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 OKX−0.072%7-day average −0.046% · 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−$87as in the Price arb table

costs, in and out, $10k−$850.846% of the position

Long on OKX Short on QFEX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.021%+$2 on $10k

Price spread, last 7 days+0.032%+$3 · spread now −0.072%, 7d avg −0.046%

Together, before fees+0.052%+$5 on $10k · with fees, hour by hour

Funding pays, the price is against you. QFEX is 0.026% cheaper against OKX than usual: you would sell low and buy high (spread −0.072% now, against its 7-day average of −0.046%). If the spread goes back, that is −$3 on $10k: about 43 hours of funding at the current rate (+$1 a day). At the pace of the last 4 days (+0.021% in total) that is about 4.4 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX SMCI-USDT-SWAP	41.520	0	get 0.0000% / 8h	5h 25m	$689K	$1.1M	20x
Short	QFEX SMCI-USD	41.490	0.0048	get 0.0006% / 1h	25m 06s	$1.1M	$2.1M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

QFEX against OKX. 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 OKXbpFee QFEXbpOrdersPrice spread, now −0.072%Rate

Funding earned: $10.05
Price spread: −0.072% → −0.046%: −$2.59
Slippage, 4 orders: −$64.6
Fee OKX: 5 bp × 2 orders: −$10
Fee QFEX: 5 bp × 2 orders: −$10
Net: −$77.15
Costs to cover: 0.846%
Break-even: 60.8 days

Slippage from OKX: 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 OKX live order book, 1 min ago	2.41 bp	23.6 bp −$24	4832.4 bp −$48.3K	doesn't fit	doesn't fit
Sell QFEX live order book, 2 min ago	3.61 bp	11.0 bp −$11	18.9 bp −$189	doesn't fit	doesn't fit

SMCI on 17 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	41.130	−0.939%	$4K	$94	12x	as long as short
Bybit SMCIUSDT	0.0000%	8h	41.490	−0.072%	$1.0M	$648K	25x	as long as short
OKX SMCI-USDT-SWAPlong	0.0000%	8h	41.520	long leg	$689K	$1.1M	20x
Gate SMCI_USDT	0.0000%	8h	41.510	−0.024%	$1.6M	$1.6M	20x	as long as short
Bitget SMCIUSDT	0.0000%	8h	41.501	−0.046%	$1.3M	$505K	20x	as long as short
Phemex SMCIUSDT	0.0000%	8h	41.530	+0.024%	$1.6M	$248K	10x	as long as short
Lighter RH SMCI	+0.0032%	1h	41.499	−0.051%	$32K	$5K	10x	as long as short
QFEX SMCI-USDshort	+0.0048%	1h	41.490	−0.072%	$1.1M	$2.1M	10x
SoDEX SMCI-USD	+0.0050%	1h	41.500	−0.048%	$143	$3K	10x	as long as short
Variational Omni SMCI	+0.0051%	8h	41.506	−0.033%	$98K	$110K	—	as long as short

Show all 17 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin SMCIUSDTM	+0.0100%	8h	41.490	−0.072%	$462K	$485K	20x	as long as short
HTX SMCI-USDT	+0.0100%	8h	41.520	0.000%	$8K	$284K	10x	as long as short
GRVT SMCI_USDT_Perp	+0.0115%	8h	41.520	0.000%	$502	$155K	10x	as long as short
Binance SMCIUSDT	+0.0181%	8h	41.512	−0.020%	$3.4M	$5.2M	20x	as long as short
Extended SMCI-USD	+0.0184%	1h	41.504	−0.039%	$580	$10K	10x	as long as short
BloFin SMCI-USDT	+0.0186%	8h	41.540	+0.048%	$33K	$9K	20x	as long as short
Paragon para:SMCI	+0.1327%	1h	41.500	−0.049%	$159K	$265K	10x	as long as short