Funding arb · Price arb /

HIMS

RWAall HIMS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0010%/8h= +1.1% APRpaid last 24h 0.000%

Price spread now: OKX against QFEX−0.034%54s7-day average +0.052% · 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−$2662.658% 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)−0.001%$0 on $10k

Price spread, last 4 days (all we have)+0.426%+$43 · spread now −0.034%, 7d avg +0.052%

Together, before fees+0.425%+$42 on $10k · with fees, hour by hour

Funding pays, the price is against you. OKX is 0.086% cheaper against QFEX than usual: you would sell low and buy high (spread −0.034% now, against its 7-day average of +0.052%). If the spread goes back, that is −$9 on $10k: about 29 days of funding at the current rate ($0 a day). The two prices were read 54 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 HIMS-USD	29.260	−0.0010	get 0.0001% / 1h	46m 42s	$1.3M	$587K	10x
Short	OKX HIMS-USDT-SWAP	29.250	0	get 0.0000% / 8h	5h 46m	$287K	$172K	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 −0.034%Rate

Funding earned: $2.07
Price spread: −0.034% → +0.052%: −$8.65
Slippage, 4 orders: −$245.85
Fee QFEX: 5 bp × 2 orders: −$10
Fee OKX: 5 bp × 2 orders: −$10
Net: −$272.43
Costs to cover: 2.658%
Break-even: 929.9 days

Slippage from QFEX: live order book, 5 min ago; OKX: live order book, 14 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	54.66 bp	61.6 bp −$62	doesn't fit	doesn't fit	doesn't fit
Sell OKX live order book, 14 min ago	8.54 bp	59.6 bp −$60	doesn't fit	doesn't fit	doesn't fit

HIMS on 14 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
Nado HIMS-PERP	−0.0305%	1h	29.288	+0.095%	$2K	$2K	10x	as long as short
QFEX HIMS-USDlong	−0.0010%	1h	29.260	long leg	$1.3M	$587K	10x
Aster HIMSUSDT	0.0000%	8h	29.267	+0.025%	$4K	$2K	20x	as long as short
Binance HIMSUSDT	0.0000%	8h	29.264	+0.014%	$967K	$2.6M	20x	as long as short
Bybit HIMSUSDT	0.0000%	8h	29.290	+0.103%	$297K	$119K	25x	as long as short
OKX HIMS-USDT-SWAPshort	0.0000%	8h	29.250	−0.034%	$287K	$172K	20x
Gate HIMS_USDT	0.0000%	8h	29.252	−0.027%	$506K	$201K	25x	as long as short
Variational Omni HIMS	0.0000%	8h	29.269	+0.032%	$98K	$78K	—	as long as short
SunX HIMS-USDT	0.0000%	8h	29.269	+0.031%	—	$2.4M	10x	as long as short
HTX HIMS-USDT	0.0000%	8h	29.071	−0.646%	$6K	$38K	10x	as long as short

Show all 14 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Vest HIMS-USD-PERP	+0.0046%	1h	29.280	+0.068%	—	—	10x	as long as short
tradeXYZ xyz:HIMS	+0.0050%	1h	29.273	+0.044%	$3.3M	$1.6M	10x	as long as short
KuCoin HIMSUSDTM	+0.0100%	8h	29.260	0.000%	$134K	$35K	20x	as long as short
Injective HIMS/USDC PERP	+0.0220%	1h	29.560	+1.025%	$13K	$22K	5.5x	as long as short