Funding arb · Price arb /

IBM

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0035%/8h= −3.8% APRpaid last 24h −0.014%

Price spread now: Bitget against QFEX+0.017%7-day average −0.003% · 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−$88as in the Price arb table

costs, in and out, $10k−$900.898% 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)−0.022%−$2 on $10k

Price spread, last 4 days (all we have)−0.056%−$6 · spread now +0.017%, 7d avg −0.003%

Together, before fees−0.078%−$8 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Bitget is 0.020% dearer against QFEX than usual: you sell high and buy low (spread +0.017% now, against its 7-day average of −0.003%): +$2 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 47 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	QFEX IBM-USD	231.56	0.0035	pay 0.0004% / 1h	27m 39s	$1.2M	$2.7M	10x
Short	Bitget IBMUSDT	231.60	0	get 0.0000% / 8h	5h 27m	$789K	$337K	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 +0.017%Rate

Funding earned: −$7.26
Price spread: +0.017% → −0.003%: $2.04
Slippage, 4 orders: −$67.81
Fee QFEX: 5 bp × 2 orders: −$10
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$95.03
Costs to cover: 0.898%
Break-even: never at this rate

Slippage from QFEX: live order book, 5 min ago; Bitget: live order book, 33 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, 5 min ago	12.09 bp	29.5 bp −$29	35.0 bp −$350	doesn't fit	doesn't fit
Sell Bitget live order book, 33 min ago	3.67 bp	12.5 bp −$13	33.4 bp −$334	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
Aster IBMUSDT	0.0000%	8h	231.51	−0.023%	$13K	$127K	20x	as long as short
Bybit IBMUSDT	0.0000%	8h	231.50	−0.026%	$974K	$346K	50x	as long as short
OKX IBM-USDT-SWAP	0.0000%	8h	231.66	+0.043%	$1.4M	$1.1M	20x	as long as short
Gate IBM_USDT	0.0000%	8h	231.62	+0.026%	$799K	$1.4M	50x	as long as short
Bitget IBMUSDTshort	0.0000%	8h	231.60	+0.017%	$789K	$337K	20x
Variational Omni IBM	0.0000%	8h	231.57	+0.003%	$256K	$15K	—	as long as short
GRVT IBM_USDT_Perp	0.0000%	8h	231.56	−0.002%	$512	$158K	10x	as long as short
SunX IBM-USDT	0.0000%	8h	231.31	−0.108%	$766	$486K	10x	as long as short
HTX IBM-USDT	0.0000%	8h	232.04	+0.207%	$5K	$33K	20x	as long as short
Lighter IBM	+0.0032%	1h	231.51	−0.022%	$38K	$43K	10x	as long as short

Show all 18 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective IBM/USDC PERP	+0.0033%	1h	201.05	−13.176%	—	$57	12x	as long as short
QFEX IBM-USDlong	+0.0035%	1h	231.56	long leg	$1.2M	$2.7M	10x
Vest IBM-USD-PERP	+0.0046%	1h	231.45	−0.048%	—	—	25x	as long as short
tradeXYZ xyz:IBM	+0.0050%	1h	231.38	−0.078%	$1.9M	$726K	10x	as long as short
Extended IBM-USD	+0.0056%	1h	231.59	+0.011%	$53K	$238K	10x	as long as short
Binance IBMUSDT	+0.0056%	8h	231.65	+0.040%	$3.9M	$5.3M	20x	as long as short
BloFin IBM-USDT	+0.0086%	8h	231.62	+0.026%	$47K	$52K	20x	as long as short
KuCoin IBMUSDTM	+0.0100%	8h	231.62	+0.026%	$194K	$33K	20x	as long as short