Funding arb · Price arb /

JPM

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0016%/8h= +1.7% APRpaid last 24h +0.004%

Price spread now: QFEX against Variational Omni+0.001%7-day average +0.025% · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Variational Omni Short on QFEX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.003%$0 on $10k

Price spread, last 4 days (all we have)+0.005%$0 · spread now +0.001%, 7d avg +0.025%

Together, before fees+0.008%+ Points / potential airdropVariational Omni: Active · farm board+$1 on $10k · with fees, hour by hour

Funding pays, the price is against you. QFEX is 0.024% cheaper against Variational Omni than usual: you would sell low and buy high (spread +0.001% now, against its 7-day average of +0.025%). If the spread goes back, that is −$2 on $10k: about 5.2 days of funding at the current rate ($0 a day). At the pace of the last 3 days (+0.003% in total) that is about 27 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni JPM	351.91	0	get 0.0000% / 8h	5h 32m	$119K	$7K	—
Short	QFEX JPM-USD	351.91	0.0016	get 0.0002% / 1h	32m 10s	$1.1M	$2.9M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

QFEX against Variational Omni. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 Variational OmnibpFee QFEXbpOrdersPrice spread, now +0.001%Rate

Funding earned: $3.31
Price spread: +0.001% → +0.025%: −$2.45
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee QFEX: 5 bp × 2 orders: −$10
Net: −$9.14
Costs to cover: 0.100%
Break-even: 26.3 days

Slippage unknown: Variational Omni: RFQ quote, 32 min ago; QFEX: live order book, 6 min ago. Net counts fees only.

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 Variational Omni RFQ quote, 32 min ago	2.63 bp	doesn't fit	83.8 bp −$838	doesn't fit	doesn't fit
Sell QFEX live order book, 6 min ago	51.58 bp	56.8 bp −$57	66.2 bp −$662	doesn't fit	doesn't fit

JPM on 14 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
edgeX JPMUSDC	−0.0389%	4h	351.90	−0.001%	$36K	$172K	10x	as long as short
Injective JPM/USDC PERP	−0.0220%	1h	348.44	−0.985%	$7K	$45K	12x	as long as short
Aster JPMUSDT	0.0000%	8h	351.99	+0.023%	$3K	$437	20x	as long as short
Binance JPMUSDT	0.0000%	8h	351.97	+0.019%	$927K	$487K	20x	as long as short
Bybit JPMUSDT	0.0000%	8h	352.21	+0.086%	$153K	$1.1M	25x	as long as short
Gate JPM_USDT	0.0000%	8h	351.96	+0.015%	$731K	$249K	25x	as long as short
Bitget JPMUSDT	0.0000%	8h	351.72	−0.053%	$205K	$11K	20x	as long as short
Variational Omni JPMlong	0.0000%	8h	351.91	long leg	$119K	$7K	—
GRVT JPM_USDT_Perp	0.0000%	8h	352.01	+0.030%	$5K	$84K	10x	as long as short
SunX JPM-USDT	0.0000%	8h	351.85	−0.016%	$1K	$869K	10x	as long as short

Show all 14 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX JPM-USDT	0.0000%	8h	351.72	−0.053%	$7K	$38K	20x	as long as short
BloFin JPM-USDT	+0.0001%	8h	351.96	+0.015%	$90K	$26K	20x	as long as short
QFEX JPM-USDshort	+0.0016%	1h	351.91	+0.001%	$1.1M	$2.9M	10x
KuCoin JPMUSDTM	+0.0100%	8h	351.85	−0.016%	$155K	$848K	20x	as long as short