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 −0.011%

Price spread now: OKX against MEXC+0.110%7-day average −0.040% · you sell dearer than you buy

Net, funding: paid 7d − costs−$89as in the Funding arb table

Net, price: spread back to 7d avg − costs−$65as in the Price arb table

costs, in and out, $10k−$800.804% of the position

Long on MEXC Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.087%−$9 on $10k

Price spread, last 4 days (all we have)−0.046%−$5 · spread now +0.110%, 7d avg −0.040%

Together, before fees−0.133%−$13 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: OKX is 0.150% dearer against MEXC than usual: you sell high and buy low, +$15 on $10k if it goes back to its 7-day average of −0.040%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	MEXC SMH_USDT	600.53	0	get 0.0000% / 8h	6h 14m	$569K	$131K	20x
Short	OKX SMH-USDT-SWAP	601.19	0	get 0.0000% / 8h	6h 14m	$505K	$349K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now +0.110%Rate

Funding earned: $0
Price spread: +0.110% → −0.040%: $14.98
Slippage, 4 orders: −$70.37
Fee MEXC: 0 bp × 2 orders: $0
Fee OKX: 5 bp × 2 orders: −$10
Net: −$65.39
Costs to cover: 0.804%
Break-even: never at this rate

Slippage from MEXC: live order book, 45 min ago; OKX: live order book, 51 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, 45 min ago	9.55 bp	14.0 bp −$14	22.3 bp −$223	doesn't fit	doesn't fit
Sell OKX live order book, 51 min ago	2.32 bp	35.3 bp −$35	doesn't fit	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	600.64	+0.018%	$742K	$739K	20x	as long as short
Bybit SMHUSDT	0.0000%	8h	600.13	−0.067%	$265K	$2.4M	25x	as long as short
OKX SMH-USDT-SWAPshort	0.0000%	8h	601.19	+0.110%	$505K	$349K	20x
QFEX SMH-USD	0.0000%	1h	599.73	−0.133%	$1.1M	$6.7M	10x	as long as short
Gate SMH_USDT	0.0000%	8h	600.20	−0.055%	$182K	$21K	20x	as long as short
MEXC SMH_USDTlong	0.0000%	8h	600.53	long leg	$569K	$131K	20x
Bitget SMHUSDT	0.0000%	8h	600.58	+0.008%	$692K	$118K	20x	as long as short
Vest SMH-USD-PERP	+0.0046%	1h	599.79	−0.123%	—	—	25x	as long as short
HTX SMH-USDT	+0.0100%	8h	602.26	+0.288%	$7K	$46K	10x	as long as short
tradeXYZ xyz:SMH	+0.0412%	1h	599.98	−0.092%	$3.3M	$1.9M	20x	as long as short