Funding arb · Price arb /

SMCI

RWAall SMCI markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0021%/8h= −2.3% APRpaid last 24h −0.015%

Price spread now: OKX against QFEX+0.072%54s7-day average +0.047% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$980.982% of the position

Long on QFEX Short on OKX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.021%−$2 on $10k

Price spread, last 7 days−0.032%−$3 · spread now +0.072%, 7d avg +0.047%

Together, before fees−0.053%−$5 on $10k · with fees, hour by hour

The price spread pays, funding is against you. OKX is 0.026% dearer against QFEX than usual: you sell high and buy low (spread +0.072% now, against its 7-day average of +0.047%): +$3 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 4.1 days. The two prices were read 54 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	QFEX SMCI-USD	41.550	0.0021	pay 0.0003% / 1h	33m 44s	$1.1M	$1.9M	10x
Short	OKX SMCI-USDT-SWAP	41.580	0	get 0.0000% / 8h	4h 33m	$690K	$1.1M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now +0.072%Rate

Funding earned: −$4.37
Price spread: +0.072% → +0.047%: $2.57
Slippage, 4 orders: −$78.15
Fee QFEX: 5 bp × 2 orders: −$10
Fee OKX: 5 bp × 2 orders: −$10
Net: −$99.95
Costs to cover: 0.982%
Break-even: never at this rate

Slippage from QFEX: live order book, 3 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 QFEX live order book, 3 min ago	3.61 bp	9.1 bp −$9	19.6 bp −$196	doesn't fit	doesn't fit
Sell OKX live order book, 3 min ago	2.41 bp	30.0 bp −$30	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	41.110	−1.059%	$4K	$92	12x	as long as short
Bybit SMCIUSDT	0.0000%	8h	41.540	−0.024%	$1.0M	$648K	25x	as long as short
OKX SMCI-USDT-SWAPshort	0.0000%	8h	41.580	+0.072%	$690K	$1.1M	20x
Gate SMCI_USDT	0.0000%	8h	41.560	+0.024%	$1.6M	$1.6M	20x	as long as short
Bitget SMCIUSDT	0.0000%	8h	41.530	−0.048%	$1.3M	$504K	20x	as long as short
Phemex SMCIUSDT	0.0000%	8h	41.620	+0.168%	$1.6M	$249K	10x	as long as short
QFEX SMCI-USDlong	+0.0021%	1h	41.550	long leg	$1.1M	$1.9M	10x
Lighter RH SMCI	+0.0032%	1h	41.585	+0.084%	$32K	$5K	10x	as long as short
Variational Omni SMCI	+0.0042%	8h	41.603	+0.127%	$98K	$110K	—	as long as short
SoDEX SMCI-USD	+0.0050%	1h	41.580	+0.072%	$146	$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	41.570	+0.048%	$464K	$479K	20x	as long as short
HTX SMCI-USDT	+0.0100%	8h	41.620	+0.168%	$8K	$285K	10x	as long as short
GRVT SMCI_USDT_Perp	+0.0133%	8h	41.590	+0.096%	$109	$158K	10x	as long as short
Extended SMCI-USD	+0.0168%	1h	41.600	+0.122%	$580	$10K	10x	as long as short
Binance SMCIUSDT	+0.0171%	8h	41.610	+0.145%	$3.4M	$5.2M	20x	as long as short
BloFin SMCI-USDT	+0.0185%	8h	41.630	+0.193%	$80K	$9K	20x	as long as short
Paragon para:SMCI	+0.1002%	1h	41.537	−0.032%	$159K	$265K	10x	as long as short