Funding arb · Price arb /

SMCI

RWAall SMCI markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0067%/8h= +7.3% APRpaid last 24h +0.015%

Price spread now: QFEX against Phemex+0.024%7-day average −0.009% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

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

costs, in and out, $10k−$1201.198% of the position

Long on Phemex Short on QFEX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.024%+$2 on $10k

Price spread, last 4 days (all we have)−0.020%−$2 · spread now +0.024%, 7d avg −0.009%

Together, before fees+0.003%$0 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and QFEX is 0.033% dearer against Phemex than usual: you sell high and buy low: +$3 more if the spread goes back to its 7-day average of −0.009%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex SMCIUSDT	40.920	0	get 0.0000% / 8h	49m 32s	$1.6M	$259K	10x
Short	QFEX SMCI-USD	40.930	0.0067	get 0.0008% / 1h	49m 32s	$1.1M	$1.8M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

QFEX 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 QFEXbpOrdersPrice spread, now +0.024%Rate

Funding earned: $14.08
Price spread: +0.024% → −0.009%: $3.3
Slippage, 4 orders: −$97.81
Fee Phemex: 6 bp × 2 orders: −$12
Fee QFEX: 5 bp × 2 orders: −$10
Net: −$102.44
Costs to cover: 1.198%
Break-even: 57.9 days

Slippage from Phemex: live order book, 4 min ago; QFEX: 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 Phemex live order book, 4 min ago	3.67 bp	54.9 bp −$55	doesn't fit	doesn't fit	doesn't fit
Sell QFEX live order book, 2 min ago	3.67 bp	11.1 bp −$11	16.8 bp −$168	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	40.570	−0.855%	$4K	$88	12x	as long as short
Bitget SMCIUSDT	−0.0170%	8h	40.925	+0.012%	$1.3M	$506K	20x	as long as short
BloFin SMCI-USDT	−0.0024%	8h	40.950	+0.073%	$80K	$9K	20x	as long as short
Extended SMCI-USD	0.0000%	1h	40.929	+0.022%	$573	—	10x	as long as short
Binance SMCIUSDT	0.0000%	8h	40.940	+0.049%	$3.4M	$5.3M	20x	as long as short
Bybit SMCIUSDT	0.0000%	8h	40.900	−0.049%	$996K	$293K	25x	as long as short
OKX SMCI-USDT-SWAP	0.0000%	8h	40.890	−0.073%	$677K	$1.1M	20x	as long as short
Gate SMCI_USDT	0.0000%	8h	40.890	−0.073%	$1.5M	$1.4M	20x	as long as short
Variational Omni SMCI	0.0000%	8h	40.902	−0.044%	$116K	$125K	—	as long as short
Phemex SMCIUSDTlong	0.0000%	8h	40.920	long leg	$1.6M	$259K	10x

Show all 17 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter RH SMCI	+0.0032%	1h	40.887	−0.081%	$40K	$13K	10x	as long as short
SoDEX SMCI-USD	+0.0050%	1h	40.910	−0.024%	$130	$3K	10x	as long as short
GRVT SMCI_USDT_Perp	+0.0063%	8h	40.908	−0.031%	$535	$169K	10x	as long as short
QFEX SMCI-USDshort	+0.0067%	1h	40.930	+0.024%	$1.1M	$1.8M	10x
KuCoin SMCIUSDTM	+0.0100%	8h	40.870	−0.122%	$459K	$504K	20x	as long as short
HTX SMCI-USDT	+0.0100%	8h	40.950	+0.073%	$8K	$286K	10x	as long as short
Paragon para:SMCI	+0.0374%	1h	40.906	−0.033%	$157K	$266K	10x	as long as short