Funding arb · Price arb /

IBM

RWAall IBM markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0043%/8h= +4.7% APRpaid last 24h +0.012%

Price spread now: QFEX against Bitget−0.043%7-day average +0.001% · 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−$52as in the Price arb table

costs, in and out, $10k−$470.473% of the position

Long on Bitget Short on QFEX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.024%+$2 on $10k

Price spread, last 4 days (all we have)+0.038%+$4 · spread now −0.043%, 7d avg +0.001%

Together, before fees+0.062%+$6 on $10k · with fees, hour by hour

Funding pays, the price is against you. QFEX is 0.044% cheaper against Bitget than usual: you would sell low and buy high (spread −0.043% now, against its 7-day average of +0.001%). If the spread goes back, that is −$4 on $10k: about 3.4 days of funding at the current rate (+$1 a day). At the pace of the last 4 days (+0.024% in total) that is about 6.9 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bitget IBMUSDT	232.17	0	get 0.0000% / 8h	4m 32s	$780K	$346K	20x
Short	QFEX IBM-USD	232.07	0.0043	get 0.0005% / 1h	4m 32s	$1.2M	$2.1M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

QFEX against Bitget. 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 BitgetbpFee QFEXbpOrdersPrice spread, now −0.043%Rate

Funding earned: $9
Price spread: −0.043% → +0.001%: −$4.43
Slippage, 4 orders: −$25.3
Fee Bitget: 6 bp × 2 orders: −$12
Fee QFEX: 5 bp × 2 orders: −$10
Net: −$42.72
Costs to cover: 0.473%
Break-even: 40.2 days

Slippage from Bitget: live order book, 31 min ago; QFEX: 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 Bitget live order book, 31 min ago	3.88 bp	18.6 bp −$19	49.9 bp −$499	doesn't fit	doesn't fit
Sell QFEX live order book, 3 min ago	1.72 bp	6.7 bp −$7	11.3 bp −$113	doesn't fit	doesn't fit

IBM 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
BloFin IBM-USDT	−0.0006%	8h	232.19	+0.009%	$47K	$59K	20x	as long as short
Aster IBMUSDT	0.0000%	8h	232.04	−0.055%	$13K	$127K	20x	as long as short
Extended IBM-USD	0.0000%	1h	232.13	−0.018%	$53K	$311K	10x	as long as short
Binance IBMUSDT	0.0000%	8h	232.19	+0.009%	$3.8M	$5.5M	20x	as long as short
Bybit IBMUSDT	0.0000%	8h	232.00	−0.073%	$1.0M	$349K	50x	as long as short
OKX IBM-USDT-SWAP	0.0000%	8h	232.20	+0.013%	$1.4M	$1.2M	20x	as long as short
Gate IBM_USDT	0.0000%	8h	232.20	+0.013%	$743K	$1.5M	50x	as long as short
Bitget IBMUSDTlong	0.0000%	8h	232.17	long leg	$780K	$346K	20x
Variational Omni IBM	0.0000%	8h	232.15	−0.007%	$257K	$13K	—	as long as short
GRVT IBM_USDT_Perp	0.0000%	8h	232.20	+0.015%	$93	$168K	10x	as long as short

Show all 18 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX IBM-USDT	0.0000%	8h	232.03	−0.060%	$928	$471K	10x	as long as short
HTX IBM-USDT	0.0000%	8h	232.53	+0.155%	$6K	$33K	20x	as long as short
Lighter IBM	+0.0032%	1h	232.32	+0.065%	$38K	$49K	10x	as long as short
Injective IBM/USDC PERP	+0.0033%	1h	201.05	−13.404%	—	$57	12x	as long as short
QFEX IBM-USDshort	+0.0043%	1h	232.07	−0.043%	$1.2M	$2.1M	10x
Vest IBM-USD-PERP	+0.0046%	1h	231.97	−0.086%	—	—	25x	as long as short
tradeXYZ xyz:IBM	+0.0050%	1h	231.93	−0.103%	$1.8M	$800K	10x	as long as short
KuCoin IBMUSDTM	+0.0100%	8h	232.07	−0.043%	$194K	$55K	20x	as long as short