Funding arb · Price arb /

CRWD

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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: Phemex against QFEX+0.072%7-day average +0.019% · 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−$164as in the Price arb table

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

Long on QFEX Short on Phemex

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

The price spread pays, funding is against you. Phemex is 0.053% dearer against QFEX than usual: you sell high and buy low (spread +0.072% now, against its 7-day average of +0.019%): +$5 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 3.8 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	QFEX CRWD-USD	249.04	0.0046	pay 0.0006% / 1h	25m 26s	$1.2M	$2.8M	10x
Short	Phemex CRWDUSDT	249.22	0	get 0.0000% / 8h	5h 25m	$1.5M	$191K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now +0.072%Rate

Funding earned: −$9.73
Price spread: +0.072% → +0.019%: $5.32
Slippage, 4 orders: −$146.95
Fee QFEX: 5 bp × 2 orders: −$10
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$173.36
Costs to cover: 1.689%
Break-even: never at this rate

Slippage from QFEX: live order book, 2 min ago; Phemex: live order book, 3 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, 2 min ago	27.27 bp	32.3 bp −$32	40.0 bp −$400	doesn't fit	doesn't fit
Sell Phemex live order book, 3 min ago	5.62 bp	49.3 bp −$49	doesn't fit	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	−3.373%	$21K	$20K	12x	as long as short
Aster CRWDUSDT	0.0000%	8h	249.05	+0.003%	$4K	$37K	20x	as long as short
Binance CRWDUSDT	0.0000%	8h	249.15	+0.043%	$2.4M	$6.7M	25x	as long as short
Bybit CRWDUSDT	0.0000%	8h	248.96	−0.032%	$1.1M	$530K	25x	as long as short
OKX CRWD-USDT-SWAP	0.0000%	8h	249.29	+0.100%	$606K	$646K	25x	as long as short
Bitget CRWDUSDT	0.0000%	8h	249.16	+0.048%	$292K	$416K	20x	as long as short
Variational Omni CRWD	0.0000%	8h	249.09	+0.022%	$67K	$60K	—	as long as short
GRVT CRWD_USDT_Perp	0.0000%	8h	249.26	+0.088%	$1K	$112K	10x	as long as short
SunX CRWD-USDT	0.0000%	8h	249.23	+0.076%	$2K	$1.2M	10x	as long as short
HTX CRWD-USDT	0.0000%	8h	249.29	+0.100%	$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 CRWDUSDTshort	0.0000%	8h	249.22	+0.072%	$1.5M	$191K	10x
BloFin CRWD-USDT	+0.0003%	8h	249.39	+0.141%	$73K	$24K	25x	as long as short
QFEX CRWD-USDlong	+0.0046%	1h	249.04	long leg	$1.2M	$2.8M	10x
Extended CRWD_24_5-USD	+0.0048%	1h	248.82	−0.086%	$99K	—	10x	as long as short
tradeXYZ xyz:CRWD	+0.0050%	1h	248.94	−0.040%	$867K	$627K	10x	as long as short
KuCoin CRWDUSDTM	+0.0100%	8h	249.09	+0.020%	$34K	$438K	20x	as long as short
Paragon para:CRWD	+0.0284%	1h	248.66	−0.153%	$84K	$108K	10x	as long as short
Phoenix CRWD	+0.0289%	1h	249.06	+0.008%	$4	$106K	10x	as long as short