Funding arb · Price arb /

XLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0057%/8h= +6.3% APRpaid last 24h +0.005%

Price spread now: QFEX against Binance+0.064%7-day average −0.027% · 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−$50as in the Price arb table

costs, in and out, $10k−$590.591% of the position

Long on Binance Short on QFEX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.577%+$58 on $10k

Price spread, last 2 days (all we have)−0.051%−$5 · spread now +0.064%, 7d avg −0.027%

Together, before fees+0.526%+$53 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and QFEX is 0.091% dearer against Binance than usual: you sell high and buy low: +$9 more if the spread goes back to its 7-day average of −0.027%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance XLEUSDT	62.440	0	get 0.0000% / 8h	5h 56m	$797K	$1.1M	20x
Short	QFEX XLE-USD	62.480	0.0057	get 0.0007% / 1h	56m 52s	$1.2M	$5.9M	30x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

QFEX against Binance. 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 BinancebpFee QFEXbpOrdersPrice spread, now +0.064%Rate

Funding earned: $12
Price spread: +0.064% → −0.027%: $9.1
Slippage, 4 orders: −$39.13
Fee Binance: 5 bp × 2 orders: −$10
Fee QFEX: 5 bp × 2 orders: −$10
Net: −$38.03
Costs to cover: 0.591%
Break-even: 29.2 days

Slippage from Binance: live order book, 6 min ago; QFEX: live order book, 7 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 Binance live order book, 6 min ago	3.20 bp	13.5 bp −$13	71.1 bp −$711	doesn't fit	doesn't fit
Sell QFEX live order book, 7 min ago	6.40 bp	12.0 bp −$12	doesn't fit	doesn't fit	doesn't fit

XLE on 15 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
KuCoin XLEUSDTM	−0.0244%	8h	62.310	−0.208%	$792K	$650K	20x	as long as short
Aster XLEUSDT	0.0000%	8h	62.466	+0.042%	$4K	$9K	20x	as long as short
Binance XLEUSDTlong	0.0000%	8h	62.440	long leg	$797K	$1.1M	20x
Bybit XLEUSDT	0.0000%	8h	62.440	0.000%	$322K	$207K	25x	as long as short
OKX XLE-USDT-SWAP	0.0000%	8h	62.410	−0.048%	$299K	$560K	20x	as long as short
Gate XLE_USDT	0.0000%	8h	62.480	+0.064%	$61K	$11K	20x	as long as short
MEXC XLE_USDT	0.0000%	8h	62.460	+0.032%	$219K	$85K	20x	as long as short
Bitget XLEUSDT	0.0000%	8h	62.460	+0.032%	$95K	$85K	20x	as long as short
Variational Omni XLE	0.0000%	8h	62.509	+0.111%	$44K	$14K	—	as long as short
GRVT XLE_USDT_Perp	0.0000%	8h	62.480	+0.064%	$13K	$175K	10x	as long as short

Show all 15 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX XLE-USDT	0.0000%	8h	62.458	+0.029%	$2K	$4.8M	10x	as long as short
HTX XLE-USDT	0.0000%	8h	62.400	−0.064%	$5K	$34K	10x	as long as short
tradeXYZ xyz:XLE	+0.0050%	1h	62.427	−0.021%	$2.4M	$3.8M	20x	as long as short
QFEX XLE-USDshort	+0.0057%	1h	62.480	+0.064%	$1.2M	$5.9M	30x
edgeX XLEUSDC	+0.0265%	4h	62.507	+0.107%	$48K	$211K	10x	as long as short