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: OKX against Phemex+0.120%7-day average −0.007% · you sell dearer than you buy

Net, funding: paid 7d − costs−$130as in the Funding arb table

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

costs, in and out, $10k−$1301.296% of the position

Long on Phemex Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days0.000%$0 on $10k

Price spread, last 4 days (all we have)−0.095%−$9 · spread now +0.120%, 7d avg −0.007%

Together, before fees−0.095%−$9 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: OKX is 0.127% dearer against Phemex than usual: you sell high and buy low, +$13 on $10k if it goes back to its 7-day average of −0.007%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex SMCIUSDT	41.540	0	get 0.0000% / 8h	4h 12m	$1.6M	$250K	10x
Short	OKX SMCI-USDT-SWAP	41.590	0	get 0.0000% / 8h	4h 12m	$690K	$1.1M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now +0.120%Rate

Funding earned: $0
Price spread: +0.120% → −0.007%: $12.72
Slippage, 4 orders: −$107.61
Fee Phemex: 6 bp × 2 orders: −$12
Fee OKX: 5 bp × 2 orders: −$10
Net: −$116.89
Costs to cover: 1.296%
Break-even: never at this rate

Slippage from Phemex: live order book, 5 min ago; OKX: live order book, 4 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, 5 min ago	3.61 bp	53.6 bp −$54	doesn't fit	doesn't fit	doesn't fit
Sell OKX live order book, 4 min ago	6.01 bp	18.7 bp −$19	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	41.190	−0.843%	$4K	$93	12x	as long as short
Bybit SMCIUSDT	0.0000%	8h	41.520	−0.048%	$1.0M	$647K	25x	as long as short
OKX SMCI-USDT-SWAPshort	0.0000%	8h	41.590	+0.120%	$690K	$1.1M	20x
Gate SMCI_USDT	0.0000%	8h	41.530	−0.024%	$1.6M	$1.6M	20x	as long as short
Bitget SMCIUSDT	0.0000%	8h	41.541	+0.002%	$1.3M	$503K	20x	as long as short
Phemex SMCIUSDTlong	0.0000%	8h	41.540	long leg	$1.6M	$250K	10x
QFEX SMCI-USD	+0.0021%	1h	41.510	−0.072%	$1.1M	$1.9M	10x	as long as short
Lighter RH SMCI	+0.0032%	1h	41.516	−0.058%	$32K	$5K	10x	as long as short
Variational Omni SMCI	+0.0038%	8h	41.553	+0.031%	$98K	$110K	—	as long as short
SoDEX SMCI-USD	+0.0050%	1h	41.520	−0.048%	$148	$3K	10x	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	−0.096%	$463K	$481K	20x	as long as short
HTX SMCI-USDT	+0.0100%	8h	41.520	−0.048%	$8K	$285K	10x	as long as short
GRVT SMCI_USDT_Perp	+0.0120%	8h	41.558	+0.043%	$307	$160K	10x	as long as short
BloFin SMCI-USDT	+0.0134%	8h	41.550	+0.024%	$79K	$9K	20x	as long as short
Binance SMCIUSDT	+0.0150%	8h	41.531	−0.021%	$3.4M	$5.2M	20x	as long as short
Extended SMCI-USD	+0.0152%	1h	41.521	−0.045%	$582	$10K	10x	as long as short
Paragon para:SMCI	+0.1199%	1h	41.491	−0.118%	$159K	$265K	10x	as long as short