Funding arb · Price arb /

ZM

RWAall ZM markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0080%/8h= −8.8% APRpaid last 24h +0.020%

Price spread now: QFEX against Variational Omni+0.077%47s7-day average — · you sell dearer than you buy

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 4 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 pays, funding is against you. QFEX is 0.077% dearer against Variational Omni than usual: you sell high and buy low (spread +0.077% now, against zero (this spread has no 7-day history yet)): +$8 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 3.2 days. The two prices were read 47 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	Variational Omni ZM	91.020	0	get 0.0000% / 8h	7h 47m	$12K	$20K	—
Short	QFEX ZM-USD	91.090	−0.0080	pay 0.0010% / 1h	47m 51s	$1.1M	$7.7M	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

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 QFEXbpOrdersPrice spread, now +0.077%Rate

Funding earned: −$16.8
Price spread: +0.077% → 0.000%: $7.69
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee QFEX: 5 bp × 2 orders: −$10
Net: −$19.11
Costs to cover: 0.100%
Break-even: never at this rate

Slippage unknown: Variational Omni: no order-book sample; QFEX: live order book, 6 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 no order-book sample	—	—	—	—	—
Sell QFEX live order book, 6 min ago	5.49 bp	12.2 bp −$12	doesn't fit	doesn't fit	doesn't fit

Variational Omni: 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.

ZM on 13 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
QFEX ZM-USDshort	−0.0080%	1h	91.090	+0.077%	$1.1M	$7.7M	10x
Aster ZMUSDT	0.0000%	8h	91.113	+0.102%	$7K	$598	20x	as long as short
Binance ZMUSDT	0.0000%	8h	91.140	+0.132%	$411K	$495K	20x	as long as short
Bybit ZMUSDT	0.0000%	8h	91.160	+0.154%	$95K	$31K	25x	as long as short
OKX ZM-USDT-SWAP	0.0000%	8h	91.020	0.000%	$167K	$109K	20x	as long as short
Gate ZM_USDT	0.0000%	8h	91.050	+0.033%	$248K	$126K	20x	as long as short
Bitget ZMUSDT	0.0000%	8h	91.080	+0.066%	$200K	$64K	20x	as long as short
Variational Omni ZMlong	0.0000%	8h	91.020	long leg	$12K	$20K	—
SunX ZM-USDT	0.0000%	8h	91.060	+0.044%	$1K	$493K	10x	as long as short
HTX ZM-USDT	0.0000%	8h	91.190	+0.187%	$6K	$36K	10x	as long as short

Show all 13 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Polymarket Perps ZM-USD	+0.0050%	1h	90.950	−0.077%	$105K	$383K	10x	as long as short
KuCoin ZMUSDTM	+0.0100%	8h	91.030	+0.011%	$64K	$1.5M	20x	as long as short
tradeXYZ xyz:ZM	+0.0679%	1h	91.018	−0.002%	$555K	$88K	10x	as long as short