Funding arb · Price arb /

XLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0035%/8h= −3.9% APRpaid last 24h +0.050%

Price spread now: Bybit against QFEX−0.096%7-day average −0.071% · 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−$135as in the Price arb table

costs, in and out, $10k−$1321.322% of the position

Long on QFEX Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.048%+$5 on $10k

Price spread, last 4 days (all we have)+0.039%+$4 · spread now −0.096%, 7d avg −0.071%

Together, before fees+0.087%+$9 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Bybit is 0.025% cheaper against QFEX than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of −0.071%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	QFEX XLE-USD	62.520	0.0035	pay 0.0004% / 1h	24m 03s	$1.3M	$5.4M	30x
Short	Bybit XLEUSDT	62.460	0	get 0.0000% / 8h	1h 24m	$329K	$275K	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 −0.096%Rate

Funding earned: −$7.39
Price spread: −0.096% → −0.071%: −$2.53
Slippage, 4 orders: −$111.21
Fee QFEX: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$142.13
Costs to cover: 1.322%
Break-even: never at this rate

Slippage from QFEX: live order book, 5 min ago; Bybit: live order book, 50 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, 5 min ago	2.40 bp	9.0 bp −$9	14.4 bp −$144	doesn't fit	doesn't fit
Sell Bybit live order book, 50 min ago	5.59 bp	86.6 bp −$87	226.9 bp −$2,269	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
BloFin XLE-USDT	−0.0016%	8h	62.470	−0.080%	$57K	$9K	20x	as long as short
Aster XLEUSDT	0.0000%	8h	62.505	−0.024%	$4K	$9K	20x	as long as short
Binance XLEUSDT	0.0000%	8h	62.525	+0.008%	$800K	$1.9M	20x	as long as short
Bybit XLEUSDTshort	0.0000%	8h	62.460	−0.096%	$329K	$275K	25x
OKX XLE-USDT-SWAP	0.0000%	8h	62.430	−0.144%	$299K	$691K	20x	as long as short
Gate XLE_USDT	0.0000%	8h	62.510	−0.016%	$61K	$21K	20x	as long as short
MEXC XLE_USDT	0.0000%	8h	62.520	0.000%	$219K	$117K	20x	as long as short
Bitget XLEUSDT	0.0000%	8h	62.470	−0.080%	$95K	$169K	20x	as long as short
Variational Omni XLE	0.0000%	8h	62.522	+0.003%	$44K	$15K	—	as long as short
SunX XLE-USDT	0.0000%	8h	62.516	−0.006%	$1K	$7.1M	10x	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX XLE-USDT	0.0000%	8h	62.556	+0.058%	$5K	$35K	10x	as long as short
QFEX XLE-USDlong	+0.0035%	1h	62.520	long leg	$1.3M	$5.4M	30x
KuCoin XLEUSDTM	+0.0080%	8h	62.400	−0.192%	$767K	$626K	20x	as long as short
tradeXYZ xyz:XLE	+0.0107%	1h	62.464	−0.090%	$2.4M	$4.0M	20x	as long as short
GRVT XLE_USDT_Perp	+0.0112%	8h	62.556	+0.058%	$13K	$193K	10x	as long as short
edgeX XLEUSDC	+0.0796%	4h	62.576	+0.090%	$48K	$209K	10x	as long as short