Funding arb · Price arb /

SMH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.010%

Price spread now: Bitget against MEXC+0.018%7-day average +0.045% · you sell dearer than you buy

Net, funding: paid 7d − costs−$77as in the Funding arb table

Net, price: spread back to 7d avg − costs−$71as in the Price arb table

costs, in and out, $10k−$680.682% of the position

Long on MEXC Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days−0.086%−$9 on $10k

Price spread, last 4 days (all we have)−0.049%−$5 · spread now +0.018%, 7d avg +0.045%

Together, before fees−0.136%−$14 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Bitget is 0.027% cheaper against MEXC than usual: you would sell low and buy high, −$3 on $10k if it goes back to its 7-day average of +0.045%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	MEXC SMH_USDT	600.14	0	get 0.0000% / 8h	5h 48m	$568K	$128K	20x
Short	Bitget SMHUSDT	600.25	0	get 0.0000% / 8h	5h 48m	$691K	$112K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget against MEXC. 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 MEXCbpFee BitgetbpOrdersPrice spread, now +0.018%Rate

Funding earned: $0
Price spread: +0.018% → +0.045%: −$2.67
Slippage, 4 orders: −$56.15
Fee MEXC: 0 bp × 2 orders: $0
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$70.83
Costs to cover: 0.682%
Break-even: never at this rate

Slippage from MEXC: live order book, 7 min ago; Bitget: live order book, 12 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 MEXC live order book, 7 min ago	6.50 bp	15.8 bp −$16	70.1 bp −$701	doesn't fit	doesn't fit
Sell Bitget live order book, 12 min ago	13.49 bp	21.4 bp −$21	428.0 bp −$4,280	doesn't fit	doesn't fit

SMH on 10 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
Binance SMHUSDT	0.0000%	8h	600.34	+0.033%	$741K	$728K	20x	as long as short
Bybit SMHUSDT	0.0000%	8h	599.90	−0.040%	$266K	$2.4M	25x	as long as short
OKX SMH-USDT-SWAP	0.0000%	8h	600.60	+0.077%	$506K	$348K	20x	as long as short
QFEX SMH-USD	0.0000%	1h	599.37	−0.128%	$1.1M	$6.6M	10x	as long as short
Gate SMH_USDT	0.0000%	8h	599.70	−0.073%	$182K	$21K	20x	as long as short
MEXC SMH_USDTlong	0.0000%	8h	600.14	long leg	$568K	$128K	20x
Bitget SMHUSDTshort	0.0000%	8h	600.25	+0.018%	$691K	$112K	20x
Vest SMH-USD-PERP	+0.0046%	1h	599.43	−0.118%	—	—	25x	as long as short
HTX SMH-USDT	+0.0100%	8h	600.03	−0.018%	$7K	$46K	10x	as long as short
tradeXYZ xyz:SMH	+0.0394%	1h	600.03	−0.018%	$3.3M	$1.9M	20x	as long as short