Funding arb · Price arb /

COIN

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0726%/8h= −79.5% APRpaid last 24h −0.011%

Price spread now: Bitget against QFEX+0.107%7-day average +0.063% · 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−$33as in the Price arb table

costs, in and out, $10k−$380.376% 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)−0.018%−$2 on $10k

Price spread, last 7 days−0.067%−$7 · spread now +0.107%, 7d avg +0.063%

Together, before fees−0.085%−$8 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Bitget is 0.044% dearer against QFEX than usual: you sell high and buy low (spread +0.107% now, against its 7-day average of +0.063%): +$4 on $10k if it goes back. Holding the pair costs −$22 a day in funding at the current rate, which eats that in about 5 hours. At the pace of the last 4 days (−0.018% in total) that is about 9.3 days.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid -0.018% in total (about -1.7% 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	QFEX COIN-USD	195.45	0.0045	pay 0.0006% / 1h	41m 59s	$1.3M	$3.0M	10x
Short	Bitget COINUSDT	195.66	−0.0681	pay 0.0681% / 8h	1h 41m	$6.3M	$10.7M	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 +0.107%Rate

Funding earned: −$152.55
Price spread: +0.107% → +0.063%: $4.41
Slippage, 4 orders: −$15.56
Fee QFEX: 5 bp × 2 orders: −$10
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$185.7
Costs to cover: 0.376%
Break-even: never at this rate

Slippage from QFEX: live order book, 6 min ago; Bitget: 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 QFEX live order book, 6 min ago	1.79 bp	6.8 bp −$7	8.1 bp −$81	doesn't fit	doesn't fit
Sell Bitget live order book, 1 min ago	2.81 bp	11.2 bp −$11	19.4 bp −$194	89.1 bp −$8,912	doesn't fit

COIN on 26 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
Bitget COINUSDTshort	−0.0681%	8h	195.66	+0.107%	$6.3M	$10.7M	20x
Injective COIN/USDC PERP	−0.0440%	1h	195.66	+0.107%	$43K	$48K	30x	as long as short
Vest COIN-USD-PERP	−0.0100%	1h	194.87	−0.297%	—	$289K	25x	as long as short
Gate COIN_USDT	−0.0022%	8h	195.50	+0.026%	$1.2M	$7.4M	50x	as long as short
Aster COINUSDT	0.0000%	8h	195.49	+0.020%	$341K	$890K	20x	as long as short
Extended COIN_24_5-USD	0.0000%	1h	195.44	−0.004%	$112K	$838K	10x	as long as short
Binance COINUSDT	0.0000%	8h	195.48	+0.018%	$15.0M	$82.4M	20x	as long as short
Bybit COINUSDT	0.0000%	8h	195.45	0.000%	$4.7M	$6.3M	50x	as long as short
OKX COIN-USDT-SWAP	0.0000%	8h	195.46	+0.005%	$3.0M	$4.7M	20x	as long as short
Variational Omni COIN	0.0000%	8h	195.40	−0.025%	$709K	$959K	—	as long as short

Show all 26 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT COIN_USDT_Perp	0.0000%	8h	195.55	+0.051%	$16K	$2.7M	10x	as long as short
Lighter RH COIN	+0.0032%	1h	195.37	−0.041%	$460K	$1.5M	10x	as long as short
Arcus COIN-USD	+0.0040%	1h	195.70	+0.128%	$15K	$54K	5x	as long as short
QFEX COIN-USDlong	+0.0045%	1h	195.45	long leg	$1.3M	$3.0M	10x
Polymarket Perps COIN-USD	+0.0050%	1h	195.37	−0.041%	$129K	$1.4M	10x	as long as short
SoDEX COIN-USD	+0.0050%	1h	195.44	−0.005%	$80	$3K	10x	as long as short
Ondo Perps COIN-USD.P	+0.0050%	1h	195.39	−0.031%	$447K	$2.9M	10x	as long as short
KuCoin COINUSDTM	+0.0100%	8h	195.35	−0.051%	$984K	$137K	20x	as long as short
ApeX Omni COINUSDT	+0.0100%	1h	195.49	+0.020%	$88K	$287K	50x	as long as short
Orderly PERP_COIN_USDC_mythos	+0.0100%	8h	195.44	−0.005%	$565	$4K	10x	as long as short
Aevo COIN-PERP	+0.0104%	1h	195.47	+0.012%	$115	—	10x	as long as short
tradeXYZ xyz:COIN	+0.0105%	1h	195.36	−0.046%	$15.2M	$13.9M	10x	as long as short
BloFin COIN-USDT	+0.0120%	8h	195.69	+0.123%	$188K	$423K	20x	as long as short
Lighter COIN	+0.0152%	1h	195.36	−0.045%	$362K	$2.3M	10x	as long as short
Phoenix COIN	+0.0163%	1h	195.36	−0.046%	$4K	$283K	10x	as long as short
edgeX COINUSDC	+0.0872%	4h	195.49	+0.020%	$50K	$296K	10x	as long as short