Funding arb · Price arb /

SMCI

RWAall SMCI markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0023%/8h= −2.5% APRpaid last 24h −0.015%

Price spread now: Bybit against QFEX−0.024%7-day average −0.004% · 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−$128as in the Price arb table

costs, in and out, $10k−$1261.261% of the position

Long on QFEX Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.028%−$3 on $10k

Price spread, last 7 days+0.087%+$9 · spread now −0.024%, 7d avg −0.004%

Together, before fees+0.059%+$6 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Bybit is 0.020% cheaper against QFEX than usual: you would sell low and buy high (−$2 if the spread goes back to its 7-day average of −0.004%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	QFEX SMCI-USD	41.620	0.0023	pay 0.0003% / 1h	21m 33s	$1.1M	$2.3M	10x
Short	Bybit SMCIUSDT	41.610	0	get 0.0000% / 8h	7h 21m	$1.0M	$656K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against QFEX. 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 QFEXbpFee BybitbpOrdersPrice spread, now −0.024%Rate

Funding earned: −$4.77
Price spread: −0.024% → −0.004%: −$2.05
Slippage, 4 orders: −$105.08
Fee QFEX: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$132.9
Costs to cover: 1.261%
Break-even: never at this rate

Slippage from QFEX: live order book, 6 min ago; Bybit: live order book, 4 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 QFEX live order book, 6 min ago	3.60 bp	8.8 bp −$9	19.4 bp −$194	doesn't fit	doesn't fit
Sell Bybit live order book, 4 min ago	1.20 bp	79.6 bp −$80	209.2 bp −$2,092	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	41.150	−1.129%	$4K	$96	12x	as long as short
Bybit SMCIUSDTshort	0.0000%	8h	41.610	−0.024%	$1.0M	$656K	25x
OKX SMCI-USDT-SWAP	0.0000%	8h	41.600	−0.048%	$694K	$1.1M	20x	as long as short
Gate SMCI_USDT	0.0000%	8h	41.620	0.000%	$1.6M	$1.7M	20x	as long as short
Bitget SMCIUSDT	0.0000%	8h	41.632	+0.029%	$1.3M	$508K	20x	as long as short
Phemex SMCIUSDT	0.0000%	8h	41.660	+0.096%	$1.6M	$247K	10x	as long as short
QFEX SMCI-USDlong	+0.0023%	1h	41.620	long leg	$1.1M	$2.3M	10x
Lighter RH SMCI	+0.0032%	1h	41.602	−0.043%	$32K	$5K	10x	as long as short
Paragon para:SMCI	+0.0060%	1h	41.562	−0.140%	$160K	$265K	10x	as long as short
Variational Omni SMCI	+0.0093%	8h	41.683	+0.152%	$97K	$109K	—	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	41.560	−0.144%	$462K	$526K	20x	as long as short
HTX SMCI-USDT	+0.0100%	8h	41.670	+0.120%	$8K	$284K	10x	as long as short
SoDEX SMCI-USD	+0.0160%	1h	41.620	0.000%	$136	$3K	10x	as long as short
Extended SMCI-USD	+0.0240%	1h	41.645	+0.060%	$583	$10K	10x	as long as short
Binance SMCIUSDT	+0.0244%	8h	41.670	+0.120%	$3.4M	$5.1M	20x	as long as short
BloFin SMCI-USDT	+0.0267%	8h	41.650	+0.072%	$79K	$9K	20x	as long as short
GRVT SMCI_USDT_Perp	+0.0458%	8h	41.661	+0.099%	$642	$154K	10x	as long as short