Funding arb · Price arb /

XLE

RWAall XLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0057%/8h= +6.3% APRpaid last 24h +0.006%

Price spread now: QFEX against Bybit+0.016%53s7-day average +0.061% · 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—prices read too far apart to compare

costs, in and out, $10k−$1221.223% of the position

Long on Bybit Short on QFEX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.046%−$5 on $10k

Price spread, last 4 days (all we have)+0.023%+$2 · spread now +0.016%, 7d avg +0.061%

Together, before fees−0.023%−$2 on $10k · with fees, hour by hour

Funding pays, the price is against you. QFEX is 0.045% cheaper against Bybit than usual: you would sell low and buy high (spread +0.016% now, against its 7-day average of +0.061%). If the spread goes back, that is −$5 on $10k: about 2.6 days of funding at the current rate (+$2 a day). The two prices were read 53 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit XLEUSDT	62.440	0	get 0.0000% / 8h	5h 51m	$322K	$207K	25x
Short	QFEX XLE-USD	62.450	0.0057	get 0.0007% / 1h	51m 38s	$1.2M	$5.9M	30x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

QFEX against Bybit. 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 BybitbpFee QFEXbpOrdersPrice spread, now +0.016%Rate

Funding earned: $12
Price spread: +0.016% → +0.061%: −$4.51
Slippage, 4 orders: −$101.3
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee QFEX: 5 bp × 2 orders: −$10
Net: −$114.81
Costs to cover: 1.223%
Break-even: 74.0 days

Slippage from Bybit: live order book, 3 min ago; QFEX: live order book, 12 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 Bybit live order book, 3 min ago	4.01 bp	19.3 bp −$19	201.9 bp −$2,019	doesn't fit	doesn't fit
Sell QFEX live order book, 12 min ago	6.40 bp	12.0 bp −$12	doesn't fit	doesn't fit	doesn't fit

XLE on 15 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
KuCoin XLEUSDTM	−0.0271%	8h	62.290	−0.240%	$791K	$649K	20x	as long as short
Aster XLEUSDT	0.0000%	8h	62.446	+0.009%	$4K	$9K	20x	as long as short
Binance XLEUSDT	0.0000%	8h	62.451	+0.017%	$796K	$1.1M	20x	as long as short
Bybit XLEUSDTlong	0.0000%	8h	62.440	long leg	$322K	$207K	25x
OKX XLE-USDT-SWAP	0.0000%	8h	62.400	−0.064%	$299K	$559K	20x	as long as short
Gate XLE_USDT	0.0000%	8h	62.440	0.000%	$61K	$11K	20x	as long as short
MEXC XLE_USDT	0.0000%	8h	62.440	0.000%	$219K	$86K	20x	as long as short
Bitget XLEUSDT	0.0000%	8h	62.480	+0.064%	$95K	$85K	20x	as long as short
Variational Omni XLE	0.0000%	8h	62.450	+0.016%	$44K	$14K	—	as long as short
GRVT XLE_USDT_Perp	0.0000%	8h	62.480	+0.064%	$13K	$175K	10x	as long as short

Show all 15 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX XLE-USDT	0.0000%	8h	62.438	−0.003%	$2K	$4.8M	10x	as long as short
HTX XLE-USDT	0.0000%	8h	62.541	+0.162%	$5K	$34K	10x	as long as short
tradeXYZ xyz:XLE	+0.0050%	1h	62.417	−0.037%	$2.4M	$3.8M	20x	as long as short
QFEX XLE-USDshort	+0.0057%	1h	62.450	+0.016%	$1.2M	$5.9M	30x
edgeX XLEUSDC	+0.0919%	4h	62.445	+0.008%	$48K	$209K	10x	as long as short