Funding arb · Price arb /

SMCI

RWAall SMCI markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0025%/8h= −2.7% APRpaid last 24h −0.015%

Price spread now: QFEX against KuCoin+0.122%7-day average +0.050% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$554as in the Price arb table

costs, in and out, $10k−$5615.607% of the position

Long on KuCoin Short on QFEX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.011%−$1 on $10k

Price spread, last 4 days (all we have)−0.102%−$10 · spread now +0.122%, 7d avg +0.050%

Together, before fees−0.112%−$11 on $10k · with fees, hour by hour

The price spread pays, funding is against you. QFEX is 0.072% dearer against KuCoin than usual: you sell high and buy low (spread +0.122% now, against its 7-day average of +0.050%): +$7 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 9.6 days. At the pace of the last 4 days (−0.011% in total) that is about 24 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin SMCIUSDTM	40.940	0.0100	pay 0.0100% / 8h	1h 23m	$460K	$488K	20x
Short	QFEX SMCI-USD	40.990	0.0075	get 0.0009% / 1h	23m 07s	$1.1M	$1.8M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

QFEX against KuCoin. 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 KuCoinbpFee QFEXbpOrdersPrice spread, now +0.122%Rate

Funding earned: −$5.21
Price spread: +0.122% → +0.050%: $7.18
Slippage, 4 orders: −$538.72
Fee KuCoin: 6 bp × 2 orders: −$12
Fee QFEX: 5 bp × 2 orders: −$10
Net: −$558.75
Costs to cover: 5.607%
Break-even: never at this rate

Slippage from KuCoin: live order book, 21 min ago; QFEX: live order book, 9 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 KuCoin live order book, 21 min ago	9.76 bp	368.8 bp −$369	doesn't fit	doesn't fit	doesn't fit
Sell QFEX live order book, 9 min ago	3.66 bp	11.1 bp −$11	19.2 bp −$192	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	40.530	−1.001%	$4K	$90	12x	as long as short
Bitget SMCIUSDT	−0.0185%	8h	40.981	+0.100%	$1.3M	$502K	20x	as long as short
Bybit SMCIUSDT	0.0000%	8h	40.980	+0.098%	$998K	$293K	25x	as long as short
OKX SMCI-USDT-SWAP	0.0000%	8h	40.950	+0.024%	$683K	$1.1M	20x	as long as short
Gate SMCI_USDT	0.0000%	8h	40.970	+0.073%	$1.5M	$1.4M	20x	as long as short
Variational Omni SMCI	0.0000%	8h	40.973	+0.080%	$116K	$127K	—	as long as short
Phemex SMCIUSDT	0.0000%	8h	40.990	+0.122%	$1.6M	$261K	10x	as long as short
Binance SMCIUSDT	+0.0013%	8h	40.990	+0.122%	$3.4M	$5.3M	20x	as long as short
Extended SMCI-USD	+0.0016%	1h	40.980	+0.097%	$573	—	10x	as long as short
Lighter RH SMCI	+0.0032%	1h	40.986	+0.112%	$32K	$5K	10x	as long as short

Show all 17 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BloFin SMCI-USDT	+0.0035%	8h	41.000	+0.147%	$80K	$9K	20x	as long as short
SoDEX SMCI-USD	+0.0050%	1h	40.990	+0.122%	$130	$3K	10x	as long as short
Paragon para:SMCI	+0.0060%	1h	40.940	0.000%	$157K	$266K	10x	as long as short
QFEX SMCI-USDshort	+0.0075%	1h	40.990	+0.122%	$1.1M	$1.8M	10x
GRVT SMCI_USDT_Perp	+0.0077%	8h	40.960	+0.049%	$272	$168K	10x	as long as short
KuCoin SMCIUSDTMlong	+0.0100%	8h	40.940	long leg	$460K	$488K	20x
HTX SMCI-USDT	+0.0100%	8h	41.010	+0.171%	$8K	$285K	10x	as long as short