Funding arb · Price arb /

XLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0040%/8h= +4.3% APRpaid last 24h +0.008%

Price spread now: QFEX against Variational Omni−0.039%47s7-day average — · 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 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. QFEX is 0.039% cheaper against Variational Omni than usual: you would sell low and buy high (spread −0.039% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$4 on $10k: about 3.3 days of funding at the current rate (+$1 a day). 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 XLE	62.705	0	get 0.0000% / 8h	2h 24m	$44K	$15K	—
Short	QFEX XLE-USD	62.680	0.0040	get 0.0005% / 1h	24m 58s	$1.2M	$4.2M	30x

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 −0.039%Rate

Funding earned: $8.32
Price spread: −0.039% → 0.000%: −$3.93
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee QFEX: 5 bp × 2 orders: −$10
Net: −$5.62
Costs to cover: 0.100%
Break-even: 11.7 days

Slippage unknown: Variational Omni: no order-book sample; QFEX: live order book, 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 Variational Omni no order-book sample	—	—	—	—	—
Sell QFEX live order book, 4 min ago	3.99 bp	9.5 bp −$10	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.

XLE on 16 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
edgeX XLEUSDC	−0.0658%	4h	62.705	0.000%	$48K	$208K	10x	as long as short
KuCoin XLEUSDTM	−0.0268%	8h	62.610	−0.151%	$806K	$673K	20x	as long as short
BloFin XLE-USDT	−0.0019%	8h	62.660	−0.071%	$58K	$9K	20x	as long as short
Aster XLEUSDT	0.0000%	8h	62.628	−0.122%	$4K	$9K	20x	as long as short
Binance XLEUSDT	0.0000%	8h	62.696	−0.013%	$792K	$1.0M	20x	as long as short
Bybit XLEUSDT	0.0000%	8h	62.670	−0.055%	$323K	$202K	25x	as long as short
OKX XLE-USDT-SWAP	0.0000%	8h	62.690	−0.023%	$302K	$579K	20x	as long as short
Gate XLE_USDT	0.0000%	8h	62.680	−0.039%	$64K	$12K	20x	as long as short
MEXC XLE_USDT	0.0000%	8h	62.690	−0.023%	$219K	$87K	20x	as long as short
Bitget XLEUSDT	0.0000%	8h	62.700	−0.007%	$95K	$81K	20x	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni XLElong	0.0000%	8h	62.705	long leg	$44K	$15K	—
GRVT XLE_USDT_Perp	0.0000%	8h	62.689	−0.026%	$13K	$173K	10x	as long as short
SunX XLE-USDT	0.0000%	8h	62.711	+0.010%	$1K	$4.5M	10x	as long as short
HTX XLE-USDT	0.0000%	8h	62.551	−0.245%	$5K	$34K	10x	as long as short
QFEX XLE-USDshort	+0.0040%	1h	62.680	−0.039%	$1.2M	$4.2M	30x
tradeXYZ xyz:XLE	+0.0050%	1h	62.634	−0.113%	$2.4M	$3.8M	20x	as long as short