Funding arb · Price arb /

NVDA

RWAall NVDA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0056%/8h= +6.2% APRpaid last 24h +0.014%

Price spread now: QFEX against Phemex−0.057%7-day average −0.032% · 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−$99as in the Price arb table

costs, in and out, $10k−$970.967% of the position

Long on Phemex Short on QFEX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.023%+$2 on $10k

Price spread, last 4 days (all we have)+0.067%+$7 · spread now −0.057%, 7d avg −0.032%

Together, before fees+0.090%+$9 on $10k · with fees, hour by hour

Funding pays, the price is against you. QFEX is 0.025% cheaper against Phemex than usual: you would sell low and buy high (spread −0.057% now, against its 7-day average of −0.032%). If the spread goes back, that is −$3 on $10k: about 36 hours of funding at the current rate (+$2 a day). At the pace of the last 4 days (+0.023% in total) that is about 4.1 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex NVDAUSDT	226.59	0	get 0.0000% / 4h	1h 26m	$2.2M	$42K	10x
Short	QFEX NVDA-USD	226.46	0.0056	get 0.0007% / 1h	26m 05s	$1.3M	$9.1M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

QFEX against Phemex. 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 PhemexbpFee QFEXbpOrdersPrice spread, now −0.057%Rate

Funding earned: $11.83
Price spread: −0.057% → −0.032%: −$2.54
Slippage, 4 orders: −$74.65
Fee Phemex: 6 bp × 2 orders: −$12
Fee QFEX: 5 bp × 2 orders: −$10
Net: −$87.37
Costs to cover: 0.967%
Break-even: 58.7 days

Slippage from Phemex: live order book, 2 min ago; QFEX: live order book, 8 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 Phemex live order book, 2 min ago	1.32 bp	41.4 bp −$41	doesn't fit	doesn't fit	doesn't fit
Sell QFEX live order book, 8 min ago	2.21 bp	7.2 bp −$7	7.5 bp −$75	12.8 bp −$1,281	doesn't fit

NVDA on 35 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 NVDAUSDT	0.0000%	8h	226.48	−0.049%	$482K	$571K	20x	as long as short
Bybit NVDAUSDT	0.0000%	8h	226.51	−0.035%	$12.4M	$14.8M	100x	as long as short
OKX NVDA-USDT-SWAP	0.0000%	8h	226.51	−0.035%	$14.1M	$20.6M	50x	as long as short
Gate NVDA_USDT	0.0000%	8h	226.46	−0.057%	$7.2M	$9.9M	100x	as long as short
Bitget NVDAUSDT	0.0000%	8h	226.48	−0.049%	$15.2M	$16.0M	100x	as long as short
GRVT NVDA_USDT_Perp	0.0000%	8h	226.34	−0.110%	$21K	$419K	10x	as long as short
SunX NVDA-USDT	0.0000%	8h	226.13	−0.203%	$2K	$3.6M	20x	as long as short
HTX NVDA-USDT	0.0000%	8h	226.57	−0.009%	$198K	$451K	30x	as long as short
Phemex NVDAUSDTlong	0.0000%	4h	226.59	long leg	$2.2M	$42K	10x
Aftermath Perps NVDAUSD	+0.0015%	1h	226.22	−0.162%	$117K	$51K	10x	as long as short

Show all 35 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni NVDA	+0.0016%	8h	226.32	−0.121%	$3.5M	$2.2M	—	as long as short
edgeX NVDAUSDC	+0.0039%	4h	226.42	−0.076%	$170K	$1.9M	20x	as long as short
Arcus NVDA-USD	+0.0040%	1h	226.37	−0.097%	$399K	$731K	20x	as long as short
Vest NVDA-USD-PERP	+0.0046%	1h	226.57	−0.009%	—	$74K	25x	as long as short
tradeXYZ xyz:NVDA	+0.0050%	1h	226.37	−0.097%	$147.1M	$43.5M	20x	as long as short
Polymarket Perps NVDA-USD	+0.0050%	1h	226.42	−0.075%	$391K	$285K	10x	as long as short
SoDEX NVDA-USD	+0.0050%	1h	226.36	−0.102%	$59K	$19K	10x	as long as short
Ondo Perps NVDA-USD.P	+0.0050%	1h	226.20	−0.172%	$1.6M	$1.9M	15x	as long as short
QFEX NVDA-USDshort	+0.0056%	1h	226.46	−0.057%	$1.3M	$9.1M	10x
Deribit NVDA_USDC-PERPETUAL	+0.0059%	1h	226.41	−0.079%	$52K	$1.8M	10x	as long as short
Lighter NVDA	+0.0080%	1h	226.50	−0.039%	$2.1M	$3.3M	20x	as long as short
Hotstuff NVDA-PERP	+0.0080%	1h	226.35	−0.106%	$35K	—	20x	as long as short
Binance NVDAUSDT	+0.0084%	8h	226.52	−0.032%	$154.5M	$218.0M	50x	as long as short
Pacifica NVDA	+0.0100%	1h	226.30	−0.130%	$297K	$46K	10x	as long as short
KuCoin NVDAUSDTM	+0.0100%	8h	226.41	−0.079%	$1.6M	$742K	20x	as long as short
ApeX Omni NVDAUSDT	+0.0100%	1h	226.36	−0.102%	$16K	$44K	50x	as long as short
Orderly PERP_NVDA_USDC	+0.0100%	8h	226.45	−0.062%	$36K	$21K	20x	as long as short
Aevo NVDA-PERP	+0.0104%	1h	226.47	−0.053%	—	—	10x	as long as short
Phoenix NVDA	+0.0106%	1h	226.39	−0.088%	$93K	$112K	20x	as long as short
Coinbase International NVDA-PERP-INTX	+0.0112%	1h	226.29	−0.132%	$1.3M	$732K	10x	as long as short
Lighter RH NVDA	+0.0120%	1h	226.63	+0.018%	$5.0M	$7.0M	20x	as long as short
Nado NVDA-PERP	+0.0123%	1h	226.31	−0.121%	$481K	$224K	20x	as long as short
BloFin NVDA-USDT	+0.0204%	8h	226.48	−0.049%	$715K	$194K	20x	as long as short
Injective NVDA/USDC PERP	+0.0220%	1h	226.67	+0.035%	$73K	$138	30x	as long as short
Extended NVDA_24_5-USD	+0.0408%	1h	226.32	−0.119%	$623K	$833K	10x	as long as short