Funding arb · Price arb /

QQQ

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0087%/8h= −9.5% APRpaid last 24h −0.007%

Price spread now: Variational Omni against Deribit+0.018%7-day average +0.038% · you sell dearer than you buy

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

Long on Deribit Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.085%−$8 on $10k

Price spread, last 4 days (all we have)−0.101%−$10 · spread now +0.018%, 7d avg +0.038%

Together, before fees−0.186%+ Points / potential airdropVariational Omni: Active · farm board−$19 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Variational Omni is 0.021% cheaper against Deribit than usual: you would sell low and buy high (−$2 if the spread goes back to its 7-day average of +0.038%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit QQQ_USDC-PERPETUAL	740.20	0.0088	pay 0.0011% / 1h	38m 54s	$423K	$157K	20x
Short	Variational Omni QQQ	740.33	0.0001	get 0.0001% / 8h	7h 38m	$16.7M	$7.2M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Deribit. 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 DeribitbpFee Variational OmnibpOrdersPrice spread, now +0.018%Rate

Funding earned: −$18.3
Price spread: +0.018% → +0.038%: −$2.05
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$27.35
Costs to cover: 0.070%
Break-even: never at this rate

Slippage unknown: Deribit: live order book, 60 min ago; Variational Omni: RFQ quote, just now. 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 Deribit live order book, 60 min ago	0.07 bp	3.6 bp −$4	4.3 bp −$43	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, just now	1.90 bp	doesn't fit	2.4 bp −$24	doesn't fit	doesn't fit

QQQ on 28 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
GMX QQQ/USD [ETH-USDC]	L −0.0183% / S +0.0270%	1h	740.54	+0.047%	$25K	—	26x	as long as short
BloFin QQQ-USDT	−0.0014%	8h	740.22	+0.003%	$1.1M	$274K	20x	as long as short
Aster QQQUSDT	0.0000%	8h	740.37	+0.023%	$822K	$864K	20x	as long as short
OKX QQQ-USDT-SWAP	0.0000%	8h	740.12	−0.011%	$21.6M	$28.2M	50x	as long as short
RISEx QQQ/USDC	0.0000%	1h	740.31	+0.014%	$5.4M	$5.7M	25x	as long as short
Gate QQQ_USDT	0.0000%	8h	739.85	−0.047%	$3.4M	$20.6M	50x	as long as short
Bitget QQQUSDT	0.0000%	8h	740.42	+0.030%	$16.5M	$5.1M	20x	as long as short
SunX QQQ-USDT	0.0000%	8h	740.95	+0.101%	$2K	$1.7M	10x	as long as short
HTX QQQ-USDT	0.0000%	8h	740.70	+0.068%	$250K	$41K	30x	as long as short
Phemex QQQUSDT	0.0000%	8h	740.56	+0.049%	$362K	$1.6M	10x	as long as short

Show all 28 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni QQQshort	+0.0001%	8h	740.33	+0.018%	$16.7M	$7.2M	—
Coinbase International QQQ-PERP-INTX	+0.0024%	1h	739.68	−0.070%	$1.2M	$492K	20x	as long as short
Binance QQQUSDT	+0.0030%	8h	740.38	+0.024%	$70.0M	$139.7M	25x	as long as short
Lighter QQQ	+0.0032%	1h	740.12	−0.011%	$7.7M	$15.2M	30x	as long as short
Lighter RH QQQ	+0.0032%	1h	740.47	+0.036%	$37.5M	$79.5M	50x	as long as short
Bybit QQQUSDT	+0.0033%	8h	740.42	+0.030%	$10.7M	$5.0M	50x	as long as short
Arcus QQQ-USD	+0.0040%	1h	739.71	−0.066%	$646K	$1.7M	25x	as long as short
Vest QQQ-USD-PERP	+0.0046%	1h	741.39	+0.161%	—	$337K	50x	as long as short
Ondo Perps QQQ-USD.P	+0.0050%	1h	739.23	−0.131%	$4.2M	$1.8M	20x	as long as short
Deribit QQQ_USDC-PERPETUALlong	+0.0088%	1h	740.20	long leg	$423K	$157K	20x
KuCoin QQQUSDTM	+0.0100%	8h	740.01	−0.026%	$3.4M	$379K	20x	as long as short
ApeX Omni QQQUSDT	+0.0100%	1h	739.96	−0.032%	$20K	$2.2M	50x	as long as short
Orderly PERP_QQQ_USDC_mythos	+0.0100%	8h	740.26	+0.008%	$12K	$21K	20x	as long as short
Aevo QQQ-PERP	+0.0104%	1h	739.70	−0.068%	$92K	$1K	10x	as long as short
Nado QQQ-PERP	+0.0151%	1h	740.07	−0.017%	$1.6M	$742K	20x	as long as short
GRVT QQQ_USDT_Perp	+0.0194%	8h	740.77	+0.077%	$326K	$2.0M	10x	as long as short
Phoenix QQQ	+0.0248%	1h	740.22	+0.003%	$38K	$65K	20x	as long as short
edgeX QQQUSDC	+0.0604%	4h	740.36	+0.022%	$757K	$334K	20x	as long as short