Funding arb · Price arb /

SMCI

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.1216%/8h= −133.1% APRpaid last 24h −0.061%

Price spread now: HTX against Paragon+0.097%7-day average +0.010% · you sell dearer than you buy

Net, funding: paid 7d − costs−$153as in the Funding arb table

Net, price: spread back to 7d avg − costs−$138as in the Price arb table

costs, in and out, $10k−$1461.464% of the position

Long on Paragon Short on HTX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.066%−$7 on $10k

Price spread, last 4 days (all we have)+0.043%+$4 · spread now +0.097%, 7d avg +0.010%

Together, before fees−0.023%−$2 on $10k · with fees, hour by hour

The price spread pays, funding is against you. HTX is 0.087% dearer against Paragon than usual: you sell high and buy low (spread +0.097% now, against its 7-day average of +0.010%): +$9 on $10k if it goes back. Holding the pair costs −$36 a day in funding at the current rate, which eats that in about 6 hours. At the pace of the last 7 days (−0.066% in total) that is about 9.2 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.066% in total (about -3.5% 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	Paragon para:SMCI	41.500	0.1316	pay 0.0164% / 1h	23m 15s	$159K	$265K	10x
Short	HTX SMCI-USDT	41.540	0.0100	get 0.0100% / 8h	5h 23m	$8K	$284K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX 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 HTXbpOrdersPrice spread, now +0.097%Rate

Funding earned: −$255.35
Price spread: +0.097% → +0.010%: $8.71
Slippage, 4 orders: −$124.42
Fee Paragon: 5 bp × 2 orders: −$10
Fee HTX: 6 bp × 2 orders: −$12
Net: −$393.05
Costs to cover: 1.464%
Break-even: never at this rate

Slippage from Paragon: live order book, 12 min ago; HTX: live order book, 39 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, 12 min ago	28.97 bp	34.0 bp −$34	148.6 bp −$1,486	doesn't fit	doesn't fit
Sell HTX live order book, 39 min ago	24.07 bp	37.4 bp −$37	72.4 bp −$724	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	−0.891%	$4K	$94	12x	as long as short
Bybit SMCIUSDT	0.0000%	8h	41.500	+0.001%	$1.0M	$648K	25x	as long as short
OKX SMCI-USDT-SWAP	0.0000%	8h	41.520	+0.049%	$689K	$1.1M	20x	as long as short
Gate SMCI_USDT	0.0000%	8h	41.500	+0.001%	$1.6M	$1.6M	20x	as long as short
Bitget SMCIUSDT	0.0000%	8h	41.506	+0.015%	$1.3M	$505K	20x	as long as short
Phemex SMCIUSDT	0.0000%	8h	41.510	+0.025%	$1.6M	$248K	10x	as long as short
Lighter RH SMCI	+0.0032%	1h	41.503	+0.008%	$32K	$5K	10x	as long as short
QFEX SMCI-USD	+0.0048%	1h	41.500	+0.001%	$1.1M	$2.1M	10x	as long as short
SoDEX SMCI-USD	+0.0050%	1h	41.510	+0.025%	$143	$3K	10x	as long as short
Variational Omni SMCI	+0.0051%	8h	41.506	+0.017%	$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	−0.023%	$462K	$485K	20x	as long as short
HTX SMCI-USDTshort	+0.0100%	8h	41.540	+0.097%	$8K	$284K	10x
GRVT SMCI_USDT_Perp	+0.0115%	8h	41.520	+0.049%	$502	$155K	10x	as long as short
Extended SMCI-USD	+0.0176%	1h	41.499	−0.001%	$580	$10K	10x	as long as short
Binance SMCIUSDT	+0.0177%	8h	41.510	+0.025%	$3.4M	$5.2M	20x	as long as short
BloFin SMCI-USDT	+0.0186%	8h	41.540	+0.097%	$33K	$9K	20x	as long as short
Paragon para:SMCIlong	+0.1316%	1h	41.500	long leg	$159K	$265K	10x