Funding arb · Price arb /

SMCI

RWAall SMCI markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0048%/8h= +5.2% APRpaid last 24h +0.015%

Price spread now: QFEX against Phemex+0.048%7-day average −0.008% · 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−$126as in the Price arb table

costs, in and out, $10k−$1321.317% 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)+0.020%+$2 on $10k

Price spread, last 3 days (all we have)−0.044%−$4 · spread now +0.048%, 7d avg −0.008%

Together, before fees−0.024%−$2 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and QFEX is 0.056% dearer against Phemex than usual: you sell high and buy low: +$6 more if the spread goes back to its 7-day average of −0.008%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex SMCIUSDT	41.480	0	get 0.0000% / 8h	5h 49m	$1.6M	$246K	10x
Short	QFEX SMCI-USD	41.500	0.0048	get 0.0006% / 1h	49m 01s	$1.1M	$2.2M	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 +0.048%Rate

Funding earned: $10.05
Price spread: +0.048% → −0.008%: $5.59
Slippage, 4 orders: −$109.65
Fee Phemex: 6 bp × 2 orders: −$12
Fee QFEX: 5 bp × 2 orders: −$10
Net: −$116.01
Costs to cover: 1.317%
Break-even: 87.8 days

Slippage from Phemex: live order book, 4 min ago; QFEX: live order book, 3 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, 4 min ago	3.61 bp	48.9 bp −$49	doesn't fit	doesn't fit	doesn't fit
Sell QFEX live order book, 3 min ago	2.41 bp	9.8 bp −$10	19.1 bp −$191	doesn't fit	doesn't fit

SMCI on 16 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	41.150	−0.796%	$4K	$93	12x	as long as short
Bybit SMCIUSDT	0.0000%	8h	41.480	0.000%	$1.0M	$648K	25x	as long as short
OKX SMCI-USDT-SWAP	0.0000%	8h	41.520	+0.096%	$690K	$1.1M	20x	as long as short
Gate SMCI_USDT	0.0000%	8h	41.500	+0.048%	$1.6M	$1.6M	20x	as long as short
Bitget SMCIUSDT	0.0000%	8h	41.521	+0.099%	$1.3M	$505K	20x	as long as short
Phemex SMCIUSDTlong	0.0000%	8h	41.480	long leg	$1.6M	$246K	10x
Lighter RH SMCI	+0.0032%	1h	41.490	+0.024%	$32K	$5K	10x	as long as short
QFEX SMCI-USDshort	+0.0048%	1h	41.500	+0.048%	$1.1M	$2.2M	10x
SoDEX SMCI-USD	+0.0050%	1h	41.490	+0.024%	$143	$3K	10x	as long as short
Variational Omni SMCI	+0.0066%	8h	41.532	+0.125%	$98K	$110K	—	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin SMCIUSDTM	+0.0100%	8h	41.490	+0.024%	$462K	$499K	20x	as long as short
HTX SMCI-USDT	+0.0100%	8h	41.490	+0.024%	$8K	$285K	10x	as long as short
GRVT SMCI_USDT_Perp	+0.0188%	8h	41.549	+0.167%	$587	$154K	10x	as long as short
Binance SMCIUSDT	+0.0199%	8h	41.498	+0.042%	$3.4M	$5.2M	20x	as long as short
Extended SMCI-USD	+0.0200%	1h	41.496	+0.039%	$580	$10K	10x	as long as short
Paragon para:SMCI	+0.1404%	1h	41.495	+0.035%	$159K	$265K	10x	as long as short