Funding arb · Price arb /

SMCI

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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: Phemex against QFEX+0.073%7-day average +0.009% · 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−$102as in the Price arb table

costs, in and out, $10k−$1081.082% of the position

Long on QFEX Short on Phemex

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 4 days (all we have)−0.081%−$8 · spread now +0.073%, 7d avg +0.009%

Together, before fees−0.103%−$10 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Phemex is 0.063% dearer against QFEX than usual: you sell high and buy low (spread +0.073% now, against its 7-day average of +0.009%): +$6 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 6.7 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	QFEX SMCI-USD	41.150	0.0032	pay 0.0004% / 1h	5m 01s	$1.1M	$1.8M	10x
Short	Phemex SMCIUSDT	41.180	0	get 0.0000% / 8h	3h 05m	$1.6M	$257K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now +0.073%Rate

Funding earned: −$6.67
Price spread: +0.073% → +0.009%: $6.34
Slippage, 4 orders: −$86.15
Fee QFEX: 5 bp × 2 orders: −$10
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$108.48
Costs to cover: 1.082%
Break-even: never at this rate

Slippage from QFEX: live order book, 2 min ago; Phemex: 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 QFEX live order book, 2 min ago	2.43 bp	7.4 bp −$7	18.1 bp −$181	doesn't fit	doesn't fit
Sell Phemex live order book, 3 min ago	3.64 bp	47.3 bp −$47	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	40.800	−0.851%	$4K	$94	12x	as long as short
Bybit SMCIUSDT	0.0000%	8h	41.140	−0.024%	$1.0M	$307K	25x	as long as short
OKX SMCI-USDT-SWAP	0.0000%	8h	41.200	+0.122%	$688K	$1.1M	20x	as long as short
Gate SMCI_USDT	0.0000%	8h	41.140	−0.024%	$1.5M	$1.6M	20x	as long as short
Bitget SMCIUSDT	0.0000%	8h	41.181	+0.075%	$1.3M	$502K	20x	as long as short
Variational Omni SMCI	0.0000%	8h	41.218	+0.165%	$107K	$120K	—	as long as short
Phemex SMCIUSDTshort	0.0000%	8h	41.180	+0.073%	$1.6M	$257K	10x
QFEX SMCI-USDlong	+0.0032%	1h	41.150	long leg	$1.1M	$1.8M	10x
Lighter RH SMCI	+0.0032%	1h	41.147	−0.007%	$32K	$5K	10x	as long as short
GRVT SMCI_USDT_Perp	+0.0038%	8h	41.159	+0.021%	$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	−0.024%	$146	$3K	10x	as long as short
Extended SMCI-USD	+0.0072%	1h	41.156	+0.015%	$576	$10K	10x	as long as short
Binance SMCIUSDT	+0.0075%	8h	41.166	+0.040%	$3.4M	$5.3M	20x	as long as short
BloFin SMCI-USDT	+0.0100%	8h	41.200	+0.122%	$79K	$9K	20x	as long as short
KuCoin SMCIUSDTM	+0.0100%	8h	41.120	−0.073%	$459K	$472K	20x	as long as short
HTX SMCI-USDT	+0.0100%	8h	41.130	−0.049%	$8K	$285K	10x	as long as short
Paragon para:SMCI	+0.0181%	1h	41.140	−0.024%	$158K	$265K	10x	as long as short