Funding arb · Price arb /

SMCI

RWAall SMCI markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0056%/8h= −6.2% APRpaid last 24h −0.008%

Price spread now: Variational Omni against QFEX+0.046%7-day average +0.023% · you sell dearer than you buy

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

Long on QFEX Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.003%$0 on $10k

Price spread, last 4 days (all we have)−0.174%−$17 · spread now +0.046%, 7d avg +0.023%

Together, before fees−0.171%+ Points / potential airdropVariational Omni: Active · farm board−$17 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Variational Omni is 0.022% dearer against QFEX than usual: you sell high and buy low (spread +0.046% now, against its 7-day average of +0.023%): +$2 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 32 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	QFEX SMCI-USD	40.970	0.0056	pay 0.0007% / 1h	29m 30s	$1.1M	$1.8M	10x
Short	Variational Omni SMCI	40.989	0	get 0.0000% / 8h	2h 29m	$116K	$130K	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against QFEX. 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 QFEXbpFee Variational OmnibpOrdersPrice spread, now +0.046%Rate

Funding earned: −$11.83
Price spread: +0.046% → +0.023%: $2.22
Slippage, 4 orders: no order book: not counted
Fee QFEX: 5 bp × 2 orders: −$10
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$19.61
Costs to cover: 0.100%
Break-even: never at this rate

Slippage unknown: QFEX: live order book, 7 min ago; Variational Omni: RFQ quote, 60 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 QFEX live order book, 7 min ago	2.44 bp	9.9 bp −$10	20.0 bp −$200	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 60 min ago	5.71 bp	doesn't fit	89.1 bp −$891	doesn't fit	doesn't fit

SMCI on 17 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
Injective SMCI/USDC PERP	−0.0220%	1h	40.600	−0.903%	$4K	$91	12x	as long as short
Bitget SMCIUSDT	−0.0093%	8h	41.001	+0.076%	$1.3M	$501K	20x	as long as short
Bybit SMCIUSDT	0.0000%	8h	40.930	−0.098%	$996K	$307K	25x	as long as short
OKX SMCI-USDT-SWAP	0.0000%	8h	40.930	−0.098%	$676K	$1.1M	20x	as long as short
Gate SMCI_USDT	0.0000%	8h	40.960	−0.024%	$1.5M	$1.6M	20x	as long as short
Variational Omni SMCIshort	0.0000%	8h	40.989	+0.046%	$116K	$130K	—
Phemex SMCIUSDT	0.0000%	8h	40.990	+0.049%	$1.6M	$259K	10x	as long as short
Lighter RH SMCI	+0.0032%	1h	40.956	−0.034%	$32K	$5K	10x	as long as short
BloFin SMCI-USDT	+0.0042%	8h	41.020	+0.122%	$80K	$9K	20x	as long as short
SoDEX SMCI-USD	+0.0050%	1h	40.980	+0.024%	$152	$3K	10x	as long as short

Show all 17 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
QFEX SMCI-USDlong	+0.0056%	1h	40.970	long leg	$1.1M	$1.8M	10x
Paragon para:SMCI	+0.0060%	1h	40.926	−0.107%	$157K	$266K	10x	as long as short
Binance SMCIUSDT	+0.0060%	8h	40.990	+0.049%	$3.4M	$5.3M	20x	as long as short
Extended SMCI-USD	+0.0064%	1h	40.959	−0.027%	$576	$10K	10x	as long as short
GRVT SMCI_USDT_Perp	+0.0073%	8h	40.982	+0.030%	$427	$166K	10x	as long as short
KuCoin SMCIUSDTM	+0.0100%	8h	40.930	−0.098%	$457K	$465K	20x	as long as short
HTX SMCI-USDT	+0.0100%	8h	40.990	+0.049%	$8K	$285K	10x	as long as short