Funding arb · Price arb /

CRWD

RWAall CRWD markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0046%/8h= +5.1% APRpaid last 24h −0.003%

Price spread now: QFEX against Phemex−0.072%7-day average −0.019% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$174as in the Price arb table

costs, in and out, $10k−$1691.689% of the position

Long on Phemex Short on QFEX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.005%$0 on $10k

Price spread, last 4 days (all we have)+0.198%+$20 · spread now −0.072%, 7d avg −0.019%

Together, before fees+0.194%+$19 on $10k · with fees, hour by hour

Funding pays, the price is against you. QFEX is 0.053% cheaper against Phemex than usual: you would sell low and buy high (spread −0.072% now, against its 7-day average of −0.019%). If the spread goes back, that is −$5 on $10k: about 3.8 days of funding at the current rate (+$1 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex CRWDUSDT	249.22	0	get 0.0000% / 8h	5h 25m	$1.5M	$191K	10x
Short	QFEX CRWD-USD	249.04	0.0046	get 0.0006% / 1h	25m 29s	$1.2M	$2.8M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

QFEX against Phemex. 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 PhemexbpFee QFEXbpOrdersPrice spread, now −0.072%Rate

Funding earned: $9.73
Price spread: −0.072% → −0.019%: −$5.31
Slippage, 4 orders: −$146.95
Fee Phemex: 6 bp × 2 orders: −$12
Fee QFEX: 5 bp × 2 orders: −$10
Net: −$164.53
Costs to cover: 1.689%
Break-even: 125.4 days

Slippage from Phemex: live order book, 2 min ago; QFEX: live order book, 2 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 Phemex live order book, 2 min ago	5.62 bp	54.0 bp −$54	doesn't fit	doesn't fit	doesn't fit
Sell QFEX live order book, 2 min ago	27.27 bp	33.2 bp −$33	41.1 bp −$411	doesn't fit	doesn't fit

CRWD on 18 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
Injective CRWD/USDC PERP	−0.0220%	1h	240.64	−3.443%	$21K	$20K	12x	as long as short
Aster CRWDUSDT	0.0000%	8h	249.05	−0.069%	$4K	$37K	20x	as long as short
Binance CRWDUSDT	0.0000%	8h	249.15	−0.029%	$2.4M	$6.7M	25x	as long as short
Bybit CRWDUSDT	0.0000%	8h	248.96	−0.104%	$1.1M	$530K	25x	as long as short
OKX CRWD-USDT-SWAP	0.0000%	8h	249.29	+0.028%	$606K	$646K	25x	as long as short
Bitget CRWDUSDT	0.0000%	8h	249.16	−0.024%	$292K	$416K	20x	as long as short
Variational Omni CRWD	0.0000%	8h	249.09	−0.051%	$67K	$60K	—	as long as short
GRVT CRWD_USDT_Perp	0.0000%	8h	249.26	+0.016%	$1K	$112K	10x	as long as short
SunX CRWD-USDT	0.0000%	8h	249.23	+0.004%	$2K	$1.2M	10x	as long as short
HTX CRWD-USDT	0.0000%	8h	249.29	+0.028%	$6K	$7K	20x	as long as short

Show all 18 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex CRWDUSDTlong	0.0000%	8h	249.22	long leg	$1.5M	$191K	10x
BloFin CRWD-USDT	+0.0003%	8h	249.39	+0.068%	$73K	$24K	25x	as long as short
QFEX CRWD-USDshort	+0.0046%	1h	249.04	−0.072%	$1.2M	$2.8M	10x
Extended CRWD_24_5-USD	+0.0048%	1h	248.82	−0.158%	$99K	—	10x	as long as short
tradeXYZ xyz:CRWD	+0.0050%	1h	248.94	−0.112%	$867K	$627K	10x	as long as short
KuCoin CRWDUSDTM	+0.0100%	8h	249.09	−0.052%	$34K	$438K	20x	as long as short
Paragon para:CRWD	+0.0284%	1h	248.66	−0.226%	$84K	$108K	10x	as long as short
Phoenix CRWD	+0.0289%	1h	249.06	−0.064%	$4	$106K	10x	as long as short