Funding arb · Price arb /

IBM

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0031%/8h= −3.4% APRpaid last 24h −0.014%

Price spread now: Bybit against QFEX−0.009%53s7-day average −0.039% · 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−$890.890% of the position

Long on QFEX Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.021%−$2 on $10k

Price spread, last 4 days (all we have)−0.052%−$5 · spread now −0.009%, 7d avg −0.039%

Together, before fees−0.073%−$7 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Bybit is 0.030% dearer against QFEX than usual: you sell high and buy low (spread −0.009% now, against its 7-day average of −0.039%): +$3 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 3.2 days. 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 IBM-USD	231.39	0.0031	pay 0.0004% / 1h	41m 44s	$1.2M	$3.2M	10x
Short	Bybit IBMUSDT	231.37	0	get 0.0000% / 8h	41m 44s	$976K	$376K	50x

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 −0.009%Rate

Funding earned: −$6.45
Price spread: −0.009% → −0.039%: $2.99
Slippage, 4 orders: −$67.99
Fee QFEX: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$92.45
Costs to cover: 0.890%
Break-even: never at this rate

Slippage from QFEX: live order book, 6 min ago; Bybit: live order book, 34 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	12.31 bp	29.7 bp −$30	35.4 bp −$354	doesn't fit	doesn't fit
Sell Bybit live order book, 34 min ago	3.24 bp	13.3 bp −$13	84.3 bp −$843	doesn't fit	doesn't fit

IBM 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
Aster IBMUSDT	0.0000%	8h	231.46	+0.028%	$13K	$126K	20x	as long as short
Bybit IBMUSDTshort	0.0000%	8h	231.37	−0.009%	$976K	$376K	50x
OKX IBM-USDT-SWAP	0.0000%	8h	231.50	+0.048%	$1.4M	$1.2M	20x	as long as short
Gate IBM_USDT	0.0000%	8h	231.49	+0.043%	$802K	$1.5M	50x	as long as short
Bitget IBMUSDT	0.0000%	8h	231.51	+0.052%	$798K	$405K	20x	as long as short
Variational Omni IBM	0.0000%	8h	231.47	+0.033%	$256K	$15K	—	as long as short
SunX IBM-USDT	0.0000%	8h	231.27	−0.052%	$888	$533K	10x	as long as short
HTX IBM-USDT	0.0000%	8h	231.88	+0.212%	$5K	$34K	20x	as long as short
QFEX IBM-USDlong	+0.0031%	1h	231.39	long leg	$1.2M	$3.2M	10x
Lighter IBM	+0.0032%	1h	231.54	+0.065%	$38K	$47K	10x	as long as short

Show all 18 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective IBM/USDC PERP	+0.0033%	1h	201.05	−13.112%	—	$57	12x	as long as short
Vest IBM-USD-PERP	+0.0046%	1h	231.50	+0.048%	—	—	25x	as long as short
tradeXYZ xyz:IBM	+0.0050%	1h	231.35	−0.017%	$2.0M	$808K	10x	as long as short
BloFin IBM-USDT	+0.0079%	8h	231.54	+0.065%	$46K	$52K	20x	as long as short
Extended IBM-USD	+0.0096%	1h	231.50	+0.047%	$54K	$202K	10x	as long as short
KuCoin IBMUSDTM	+0.0100%	8h	231.30	−0.039%	$194K	$34K	20x	as long as short
Binance IBMUSDT	+0.0104%	8h	231.53	+0.061%	$3.9M	$5.8M	20x	as long as short
GRVT IBM_USDT_Perp	+0.0361%	8h	231.47	+0.035%	$213	$169K	10x	as long as short