%+$3 · spread now −0.072%, 7d avg +0.003%

Together, before fees+0.004%$0 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: Bybit is 0.075% cheaper against Phemex than usual: you would sell low and buy high, −$7 on $10k if it goes back to its 7-day average of +0.003%. The two prices were read 53 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	Phemex SMCIUSDT	41.530	0	get 0.0000% / 8h	6h 42m	$1.6M	$247K	10x
Short	Bybit SMCIUSDT	41.500	0	get 0.0000% / 8h	6h 42m	$1.0M	$648K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Phemex. 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 PhemexbpFee BybitbpOrdersPrice spread, now −0.072%Rate

Funding earned: $0
Price spread: −0.072% → +0.003%: −$7.49
Slippage, 4 orders: −$240.36
Fee Phemex: 6 bp × 2 orders: −$12
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$270.85
Costs to cover: 2.634%
Break-even: never at this rate

Slippage from Phemex: live order book, 1 min ago; Bybit: live order book, 3 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 Phemex live order book, 1 min ago	1.20 bp	46.3 bp −$46	doesn't fit	doesn't fit	doesn't fit
Sell Bybit live order book, 3 min ago	4.82 bp	79.9 bp −$80	201.0 bp −$2,010	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	−0.915%	$4K	$94	12x	as long as short
Bybit SMCIUSDTshort	0.0000%	8h	41.500	−0.072%	$1.0M	$648K	25x
OKX SMCI-USDT-SWAP	0.0000%	8h	41.520	−0.024%	$690K	$1.1M	20x	as long as short
Gate SMCI_USDT	0.0000%	8h	41.500	−0.072%	$1.6M	$1.6M	20x	as long as short
Bitget SMCIUSDT	0.0000%	8h	41.521	−0.022%	$1.3M	$506K	20x	as long as short
Phemex SMCIUSDTlong	0.0000%	8h	41.530	long leg	$1.6M	$247K	10x
Lighter RH SMCI	+0.0032%	1h	41.510	−0.048%	$32K	$5K	10x	as long as short
QFEX SMCI-USD	+0.0043%	1h	41.510	−0.048%	$1.1M	$2.2M	10x	as long as short
SoDEX SMCI-USD	+0.0050%	1h	41.520	−0.024%	$135	$3K	10x	as long as short
Variational Omni SMCI	+0.0084%	8h	41.534	+0.009%	$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	41.500	−0.072%	$462K	$509K	20x	as long as short
HTX SMCI-USDT	+0.0100%	8h	41.540	+0.024%	$8K	$285K	10x	as long as short
GRVT SMCI_USDT_Perp	+0.0166%	8h	41.530	0.000%	$78	$153K	10x	as long as short
Extended SMCI-USD	+0.0224%	1h	41.510	−0.048%	$583	$10K	10x	as long as short
Binance SMCIUSDT	+0.0224%	8h	41.530	0.000%	$3.4M	$5.1M	20x	as long as short
BloFin SMCI-USDT	+0.0230%	8h	41.590	+0.144%	$80K	$9K	20x	as long as short
Paragon para:SMCI	+0.1110%	1h	41.606	+0.182%	$160K	$265K	10x	as long as short