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: Phemex against QFEX−0.024%7-day average +0.009% · 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−$123as in the Price arb table

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

Long on QFEX Short on Phemex

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 against this trade now: funding costs −$2 a day on $10k at the current rate, and Phemex is 0.033% cheaper against QFEX than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of +0.009%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	QFEX SMCI-USD	40.930	0.0067	pay 0.0008% / 1h	49m 31s	$1.1M	$1.8M	10x
Short	Phemex SMCIUSDT	40.920	0	get 0.0000% / 8h	49m 31s	$1.6M	$259K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now −0.024%Rate

Funding earned: −$14.08
Price spread: −0.024% → +0.009%: −$3.3
Slippage, 4 orders: −$97.81
Fee QFEX: 5 bp × 2 orders: −$10
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$137.19
Costs to cover: 1.198%
Break-even: never at this rate

Slippage from QFEX: live order book, 2 min ago; Phemex: 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 QFEX live order book, 2 min ago	3.67 bp	8.7 bp −$9	15.3 bp −$153	doesn't fit	doesn't fit
Sell Phemex live order book, 4 min ago	3.67 bp	45.2 bp −$45	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	40.570	−0.880%	$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	+0.049%	$80K	$9K	20x	as long as short
Extended SMCI-USD	0.0000%	1h	40.929	−0.003%	$573	—	10x	as long as short
Binance SMCIUSDT	0.0000%	8h	40.940	+0.024%	$3.4M	$5.3M	20x	as long as short
Bybit SMCIUSDT	0.0000%	8h	40.900	−0.073%	$996K	$293K	25x	as long as short
OKX SMCI-USDT-SWAP	0.0000%	8h	40.890	−0.098%	$677K	$1.1M	20x	as long as short
Gate SMCI_USDT	0.0000%	8h	40.890	−0.098%	$1.5M	$1.4M	20x	as long as short
Variational Omni SMCI	0.0000%	8h	40.902	−0.068%	$116K	$125K	—	as long as short
Phemex SMCIUSDTshort	0.0000%	8h	40.920	−0.024%	$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	−0.105%	$40K	$13K	10x	as long as short
SoDEX SMCI-USD	+0.0050%	1h	40.910	−0.049%	$130	$3K	10x	as long as short
GRVT SMCI_USDT_Perp	+0.0063%	8h	40.908	−0.055%	$535	$169K	10x	as long as short
QFEX SMCI-USDlong	+0.0067%	1h	40.930	long leg	$1.1M	$1.8M	10x
KuCoin SMCIUSDTM	+0.0100%	8h	40.870	−0.147%	$459K	$504K	20x	as long as short
HTX SMCI-USDT	+0.0100%	8h	40.950	+0.049%	$8K	$286K	10x	as long as short
Paragon para:SMCI	+0.0374%	1h	40.906	−0.058%	$157K	$266K	10x	as long as short