Funding arb · Price arb /

SMCI

RWAall SMCI markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0041%/8h= −4.5% APRpaid last 24h +0.009%

Price spread now: QFEX against Variational Omni−0.057%7-day average −0.021% · you buy dearer than you sell

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)−0.005%$0 on $10k

Price spread, last 4 days (all we have)+0.366%+$37 · spread now −0.057%, 7d avg −0.021%

Together, before fees+0.361%+ Points / potential airdropVariational Omni: Active · farm board+$36 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and QFEX is 0.036% cheaper against Variational Omni than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of −0.021%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni SMCI	41.534	0.0084	pay 0.0084% / 8h	6h 45m	$97K	$109K	—
Short	QFEX SMCI-USD	41.510	0.0043	get 0.0005% / 1h	45m 08s	$1.1M	$2.2M	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 −0.057%Rate

Funding earned: −$8.55
Price spread: −0.057% → −0.021%: −$3.61
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee QFEX: 5 bp × 2 orders: −$10
Net: −$22.16
Costs to cover: 0.100%
Break-even: never at this rate

Slippage unknown: Variational Omni: RFQ quote, 64 min ago; QFEX: live order book, 2 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, 64 min ago	3.73 bp	doesn't fit	96.7 bp −$967	doesn't fit	doesn't fit
Sell QFEX live order book, 2 min ago	2.41 bp	9.8 bp −$10	17.0 bp −$170	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	41.150	−0.923%	$4K	$94	12x	as long as short
Bybit SMCIUSDT	0.0000%	8h	41.500	−0.081%	$1.0M	$648K	25x	as long as short
OKX SMCI-USDT-SWAP	0.0000%	8h	41.520	−0.033%	$690K	$1.1M	20x	as long as short
Gate SMCI_USDT	0.0000%	8h	41.510	−0.057%	$1.6M	$1.6M	20x	as long as short
Bitget SMCIUSDT	0.0000%	8h	41.510	−0.057%	$1.3M	$506K	20x	as long as short
Phemex SMCIUSDT	0.0000%	8h	41.540	+0.015%	$1.6M	$246K	10x	as long as short
Lighter RH SMCI	+0.0032%	1h	41.511	−0.054%	$32K	$5K	10x	as long as short
QFEX SMCI-USDshort	+0.0043%	1h	41.510	−0.057%	$1.1M	$2.2M	10x
SoDEX SMCI-USD	+0.0050%	1h	41.520	−0.033%	$135	$3K	10x	as long as short
Variational Omni SMCIlong	+0.0084%	8h	41.534	long leg	$97K	$109K	—

Show all 17 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin SMCIUSDTM	+0.0100%	8h	41.490	−0.105%	$462K	$512K	20x	as long as short
HTX SMCI-USDT	+0.0100%	8h	41.540	+0.015%	$8K	$285K	10x	as long as short
GRVT SMCI_USDT_Perp	+0.0144%	8h	41.566	+0.078%	$503	$154K	10x	as long as short
Extended SMCI-USD	+0.0224%	1h	41.528	−0.013%	$583	$10K	10x	as long as short
Binance SMCIUSDT	+0.0225%	8h	41.550	+0.040%	$3.4M	$5.1M	20x	as long as short
BloFin SMCI-USDT	+0.0230%	8h	41.590	+0.136%	$80K	$9K	20x	as long as short
Paragon para:SMCI	+0.1040%	1h	41.597	+0.152%	$160K	$265K	10x	as long as short