Funding arb · Price arb /

ZM

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0160%/8h= −17.5% APRpaid last 24h −0.014%

Price spread now: Bitget against QFEX+0.055%7-day average 0.000% · 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−$176as in the Price arb table

costs, in and out, $10k−$1821.820% of the position

Long on QFEX Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.020%−$2 on $10k

Price spread, last 4 days (all we have)−0.122%−$12 · spread now +0.055%, 7d avg 0.000%

Together, before fees−0.142%−$14 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Bitget is 0.055% dearer against QFEX than usual: you sell high and buy low (spread +0.055% now, against its 7-day average of 0.000%): +$6 on $10k if it goes back. Holding the pair costs −$5 a day in funding at the current rate, which eats that in about 28 hours. At the pace of the last 4 days (−0.020% in total) that is about 9.7 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	QFEX ZM-USD	90.940	0.0160	pay 0.0020% / 1h	55m 26s	$1.1M	$5.4M	10x
Short	Bitget ZMUSDT	90.990	0	get 0.0000% / 8h	4h 55m	$200K	$73K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget 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 BitgetbpOrdersPrice spread, now +0.055%Rate

Funding earned: −$33.6
Price spread: +0.055% → 0.000%: $5.51
Slippage, 4 orders: −$159.96
Fee QFEX: 5 bp × 2 orders: −$10
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$210.06
Costs to cover: 1.820%
Break-even: never at this rate

Slippage from QFEX: live order book, 3 min ago; Bitget: live order book, 59 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, 3 min ago	3.30 bp	11.3 bp −$11	doesn't fit	doesn't fit	doesn't fit
Sell Bitget live order book, 59 min ago	23.06 bp	122.7 bp −$123	152.9 bp −$1,529	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
tradeXYZ xyz:ZM	−0.0250%	1h	90.864	−0.084%	$524K	$80K	10x	as long as short
KuCoin ZMUSDTM	−0.0165%	8h	90.890	−0.055%	$90K	$1.5M	20x	as long as short
Aster ZMUSDT	0.0000%	8h	90.923	−0.019%	$7K	$598	20x	as long as short
Binance ZMUSDT	0.0000%	8h	90.988	+0.053%	$414K	$548K	20x	as long as short
Bybit ZMUSDT	0.0000%	8h	91.000	+0.066%	$95K	$34K	25x	as long as short
OKX ZM-USDT-SWAP	0.0000%	8h	90.860	−0.088%	$166K	$113K	20x	as long as short
Gate ZM_USDT	0.0000%	8h	90.850	−0.099%	$246K	$142K	20x	as long as short
Bitget ZMUSDTshort	0.0000%	8h	90.990	+0.055%	$200K	$73K	20x
Variational Omni ZM	0.0000%	8h	90.945	+0.005%	$11K	$52K	—	as long as short
SunX ZM-USDT	0.0000%	8h	90.950	+0.011%	$1K	$509K	10x	as long as short

Show all 13 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX ZM-USDT	0.0000%	8h	91.020	+0.088%	$6K	$36K	10x	as long as short
Polymarket Perps ZM-USD	+0.0050%	1h	90.990	+0.055%	$99K	$392K	10x	as long as short
QFEX ZM-USDlong	+0.0160%	1h	90.940	long leg	$1.1M	$5.4M	10x