Funding arb · Price arb /

SMCI

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.1261%/8h= −138.1% APRpaid last 24h −0.082%

Price spread now: OKX against Paragon+0.193%7-day average −0.032% · you sell dearer than you buy

Net, funding: paid 7d − costs−$156as in the Funding arb table

Net, price: spread back to 7d avg − costs−$107as in the Price arb table

costs, in and out, $10k−$1291.294% of the position

Long on Paragon Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.269%−$27 on $10k

Price spread, last 4 days (all we have)−0.106%−$11 · spread now +0.193%, 7d avg −0.032%

Together, before fees−0.375%−$37 on $10k · with fees, hour by hour

The price spread pays, funding is against you. OKX is 0.225% dearer against Paragon than usual: you sell high and buy low (spread +0.193% now, against its 7-day average of −0.032%): +$23 on $10k if it goes back. Holding the pair costs −$38 a day in funding at the current rate, which eats that in about 14 hours. At the pace of the last 7 days (−0.269% in total) that is about 5.9 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.269% in total (about -14.0% 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	0.1261	pay 0.0158% / 1h	13m 06s	$159K	$265K	10x
Short	OKX SMCI-USDT-SWAP	41.580	0	get 0.0000% / 8h	6h 13m	$690K	$1.1M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now +0.193%Rate

Funding earned: −$264.81
Price spread: +0.193% → −0.032%: $22.51
Slippage, 4 orders: −$109.39
Fee Paragon: 5 bp × 2 orders: −$10
Fee OKX: 5 bp × 2 orders: −$10
Net: −$371.69
Costs to cover: 1.294%
Break-even: never at this rate

Slippage from Paragon: live order book, 32 min ago; OKX: live order book, 3 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, 32 min ago	28.97 bp	34.0 bp −$34	129.6 bp −$1,296	doesn't fit	doesn't fit
Sell OKX live order book, 3 min ago	6.02 bp	24.6 bp −$25	doesn't fit	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	41.040	−1.108%	$4K	$95	12x	as long as short
Bybit SMCIUSDT	0.0000%	8h	41.520	+0.048%	$1.0M	$648K	25x	as long as short
OKX SMCI-USDT-SWAPshort	0.0000%	8h	41.580	+0.193%	$690K	$1.1M	20x
Gate SMCI_USDT	0.0000%	8h	41.540	+0.096%	$1.6M	$1.6M	20x	as long as short
Bitget SMCIUSDT	0.0000%	8h	41.537	+0.089%	$1.3M	$506K	20x	as long as short
Phemex SMCIUSDT	0.0000%	8h	41.540	+0.096%	$1.6M	$248K	10x	as long as short
Lighter RH SMCI	+0.0032%	1h	41.525	+0.060%	$32K	$5K	10x	as long as short
QFEX SMCI-USD	+0.0043%	1h	41.530	+0.072%	$1.1M	$2.2M	10x	as long as short
SoDEX SMCI-USD	+0.0054%	1h	41.530	+0.072%	$143	$3K	10x	as long as short
Variational Omni SMCI	+0.0064%	8h	41.562	+0.150%	$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	41.510	+0.024%	$462K	$501K	20x	as long as short
HTX SMCI-USDT	+0.0100%	8h	41.540	+0.096%	$8K	$285K	10x	as long as short
GRVT SMCI_USDT_Perp	+0.0207%	8h	41.559	+0.142%	$611	$155K	10x	as long as short
Binance SMCIUSDT	+0.0214%	8h	41.540	+0.096%	$3.4M	$5.2M	20x	as long as short
Extended SMCI-USD	+0.0216%	1h	41.530	+0.071%	$583	$10K	10x	as long as short
Paragon para:SMCIlong	+0.1261%	1h	41.500	long leg	$159K	$265K	10x