Funding arb · Price arb /

QQQ

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h −0.030%

Price spread now: Phemex against ApeX Omni+0.100%7-day average +0.061% · you sell dearer than you buy

Net, funding: paid 7d − costs−$104as in the Funding arb table

Net, price: spread back to 7d avg − costs−$79as in the Price arb table

costs, in and out, $10k−$830.828% of the position

Long on ApeX Omni Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.210%−$21 on $10k

Price spread, last 3 days (all we have)+0.011%+$1 · spread now +0.100%, 7d avg +0.061%

Together, before fees−0.199%−$20 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Phemex is 0.038% dearer against ApeX Omni than usual: you sell high and buy low (spread +0.100% now, against its 7-day average of +0.061%): +$4 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 31 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	ApeX Omni QQQUSDT	743.50	0.0100	pay 0.0013% / 1h	50m 58s	$20K	$2.2M	50x
Short	Phemex QQQUSDT	744.24	0	get 0.0000% / 8h	7h 50m	$361K	$1.4M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against ApeX 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 ApeX OmnibpFee PhemexbpOrdersPrice spread, now +0.100%Rate

Funding earned: −$21
Price spread: +0.100% → +0.061%: $3.83
Slippage, 4 orders: −$60.84
Fee ApeX Omni: 5 bp × 2 orders: −$10
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$100.01
Costs to cover: 0.828%
Break-even: never at this rate

Slippage from ApeX Omni: live order book, 3 min ago; Phemex: live order book, 2 min ago.

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 ApeX Omni live order book, 3 min ago	3.77 bp	9.7 bp −$10	22.5 bp −$225	doesn't fit	doesn't fit
Sell Phemex live order book, 2 min ago	2.29 bp	31.7 bp −$32	doesn't fit	doesn't fit	doesn't fit

QQQ on 28 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
Ondo Perps QQQ-USD.P	−0.0362%	1h	742.38	−0.151%	$4.2M	$2.0M	20x	as long as short
GMX QQQ/USD [ETH-USDC]	L −0.0081% / S +0.0190%	1h	744.05	+0.075%	$25K	—	26x	as long as short
BloFin QQQ-USDT	−0.0029%	8h	743.81	+0.042%	$1.0M	$318K	20x	as long as short
Aster QQQUSDT	0.0000%	8h	743.61	+0.015%	$841K	$757K	20x	as long as short
OKX QQQ-USDT-SWAP	0.0000%	8h	743.86	+0.048%	$21.5M	$25.4M	50x	as long as short
Gate QQQ_USDT	0.0000%	8h	743.68	+0.024%	$3.2M	$26.4M	50x	as long as short
SunX QQQ-USDT	0.0000%	8h	744.49	+0.133%	$2K	$2.3M	10x	as long as short
HTX QQQ-USDT	0.0000%	8h	743.15	−0.047%	$257K	$28K	30x	as long as short
Phemex QQQUSDTshort	0.0000%	8h	744.24	+0.100%	$361K	$1.4M	10x
Bybit QQQUSDT	+0.0022%	8h	744.08	+0.078%	$10.7M	$4.9M	50x	as long as short

Show all 28 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter QQQ	+0.0032%	1h	743.86	+0.048%	$7.6M	$18.1M	30x	as long as short
Lighter RH QQQ	+0.0032%	1h	744.20	+0.094%	$37.4M	$78.7M	50x	as long as short
Variational Omni QQQ	+0.0039%	8h	743.94	+0.059%	$17.1M	$10.8M	—	as long as short
Arcus QQQ-USD	+0.0040%	1h	743.12	−0.051%	$746K	$1.5M	25x	as long as short
Vest QQQ-USD-PERP	+0.0046%	1h	744.57	+0.144%	—	$388K	50x	as long as short
Coinbase International QQQ-PERP-INTX	+0.0064%	1h	743.51	+0.001%	$1.2M	$624K	20x	as long as short
Binance QQQUSDT	+0.0068%	8h	744.06	+0.075%	$71.0M	$155.1M	25x	as long as short
KuCoin QQQUSDTM	+0.0100%	8h	743.64	+0.019%	$3.4M	$413K	20x	as long as short
ApeX Omni QQQUSDTlong	+0.0100%	1h	743.50	long leg	$20K	$2.2M	50x
Orderly PERP_QQQ_USDC_mythos	+0.0100%	8h	743.73	+0.031%	$12K	$21K	20x	as long as short
Aevo QQQ-PERP	+0.0104%	1h	743.35	−0.020%	$93K	$1K	10x	as long as short
Nado QQQ-PERP	+0.0112%	1h	743.63	+0.017%	$1.5M	$1.2M	20x	as long as short
Deribit QQQ_USDC-PERPETUAL	+0.0127%	1h	743.84	+0.046%	$425K	$147K	20x	as long as short
GRVT QQQ_USDT_Perp	+0.0165%	8h	744.03	+0.072%	$327K	$1.8M	10x	as long as short
Bitget QQQUSDT	+0.0172%	8h	744.05	+0.074%	$16.9M	$6.6M	20x	as long as short
RISEx QQQ/USDC	+0.0208%	1h	744.03	+0.071%	$5.5M	$9.1M	25x	as long as short
Phoenix QQQ	+0.0258%	1h	743.65	+0.020%	$38K	$66K	20x	as long as short
edgeX QQQUSDC	+0.0496%	4h	743.85	+0.047%	$761K	$336K	20x	as long as short