Funding arb · Price arb /

QQQ

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC−0.0004%/8h= −0.5% APRpaid last 24h −0.002%

Price spread now: Variational Omni against Lighter RH−0.042%7-day average +0.002% · you buy dearer than you sell

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

Long on Lighter RH Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.011%−$1 on $10k

Price spread, last 7 days+0.022%+$2 · spread now −0.042%, 7d avg +0.002%

Together, before fees+0.011%+ Points / potential airdropLighter RH: Points live · Variational Omni: Active · farm board+$1 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Variational Omni is 0.045% cheaper against Lighter RH than usual: you would sell low and buy high, −$4 on $10k if it goes back to its 7-day average of +0.002%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter RH QQQ	742.18	0.0032	pay 0.0004% / 1h	15m 45s	$38.4M	$78.2M	50x
Short	Variational Omni QQQ	741.87	0.0028	get 0.0028% / 8h	6h 15m	$16.8M	$7.2M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Lighter RH. 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 Lighter RHbpFee Variational OmnibpOrdersPrice spread, now −0.042%Rate

Funding earned: −$0.91
Price spread: −0.042% → +0.002%: −$4.48
Slippage, 4 orders: no order book: not counted
Fee Lighter RH: 0 bp × 2 orders: $0
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$5.39
Costs to cover: 0.000%
Break-even: never at this rate

Slippage unknown: Lighter RH: live order book, 6 min ago; Variational Omni: RFQ quote, 1 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 Lighter RH live order book, 6 min ago	0.27 bp	0.6 bp −$1	1.5 bp −$15	10.7 bp −$1,067	doesn't fit
Sell Variational Omni RFQ quote, 1 min ago	1.89 bp	doesn't fit	2.3 bp −$23	doesn't fit	doesn't fit

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]	L −0.0200% / S +0.0283%	1h	742.03	−0.020%	$25K	—	26x	as long as short
Ondo Perps QQQ-USD.P	−0.0109%	1h	740.49	−0.228%	$4.2M	$1.8M	20x	as long as short
Aster QQQUSDT	0.0000%	8h	741.98	−0.027%	$857K	$902K	20x	as long as short
OKX QQQ-USDT-SWAP	0.0000%	8h	741.80	−0.051%	$21.7M	$29.7M	50x	as long as short
RISEx QQQ/USDC	0.0000%	1h	741.71	−0.063%	$5.4M	$5.8M	25x	as long as short
Gate QQQ_USDT	0.0000%	8h	741.61	−0.077%	$3.5M	$20.3M	50x	as long as short
Bitget QQQUSDT	0.0000%	8h	741.84	−0.046%	$16.7M	$5.4M	20x	as long as short
SunX QQQ-USDT	0.0000%	8h	742.26	+0.011%	$2K	$1.5M	10x	as long as short
HTX QQQ-USDT	0.0000%	8h	741.83	−0.047%	$251K	$38K	30x	as long as short
Phemex QQQUSDT	0.0000%	8h	742.29	+0.015%	$362K	$1.6M	10x	as long as short

Show all 28 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BloFin QQQ-USDT	+0.0017%	8h	741.53	−0.088%	$1.1M	$227K	20x	as long as short
Variational Omni QQQshort	+0.0028%	8h	741.87	−0.042%	$16.8M	$7.2M	—
Lighter QQQ	+0.0032%	1h	741.70	−0.065%	$7.5M	$15.0M	30x	as long as short
Lighter RH QQQlong	+0.0032%	1h	742.18	long leg	$38.4M	$78.2M	50x
Coinbase International QQQ-PERP-INTX	+0.0032%	1h	741.31	−0.117%	$1.2M	$528K	20x	as long as short
Arcus QQQ-USD	+0.0040%	1h	741.11	−0.144%	$648K	$1.4M	25x	as long as short
Bybit QQQUSDT	+0.0044%	8h	742.14	−0.005%	$10.6M	$4.9M	50x	as long as short
Vest QQQ-USD-PERP	+0.0046%	1h	742.87	+0.093%	—	$337K	50x	as long as short
Binance QQQUSDT	+0.0054%	8h	742.03	−0.021%	$71.1M	$141.2M	25x	as long as short
KuCoin QQQUSDTM	+0.0100%	8h	741.56	−0.084%	$3.4M	$447K	20x	as long as short
ApeX Omni QQQUSDT	+0.0100%	1h	741.16	−0.137%	$20K	$2.2M	50x	as long as short
Orderly PERP_QQQ_USDC_mythos	+0.0100%	8h	741.67	−0.069%	$12K	$21K	20x	as long as short
Deribit QQQ_USDC-PERPETUAL	+0.0101%	1h	741.69	−0.066%	$424K	$125K	20x	as long as short
Aevo QQQ-PERP	+0.0104%	1h	741.13	−0.141%	$92K	$1K	10x	as long as short
Nado QQQ-PERP	+0.0116%	1h	741.44	−0.100%	$1.6M	$795K	20x	as long as short
GRVT QQQ_USDT_Perp	+0.0193%	8h	741.90	−0.038%	$321K	$2.0M	10x	as long as short
edgeX QQQUSDC	+0.0276%	4h	741.57	−0.083%	$758K	$336K	20x	as long as short
Phoenix QQQ	+0.0280%	1h	741.34	−0.113%	$38K	$59K	20x	as long as short