Funding arb · Price arb /

SMCI

RWAall SMCI markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0056%/8h= −6.2% APRpaid last 24h −0.015%

Price spread now: OKX against QFEX+0.073%7-day average +0.045% · 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−$60as in the Price arb table

costs, in and out, $10k−$620.625% of the position

Long on QFEX Short on OKX

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−0.055%−$5 · spread now +0.073%, 7d avg +0.045%

Together, before fees−0.077%−$8 on $10k · with fees, hour by hour

The price spread pays, funding is against you. OKX is 0.028% dearer against QFEX than usual: you sell high and buy low (spread +0.073% now, against its 7-day average of +0.045%): +$3 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 40 hours. At the pace of the last 4 days (−0.022% in total) that is about 4.7 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	QFEX SMCI-USD	41.150	0.0056	pay 0.0007% / 1h	9m 50s	$1.1M	$1.8M	10x
Short	OKX SMCI-USDT-SWAP	41.180	0	get 0.0000% / 8h	2h 09m	$683K	$1.1M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now +0.073%Rate

Funding earned: −$11.83
Price spread: +0.073% → +0.045%: $2.82
Slippage, 4 orders: −$42.47
Fee QFEX: 5 bp × 2 orders: −$10
Fee OKX: 5 bp × 2 orders: −$10
Net: −$71.48
Costs to cover: 0.625%
Break-even: never at this rate

Slippage from QFEX: live order book, 2 min ago; OKX: 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 QFEX live order book, 2 min ago	3.64 bp	8.6 bp −$9	16.9 bp −$169	doesn't fit	doesn't fit
Sell OKX live order book, 2 min ago	3.64 bp	29.0 bp −$29	doesn't fit	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	40.630	−1.264%	$4K	$93	12x	as long as short
Bitget SMCIUSDT	−0.0167%	8h	41.160	+0.024%	$1.3M	$501K	20x	as long as short
Bybit SMCIUSDT	0.0000%	8h	41.110	−0.097%	$1.0M	$293K	25x	as long as short
OKX SMCI-USDT-SWAPshort	0.0000%	8h	41.180	+0.073%	$683K	$1.1M	20x
Gate SMCI_USDT	0.0000%	8h	41.140	−0.024%	$1.5M	$1.6M	20x	as long as short
Variational Omni SMCI	0.0000%	8h	41.183	+0.080%	$117K	$127K	—	as long as short
Phemex SMCIUSDT	0.0000%	8h	41.160	+0.024%	$1.6M	$261K	10x	as long as short
Lighter RH SMCI	+0.0032%	1h	41.159	+0.022%	$32K	$5K	10x	as long as short
BloFin SMCI-USDT	+0.0046%	8h	41.130	−0.049%	$79K	$9K	20x	as long as short
Extended SMCI-USD	+0.0056%	1h	41.158	+0.021%	$576	—	10x	as long as short

Show all 17 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
QFEX SMCI-USDlong	+0.0056%	1h	41.150	long leg	$1.1M	$1.8M	10x
GRVT SMCI_USDT_Perp	+0.0057%	8h	41.037	−0.274%	$113	$167K	10x	as long as short
Binance SMCIUSDT	+0.0057%	8h	41.185	+0.085%	$3.4M	$5.3M	20x	as long as short
Paragon para:SMCI	+0.0060%	1h	41.096	−0.131%	$158K	$266K	10x	as long as short
KuCoin SMCIUSDTM	+0.0100%	8h	41.100	−0.122%	$461K	$472K	20x	as long as short
HTX SMCI-USDT	+0.0100%	8h	41.170	+0.049%	$8K	$285K	10x	as long as short
SoDEX SMCI-USD	+0.0115%	1h	41.160	+0.024%	$147	$3K	10x	as long as short