Funding arb · Price arb /

QQQ

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC+0.0284%/8h= +31.1% APRpaid last 24h +0.031%

Price spread now: Variational Omni against GMX−0.081%7-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 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

Funding pays, the price is against you. Variational Omni is 0.081% cheaper against GMX than usual: you would sell low and buy high (spread −0.081% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$8 on $10k: about 23 hours of funding at the current rate (+$9 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX QQQ/USD [ETH-USDC]	742.43	L −0.0203% / S +0.0285%	get 0.0025% / 1h	43m 11s	$25K	—	26x
Short	Variational Omni QQQ	741.84	0.0081	get 0.0081% / 8h	4h 43m	$16.8M	$6.9M	—

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 −0.081%Rate

Funding earned: $59.63
Price spread: −0.081% → 0.000%: −$8.07
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Variational Omni: 0 bp × 2 orders: $0
Net: $39.56
Costs to cover: 0.120%
Break-even: 2.4 days

Slippage unknown: GMX: no order-book sample; Variational Omni: RFQ quote, 4 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, 4 min ago	1.90 bp	doesn't fit	3.1 bp −$31	doesn't fit	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 exchanges

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]long	L −0.0203% / S +0.0285%	1h	742.43	long leg	$25K	—	26x
Ondo Perps QQQ-USD.P	−0.0035%	1h	740.62	−0.244%	$4.2M	$1.8M	20x	as long as short
BloFin QQQ-USDT	−0.0007%	8h	742.17	−0.036%	$1.1M	$242K	20x	as long as short
OKX QQQ-USDT-SWAP	0.0000%	8h	742.18	−0.034%	$22.1M	$31.0M	50x	as long as short
RISEx QQQ/USDC	0.0000%	1h	742.08	−0.048%	$5.5M	$5.7M	25x	as long as short
Gate QQQ_USDT	0.0000%	8h	741.77	−0.090%	$3.6M	$19.9M	50x	as long as short
Bitget QQQUSDT	0.0000%	8h	742.50	+0.009%	$17.0M	$6.0M	20x	as long as short
SunX QQQ-USDT	0.0000%	8h	742.93	+0.067%	$2K	$1.5M	10x	as long as short
HTX QQQ-USDT	0.0000%	8h	742.67	+0.032%	$247K	$45K	30x	as long as short
Phemex QQQUSDT	0.0000%	8h	742.84	+0.055%	$360K	$1.7M	10x	as long as short

Show all 28 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Arcus QQQ-USD	+0.0004%	1h	741.19	−0.168%	$653K	$1.4M	25x	as long as short
Aster QQQUSDT	+0.0010%	8h	742.16	−0.037%	$855K	$915K	20x	as long as short
Bybit QQQUSDT	+0.0010%	8h	742.25	−0.025%	$10.9M	$5.1M	50x	as long as short
Lighter QQQ	+0.0032%	1h	741.70	−0.099%	$7.2M	$16.5M	30x	as long as short
Lighter RH QQQ	+0.0032%	1h	742.47	+0.005%	$38.9M	$76.4M	50x	as long as short
Deribit QQQ_USDC-PERPETUAL	+0.0033%	1h	741.97	−0.063%	$398K	$103K	20x	as long as short
Vest QQQ-USD-PERP	+0.0046%	1h	743.26	+0.111%	—	$337K	50x	as long as short
Coinbase International QQQ-PERP-INTX	+0.0048%	1h	741.72	−0.096%	$1.2M	$590K	20x	as long as short
Variational Omni QQQshort	+0.0081%	8h	741.84	−0.081%	$16.8M	$6.9M	—
Nado QQQ-PERP	+0.0098%	1h	741.89	−0.073%	$1.6M	$785K	20x	as long as short
KuCoin QQQUSDTM	+0.0100%	8h	741.88	−0.075%	$3.4M	$512K	20x	as long as short
ApeX Omni QQQUSDT	+0.0100%	1h	741.81	−0.084%	$20K	$2.2M	50x	as long as short
Orderly PERP_QQQ_USDC_mythos	+0.0100%	8h	742.02	−0.056%	$12K	$21K	20x	as long as short
Binance QQQUSDT	+0.0102%	8h	742.43	−0.001%	$72.6M	$148.7M	25x	as long as short
Aevo QQQ-PERP	+0.0104%	1h	741.51	−0.125%	$92K	$1K	10x	as long as short
GRVT QQQ_USDT_Perp	+0.0257%	8h	742.42	−0.002%	$317K	$2.1M	10x	as long as short
Phoenix QQQ	+0.0409%	1h	741.53	−0.122%	$38K	$59K	20x	as long as short
edgeX QQQUSDC	+0.0854%	4h	741.91	−0.070%	$759K	$337K	20x	as long as short