Funding arb · Price arb /

SMCI

RWAall SMCI markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0048%/8h= +5.2% APRpaid last 24h +0.015%

Price spread now: QFEX against Bybit+0.024%7-day average +0.004% · 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−$170as in the Price arb table

costs, in and out, $10k−$1721.721% of the position

Long on Bybit Short on QFEX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.029%+$3 on $10k

Price spread, last 7 days−0.051%−$5 · spread now +0.024%, 7d avg +0.004%

Together, before fees−0.022%−$2 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and QFEX is 0.020% dearer against Bybit than usual: you sell high and buy low: +$2 more if the spread goes back to its 7-day average of +0.004%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit SMCIUSDT	41.500	0	get 0.0000% / 8h	5h 49m	$1.0M	$648K	25x
Short	QFEX SMCI-USD	41.510	0.0048	get 0.0006% / 1h	49m 47s	$1.1M	$2.2M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

QFEX against Bybit. 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 BybitbpFee QFEXbpOrdersPrice spread, now +0.024%Rate

Funding earned: $10.05
Price spread: +0.024% → +0.004%: $2.02
Slippage, 4 orders: −$151.1
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee QFEX: 5 bp × 2 orders: −$10
Net: −$160.03
Costs to cover: 1.721%
Break-even: 118.5 days

Slippage from Bybit: live order book, 1 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 Bybit live order book, 1 min ago	4.82 bp	72.7 bp −$73	199.6 bp −$1,996	doesn't fit	doesn't fit
Sell QFEX live order book, 2 min ago	2.41 bp	9.8 bp −$10	19.1 bp −$191	doesn't fit	doesn't fit

SMCI on 16 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 SMCI/USDC PERP	−0.0220%	1h	41.150	−0.843%	$4K	$93	12x	as long as short
Bybit SMCIUSDTlong	0.0000%	8h	41.500	long leg	$1.0M	$648K	25x
OKX SMCI-USDT-SWAP	0.0000%	8h	41.560	+0.145%	$690K	$1.1M	20x	as long as short
Gate SMCI_USDT	0.0000%	8h	41.510	+0.024%	$1.6M	$1.6M	20x	as long as short
Bitget SMCIUSDT	0.0000%	8h	41.522	+0.053%	$1.3M	$505K	20x	as long as short
Phemex SMCIUSDT	0.0000%	8h	41.520	+0.048%	$1.6M	$246K	10x	as long as short
Lighter RH SMCI	+0.0032%	1h	41.499	−0.002%	$32K	$5K	10x	as long as short
QFEX SMCI-USDshort	+0.0048%	1h	41.510	+0.024%	$1.1M	$2.2M	10x
SoDEX SMCI-USD	+0.0050%	1h	41.510	+0.024%	$142	$3K	10x	as long as short
Variational Omni SMCI	+0.0066%	8h	41.532	+0.077%	$98K	$110K	—	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin SMCIUSDTM	+0.0100%	8h	41.500	0.000%	$462K	$499K	20x	as long as short
HTX SMCI-USDT	+0.0100%	8h	41.520	+0.048%	$8K	$285K	10x	as long as short
Binance SMCIUSDT	+0.0199%	8h	41.518	+0.044%	$3.4M	$5.1M	20x	as long as short
Extended SMCI-USD	+0.0200%	1h	41.509	+0.022%	$580	$10K	10x	as long as short
GRVT SMCI_USDT_Perp	+0.0202%	8h	41.545	+0.109%	$29	$154K	10x	as long as short
Paragon para:SMCI	+0.1404%	1h	41.495	−0.013%	$159K	$265K	10x	as long as short