Funding arb · Price arb /

ZM

RWAall ZM markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0080%/8h= −8.8% APRpaid last 24h +0.020%

Price spread now: QFEX against Bitget+0.011%46s7-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−$1581.576% of the position

Long on Bitget Short on QFEX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.029%+$3 on $10k

Price spread, last 4 days (all we have)+0.056%+$6 · spread now +0.011%, 7d avg +0.001%

Together, before fees+0.085%+$9 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.001%, so right now this pair is about funding alone: −$2 a day on $10k at the current rate. The two prices were read 46 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	Bitget ZMUSDT	91.080	0	get 0.0000% / 8h	7h 48m	$200K	$64K	20x
Short	QFEX ZM-USD	91.090	−0.0080	pay 0.0010% / 1h	48m 39s	$1.1M	$7.7M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

QFEX against Bitget. 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 BitgetbpFee QFEXbpOrdersPrice spread, now +0.011%Rate

Funding earned: −$16.8
Price spread: +0.011% → +0.001%: $0.99
Slippage, 4 orders: −$135.59
Fee Bitget: 6 bp × 2 orders: −$12
Fee QFEX: 5 bp × 2 orders: −$10
Net: −$173.39
Costs to cover: 1.576%
Break-even: never at this rate

Slippage from Bitget: live order book, 41 min ago; QFEX: live order book, 5 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 Bitget live order book, 41 min ago	16.47 bp	66.1 bp −$66	77.9 bp −$779	doesn't fit	doesn't fit
Sell QFEX live order book, 5 min ago	5.49 bp	12.2 bp −$12	doesn't fit	doesn't fit	doesn't fit

ZM on 13 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
QFEX ZM-USDshort	−0.0080%	1h	91.090	+0.011%	$1.1M	$7.7M	10x
Aster ZMUSDT	0.0000%	8h	91.093	+0.015%	$7K	$598	20x	as long as short
Binance ZMUSDT	0.0000%	8h	91.090	+0.011%	$411K	$493K	20x	as long as short
Bybit ZMUSDT	0.0000%	8h	91.140	+0.066%	$95K	$31K	25x	as long as short
OKX ZM-USDT-SWAP	0.0000%	8h	91.020	−0.066%	$167K	$109K	20x	as long as short
Gate ZM_USDT	0.0000%	8h	90.960	−0.132%	$248K	$126K	20x	as long as short
Bitget ZMUSDTlong	0.0000%	8h	91.080	long leg	$200K	$64K	20x
Variational Omni ZM	0.0000%	8h	91.020	−0.066%	$12K	$20K	—	as long as short
SunX ZM-USDT	0.0000%	8h	91.060	−0.022%	$1K	$493K	10x	as long as short
HTX ZM-USDT	0.0000%	8h	91.060	−0.022%	$6K	$36K	10x	as long as short

Show all 13 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Polymarket Perps ZM-USD	+0.0050%	1h	90.950	−0.143%	$105K	$383K	10x	as long as short
KuCoin ZMUSDTM	+0.0100%	8h	91.000	−0.088%	$64K	$1.5M	20x	as long as short
tradeXYZ xyz:ZM	+0.0654%	1h	90.998	−0.090%	$523K	$68K	10x	as long as short