Funding arb · Price arb /

XLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0262%/8h= −28.6% APRpaid last 24h −0.005%

Price spread now: KuCoin against QFEX−0.143%7-day average −0.100% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$409as in the Price arb table

costs, in and out, $10k−$4054.046% of the position

Long on QFEX Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.027%−$3 on $10k

Price spread, last 4 days (all we have)+0.066%+$7 · spread now −0.143%, 7d avg −0.100%

Together, before fees+0.039%+$4 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$8 a day on $10k at the current rate, and KuCoin is 0.043% cheaper against QFEX than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of −0.100%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid -0.027% in total (about -2.7% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	QFEX XLE-USD	62.720	0.0040	pay 0.0005% / 1h	7m 15s	$1.2M	$4.2M	30x
Short	KuCoin XLEUSDTM	62.630	−0.0222	pay 0.0222% / 8h	2h 07m	$805K	$689K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now −0.143%Rate

Funding earned: −$54.94
Price spread: −0.143% → −0.100%: −$4.33
Slippage, 4 orders: −$382.58
Fee QFEX: 5 bp × 2 orders: −$10
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$463.84
Costs to cover: 4.046%
Break-even: never at this rate

Slippage from QFEX: live order book, 6 min ago; KuCoin: 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 QFEX live order book, 6 min ago	5.57 bp	10.6 bp −$11	doesn't fit	doesn't fit	doesn't fit
Sell KuCoin live order book, 12 min ago	10.36 bp	96.0 bp −$96	doesn't fit	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
KuCoin XLEUSDTMshort	−0.0222%	8h	62.630	−0.143%	$805K	$689K	20x
Aster XLEUSDT	0.0000%	8h	62.730	+0.016%	$4K	$9K	20x	as long as short
Binance XLEUSDT	0.0000%	8h	62.740	+0.032%	$795K	$1.0M	20x	as long as short
Bybit XLEUSDT	0.0000%	8h	62.720	0.000%	$323K	$202K	25x	as long as short
OKX XLE-USDT-SWAP	0.0000%	8h	62.670	−0.080%	$301K	$577K	20x	as long as short
Gate XLE_USDT	0.0000%	8h	62.700	−0.032%	$64K	$12K	20x	as long as short
MEXC XLE_USDT	0.0000%	8h	62.730	+0.016%	$220K	$88K	20x	as long as short
Bitget XLEUSDT	0.0000%	8h	62.750	+0.048%	$95K	$81K	20x	as long as short
Variational Omni XLE	0.0000%	8h	62.809	+0.142%	$44K	$15K	—	as long as short
GRVT XLE_USDT_Perp	0.0000%	8h	62.788	+0.108%	$13K	$170K	10x	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX XLE-USDT	0.0000%	8h	62.751	+0.049%	$2K	$4.5M	10x	as long as short
HTX XLE-USDT	0.0000%	8h	62.653	−0.107%	$5K	$35K	10x	as long as short
BloFin XLE-USDT	+0.0013%	8h	62.720	0.000%	$58K	$9K	20x	as long as short
QFEX XLE-USDlong	+0.0040%	1h	62.720	long leg	$1.2M	$4.2M	30x
tradeXYZ xyz:XLE	+0.0050%	1h	62.707	−0.021%	$2.4M	$3.8M	20x	as long as short
edgeX XLEUSDC	+0.0987%	4h	62.800	+0.127%	$48K	$208K	10x	as long as short