What the float actually paid

Why can't you use today's quote as what a 90-day floating supply position earned?

• Because quotes are always shown before fees
• Because the rate is reset by the curve as utilization moves, so the position earned the whole path
• Because floating rates are paid only at the end of the term

You borrow at a fixed 4% and supply the same asset at a floating rate for the same three months. When does this pair make money?

• When the floating rate's time-weighted average over the three months ends up above 4%
• Whenever the floating rate is above 4% on the day you check
• Always, because one leg is fixed