Funding arb · Price arb /

SMCI

RWAall SMCI markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0046%/8h= +5.0% APRpaid last 24h +0.015%

Price spread now: KuCoin against QFEX−0.049%56s7-day average −0.049% · 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−$6466.456% of the position

Long on QFEX Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.019%+$2 on $10k

Price spread, last 4 days (all we have)+0.049%+$5 · spread now −0.049%, 7d avg −0.049%

Together, before fees+0.068%+$7 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.049%, so right now this pair is about funding alone: +$1 a day on $10k at the current rate. The two prices were read 56 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	40.560	0.0054	pay 0.0007% / 1h	36m 47s	$1.1M	$1.8M	10x
Short	KuCoin SMCIUSDTM	40.540	0.0100	get 0.0100% / 8h	7h 36m	$456K	$535K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now −0.049%Rate

Funding earned: $9.64
Price spread: −0.049% → −0.049%: −$0.03
Slippage, 4 orders: −$623.61
Fee QFEX: 5 bp × 2 orders: −$10
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$636
Costs to cover: 6.456%
Break-even: 468.7 days

Slippage from QFEX: live order book, 5 min ago; KuCoin: live order book, 57 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, 5 min ago	2.46 bp	10.5 bp −$10	21.2 bp −$212	doesn't fit	doesn't fit
Sell KuCoin live order book, 57 min ago	12.23 bp	325.8 bp −$326	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	40.460	−0.247%	$4K	$86	12x	as long as short
Bitget SMCIUSDT	−0.0098%	8h	40.572	+0.030%	$1.3M	$486K	20x	as long as short
Extended SMCI-USD	0.0000%	1h	40.555	−0.012%	$568	—	10x	as long as short
Binance SMCIUSDT	0.0000%	8h	40.555	−0.012%	$3.3M	$5.2M	20x	as long as short
Bybit SMCIUSDT	0.0000%	8h	40.540	−0.049%	$988K	$292K	25x	as long as short
OKX SMCI-USDT-SWAP	0.0000%	8h	40.500	−0.148%	$668K	$1.1M	20x	as long as short
Gate SMCI_USDT	0.0000%	8h	40.550	−0.025%	$1.5M	$1.4M	20x	as long as short
Variational Omni SMCI	0.0000%	8h	40.658	+0.242%	$135K	$145K	—	as long as short
GRVT SMCI_USDT_Perp	0.0000%	8h	40.639	+0.196%	$510	$168K	10x	as long as short
Phemex SMCIUSDT	0.0000%	8h	40.600	+0.099%	$1.6M	$253K	10x	as long as short

Show all 17 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BloFin SMCI-USDT	+0.0023%	8h	40.630	+0.173%	$79K	$9K	20x	as long as short
Lighter RH SMCI	+0.0032%	1h	40.531	−0.071%	$40K	$13K	10x	as long as short
SoDEX SMCI-USD	+0.0050%	1h	40.570	+0.025%	$137	$3K	10x	as long as short
QFEX SMCI-USDlong	+0.0054%	1h	40.560	long leg	$1.1M	$1.8M	10x
KuCoin SMCIUSDTMshort	+0.0100%	8h	40.540	−0.049%	$456K	$535K	20x
HTX SMCI-USDT	+0.0100%	8h	40.570	+0.025%	$8K	$288K	10x	as long as short
Paragon para:SMCI	+0.0810%	1h	40.531	−0.071%	$156K	$241K	10x	as long as short