Funding arb · Price arb /

SMCI

RWAall SMCI markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0194%/8h= +21.3% APRpaid last 24h +0.015%

Price spread now: QFEX against Bitget−0.022%7-day average −0.045% · 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−$456as in the Price arb table

costs, in and out, $10k−$4584.582% of the position

Long on Bitget Short on QFEX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.022%+$2 on $10k

Price spread, last 7 days−0.012%−$1 · spread now −0.022%, 7d avg −0.045%

Together, before fees+0.010%+$1 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$6 a day on $10k at the current rate, and QFEX is 0.023% dearer against Bitget than usual: you sell high and buy low: +$2 more if the spread goes back to its 7-day average of −0.045%.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid 0.022% in total (about 2.2% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bitget SMCIUSDT	40.929	−0.0138	get 0.0138% / 8h	2h 25m	$1.3M	$501K	20x
Short	QFEX SMCI-USD	40.920	0.0056	get 0.0007% / 1h	25m 37s	$1.1M	$1.8M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

QFEX against Bitget. 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 BitgetbpFee QFEXbpOrdersPrice spread, now −0.022%Rate

Funding earned: $40.81
Price spread: −0.022% → −0.045%: $2.33
Slippage, 4 orders: −$436.15
Fee Bitget: 6 bp × 2 orders: −$12
Fee QFEX: 5 bp × 2 orders: −$10
Net: −$415.02
Costs to cover: 4.582%
Break-even: 78.2 days

Slippage from Bitget: live order book, 1 min ago; QFEX: live order book, 1 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 Bitget live order book, 1 min ago	4.03 bp	18.1 bp −$18	33.6 bp −$336	doesn't fit	doesn't fit
Sell QFEX live order book, 1 min ago	103.87 bp	109.3 bp −$109	118.5 bp −$1,185	doesn't fit	doesn't fit

SMCI on 17 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 SMCI/USDC PERP	−0.0220%	1h	40.600	−0.804%	$4K	$91	12x	as long as short
Bitget SMCIUSDTlong	−0.0138%	8h	40.929	long leg	$1.3M	$501K	20x
Bybit SMCIUSDT	0.0000%	8h	40.910	−0.046%	$996K	$307K	25x	as long as short
OKX SMCI-USDT-SWAP	0.0000%	8h	40.900	−0.071%	$679K	$1.1M	20x	as long as short
Gate SMCI_USDT	0.0000%	8h	40.930	+0.002%	$1.5M	$1.6M	20x	as long as short
Variational Omni SMCI	0.0000%	8h	40.883	−0.112%	$116K	$130K	—	as long as short
Phemex SMCIUSDT	0.0000%	8h	40.900	−0.071%	$1.6M	$260K	10x	as long as short
Lighter RH SMCI	+0.0032%	1h	40.902	−0.066%	$32K	$5K	10x	as long as short
Extended SMCI-USD	+0.0048%	1h	40.901	−0.069%	$573	$10K	10x	as long as short
SoDEX SMCI-USD	+0.0050%	1h	40.890	−0.095%	$150	$3K	10x	as long as short

Show all 17 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance SMCIUSDT	+0.0051%	8h	40.927	−0.005%	$3.4M	$5.3M	20x	as long as short
QFEX SMCI-USDshort	+0.0056%	1h	40.920	−0.022%	$1.1M	$1.8M	10x
Paragon para:SMCI	+0.0060%	1h	40.898	−0.077%	$157K	$266K	10x	as long as short
BloFin SMCI-USDT	+0.0067%	8h	40.950	+0.051%	$79K	$9K	20x	as long as short
GRVT SMCI_USDT_Perp	+0.0073%	8h	40.990	+0.149%	$427	$166K	10x	as long as short
KuCoin SMCIUSDTM	+0.0100%	8h	40.900	−0.071%	$457K	$465K	20x	as long as short
HTX SMCI-USDT	+0.0100%	8h	40.910	−0.046%	$8K	$285K	10x	as long as short