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Funding arb · Price arb /

SMH

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Alert: funding
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Alert: spread
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Funding you earn now, next payment 03:00 UTC+0.0379%/8h= +41.5% APRnext payment +$0.47 per $10,000 · paid last 24h +0.108%
Price spread now: tradeXYZ against QFEX+0.068%7-day average +0.011% · 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−$45as in the Price arb table
costs, in and out, $10k−$510.507% of the position
Long on QFEXShort on tradeXYZ
What this pair did over the last
the charts below follow
Funding, last 4 days (all we have)+0.053%+$5 on $10k
Price spread, last 7 days+0.008%+$1 · spread now +0.068%, 7d avg +0.011%
Together, before fees+0.061%+ Points / potential airdroptradeXYZ: Active · farm board+$6 on $10k · with fees, hour by hour
Both sides work for this trade now. Funding pays +$11 a day on $10k at the current rate, and tradeXYZ is 0.057% dearer against QFEX than usual: you sell high and buy low: +$6 more if the spread goes back to its 7-day average of +0.011%.
The current funding rate is far above what this pair has been paying: over the last 4 days it paid 0.053% in total (about 5.5% a year). A funding rate is set anew for every payment; at this rate the next one is about +$0.47 per $10,000. In the chart: green and red are payments made, yellow is the current rate, not paid yet.
LegExchangePriceFunding /8hEach paymentNext inOIVol 24hMax lev
LongQFEX SMH-USD599.700get 0.0000% / 1h50m 23s$1.1M$6.6M10x
ShorttradeXYZ xyz:SMH600.110.0379get 0.0047% / 1h50m 23s$3.3M$1.9M20x

Funding history

latest
Range statsloading…

Price spread between the two exchanges

tradeXYZ 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

Funding earned
$79.58
Price spread: +0.068% → +0.011%
$5.73
Slippage, 4 orders
−$22.7
Fee QFEX: 5 bp × 2 orders
−$10
Fee tradeXYZ: 9 bp × 2 orders
−$18
Net
$34.61
Costs to cover
0.507%
Break-even
4.0 days
Slippage from QFEX: live order book, 3 min ago; tradeXYZ: live order book, 8 min ago.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again
LegHalf-spread$10k$100k$1M$5M
Buy QFEX live order book, 3 min ago2.08 bp11.6 bp −$1220.4 bp −$204doesn't fitdoesn't fit
Sell tradeXYZ live order book, 8 min ago2.67 bp13.8 bp −$14doesn't fitdoesn't fitdoesn't fit

SMH on 10 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
Binance SMHUSDT0.0000%8h600.46+0.126%$741K$733K20xas long as short
Bybit SMHUSDT0.0000%8h600.29+0.098%$266K$2.4M25xas long as short
OKX SMH-USDT-SWAP0.0000%8h600.68+0.163%$506K$348K20xas long as short
QFEX SMH-USDlong0.0000%1h599.70long leg$1.1M$6.6M10x
Gate SMH_USDT0.0000%8h599.80+0.017%$182K$21K20xas long as short
MEXC SMH_USDT0.0000%8h599.96+0.043%$568K$128K20xas long as short
Bitget SMHUSDT0.0000%8h600.25+0.092%$691K$113K20xas long as short
Vest SMH-USD-PERP+0.0046%1h599.63−0.012%——25xas long as short
HTX SMH-USDT+0.0100%8h600.03+0.055%$7K$46K10xas long as short
tradeXYZ xyz:SMHshort+0.0379%1h600.11+0.068%$3.3M$1.9M20x