Funding arb · Price arb /

COIN

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0020%/8h= −2.2% APRpaid last 24h +0.001%

Price spread now: OKX against QFEX+0.005%7-day average +0.053% · 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−$43as in the Price arb table

costs, in and out, $10k−$380.379% of the position

Long on QFEX Short on OKX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.006%+$1 on $10k

Price spread, last 7 days+0.013%+$1 · spread now +0.005%, 7d avg +0.053%

Together, before fees+0.019%+$2 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and OKX is 0.048% cheaper against QFEX than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of +0.053%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	QFEX COIN-USD	196.32	0.0020	pay 0.0002% / 1h	3m 33s	$1.3M	$3.1M	10x
Short	OKX COIN-USDT-SWAP	196.33	0	get 0.0000% / 8h	3h 03m	$3.0M	$4.7M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now +0.005%Rate

Funding earned: −$4.18
Price spread: +0.005% → +0.053%: −$4.78
Slippage, 4 orders: −$17.89
Fee QFEX: 5 bp × 2 orders: −$10
Fee OKX: 5 bp × 2 orders: −$10
Net: −$46.86
Costs to cover: 0.379%
Break-even: never at this rate

Slippage from QFEX: live order book, 4 min ago; OKX: live order book, 4 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, 4 min ago	1.53 bp	6.5 bp −$7	7.8 bp −$78	doesn't fit	doesn't fit
Sell OKX live order book, 4 min ago	1.02 bp	14.7 bp −$15	25.4 bp −$254	doesn't fit	doesn't fit

COIN on 26 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
Bitget COINUSDT	−0.0730%	8h	196.53	+0.107%	$6.3M	$10.5M	20x	as long as short
Injective COIN/USDC PERP	−0.0440%	1h	196.34	+0.010%	$43K	$48K	30x	as long as short
Gate COIN_USDT	−0.0229%	8h	196.46	+0.071%	$1.2M	$7.3M	50x	as long as short
Vest COIN-USD-PERP	−0.0110%	1h	195.82	−0.255%	—	$270K	25x	as long as short
Aster COINUSDT	0.0000%	8h	196.26	−0.032%	$342K	$890K	20x	as long as short
Extended COIN_24_5-USD	0.0000%	1h	196.26	−0.031%	$116K	$845K	10x	as long as short
Binance COINUSDT	0.0000%	8h	196.29	−0.018%	$14.7M	$80.6M	20x	as long as short
Bybit COINUSDT	0.0000%	8h	196.32	0.000%	$4.8M	$6.1M	50x	as long as short
OKX COIN-USDT-SWAPshort	0.0000%	8h	196.33	+0.005%	$3.0M	$4.7M	20x
Variational Omni COIN	0.0000%	8h	196.50	+0.092%	$689K	$944K	—	as long as short

Show all 26 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT COIN_USDT_Perp	0.0000%	8h	196.41	+0.043%	$20K	$2.5M	10x	as long as short
QFEX COIN-USDlong	+0.0020%	1h	196.32	long leg	$1.3M	$3.1M	10x
Lighter RH COIN	+0.0032%	1h	196.51	+0.097%	$454K	$1.5M	10x	as long as short
Lighter COIN	+0.0040%	1h	196.30	−0.009%	$380K	$2.1M	10x	as long as short
Arcus COIN-USD	+0.0040%	1h	196.58	+0.132%	$15K	$55K	5x	as long as short
tradeXYZ xyz:COIN	+0.0050%	1h	196.23	−0.046%	$15.3M	$13.7M	10x	as long as short
Polymarket Perps COIN-USD	+0.0050%	1h	196.21	−0.056%	$132K	$1.2M	10x	as long as short
SoDEX COIN-USD	+0.0050%	1h	196.56	+0.122%	$79	$3K	10x	as long as short
Ondo Perps COIN-USD.P	+0.0050%	1h	196.19	−0.066%	$350K	$2.7M	10x	as long as short
KuCoin COINUSDTM	+0.0100%	8h	196.28	−0.020%	$989K	$143K	20x	as long as short
ApeX Omni COINUSDT	+0.0100%	1h	196.34	+0.010%	$88K	$287K	50x	as long as short
Orderly PERP_COIN_USDC_mythos	+0.0100%	8h	196.62	+0.153%	$569	$4K	10x	as long as short
Aevo COIN-PERP	+0.0104%	1h	196.56	+0.122%	$116	—	10x	as long as short
BloFin COIN-USDT	+0.0120%	8h	196.42	+0.051%	$188K	$393K	20x	as long as short
Phoenix COIN	+0.0122%	1h	196.37	+0.025%	$4K	$283K	10x	as long as short
edgeX COINUSDC	+0.0188%	4h	196.41	+0.045%	$51K	$295K	10x	as long as short