Funding arb · Price arb /

WDC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0062%/8h= −6.8% APRpaid last 24h −0.003%

Price spread now: Bybit against QFEX−0.007%53s7-day average +0.050% · 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−$900.900% of the position

Long on QFEX Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.037%+$4 on $10k

Price spread, last 7 days+0.042%+$4 · spread now −0.007%, 7d avg +0.050%

Together, before fees+0.079%+$8 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 0.057% cheaper against QFEX than usual: you would sell low and buy high (−$6 if the spread goes back to its 7-day average of +0.050%). 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 WDC-USD	450.83	0.0062	pay 0.0008% / 1h	21m 43s	$1.1M	$3.7M	10x
Short	Bybit WDCUSDT	450.80	0	get 0.0000% / 8h	6h 21m	$2.0M	$824K	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 −0.007%Rate

Funding earned: −$13.05
Price spread: −0.007% → +0.050%: −$5.71
Slippage, 4 orders: −$68.99
Fee QFEX: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$108.75
Costs to cover: 0.900%
Break-even: never at this rate

Slippage from QFEX: live order book, 6 min ago; Bybit: live order book, 5 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, 6 min ago	1.55 bp	8.3 bp −$8	12.4 bp −$124	doesn't fit	doesn't fit
Sell Bybit live order book, 5 min ago	2.00 bp	22.4 bp −$22	143.9 bp −$1,439	doesn't fit	doesn't fit

WDC on 16 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
edgeX WDCUSDC	−0.0984%	4h	450.75	−0.018%	$50K	$229K	10x	as long as short
Aster WDCUSDT	0.0000%	8h	450.48	−0.077%	$11K	$115K	20x	as long as short
Extended WDC-USD	0.0000%	1h	450.78	−0.010%	$4K	$134K	10x	as long as short
Binance WDCUSDT	0.0000%	8h	450.78	−0.011%	$7.5M	$25.0M	20x	as long as short
Bybit WDCUSDTshort	0.0000%	8h	450.80	−0.007%	$2.0M	$824K	25x
Gate WDC_USDT	0.0000%	8h	450.90	+0.016%	$2.0M	$2.6M	50x	as long as short
Bitget WDCUSDT	0.0000%	8h	450.94	+0.024%	$1.2M	$1.1M	20x	as long as short
Lighter WDC	+0.0032%	1h	450.35	−0.106%	—	—	10x	as long as short
OKX WDC-USDT-SWAP	+0.0053%	8h	450.88	+0.011%	$2.2M	$4.0M	20x	as long as short
QFEX WDC-USDlong	+0.0062%	1h	450.83	long leg	$1.1M	$3.7M	10x

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
tradeXYZ xyz:WDC	+0.0072%	1h	450.42	−0.091%	$2.4M	$2.2M	10x	as long as short
KuCoin WDCUSDTM	+0.0100%	8h	450.75	−0.018%	$277K	$44K	20x	as long as short
Orderly PERP_WDC_USDC_mythos	+0.0100%	8h	450.88	+0.011%	$9K	$2K	10x	as long as short
SunX WDC-USDT	+0.0100%	8h	450.90	+0.016%	—	$2.5M	10x	as long as short
HTX WDC-USDT	+0.0100%	8h	450.97	+0.031%	$33K	$8K	10x	as long as short
GRVT WDC_USDT_Perp	+0.0454%	8h	450.67	−0.034%	$771	$161K	10x	as long as short