Funding arb · Price arb /

XLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0047%/8h= −5.1% APRpaid last 24h +0.057%

Price spread now: OKX against QFEX−0.176%54s7-day average −0.104% · 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—prices read too far apart to compare

costs, in and out, $10k−$560.556% of the position

Long on QFEX Short on OKX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.054%+$5 on $10k

Price spread, last 4 days (all we have)+0.118%+$12 · spread now −0.176%, 7d avg −0.104%

Together, before fees+0.171%+$17 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and OKX is 0.072% cheaper against QFEX than usual: you would sell low and buy high (−$7 if the spread goes back to its 7-day average of −0.104%). Swap the legs. Mind the row above: over the last 3 days funding on this pair paid +0.054%, so the current rate has only just turned against you. The two prices were read 54 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	62.540	0.0047	pay 0.0006% / 1h	17m 45s	$1.3M	$5.8M	30x
Short	OKX XLE-USDT-SWAP	62.430	0	get 0.0000% / 8h	17m 45s	$298K	$621K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.176%Rate

Funding earned: −$9.79
Price spread: −0.176% → −0.104%: −$7.17
Slippage, 4 orders: −$35.63
Fee QFEX: 5 bp × 2 orders: −$10
Fee OKX: 5 bp × 2 orders: −$10
Net: −$72.6
Costs to cover: 0.556%
Break-even: never at this rate

Slippage from QFEX: live order book, 6 min ago; OKX: live order book, 58 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, 6 min ago	3.20 bp	11.4 bp −$11	18.3 bp −$183	doesn't fit	doesn't fit
Sell OKX live order book, 58 min ago	4.80 bp	19.6 bp −$20	211.8 bp −$2,118	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	−0.0144%	8h	62.350	−0.304%	$776K	$599K	20x	as long as short
Aster XLEUSDT	0.0000%	8h	62.488	−0.083%	$4K	$9K	20x	as long as short
Binance XLEUSDT	0.0000%	8h	62.540	+0.001%	$798K	$1.5M	20x	as long as short
Bybit XLEUSDT	0.0000%	8h	62.480	−0.096%	$325K	$257K	25x	as long as short
OKX XLE-USDT-SWAPshort	0.0000%	8h	62.430	−0.176%	$298K	$621K	20x
Gate XLE_USDT	0.0000%	8h	62.510	−0.048%	$61K	$15K	20x	as long as short
MEXC XLE_USDT	0.0000%	8h	62.500	−0.064%	$219K	$111K	20x	as long as short
Bitget XLEUSDT	0.0000%	8h	62.490	−0.080%	$94K	$153K	20x	as long as short
Variational Omni XLE	0.0000%	8h	62.532	−0.013%	$44K	$15K	—	as long as short
SunX XLE-USDT	0.0000%	8h	62.535	−0.008%	$2K	$6.1M	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	62.603	+0.101%	$5K	$34K	10x	as long as short
BloFin XLE-USDT	+0.0029%	8h	62.440	−0.160%	$57K	$9K	20x	as long as short
GRVT XLE_USDT_Perp	+0.0039%	8h	62.510	−0.048%	$13K	$182K	10x	as long as short
QFEX XLE-USDlong	+0.0047%	1h	62.540	long leg	$1.3M	$5.8M	30x
tradeXYZ xyz:XLE	+0.0163%	1h	62.490	−0.080%	$2.4M	$4.0M	20x	as long as short
edgeX XLEUSDC	+0.0534%	4h	62.526	−0.022%	$48K	$210K	10x	as long as short