Funding arb · Price arb /

XLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0026%/8h= −2.9% APRpaid last 24h −0.007%

Price spread now: Bybit against QFEX+0.048%7-day average −0.060% · 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−$257as in the Price arb table

costs, in and out, $10k−$2682.679% of the position

Long on QFEX Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.044%+$4 on $10k

Price spread, last 4 days (all we have)−0.105%−$10 · spread now +0.048%, 7d avg −0.060%

Together, before fees−0.061%−$6 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Bybit is 0.108% dearer against QFEX than usual: you sell high and buy low (spread +0.048% now, against its 7-day average of −0.060%): +$11 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 14 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	QFEX XLE-USD	62.500	0.0026	pay 0.0003% / 1h	43m 20s	$1.2M	$4.4M	30x
Short	Bybit XLEUSDT	62.530	0	get 0.0000% / 8h	3h 43m	$323K	$201K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now +0.048%Rate

Funding earned: −$5.49
Price spread: +0.048% → −0.060%: $10.85
Slippage, 4 orders: −$246.94
Fee QFEX: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$262.59
Costs to cover: 2.679%
Break-even: never at this rate

Slippage from QFEX: live order book, 10 min ago; Bybit: live order book, 1 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, 10 min ago	76.84 bp	85.8 bp −$86	doesn't fit	doesn't fit	doesn't fit
Sell Bybit live order book, 1 min ago	2.40 bp	83.4 bp −$83	225.4 bp −$2,254	doesn't fit	doesn't fit

XLE on 16 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
edgeX XLEUSDC	−0.0523%	4h	62.541	+0.065%	$48K	$210K	10x	as long as short
KuCoin XLEUSDTM	−0.0281%	8h	62.360	−0.224%	$795K	$645K	20x	as long as short
BloFin XLE-USDT	−0.0014%	8h	62.470	−0.048%	$58K	$9K	20x	as long as short
Aster XLEUSDT	0.0000%	8h	62.505	+0.008%	$4K	$9K	20x	as long as short
Binance XLEUSDT	0.0000%	8h	62.520	+0.032%	$792K	$1.0M	20x	as long as short
Bybit XLEUSDTshort	0.0000%	8h	62.530	+0.048%	$323K	$201K	25x
OKX XLE-USDT-SWAP	0.0000%	8h	62.530	+0.048%	$300K	$559K	20x	as long as short
Gate XLE_USDT	0.0000%	8h	62.510	+0.016%	$64K	$12K	20x	as long as short
MEXC XLE_USDT	0.0000%	8h	62.490	−0.016%	$219K	$86K	20x	as long as short
Bitget XLEUSDT	0.0000%	8h	62.500	0.000%	$95K	$81K	20x	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni XLE	0.0000%	8h	62.534	+0.054%	$44K	$14K	—	as long as short
GRVT XLE_USDT_Perp	0.0000%	8h	62.536	+0.057%	$13K	$174K	10x	as long as short
SunX XLE-USDT	0.0000%	8h	62.537	+0.059%	$1K	$4.6M	10x	as long as short
HTX XLE-USDT	0.0000%	8h	62.620	+0.192%	$5K	$34K	10x	as long as short
QFEX XLE-USDlong	+0.0026%	1h	62.500	long leg	$1.2M	$4.4M	30x
tradeXYZ xyz:XLE	+0.0399%	1h	62.477	−0.037%	$2.4M	$3.8M	20x	as long as short