Funding arb · Price arb /

SMCI

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0017%/8h= +1.9% APRpaid last 24h −0.008%

Price spread now: Variational Omni against QFEX+0.104%7-day average +0.021% · you sell dearer than you buy

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

Long on QFEX Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.005%$0 on $10k

Price spread, last 4 days (all we have)−0.413%−$41 · spread now +0.104%, 7d avg +0.021%

Together, before fees−0.408%+ Points / potential airdropVariational Omni: Active · farm board−$41 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and Variational Omni is 0.083% dearer against QFEX than usual: you sell high and buy low: +$8 more if the spread goes back to its 7-day average of +0.021%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	QFEX SMCI-USD	41.510	0.0048	pay 0.0006% / 1h	51m 17s	$1.1M	$2.2M	10x
Short	Variational Omni SMCI	41.553	0.0065	get 0.0065% / 8h	5h 51m	$98K	$110K	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against QFEX. 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 QFEXbpFee Variational OmnibpOrdersPrice spread, now +0.104%Rate

Funding earned: $3.62
Price spread: +0.104% → +0.021%: $8.33
Slippage, 4 orders: no order book: not counted
Fee QFEX: 5 bp × 2 orders: −$10
Fee Variational Omni: 0 bp × 2 orders: $0
Net: $1.95
Costs to cover: 0.100%
Break-even: 3.2 days

Slippage unknown: QFEX: live order book, 11 min ago; Variational Omni: RFQ quote, 53 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 QFEX live order book, 11 min ago	3.61 bp	9.2 bp −$9	19.8 bp −$198	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 53 min ago	5.69 bp	doesn't fit	90.2 bp −$902	doesn't fit	doesn't fit

SMCI 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
Injective SMCI/USDC PERP	−0.0220%	1h	41.150	−0.867%	$4K	$93	12x	as long as short
Bybit SMCIUSDT	0.0000%	8h	41.510	0.000%	$1.0M	$648K	25x	as long as short
OKX SMCI-USDT-SWAP	0.0000%	8h	41.560	+0.120%	$690K	$1.1M	20x	as long as short
Gate SMCI_USDT	0.0000%	8h	41.520	+0.024%	$1.6M	$1.6M	20x	as long as short
Bitget SMCIUSDT	0.0000%	8h	41.516	+0.014%	$1.3M	$505K	20x	as long as short
Phemex SMCIUSDT	0.0000%	8h	41.520	+0.024%	$1.6M	$246K	10x	as long as short
Lighter RH SMCI	+0.0032%	1h	41.509	−0.002%	$32K	$5K	10x	as long as short
QFEX SMCI-USDlong	+0.0048%	1h	41.510	long leg	$1.1M	$2.2M	10x
SoDEX SMCI-USD	+0.0050%	1h	41.530	+0.048%	$140	$3K	10x	as long as short
Variational Omni SMCIshort	+0.0065%	8h	41.553	+0.104%	$98K	$110K	—

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin SMCIUSDTM	+0.0100%	8h	41.480	−0.072%	$462K	$499K	20x	as long as short
HTX SMCI-USDT	+0.0100%	8h	41.540	+0.072%	$8K	$285K	10x	as long as short
GRVT SMCI_USDT_Perp	+0.0202%	8h	41.545	+0.085%	$29	$154K	10x	as long as short
Binance SMCIUSDT	+0.0205%	8h	41.520	+0.024%	$3.4M	$5.1M	20x	as long as short
Extended SMCI-USD	+0.0208%	1h	41.509	−0.003%	$580	$10K	10x	as long as short
Paragon para:SMCI	+0.1456%	1h	41.480	−0.072%	$159K	$265K	10x	as long as short