Funding arb · Price arb /

QQQ

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0123%/8h= −13.5% APRpaid last 24h −0.051%

Price spread now: Ondo Perps against Variational Omni−0.123%7-day average −0.195% · you buy dearer than you sell

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

Long on Variational Omni Short on Ondo Perps

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.063%−$6 on $10k

Price spread, last 7 days−0.144%−$14 · spread now −0.123%, 7d avg −0.195%

Together, before fees−0.207%+ Points / potential airdropVariational Omni: Active · Ondo Perps: Active · farm board−$21 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Ondo Perps is 0.072% dearer against Variational Omni than usual: you sell high and buy low (spread −0.123% now, against its 7-day average of −0.195%): +$7 on $10k if it goes back. Holding the pair costs −$4 a day in funding at the current rate, which eats that in about 47 hours. At the pace of the last 4 days (−0.063% in total) that is about 4.2 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni QQQ	741.57	0	get 0.0000% / 8h	7m 37s	$16.8M	$7.2M	—
Short	Ondo Perps QQQ-USD.P	740.66	−0.0123	pay 0.0015% / 1h	7m 37s	$4.2M	$1.8M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Ondo Perps 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 Ondo PerpsbpOrdersPrice spread, now −0.123%Rate

Funding earned: −$25.87
Price spread: −0.123% → −0.195%: $7.19
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Net: −$23.68
Costs to cover: 0.050%
Break-even: from the start

Slippage unknown: Variational Omni: RFQ quote, 2 min ago; Ondo Perps: no order-book sample. 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, 2 min ago	1.89 bp	doesn't fit	2.8 bp −$28	doesn't fit	doesn't fit
Sell Ondo Perps no order-book sample	—	—	—	—	—

Ondo Perps: 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 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 −0.0177% / S +0.0265%	1h	741.71	+0.018%	$25K	—	26x	as long as short
Ondo Perps QQQ-USD.Pshort	−0.0123%	1h	740.66	−0.123%	$4.2M	$1.8M	20x
Gate QQQ_USDT	−0.0094%	8h	741.21	−0.049%	$3.3M	$21.7M	50x	as long as short
BloFin QQQ-USDT	−0.0005%	8h	741.47	−0.014%	$1.1M	$274K	20x	as long as short
Aster QQQUSDT	0.0000%	8h	741.69	+0.016%	$824K	$864K	20x	as long as short
Bybit QQQUSDT	0.0000%	8h	741.68	+0.015%	$10.7M	$5.0M	50x	as long as short
OKX QQQ-USDT-SWAP	0.0000%	8h	741.35	−0.030%	$21.5M	$28.3M	50x	as long as short
RISEx QQQ/USDC	0.0000%	1h	741.49	−0.011%	$5.4M	$5.9M	25x	as long as short
Bitget QQQUSDT	0.0000%	8h	741.82	+0.033%	$16.5M	$5.3M	20x	as long as short
Variational Omni QQQlong	0.0000%	8h	741.57	long leg	$16.8M	$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	742.04	+0.063%	$2K	$1.7M	10x	as long as short
Deribit QQQ_USDC-PERPETUAL	0.0000%	1h	741.37	−0.027%	$424K	$156K	20x	as long as short
HTX QQQ-USDT	0.0000%	8h	741.93	+0.048%	$250K	$41K	30x	as long as short
Phemex QQQUSDT	0.0000%	8h	742.04	+0.063%	$359K	$1.6M	10x	as long as short
Coinbase International QQQ-PERP-INTX	+0.0016%	1h	741.15	−0.057%	$1.2M	$486K	20x	as long as short
Binance QQQUSDT	+0.0025%	8h	741.67	+0.013%	$70.3M	$140.6M	25x	as long as short
Lighter QQQ	+0.0032%	1h	741.51	−0.008%	$7.7M	$15.4M	30x	as long as short
Lighter RH QQQ	+0.0032%	1h	741.79	+0.029%	$37.4M	$81.4M	50x	as long as short
Arcus QQQ-USD	+0.0040%	1h	740.84	−0.099%	$647K	$1.7M	25x	as long as short
Vest QQQ-USD-PERP	+0.0046%	1h	742.61	+0.140%	—	$337K	50x	as long as short
KuCoin QQQUSDTM	+0.0100%	8h	741.28	−0.039%	$3.4M	$355K	20x	as long as short
ApeX Omni QQQUSDT	+0.0100%	1h	741.13	−0.060%	$20K	$2.2M	50x	as long as short
Orderly PERP_QQQ_USDC_mythos	+0.0100%	8h	741.46	−0.015%	$12K	$21K	20x	as long as short
Aevo QQQ-PERP	+0.0104%	1h	740.97	−0.081%	$92K	$1K	10x	as long as short
Nado QQQ-PERP	+0.0140%	1h	741.25	−0.044%	$1.6M	$744K	20x	as long as short
GRVT QQQ_USDT_Perp	+0.0144%	8h	741.77	+0.027%	$314K	$2.0M	10x	as long as short
Phoenix QQQ	+0.0227%	1h	741.17	−0.054%	$38K	$65K	20x	as long as short
edgeX QQQUSDC	+0.0942%	4h	741.62	+0.006%	$758K	$335K	20x	as long as short