Funding arb · Price arb /

CRWD

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0017%/8h= −1.9% APRpaid last 24h −0.017%

Price spread now: Bybit against QFEX−0.132%53s7-day average −0.005% · 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—prices read too far apart to compare

costs, in and out, $10k−$1291.285% 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)−0.049%−$5 on $10k

Price spread, last 7 days+0.057%+$6 · spread now −0.132%, 7d avg −0.005%

Together, before fees+0.008%+$1 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 Bybit is 0.126% cheaper against QFEX than usual: you would sell low and buy high (−$13 if the spread goes back to its 7-day average of −0.005%). Swap the legs. The two prices were read 53 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	QFEX CRWD-USD	250.89	0.0017	pay 0.0002% / 1h	2m 41s	$1.2M	$2.7M	10x
Short	Bybit CRWDUSDT	250.56	0	get 0.0000% / 8h	2m 41s	$1.2M	$440K	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 −0.132%Rate

Funding earned: −$3.65
Price spread: −0.132% → −0.005%: −$12.64
Slippage, 4 orders: −$107.55
Fee QFEX: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$144.83
Costs to cover: 1.285%
Break-even: never at this rate

Slippage from QFEX: live order book, 5 min ago; Bybit: live order book, 3 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, 5 min ago	2.19 bp	8.4 bp −$8	12.3 bp −$123	doesn't fit	doesn't fit
Sell Bybit live order book, 3 min ago	5.39 bp	66.1 bp −$66	205.8 bp −$2,058	doesn't fit	doesn't fit

CRWD on 18 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
Injective CRWD/USDC PERP	−0.0220%	1h	246.01	−1.945%	$22K	$20K	12x	as long as short
Aster CRWDUSDT	0.0000%	8h	250.64	−0.100%	$4K	$35K	20x	as long as short
Binance CRWDUSDT	0.0000%	8h	250.86	−0.014%	$2.5M	$7.3M	25x	as long as short
Bybit CRWDUSDTshort	0.0000%	8h	250.56	−0.132%	$1.2M	$440K	25x
OKX CRWD-USDT-SWAP	0.0000%	8h	250.56	−0.132%	$545K	$766K	25x	as long as short
Bitget CRWDUSDT	0.0000%	8h	250.56	−0.132%	$305K	$411K	20x	as long as short
Variational Omni CRWD	0.0000%	8h	250.80	−0.037%	$68K	$56K	—	as long as short
SunX CRWD-USDT	0.0000%	8h	250.79	−0.040%	$2K	$1.1M	10x	as long as short
HTX CRWD-USDT	0.0000%	8h	250.98	+0.036%	$6K	$7K	20x	as long as short
Phemex CRWDUSDT	0.0000%	8h	250.95	+0.024%	$1.5M	$221K	10x	as long as short

Show all 18 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BloFin CRWD-USDT	+0.0004%	8h	250.83	−0.024%	$70K	$24K	25x	as long as short
QFEX CRWD-USDlong	+0.0017%	1h	250.89	long leg	$1.2M	$2.7M	10x
Extended CRWD_24_5-USD	+0.0048%	1h	250.60	−0.114%	$100K	—	10x	as long as short
GRVT CRWD_USDT_Perp	+0.0052%	8h	250.74	−0.060%	$1K	$124K	10x	as long as short
tradeXYZ xyz:CRWD	+0.0088%	1h	250.69	−0.080%	$893K	$676K	10x	as long as short
KuCoin CRWDUSDTM	+0.0100%	8h	250.69	−0.080%	$34K	$255K	20x	as long as short
Phoenix CRWD	+0.0128%	1h	250.49	−0.159%	$3	$121K	10x	as long as short
Paragon para:CRWD	+0.0390%	1h	250.60	−0.116%	$85K	$108K	10x	as long as short