Funding arb · Price arb /

SMCI

RWAall SMCI markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0054%/8h= −5.9% APRpaid last 24h −0.015%

Price spread now: Bybit against QFEX−0.198%53s7-day average −0.006% · you buy dearer than you sell

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

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$930.928% of the position

Long on QFEX Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.034%−$3 on $10k

Price spread, last 7 days+0.166%+$17 · spread now −0.198%, 7d avg −0.006%

Together, before fees+0.133%+$13 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Bybit is 0.191% cheaper against QFEX than usual: you would sell low and buy high (−$19 if the spread goes back to its 7-day average of −0.006%). Swap the legs. 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	QFEX SMCI-USD	40.440	0.0054	pay 0.0007% / 1h	32m 45s	$1.1M	$1.8M	10x
Short	Bybit SMCIUSDT	40.360	0	get 0.0000% / 8h	7h 32m	$983K	$299K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against QFEX. 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 QFEXbpFee BybitbpOrdersPrice spread, now −0.198%Rate

Funding earned: −$11.36
Price spread: −0.198% → −0.006%: −$19.15
Slippage, 4 orders: −$71.85
Fee QFEX: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$123.35
Costs to cover: 0.928%
Break-even: never at this rate

Slippage from QFEX: live order book, 4 min ago; Bybit: live order book, 8 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 QFEX live order book, 4 min ago	2.47 bp	12.4 bp −$12	21.3 bp −$213	doesn't fit	doesn't fit
Sell Bybit live order book, 8 min ago	3.69 bp	39.7 bp −$40	195.8 bp −$1,958	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	40.460	+0.049%	$4K	$86	12x	as long as short
Bitget SMCIUSDT	−0.0089%	8h	40.377	−0.156%	$1.3M	$486K	20x	as long as short
BloFin SMCI-USDT	−0.0020%	8h	40.430	−0.025%	$79K	$9K	20x	as long as short
Extended SMCI-USD	0.0000%	1h	40.393	−0.115%	$566	—	10x	as long as short
Binance SMCIUSDT	0.0000%	8h	40.393	−0.115%	$3.3M	$5.2M	20x	as long as short
Bybit SMCIUSDTshort	0.0000%	8h	40.360	−0.198%	$983K	$299K	25x
OKX SMCI-USDT-SWAP	0.0000%	8h	40.380	−0.148%	$667K	$1.1M	20x	as long as short
Gate SMCI_USDT	0.0000%	8h	40.380	−0.148%	$1.5M	$1.4M	20x	as long as short
Variational Omni SMCI	0.0000%	8h	40.493	+0.132%	$134K	$145K	—	as long as short
GRVT SMCI_USDT_Perp	0.0000%	8h	40.470	+0.074%	$507	$168K	10x	as long as short

Show all 17 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex SMCIUSDT	0.0000%	8h	40.410	−0.074%	$1.6M	$255K	10x	as long as short
Lighter RH SMCI	+0.0032%	1h	40.393	−0.116%	$39K	$13K	10x	as long as short
SoDEX SMCI-USD	+0.0050%	1h	40.410	−0.074%	$136	$3K	10x	as long as short
QFEX SMCI-USDlong	+0.0054%	1h	40.440	long leg	$1.1M	$1.8M	10x
KuCoin SMCIUSDTM	+0.0100%	8h	40.420	−0.049%	$455K	$539K	20x	as long as short
HTX SMCI-USDT	+0.0100%	8h	40.410	−0.074%	$8K	$288K	10x	as long as short
Paragon para:SMCI	+0.0732%	1h	40.397	−0.106%	$155K	$241K	10x	as long as short