Funding arb · Price arb /

XLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0376%/8h= +41.2% APRpaid last 24h +0.004%

Price spread now: QFEX against KuCoin+0.192%7-day average +0.096% · 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−$659as in the Price arb table

costs, in and out, $10k−$6696.687% of the position

Long on KuCoin Short on QFEX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.026%+$3 on $10k

Price spread, last 4 days (all we have)−0.177%−$18 · spread now +0.192%, 7d avg +0.096%

Together, before fees−0.151%−$15 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$11 a day on $10k at the current rate, and QFEX is 0.096% dearer against KuCoin than usual: you sell high and buy low: +$10 more if the spread goes back to its 7-day average of +0.096%.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid 0.026% in total (about 2.7% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin XLEUSDTM	62.340	−0.0319	get 0.0319% / 8h	5h 24m	$792K	$651K	20x
Short	QFEX XLE-USD	62.460	0.0057	get 0.0007% / 1h	24m 39s	$1.2M	$5.3M	30x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

QFEX against KuCoin. 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 KuCoinbpFee QFEXbpOrdersPrice spread, now +0.192%Rate

Funding earned: $78.99
Price spread: +0.192% → +0.096%: $9.65
Slippage, 4 orders: −$646.65
Fee KuCoin: 6 bp × 2 orders: −$12
Fee QFEX: 5 bp × 2 orders: −$10
Net: −$580.02
Costs to cover: 6.687%
Break-even: 58.4 days

Slippage from KuCoin: live order book, 10 min ago; QFEX: live order book, 4 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 KuCoin live order book, 10 min ago	5.62 bp	302.7 bp −$303	doesn't fit	doesn't fit	doesn't fit
Sell QFEX live order book, 4 min ago	76.85 bp	110.2 bp −$110	doesn't fit	doesn't fit	doesn't fit

XLE 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
KuCoin XLEUSDTMlong	−0.0319%	8h	62.340	long leg	$792K	$651K	20x
BloFin XLE-USDT	−0.0018%	8h	62.460	+0.192%	$14K	$9K	20x	as long as short
Aster XLEUSDT	0.0000%	8h	62.461	+0.194%	$4K	$9K	20x	as long as short
Binance XLEUSDT	0.0000%	8h	62.470	+0.209%	$795K	$1.1M	20x	as long as short
Bybit XLEUSDT	0.0000%	8h	62.440	+0.160%	$322K	$206K	25x	as long as short
OKX XLE-USDT-SWAP	0.0000%	8h	62.450	+0.176%	$299K	$558K	20x	as long as short
Gate XLE_USDT	0.0000%	8h	62.460	+0.192%	$61K	$11K	20x	as long as short
MEXC XLE_USDT	0.0000%	8h	62.460	+0.192%	$219K	$87K	20x	as long as short
Bitget XLEUSDT	0.0000%	8h	62.490	+0.241%	$95K	$81K	20x	as long as short
Variational Omni XLE	0.0000%	8h	62.467	+0.204%	$44K	$14K	—	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT XLE_USDT_Perp	0.0000%	8h	62.461	+0.194%	$13K	$174K	10x	as long as short
SunX XLE-USDT	0.0000%	8h	62.471	+0.210%	$1K	$4.7M	10x	as long as short
HTX XLE-USDT	0.0000%	8h	62.360	+0.032%	$5K	$34K	10x	as long as short
tradeXYZ xyz:XLE	+0.0050%	1h	62.447	+0.172%	$2.4M	$3.8M	20x	as long as short
QFEX XLE-USDshort	+0.0057%	1h	62.460	+0.192%	$1.2M	$5.3M	30x
edgeX XLEUSDC	+0.0722%	4h	62.451	+0.177%	$48K	$209K	10x	as long as short