Funding arb · Price arb /

SMCI

RWAall SMCI markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0048%/8h= −5.2% APRpaid last 24h −0.015%

Price spread now: Phemex against QFEX+0.072%7-day average +0.009% · 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−$113as in the Price arb table

costs, in and out, $10k−$1191.191% of the position

Long on QFEX Short on Phemex

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 4 days (all we have)−0.175%−$17 · spread now +0.072%, 7d avg +0.009%

Together, before fees−0.195%−$20 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Phemex is 0.063% dearer against QFEX than usual: you sell high and buy low (spread +0.072% now, against its 7-day average of +0.009%): +$6 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 4.4 days. At the pace of the last 4 days (−0.021% in total) that is about 11 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	QFEX SMCI-USD	41.490	0.0048	pay 0.0006% / 1h	25m 35s	$1.1M	$2.1M	10x
Short	Phemex SMCIUSDT	41.520	0	get 0.0000% / 8h	5h 25m	$1.6M	$248K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now +0.072%Rate

Funding earned: −$10.05
Price spread: +0.072% → +0.009%: $6.35
Slippage, 4 orders: −$97.12
Fee QFEX: 5 bp × 2 orders: −$10
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$122.82
Costs to cover: 1.191%
Break-even: never at this rate

Slippage from QFEX: live order book, 2 min ago; Phemex: live order book, 2 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, 2 min ago	3.61 bp	8.6 bp −$9	16.1 bp −$161	doesn't fit	doesn't fit
Sell Phemex live order book, 2 min ago	2.41 bp	51.6 bp −$52	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	41.130	−0.868%	$4K	$94	12x	as long as short
Bybit SMCIUSDT	0.0000%	8h	41.500	+0.024%	$1.0M	$648K	25x	as long as short
OKX SMCI-USDT-SWAP	0.0000%	8h	41.520	+0.072%	$689K	$1.1M	20x	as long as short
Gate SMCI_USDT	0.0000%	8h	41.500	+0.024%	$1.6M	$1.6M	20x	as long as short
Bitget SMCIUSDT	0.0000%	8h	41.501	+0.027%	$1.3M	$505K	20x	as long as short
Phemex SMCIUSDTshort	0.0000%	8h	41.520	+0.072%	$1.6M	$248K	10x
Lighter RH SMCI	+0.0032%	1h	41.499	+0.022%	$32K	$5K	10x	as long as short
QFEX SMCI-USDlong	+0.0048%	1h	41.490	long leg	$1.1M	$2.1M	10x
SoDEX SMCI-USD	+0.0050%	1h	41.500	+0.024%	$142	$3K	10x	as long as short
Variational Omni SMCI	+0.0051%	8h	41.506	+0.040%	$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	0.000%	$462K	$486K	20x	as long as short
HTX SMCI-USDT	+0.0100%	8h	41.520	+0.072%	$8K	$285K	10x	as long as short
GRVT SMCI_USDT_Perp	+0.0132%	8h	41.532	+0.100%	$152	$155K	10x	as long as short
BloFin SMCI-USDT	+0.0179%	8h	41.490	0.000%	$80K	$9K	20x	as long as short
Binance SMCIUSDT	+0.0181%	8h	41.513	+0.055%	$3.4M	$5.2M	20x	as long as short
Extended SMCI-USD	+0.0184%	1h	41.502	+0.029%	$580	$10K	10x	as long as short
Paragon para:SMCI	+0.1327%	1h	41.500	+0.023%	$159K	$265K	10x	as long as short