Funding arb · Price arb /

SMCI

RWAall SMCI markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0365%/8h= −40.0% APRpaid last 24h −0.100%

Price spread now: Phemex against Paragon+0.054%7-day average −0.029% · you sell dearer than you buy

Net, funding: paid 7d − costs−$250as in the Funding arb table

Net, price: spread back to 7d avg − costs−$213as in the Price arb table

costs, in and out, $10k−$2212.209% of the position

Long on Paragon Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.290%−$29 on $10k

Price spread, last 4 days (all we have)−0.024%−$2 · spread now +0.054%, 7d avg −0.029%

Together, before fees−0.315%−$31 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Phemex is 0.083% dearer against Paragon than usual: you sell high and buy low (spread +0.054% now, against its 7-day average of −0.029%): +$8 on $10k if it goes back. Holding the pair costs −$11 a day in funding at the current rate, which eats that in about 18 hours. At the pace of the last 7 days (−0.290% in total) that is about 48 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Paragon para:SMCI	41.198	0.0365	pay 0.0046% / 1h	36m 57s	$158K	$265K	10x
Short	Phemex SMCIUSDT	41.220	0	get 0.0000% / 8h	3h 36m	$1.6M	$253K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now +0.054%Rate

Funding earned: −$76.65
Price spread: +0.054% → −0.029%: $8.27
Slippage, 4 orders: −$198.9
Fee Paragon: 5 bp × 2 orders: −$10
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$289.28
Costs to cover: 2.209%
Break-even: never at this rate

Slippage from Paragon: live order book, 48 min ago; Phemex: live order book, 1 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, 48 min ago	53.49 bp	62.2 bp −$62	doesn't fit	doesn't fit	doesn't fit
Sell Phemex live order book, 1 min ago	2.43 bp	38.6 bp −$39	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	41.060	−0.334%	$4K	$91	12x	as long as short
Bybit SMCIUSDT	0.0000%	8h	41.170	−0.067%	$1.0M	$489K	25x	as long as short
OKX SMCI-USDT-SWAP	0.0000%	8h	41.230	+0.078%	$685K	$1.1M	20x	as long as short
Gate SMCI_USDT	0.0000%	8h	41.200	+0.006%	$1.5M	$1.6M	20x	as long as short
Bitget SMCIUSDT	0.0000%	8h	41.224	+0.064%	$1.3M	$501K	20x	as long as short
Variational Omni SMCI	0.0000%	8h	41.273	+0.182%	$97K	$110K	—	as long as short
Phemex SMCIUSDTshort	0.0000%	8h	41.220	+0.054%	$1.6M	$253K	10x
GRVT SMCI_USDT_Perp	+0.0015%	8h	41.250	+0.127%	$484	$163K	10x	as long as short
QFEX SMCI-USD	+0.0032%	1h	41.200	+0.006%	$1.1M	$1.8M	10x	as long as short
Lighter RH SMCI	+0.0032%	1h	41.173	−0.060%	$32K	$5K	10x	as long as short

Show all 17 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SoDEX SMCI-USD	+0.0050%	1h	41.200	+0.006%	$149	$3K	10x	as long as short
Extended SMCI-USD	+0.0080%	1h	41.195	−0.007%	$579	$10K	10x	as long as short
Binance SMCIUSDT	+0.0082%	8h	41.205	+0.019%	$3.4M	$5.2M	20x	as long as short
BloFin SMCI-USDT	+0.0085%	8h	41.250	+0.127%	$79K	$9K	20x	as long as short
KuCoin SMCIUSDTM	+0.0100%	8h	41.170	−0.067%	$459K	$480K	20x	as long as short
HTX SMCI-USDT	+0.0100%	8h	41.240	+0.103%	$8K	$285K	10x	as long as short
Paragon para:SMCIlong	+0.0365%	1h	41.198	long leg	$158K	$265K	10x