Funding arb · Price arb /

IONQ

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0648%/8h= −70.9% APRpaid last 24h −0.135%

Price spread now: Bitget against Entropy+0.231%7-day average +0.138% · you sell dearer than you buy

Net, funding: paid 7d − costs−$158as in the Funding arb table

Net, price: spread back to 7d avg − costs−$113as in the Price arb table

costs, in and out, $10k−$1221.221% of the position

Long on Entropy Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days−0.355%−$36 on $10k

Price spread, last 4 days (all we have)−0.156%−$16 · spread now +0.231%, 7d avg +0.138%

Together, before fees−0.511%−$51 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Bitget is 0.092% dearer against Entropy than usual: you sell high and buy low (spread +0.231% now, against its 7-day average of +0.138%): +$9 on $10k if it goes back. Holding the pair costs −$19 a day in funding at the current rate, which eats that in about 11 hours. At the pace of the last 7 days (−0.355% in total) that is about 44 hours.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.355% in total (about -18.5% 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	Entropy io:IONQ	40.347	0.0508	pay 0.0063% / 1h	47m 45s	$45K	$175K	10x
Short	Bitget IONQUSDT	40.440	−0.0140	pay 0.0140% / 8h	2h 47m	$1.5M	$409K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget against Entropy. 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 EntropybpFee BitgetbpOrdersPrice spread, now +0.231%Rate

Funding earned: −$136.01
Price spread: +0.231% → +0.138%: $9.23
Slippage, 4 orders: −$92.12
Fee Entropy: 9 bp × 2 orders: −$18
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$248.89
Costs to cover: 1.221%
Break-even: never at this rate

Slippage from Entropy: live order book, 27 min ago; Bitget: live order book, 4 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 Entropy live order book, 27 min ago	16.32 bp	46.5 bp −$46	doesn't fit	doesn't fit	doesn't fit
Sell Bitget live order book, 4 min ago	8.66 bp	25.5 bp −$25	110.6 bp −$1,106	doesn't fit	doesn't fit

IONQ on 12 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 IONQUSDTshort	−0.0140%	8h	40.440	+0.231%	$1.5M	$409K	20x
Binance IONQUSDT	0.0000%	8h	40.360	+0.032%	$736K	$1.3M	20x	as long as short
Bybit IONQUSDT	0.0000%	8h	40.370	+0.057%	$678K	$249K	25x	as long as short
OKX IONQ-USDT-SWAP	0.0000%	8h	40.380	+0.082%	$133K	$268K	20x	as long as short
QFEX IONQ-USD	0.0000%	1h	40.320	−0.067%	$1.1M	$539K	10x	as long as short
Gate IONQ_USDT	0.0000%	8h	40.420	+0.181%	$504K	$473K	20x	as long as short
HTX IONQ-USDT	0.0000%	8h	40.240	−0.265%	$7K	$18K	10x	as long as short
Phemex IONQUSDT	0.0000%	8h	40.370	+0.057%	$696K	$101K	20x	as long as short
BloFin IONQ-USDT	+0.0022%	8h	40.410	+0.156%	$49K	$9K	20x	as long as short
KuCoin IONQUSDTM	+0.0100%	8h	40.470	+0.305%	$37K	$2.9M	20x	as long as short

Show all 12 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Entropy io:IONQlong	+0.0508%	1h	40.347	long leg	$45K	$175K	10x
edgeX IONQUSDC	+0.0788%	4h	40.360	+0.033%	$1K	$187K	10x	as long as short