Funding arb · Price arb /

XLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC−0.0500%/8h= −54.7% APRpaid last 24h −0.054%

Price spread now: edgeX against Bybit+0.040%61s7-day average +0.044% · you sell dearer than you buy

Net, funding: paid 7d − costs−$70as in the Funding arb table

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

costs, in and out, $10k−$920.917% of the position

Long on Bybit Short on edgeX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.220%+$22 on $10k

Price spread, last 4 days (all we have)−0.083%−$8 · spread now +0.040%, 7d avg +0.044%

Together, before fees+0.137%+ Points / potential airdropedgeX: Active · farm board+$14 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.044%, so right now this pair is about funding alone: −$15 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair paid +0.220%, so the current rate has only just turned against you. The two prices were read 61 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.220% in total (about 11.5% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made; yellow are the hours one leg has not settled yet: what the other leg paid, plus the unsettled leg at its current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit XLEUSDT	61.910	0	get 0.0000% / 8h	5h 44m	$309K	$216K	25x
Short	edgeX XLEUSDC	61.935	−0.0500	pay 0.0250% / 4h	1h 44m	$48K	$209K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX against Bybit. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 BybitbpFee edgeXbpOrdersPrice spread, now +0.040%Rate

Funding earned: −$104.99
Price spread: +0.040% → +0.044%: −$0.37
Slippage, 4 orders: −$71.7
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: −$197.06
Costs to cover: 0.917%
Break-even: never at this rate

Slippage from Bybit: live order book, 62 min ago; edgeX: live order book, 65 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 Bybit live order book, 62 min ago	2.41 bp	37.4 bp −$37	210.9 bp −$2,109	doesn't fit	doesn't fit
Sell edgeX live order book, 65 min ago	8.03 bp	15.3 bp −$15	doesn't fit	doesn't fit	doesn't fit

XLE on 16 exchanges

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
edgeX XLEUSDCshort	−0.0500%	4h	61.935	+0.040%	$48K	$209K	10x
KuCoin XLEUSDTM	−0.0334%	8h	62.050	+0.226%	$1.0M	$930K	20x	as long as short
BloFin XLE-USDT	0.0000%	8h	61.890	−0.032%	$59K	$10K	20x	as long as short
Aster XLEUSDT	0.0000%	8h	61.969	+0.096%	$4K	$9K	20x	as long as short
Binance XLEUSDT	0.0000%	8h	61.955	+0.073%	$772K	$1.0M	20x	as long as short
Bybit XLEUSDTlong	0.0000%	8h	61.910	long leg	$309K	$216K	25x
OKX XLE-USDT-SWAP	0.0000%	8h	61.880	−0.048%	$294K	$483K	20x	as long as short
Gate XLE_USDT	0.0000%	8h	61.860	−0.081%	$64K	$12K	20x	as long as short
MEXC XLE_USDT	0.0000%	8h	61.920	+0.016%	$221K	$84K	20x	as long as short
Bitget XLEUSDT	0.0000%	8h	61.910	0.000%	$94K	$74K	20x	as long as short

Show all 16 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni XLE	0.0000%	8h	61.924	+0.023%	$44K	$10K	—	as long as short
GRVT XLE_USDT_Perp	0.0000%	8h	61.937	+0.043%	$13K	$143K	10x	as long as short
SunX XLE-USDT	0.0000%	8h	61.946	+0.058%	$2K	$3.1M	10x	as long as short
HTX XLE-USDT	0.0000%	8h	61.756	−0.249%	$5K	$35K	10x	as long as short
QFEX XLE-USD	+0.0058%	1h	61.920	+0.016%	$1.2M	$4.1M	30x	as long as short
tradeXYZ xyz:XLE	+0.0121%	1h	61.869	−0.066%	$2.3M	$4.1M	20x	as long as short