Funding arb · Price arb /

SMCI

RWAall SMCI markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0067%/8h= −7.3% APRpaid last 24h −0.015%

Price spread now: Bybit against QFEX−0.122%7-day average −0.006% · 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−$136as in the Price arb table

costs, in and out, $10k−$1241.239% of the position

Long on QFEX Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.033%−$3 on $10k

Price spread, last 7 days+0.109%+$11 · spread now −0.122%, 7d avg −0.006%

Together, before fees+0.076%+$8 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Bybit is 0.116% cheaper against QFEX than usual: you would sell low and buy high (−$12 if the spread goes back to its 7-day average of −0.006%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	QFEX SMCI-USD	40.880	0.0067	pay 0.0008% / 1h	9m 36s	$1.1M	$1.8M	10x
Short	Bybit SMCIUSDT	40.830	0	get 0.0000% / 8h	9m 36s	$995K	$293K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against QFEX. 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 QFEXbpFee BybitbpOrdersPrice spread, now −0.122%Rate

Funding earned: −$14.08
Price spread: −0.122% → −0.006%: −$11.62
Slippage, 4 orders: −$102.91
Fee QFEX: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$149.61
Costs to cover: 1.239%
Break-even: never at this rate

Slippage from QFEX: live order book, 2 min ago; Bybit: live order book, 36 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 QFEX live order book, 2 min ago	2.45 bp	10.2 bp −$10	19.6 bp −$196	doesn't fit	doesn't fit
Sell Bybit live order book, 36 min ago	2.45 bp	79.2 bp −$79	201.0 bp −$2,010	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	40.460	−1.027%	$4K	$90	12x	as long as short
Bitget SMCIUSDT	−0.0159%	8h	40.865	−0.037%	$1.3M	$501K	20x	as long as short
BloFin SMCI-USDT	−0.0015%	8h	40.870	−0.024%	$79K	$9K	20x	as long as short
Extended SMCI-USD	0.0000%	1h	40.860	−0.048%	$573	—	10x	as long as short
Binance SMCIUSDT	0.0000%	8h	40.870	−0.024%	$3.4M	$5.3M	20x	as long as short
Bybit SMCIUSDTshort	0.0000%	8h	40.830	−0.122%	$995K	$293K	25x
OKX SMCI-USDT-SWAP	0.0000%	8h	40.840	−0.098%	$674K	$1.1M	20x	as long as short
Gate SMCI_USDT	0.0000%	8h	40.840	−0.098%	$1.5M	$1.4M	20x	as long as short
Variational Omni SMCI	0.0000%	8h	40.845	−0.086%	$124K	$134K	—	as long as short
Phemex SMCIUSDT	0.0000%	8h	40.880	0.000%	$1.6M	$258K	10x	as long as short

Show all 17 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter RH SMCI	+0.0032%	1h	40.822	−0.142%	$40K	$13K	10x	as long as short
SoDEX SMCI-USD	+0.0050%	1h	40.860	−0.049%	$129	$3K	10x	as long as short
GRVT SMCI_USDT_Perp	+0.0067%	8h	40.880	0.000%	$148	$170K	10x	as long as short
QFEX SMCI-USDlong	+0.0067%	1h	40.880	long leg	$1.1M	$1.8M	10x
KuCoin SMCIUSDTM	+0.0100%	8h	40.840	−0.098%	$458K	$520K	20x	as long as short
HTX SMCI-USDT	+0.0100%	8h	40.860	−0.049%	$8K	$287K	10x	as long as short
Paragon para:SMCI	+0.0244%	1h	40.831	−0.119%	$157K	$266K	10x	as long as short