Funding arb · Price arb /

QQQ

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0032%/8h= +3.5% APRpaid last 24h −0.001%

Price spread now: Lighter against Variational Omni−0.003%7-day average −0.072% · you buy dearer than you sell

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

Long on Variational Omni Short on Lighter

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 7 days−0.129%−$13 · spread now −0.003%, 7d avg −0.072%

Together, before fees−0.103%+ Points / potential airdropVariational Omni: Active · Lighter: Season 3 · farm board−$10 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and Lighter is 0.069% dearer against Variational Omni than usual: you sell high and buy low: +$7 more if the spread goes back to its 7-day average of −0.072%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni QQQ	742.62	0	get 0.0000% / 8h	2h 50m	$17.1M	$7.2M	—
Short	Lighter QQQ	742.59	0.0032	get 0.0004% / 1h	50m 24s	$7.7M	$15.5M	30x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Variational Omni. 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 Variational OmnibpFee LighterbpOrdersPrice spread, now −0.003%Rate

Funding earned: $6.72
Price spread: −0.003% → −0.072%: $6.89
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Lighter: 0 bp × 2 orders: $0
Net: $13.61
Costs to cover: 0.000%
Break-even: from the start

Slippage unknown: Variational Omni: RFQ quote, 4 min ago; Lighter: live order book, 3 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, 4 min ago	1.90 bp	doesn't fit	2.2 bp −$22	doesn't fit	doesn't fit
Sell Lighter live order book, 3 min ago	0.40 bp	0.7 bp −$1	2.1 bp −$21	21.6 bp −$2,157	60.8 bp −$30.4K

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 −0.0144% / S +0.0239%	1h	742.62	0.000%	$25K	—	26x	as long as short
Ondo Perps QQQ-USD.P	−0.0008%	1h	741.83	−0.106%	$4.2M	$1.8M	20x	as long as short
Aster QQQUSDT	0.0000%	8h	742.58	−0.005%	$824K	$857K	20x	as long as short
Binance QQQUSDT	0.0000%	8h	742.61	−0.001%	$69.9M	$143.0M	25x	as long as short
Bybit QQQUSDT	0.0000%	8h	742.74	+0.017%	$10.7M	$5.1M	50x	as long as short
OKX QQQ-USDT-SWAP	0.0000%	8h	742.41	−0.028%	$21.6M	$27.8M	50x	as long as short
RISEx QQQ/USDC	0.0000%	1h	742.76	+0.020%	$5.4M	$7.0M	25x	as long as short
Gate QQQ_USDT	0.0000%	8h	742.04	−0.077%	$3.3M	$21.2M	50x	as long as short
Bitget QQQUSDT	0.0000%	8h	742.97	+0.048%	$16.6M	$5.7M	20x	as long as short
Variational Omni QQQlong	0.0000%	8h	742.62	long leg	$17.1M	$7.2M	—

Show all 28 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX QQQ-USDT	0.0000%	8h	743.28	+0.090%	$2K	$1.9M	10x	as long as short
Coinbase International QQQ-PERP-INTX	0.0000%	1h	742.34	−0.037%	$1.2M	$537K	20x	as long as short
HTX QQQ-USDT	0.0000%	8h	743.01	+0.053%	$254K	$35K	30x	as long as short
Phemex QQQUSDT	0.0000%	8h	743.08	+0.063%	$361K	$1.6M	10x	as long as short
BloFin QQQ-USDT	+0.0001%	8h	742.53	−0.011%	$1.1M	$246K	20x	as long as short
Lighter QQQshort	+0.0032%	1h	742.59	−0.003%	$7.7M	$15.5M	30x
Lighter RH QQQ	+0.0032%	1h	742.95	+0.045%	$36.9M	$78.0M	50x	as long as short
Arcus QQQ-USD	+0.0040%	1h	741.77	−0.114%	$703K	$1.6M	25x	as long as short
Vest QQQ-USD-PERP	+0.0046%	1h	743.63	+0.137%	—	$337K	50x	as long as short
GRVT QQQ_USDT_Perp	+0.0076%	8h	742.85	+0.032%	$319K	$1.9M	10x	as long as short
KuCoin QQQUSDTM	+0.0100%	8h	742.35	−0.036%	$3.4M	$348K	20x	as long as short
ApeX Omni QQQUSDT	+0.0100%	1h	742.31	−0.041%	$20K	$2.2M	50x	as long as short
Orderly PERP_QQQ_USDC_mythos	+0.0100%	8h	742.33	−0.038%	$12K	$21K	20x	as long as short
Deribit QQQ_USDC-PERPETUAL	+0.0100%	1h	742.58	−0.005%	$424K	$151K	20x	as long as short
Aevo QQQ-PERP	+0.0104%	1h	741.95	−0.090%	$92K	$1K	10x	as long as short
Nado QQQ-PERP	+0.0112%	1h	742.27	−0.046%	$1.5M	$764K	20x	as long as short
Phoenix QQQ	+0.0129%	1h	742.29	−0.044%	$38K	$66K	20x	as long as short
edgeX QQQUSDC	+0.0535%	4h	742.62	+0.001%	$759K	$335K	20x	as long as short