Funding arb · Price arb /

BX

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.1146%/8h= −125.5% APRpaid last 24h −0.140%

Price spread now: QFEX against KuCoin+0.008%7-day average +0.108% · 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−$703as in the Price arb table

costs, in and out, $10k−$6936.933% of the position

Long on KuCoin Short on QFEX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.220%−$22 on $10k

Price spread, last 4 days (all we have)−0.042%−$4 · spread now +0.008%, 7d avg +0.108%

Together, before fees−0.262%−$26 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$34 a day on $10k at the current rate, and QFEX is 0.100% cheaper against KuCoin than usual: you would sell low and buy high (−$10 if the spread goes back to its 7-day average of +0.108%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid -0.220% in total (about -23.4% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin BXUSDTM	126.60	0.1146	pay 0.1146% / 8h	7h 45m	$112K	$1.1M	20x
Short	QFEX BX-USD	126.61	0	get 0.0000% / 1h	45m 03s	$1.1M	$1.3M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

QFEX against KuCoin. 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 KuCoinbpFee QFEXbpOrdersPrice spread, now +0.008%Rate

Funding earned: −$240.66
Price spread: +0.008% → +0.108%: −$10.01
Slippage, 4 orders: −$671.27
Fee KuCoin: 6 bp × 2 orders: −$12
Fee QFEX: 5 bp × 2 orders: −$10
Net: −$943.94
Costs to cover: 6.933%
Break-even: never at this rate

Slippage from KuCoin: live order book, 10 min ago; QFEX: live order book, 1 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 KuCoin live order book, 10 min ago	13.83 bp	290.7 bp −$291	doesn't fit	doesn't fit	doesn't fit
Sell QFEX live order book, 1 min ago	39.10 bp	44.1 bp −$44	44.3 bp −$443	50.5 bp −$5,046	doesn't fit

BX on 14 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
Aster BXUSDT	0.0000%	8h	126.73	+0.099%	$5K	$2K	20x	as long as short
Bybit BXUSDT	0.0000%	8h	126.74	+0.111%	$489K	$867K	25x	as long as short
QFEX BX-USDshort	0.0000%	1h	126.61	+0.008%	$1.1M	$1.3M	10x
Gate BX_USDT	0.0000%	8h	126.89	+0.229%	$425K	$27K	20x	as long as short
Bitget BXUSDT	0.0000%	8h	126.85	+0.197%	$901K	$45K	20x	as long as short
SunX BX-USDT	0.0000%	8h	126.84	+0.190%	$1K	$312K	10x	as long as short
HTX BX-USDT	0.0000%	8h	126.94	+0.269%	$7K	$3K	20x	as long as short
Injective BX/USDC PERP	+0.0220%	1h	138.72	+9.573%	$4K	$32K	12x	as long as short
OKX BX-USDT-SWAP	+0.0267%	8h	126.89	+0.229%	$164K	$113K	20x	as long as short
tradeXYZ xyz:BX	+0.0932%	1h	126.66	+0.047%	$669K	$196K	10x	as long as short

Show all 14 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin BXUSDTMlong	+0.1146%	8h	126.60	long leg	$112K	$1.1M	20x
Variational Omni BX	+0.1260%	8h	126.86	+0.206%	$31K	$127	—	as long as short
Binance BXUSDT	+0.1641%	8h	126.83	+0.182%	$798K	$484K	20x	as long as short
GRVT BX_USDT_Perp	+0.2370%	8h	126.84	+0.188%	$1K	$123K	10x	as long as short