Funding arb · Price arb /

SMCI

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.1157%/8h= −126.7% APRpaid last 24h −0.097%

Price spread now: Gate against Paragon+0.119%7-day average −0.064% · you sell dearer than you buy

Net, funding: paid 7d − costs−$329as in the Funding arb table

Net, price: spread back to 7d avg − costs−$282as in the Price arb table

costs, in and out, $10k−$3003.002% of the position

Long on Paragon Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days−0.286%−$29 on $10k

Price spread, last 4 days (all we have)−0.138%−$14 · spread now +0.119%, 7d avg −0.064%

Together, before fees−0.424%−$42 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Gate is 0.183% dearer against Paragon than usual: you sell high and buy low (spread +0.119% now, against its 7-day average of −0.064%): +$18 on $10k if it goes back. Holding the pair costs −$35 a day in funding at the current rate, which eats that in about 13 hours. At the pace of the last 7 days (−0.286% in total) that is about 4.5 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.286% in total (about -14.9% 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	Paragon para:SMCI	41.480	0.1157	pay 0.0145% / 1h	10m 54s	$159K	$265K	10x
Short	Gate SMCI_USDT	41.530	0	get 0.0000% / 8h	4h 10m	$1.6M	$1.6M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate against Paragon. 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 ParagonbpFee GatebpOrdersPrice spread, now +0.119%Rate

Funding earned: −$243.03
Price spread: +0.119% → −0.064%: $18.33
Slippage, 4 orders: −$275.16
Fee Paragon: 5 bp × 2 orders: −$10
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$524.87
Costs to cover: 3.002%
Break-even: never at this rate

Slippage from Paragon: live order book, 15 min ago; Gate: 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 Paragon live order book, 15 min ago	53.49 bp	62.2 bp −$62	doesn't fit	doesn't fit	doesn't fit
Sell Gate live order book, 2 min ago	8.43 bp	162.7 bp −$163	doesn't fit	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	41.120	−0.869%	$4K	$95	12x	as long as short
Bybit SMCIUSDT	0.0000%	8h	41.520	+0.095%	$1.0M	$647K	25x	as long as short
OKX SMCI-USDT-SWAP	0.0000%	8h	41.580	+0.240%	$690K	$1.1M	20x	as long as short
Gate SMCI_USDTshort	0.0000%	8h	41.530	+0.119%	$1.6M	$1.6M	20x
Bitget SMCIUSDT	0.0000%	8h	41.540	+0.143%	$1.3M	$503K	20x	as long as short
Phemex SMCIUSDT	0.0000%	8h	41.540	+0.143%	$1.6M	$250K	10x	as long as short
QFEX SMCI-USD	+0.0021%	1h	41.490	+0.023%	$1.1M	$1.9M	10x	as long as short
Variational Omni SMCI	+0.0030%	8h	41.528	+0.114%	$98K	$110K	—	as long as short
Lighter RH SMCI	+0.0032%	1h	41.518	+0.090%	$32K	$5K	10x	as long as short
SoDEX SMCI-USD	+0.0050%	1h	41.520	+0.095%	$148	$3K	10x	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	41.520	+0.095%	$463K	$481K	20x	as long as short
HTX SMCI-USDT	+0.0100%	8h	41.550	+0.168%	$8K	$285K	10x	as long as short
GRVT SMCI_USDT_Perp	+0.0120%	8h	41.558	+0.187%	$307	$160K	10x	as long as short
BloFin SMCI-USDT	+0.0121%	8h	41.550	+0.168%	$79K	$9K	20x	as long as short
Extended SMCI-USD	+0.0144%	1h	41.528	+0.115%	$582	$10K	10x	as long as short
Binance SMCIUSDT	+0.0148%	8h	41.534	+0.128%	$3.4M	$5.2M	20x	as long as short
Paragon para:SMCIlong	+0.1157%	1h	41.480	long leg	$159K	$265K	10x