Funding arb · Price arb /

XLE

RWAall XLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0043%/8h= −4.7% APRpaid last 24h −0.573%

Price spread now: Binance against QFEX+0.064%53s7-day average +0.001% · 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—prices read too far apart to compare

costs, in and out, $10k−$960.961% of the position

Long on QFEX Short on Binance

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.576%−$58 on $10k

Price spread, last 2 days (all we have)−0.067%−$7 · spread now +0.064%, 7d avg +0.001%

Together, before fees−0.643%−$64 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Binance is 0.063% dearer against QFEX than usual: you sell high and buy low (spread +0.064% now, against its 7-day average of +0.001%): +$6 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 4.9 days. At the pace of the last 3 days (−0.576% in total) that is about 9 hours. 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 XLE-USD	62.520	0.0043	pay 0.0005% / 1h	55m 44s	$1.2M	$5.9M	30x
Short	Binance XLEUSDT	62.560	0	get 0.0000% / 8h	7h 55m	$799K	$1.4M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance 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 BinancebpOrdersPrice spread, now +0.064%Rate

Funding earned: −$8.94
Price spread: +0.064% → +0.001%: $6.25
Slippage, 4 orders: −$76.1
Fee QFEX: 5 bp × 2 orders: −$10
Fee Binance: 5 bp × 2 orders: −$10
Net: −$98.79
Costs to cover: 0.961%
Break-even: never at this rate

Slippage from QFEX: live order book, 8 min ago; Binance: 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 QFEX live order book, 8 min ago	26.39 bp	34.5 bp −$34	39.6 bp −$396	doesn't fit	doesn't fit
Sell Binance live order book, 7 min ago	3.20 bp	16.0 bp −$16	70.4 bp −$704	doesn't fit	doesn't fit

XLE 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
KuCoin XLEUSDTM	−0.0174%	8h	62.380	−0.224%	$784K	$599K	20x	as long as short
Aster XLEUSDT	0.0000%	8h	62.493	−0.043%	$4K	$9K	20x	as long as short
Binance XLEUSDTshort	0.0000%	8h	62.560	+0.064%	$799K	$1.4M	20x
Bybit XLEUSDT	0.0000%	8h	62.490	−0.048%	$325K	$217K	25x	as long as short
OKX XLE-USDT-SWAP	0.0000%	8h	62.400	−0.192%	$298K	$579K	20x	as long as short
Gate XLE_USDT	0.0000%	8h	62.520	0.000%	$61K	$12K	20x	as long as short
MEXC XLE_USDT	0.0000%	8h	62.530	+0.016%	$219K	$100K	20x	as long as short
Bitget XLEUSDT	0.0000%	8h	62.520	0.000%	$94K	$102K	20x	as long as short
Variational Omni XLE	0.0000%	8h	62.557	+0.058%	$44K	$15K	—	as long as short
SunX XLE-USDT	0.0000%	8h	62.551	+0.050%	$1K	$5.8M	10x	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX XLE-USDT	0.0000%	8h	62.557	+0.059%	$5K	$34K	10x	as long as short
BloFin XLE-USDT	+0.0014%	8h	62.410	−0.176%	$57K	$9K	20x	as long as short
QFEX XLE-USDlong	+0.0043%	1h	62.520	long leg	$1.2M	$5.9M	30x
GRVT XLE_USDT_Perp	+0.0059%	8h	62.520	0.000%	$14K	$180K	10x	as long as short
edgeX XLEUSDC	+0.0067%	4h	62.538	+0.030%	$48K	$209K	10x	as long as short
tradeXYZ xyz:XLE	+0.0241%	1h	62.481	−0.062%	$2.4M	$3.9M	20x	as long as short