Funding arb · Price arb /

XLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0031%/8h= −3.4% APRpaid last 24h −0.008%

Price spread now: MEXC against QFEX+0.048%7-day average −0.023% · 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−$40as in the Price arb table

costs, in and out, $10k−$470.467% of the position

Long on QFEX Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.041%+$4 on $10k

Price spread, last 4 days (all we have)−0.035%−$4 · spread now +0.048%, 7d avg −0.023%

Together, before fees+0.006%+$1 on $10k · with fees, hour by hour

The price spread pays, funding is against you. MEXC is 0.070% dearer against QFEX than usual: you sell high and buy low (spread +0.048% now, against its 7-day average of −0.023%): +$7 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 7.7 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	QFEX XLE-USD	62.680	0.0031	pay 0.0004% / 1h	28m 33s	$1.2M	$4.1M	30x
Short	MEXC XLE_USDT	62.710	0	get 0.0000% / 8h	1h 28m	$220K	$86K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC 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 MEXCbpOrdersPrice spread, now +0.048%Rate

Funding earned: −$6.43
Price spread: +0.048% → −0.023%: $7.04
Slippage, 4 orders: −$36.66
Fee QFEX: 5 bp × 2 orders: −$10
Fee MEXC: 0 bp × 2 orders: $0
Net: −$46.06
Costs to cover: 0.467%
Break-even: never at this rate

Slippage from QFEX: live order book, 5 min ago; MEXC: live order book, 61 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, 5 min ago	4.78 bp	11.2 bp −$11	doesn't fit	doesn't fit	doesn't fit
Sell MEXC live order book, 61 min ago	5.58 bp	13.2 bp −$13	99.2 bp −$992	207.4 bp −$20.7K	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	−0.0762%	4h	62.763	+0.132%	$48K	$209K	10x	as long as short
KuCoin XLEUSDTM	−0.0241%	8h	62.620	−0.096%	$809K	$692K	20x	as long as short
BloFin XLE-USDT	−0.0007%	8h	62.670	−0.016%	$58K	$9K	20x	as long as short
Aster XLEUSDT	0.0000%	8h	62.721	+0.065%	$4K	$9K	20x	as long as short
Binance XLEUSDT	0.0000%	8h	62.700	+0.032%	$794K	$1.0M	20x	as long as short
Bybit XLEUSDT	0.0000%	8h	62.690	+0.016%	$323K	$201K	25x	as long as short
OKX XLE-USDT-SWAP	0.0000%	8h	62.620	−0.096%	$301K	$566K	20x	as long as short
Gate XLE_USDT	0.0000%	8h	62.700	+0.032%	$64K	$12K	20x	as long as short
MEXC XLE_USDTshort	0.0000%	8h	62.710	+0.048%	$220K	$86K	20x
Bitget XLEUSDT	0.0000%	8h	62.730	+0.080%	$95K	$87K	20x	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni XLE	0.0000%	8h	62.764	+0.134%	$44K	$15K	—	as long as short
GRVT XLE_USDT_Perp	0.0000%	8h	62.768	+0.140%	$13K	$168K	10x	as long as short
SunX XLE-USDT	0.0000%	8h	62.761	+0.129%	$1K	$4.4M	10x	as long as short
HTX XLE-USDT	0.0000%	8h	62.683	+0.005%	$5K	$35K	10x	as long as short
QFEX XLE-USDlong	+0.0031%	1h	62.680	long leg	$1.2M	$4.1M	30x
tradeXYZ xyz:XLE	+0.0050%	1h	62.666	−0.022%	$2.4M	$3.8M	20x	as long as short