Funding arb · Price arb /

QQQ

RWAall QQQ markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0120%/8h= +13.1% APRpaid last 24h +0.012%

Price spread now: Variational Omni against GMX−0.003%50s7-day average — · you buy dearer than you sell

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

Long on GMX Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropVariational Omni: Active · farm boardneeds both histories

The price spread sits at zero (this spread has no 7-day history yet), so right now this pair is about funding alone: +$4 a day on $10k at the current rate. The two prices were read 50 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	GMX QQQ/USD [ETH-USDC]	743.86	L −0.0080% / S +0.0190%	get 0.0010% / 1h	54m 30s	$25K	—	26x
Short	Variational Omni QQQ	743.83	0.0040	get 0.0040% / 8h	7h 54m	$17.1M	$10.8M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against GMX. 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 GMXbpFee Variational OmnibpOrdersPrice spread, now −0.003%Rate

Funding earned: $25.2
Price spread: −0.003% → 0.000%: −$0.27
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Variational Omni: 0 bp × 2 orders: $0
Net: $12.93
Costs to cover: 0.120%
Break-even: 3.4 days

Slippage unknown: GMX: no order-book sample; Variational Omni: RFQ quote, 5 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 GMX no order-book sample	—	—	—	—	—
Sell Variational Omni RFQ quote, 5 min ago	1.90 bp	doesn't fit	2.9 bp −$29	12.4 bp −$1,239	doesn't fit

GMX: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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
Ondo Perps QQQ-USD.P	−0.0350%	1h	742.30	−0.209%	$4.2M	$2.0M	20x	as long as short
GMX QQQ/USD [ETH-USDC]long	L −0.0080% / S +0.0190%	1h	743.86	long leg	$25K	—	26x
Gate QQQ_USDT	−0.0028%	8h	743.32	−0.072%	$3.1M	$26.0M	50x	as long as short
BloFin QQQ-USDT	−0.0018%	8h	743.81	−0.006%	$1.0M	$318K	20x	as long as short
Aster QQQUSDT	0.0000%	8h	743.51	−0.046%	$841K	$757K	20x	as long as short
OKX QQQ-USDT-SWAP	0.0000%	8h	743.76	−0.013%	$21.5M	$25.4M	50x	as long as short
SunX QQQ-USDT	0.0000%	8h	744.28	+0.057%	$2K	$2.3M	10x	as long as short
HTX QQQ-USDT	0.0000%	8h	743.14	−0.096%	$257K	$28K	30x	as long as short
Phemex QQQUSDT	0.0000%	8h	743.92	+0.009%	$362K	$1.4M	10x	as long as short
Lighter QQQ	+0.0032%	1h	743.72	−0.018%	$7.6M	$18.1M	30x	as long as short

Show all 28 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter RH QQQ	+0.0032%	1h	744.09	+0.032%	$37.4M	$78.5M	50x	as long as short
Variational Omni QQQshort	+0.0040%	8h	743.83	−0.003%	$17.1M	$10.8M	—
Arcus QQQ-USD	+0.0040%	1h	742.99	−0.116%	$747K	$1.5M	25x	as long as short
Bybit QQQUSDT	+0.0041%	8h	744.05	+0.026%	$10.7M	$4.8M	50x	as long as short
Vest QQQ-USD-PERP	+0.0046%	1h	744.49	+0.085%	—	$388K	50x	as long as short
Coinbase International QQQ-PERP-INTX	+0.0064%	1h	743.51	−0.046%	$1.2M	$630K	20x	as long as short
Binance QQQUSDT	+0.0068%	8h	743.94	+0.011%	$70.9M	$156.5M	25x	as long as short
KuCoin QQQUSDTM	+0.0100%	8h	743.54	−0.042%	$3.4M	$413K	20x	as long as short
ApeX Omni QQQUSDT	+0.0100%	1h	743.44	−0.056%	$20K	$2.2M	50x	as long as short
Orderly PERP_QQQ_USDC_mythos	+0.0100%	8h	743.57	−0.038%	$12K	$21K	20x	as long as short
Aevo QQQ-PERP	+0.0104%	1h	743.24	−0.083%	$92K	$1K	10x	as long as short
Nado QQQ-PERP	+0.0107%	1h	743.45	−0.054%	$1.5M	$1.2M	20x	as long as short
GRVT QQQ_USDT_Perp	+0.0116%	8h	743.95	+0.013%	$316K	$1.8M	10x	as long as short
Deribit QQQ_USDC-PERPETUAL	+0.0167%	1h	743.69	−0.022%	$425K	$147K	20x	as long as short
Bitget QQQUSDT	+0.0170%	8h	743.95	+0.013%	$16.9M	$6.6M	20x	as long as short
Phoenix QQQ	+0.0194%	1h	743.43	−0.057%	$38K	$66K	20x	as long as short
RISEx QQQ/USDC	+0.0208%	1h	743.89	+0.005%	$5.6M	$9.0M	25x	as long as short
edgeX QQQUSDC	+0.0662%	4h	743.73	−0.016%	$760K	$335K	20x	as long as short