Proxmox Clustering - Online Migration
This starts a Qemu Process on the target host with the incoming flag, which means that the process starts and waits for the memory data and device states from the source Virtual Machine (since all other resources, e.g. disks, are shared, the memory content and device state are the only things left to transmit).
Once this connection is established, the source begins to send the memory content asynchronously to the target. If the memory on the source changes, those sections are marked dirty and there will be another pass of sending data. This happens until the amount of data to send is so small that it can pause the VM on the source, send the remaining data to the target and start the VM on the target in under a second.