Funding arb · Price arb /

SMCI

RWAall SMCI markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0032%/8h= +3.5% APRpaid last 24h +0.015%

Price spread now: QFEX against OKX−0.097%7-day average −0.046% · 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−$88as in the Price arb table

costs, in and out, $10k−$830.831% of the position

Long on OKX 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+0.075%+$7 · spread now −0.097%, 7d avg −0.046%

Together, before fees+0.096%+$10 on $10k · with fees, hour by hour

Funding pays, the price is against you. QFEX is 0.051% cheaper against OKX than usual: you would sell low and buy high (spread −0.097% now, against its 7-day average of −0.046%). If the spread goes back, that is −$5 on $10k: about 5.3 days of funding at the current rate (+$1 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX SMCI-USDT-SWAP	41.200	0	get 0.0000% / 8h	3h 04m	$688K	$1.1M	20x
Short	QFEX SMCI-USD	41.160	0.0032	get 0.0004% / 1h	4m 28s	$1.1M	$1.8M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

QFEX against OKX. 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 OKXbpFee QFEXbpOrdersPrice spread, now −0.097%Rate

Funding earned: $6.67
Price spread: −0.097% → −0.046%: −$5.09
Slippage, 4 orders: −$63.15
Fee OKX: 5 bp × 2 orders: −$10
Fee QFEX: 5 bp × 2 orders: −$10
Net: −$81.57
Costs to cover: 0.831%
Break-even: 92.6 days

Slippage from OKX: live order book, 2 min ago; QFEX: live order book, 2 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 OKX live order book, 2 min ago	8.49 bp	23.3 bp −$23	3884.5 bp −$38.8K	doesn't fit	doesn't fit
Sell QFEX live order book, 2 min ago	2.43 bp	12.3 bp −$12	20.3 bp −$203	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	40.800	−0.971%	$4K	$94	12x	as long as short
Bybit SMCIUSDT	0.0000%	8h	41.140	−0.146%	$1.0M	$307K	25x	as long as short
OKX SMCI-USDT-SWAPlong	0.0000%	8h	41.200	long leg	$688K	$1.1M	20x
Gate SMCI_USDT	0.0000%	8h	41.140	−0.146%	$1.5M	$1.6M	20x	as long as short
Bitget SMCIUSDT	0.0000%	8h	41.181	−0.046%	$1.3M	$502K	20x	as long as short
Variational Omni SMCI	0.0000%	8h	41.218	+0.043%	$107K	$120K	—	as long as short
Phemex SMCIUSDT	0.0000%	8h	41.180	−0.049%	$1.6M	$257K	10x	as long as short
QFEX SMCI-USDshort	+0.0032%	1h	41.160	−0.097%	$1.1M	$1.8M	10x
Lighter RH SMCI	+0.0032%	1h	41.150	−0.121%	$32K	$5K	10x	as long as short
GRVT SMCI_USDT_Perp	+0.0038%	8h	41.159	−0.101%	$265	$165K	10x	as long as short

Show all 17 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SoDEX SMCI-USD	+0.0050%	1h	41.140	−0.146%	$146	$3K	10x	as long as short
Extended SMCI-USD	+0.0072%	1h	41.157	−0.105%	$576	$10K	10x	as long as short
Binance SMCIUSDT	+0.0074%	8h	41.180	−0.050%	$3.4M	$5.3M	20x	as long as short
BloFin SMCI-USDT	+0.0100%	8h	41.200	0.000%	$79K	$9K	20x	as long as short
KuCoin SMCIUSDTM	+0.0100%	8h	41.130	−0.170%	$459K	$472K	20x	as long as short
HTX SMCI-USDT	+0.0100%	8h	41.130	−0.170%	$8K	$285K	10x	as long as short
Paragon para:SMCI	+0.0164%	1h	41.129	−0.171%	$158K	$265K	10x	as long as short