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 OKX+0.165%7-day average +0.032% · 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−$277as in the Price arb table

costs, in and out, $10k−$2902.902% of the position

Long on OKX 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)−0.342%−$34 · spread now +0.165%, 7d avg +0.032%

Together, before fees−0.313%−$31 on $10k · with fees, hour by hour

The price spread pays, funding is against you. QFEX is 0.133% dearer against OKX than usual: you sell high and buy low (spread +0.165% now, against its 7-day average of +0.032%): +$13 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 5.6 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX ZM-USDT-SWAP	91.020	0	get 0.0000% / 8h	7h 43m	$167K	$108K	20x
Short	QFEX ZM-USD	91.170	−0.0080	pay 0.0010% / 1h	43m 13s	$1.1M	$7.8M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

QFEX against OKX. 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 OKXbpFee QFEXbpOrdersPrice spread, now +0.165%Rate

Funding earned: −$16.8
Price spread: +0.165% → +0.032%: $13.32
Slippage, 4 orders: −$270.24
Fee OKX: 5 bp × 2 orders: −$10
Fee QFEX: 5 bp × 2 orders: −$10
Net: −$293.71
Costs to cover: 2.902%
Break-even: never at this rate

Slippage from OKX: live order book, 52 min ago; QFEX: live order book, 6 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 OKX live order book, 52 min ago	8.78 bp	25.6 bp −$26	doesn't fit	doesn't fit	doesn't fit
Sell QFEX live order book, 6 min ago	77.43 bp	85.0 bp −$85	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	91.170	+0.165%	$1.1M	$7.8M	10x
Aster ZMUSDT	0.0000%	8h	91.163	+0.157%	$7K	$598	20x	as long as short
Binance ZMUSDT	0.0000%	8h	91.133	+0.124%	$411K	$492K	20x	as long as short
Bybit ZMUSDT	0.0000%	8h	91.150	+0.143%	$95K	$30K	25x	as long as short
OKX ZM-USDT-SWAPlong	0.0000%	8h	91.020	long leg	$167K	$108K	20x
Gate ZM_USDT	0.0000%	8h	91.050	+0.033%	$248K	$127K	20x	as long as short
Bitget ZMUSDT	0.0000%	8h	91.080	+0.066%	$200K	$64K	20x	as long as short
Variational Omni ZM	0.0000%	8h	91.190	+0.187%	$12K	$20K	—	as long as short
SunX ZM-USDT	0.0000%	8h	91.130	+0.121%	$1K	$497K	10x	as long as short
HTX ZM-USDT	0.0000%	8h	91.200	+0.198%	$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	90.960	−0.066%	$105K	$383K	10x	as long as short
KuCoin ZMUSDTM	+0.0100%	8h	91.080	+0.066%	$61K	$1.5M	20x	as long as short
tradeXYZ xyz:ZM	+0.0764%	1h	91.011	−0.010%	$555K	$88K	10x	as long as short