Funding arb · Price arb /

XLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0040%/8h= −4.3% APRpaid last 24h −0.008%

Price spread now: Bybit against QFEX+0.096%7-day average −0.060% · 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−$201as in the Price arb table

costs, in and out, $10k−$2172.166% of the position

Long on QFEX Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.044%+$4 on $10k

Price spread, last 4 days (all we have)−0.153%−$15 · spread now +0.096%, 7d avg −0.060%

Together, before fees−0.109%−$11 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Bybit is 0.156% dearer against QFEX than usual: you sell high and buy low (spread +0.096% now, against its 7-day average of −0.060%): +$16 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 13 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	QFEX XLE-USD	62.610	0.0040	pay 0.0005% / 1h	51m 53s	$1.2M	$4.2M	30x
Short	Bybit XLEUSDT	62.670	0	get 0.0000% / 8h	2h 51m	$323K	$202K	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 +0.096%Rate

Funding earned: −$8.32
Price spread: +0.096% → −0.060%: $15.63
Slippage, 4 orders: −$195.63
Fee QFEX: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$209.32
Costs to cover: 2.166%
Break-even: never at this rate

Slippage from QFEX: live order book, 7 min ago; Bybit: live order book, 53 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, 7 min ago	51.08 bp	60.7 bp −$61	69.6 bp −$696	doesn't fit	doesn't fit
Sell Bybit live order book, 53 min ago	2.40 bp	83.4 bp −$83	225.4 bp −$2,254	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	−0.0267%	8h	62.480	−0.208%	$803K	$651K	20x	as long as short
BloFin XLE-USDT	−0.0011%	8h	62.530	−0.128%	$58K	$9K	20x	as long as short
Aster XLEUSDT	0.0000%	8h	62.601	−0.014%	$4K	$9K	20x	as long as short
Binance XLEUSDT	0.0000%	8h	62.694	+0.135%	$792K	$1.0M	20x	as long as short
Bybit XLEUSDTshort	0.0000%	8h	62.670	+0.096%	$323K	$202K	25x
OKX XLE-USDT-SWAP	0.0000%	8h	62.600	−0.016%	$300K	$560K	20x	as long as short
Gate XLE_USDT	0.0000%	8h	62.670	+0.096%	$64K	$12K	20x	as long as short
MEXC XLE_USDT	0.0000%	8h	62.690	+0.128%	$219K	$85K	20x	as long as short
Bitget XLEUSDT	0.0000%	8h	62.660	+0.080%	$95K	$81K	20x	as long as short
Variational Omni XLE	0.0000%	8h	62.649	+0.062%	$44K	$15K	—	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT XLE_USDT_Perp	0.0000%	8h	62.654	+0.070%	$13K	$174K	10x	as long as short
SunX XLE-USDT	0.0000%	8h	62.692	+0.131%	$2K	$4.6M	10x	as long as short
HTX XLE-USDT	0.0000%	8h	62.603	−0.011%	$5K	$34K	10x	as long as short
QFEX XLE-USDlong	+0.0040%	1h	62.610	long leg	$1.2M	$4.2M	30x
tradeXYZ xyz:XLE	+0.0050%	1h	62.631	+0.034%	$2.4M	$3.8M	20x	as long as short
edgeX XLEUSDC	+0.0900%	4h	62.648	+0.061%	$48K	$208K	10x	as long as short