Funding arb · Price arb /

XLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0204%/8h= −22.3% APRpaid last 24h +0.045%

Price spread now: KuCoin against QFEX−0.256%7-day average −0.101% · 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−$396as in the Price arb table

costs, in and out, $10k−$3803.801% of the position

Long on QFEX Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.006%−$1 on $10k

Price spread, last 4 days (all we have)+0.179%+$18 · spread now −0.256%, 7d avg −0.101%

Together, before fees+0.172%+$17 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$6 a day on $10k at the current rate, and KuCoin is 0.155% cheaper against QFEX than usual: you would sell low and buy high (−$16 if the spread goes back to its 7-day average of −0.101%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid -0.006% in total (about -0.7% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	QFEX XLE-USD	62.500	0.0047	pay 0.0006% / 1h	14m 57s	$1.3M	$5.8M	30x
Short	KuCoin XLEUSDTM	62.340	−0.0157	pay 0.0157% / 8h	14m 57s	$774K	$600K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now −0.256%Rate

Funding earned: −$42.76
Price spread: −0.256% → −0.101%: −$15.52
Slippage, 4 orders: −$358.13
Fee QFEX: 5 bp × 2 orders: −$10
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$438.42
Costs to cover: 3.801%
Break-even: never at this rate

Slippage from QFEX: live order book, 4 min ago; KuCoin: live order book, 49 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, 4 min ago	3.20 bp	11.4 bp −$11	17.8 bp −$178	doesn't fit	doesn't fit
Sell KuCoin live order book, 49 min ago	5.61 bp	118.9 bp −$119	doesn't fit	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
edgeX XLEUSDC	−0.0711%	4h	62.526	+0.042%	$48K	$211K	10x	as long as short
KuCoin XLEUSDTMshort	−0.0157%	8h	62.340	−0.256%	$774K	$600K	20x
Aster XLEUSDT	0.0000%	8h	62.493	−0.012%	$4K	$9K	20x	as long as short
Binance XLEUSDT	0.0000%	8h	62.520	+0.032%	$798K	$1.5M	20x	as long as short
Bybit XLEUSDT	0.0000%	8h	62.490	−0.016%	$325K	$257K	25x	as long as short
OKX XLE-USDT-SWAP	0.0000%	8h	62.430	−0.112%	$298K	$621K	20x	as long as short
Gate XLE_USDT	0.0000%	8h	62.510	+0.016%	$61K	$15K	20x	as long as short
MEXC XLE_USDT	0.0000%	8h	62.500	0.000%	$219K	$112K	20x	as long as short
Bitget XLEUSDT	0.0000%	8h	62.500	0.000%	$94K	$153K	20x	as long as short
Variational Omni XLE	0.0000%	8h	62.531	+0.049%	$44K	$15K	—	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX XLE-USDT	0.0000%	8h	62.535	+0.056%	$2K	$6.1M	10x	as long as short
HTX XLE-USDT	0.0000%	8h	62.519	+0.030%	$5K	$34K	10x	as long as short
BloFin XLE-USDT	+0.0012%	8h	62.440	−0.096%	$57K	$9K	20x	as long as short
GRVT XLE_USDT_Perp	+0.0043%	8h	62.504	+0.007%	$13K	$182K	10x	as long as short
QFEX XLE-USDlong	+0.0047%	1h	62.500	long leg	$1.3M	$5.8M	30x
tradeXYZ xyz:XLE	+0.0165%	1h	62.491	−0.014%	$2.4M	$4.0M	20x	as long as short