Funding arb · Price arb /

QQQ

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0040%/8h= −4.4% APRpaid last 24h −0.010%

Price spread now: Phemex against Arcus+0.154%7-day average +0.175% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$78as in the Price arb table

costs, in and out, $10k−$750.754% of the position

Long on Arcus Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.033%−$3 on $10k

Price spread, last 4 days (all we have)+0.027%+$3 · spread now +0.154%, 7d avg +0.175%

Together, before fees−0.006%−$1 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Phemex is 0.022% cheaper against Arcus than usual: you would sell low and buy high (−$2 if the spread goes back to its 7-day average of +0.175%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Arcus QQQ-USD	741.34	0.0040	pay 0.0005% / 1h	50m 42s	$686K	$1.6M	25x
Short	Phemex QQQUSDT	742.48	0	get 0.0000% / 8h	1h 50m	$365K	$1.6M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Arcus. 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 ArcusbpFee PhemexbpOrdersPrice spread, now +0.154%Rate

Funding earned: −$8.46
Price spread: +0.154% → +0.175%: −$2.15
Slippage, 4 orders: −$58.88
Fee Arcus: 2.25 bp × 2 orders: −$4.5
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$85.99
Costs to cover: 0.754%
Break-even: never at this rate

Slippage from Arcus: 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 Arcus live order book, 3 min ago	1.08 bp	5.5 bp −$6	8.5 bp −$85	26.6 bp −$2,661	doesn't fit
Sell Phemex live order book, 2 min ago	2.63 bp	33.7 bp −$34	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
GMX QQQ/USD [ETH-USDC]	L −0.0156% / S +0.0248%	1h	742.29	+0.129%	$25K	—	26x	as long as short
Ondo Perps QQQ-USD.P	−0.0033%	1h	741.13	−0.028%	$4.2M	$1.8M	20x	as long as short
BloFin QQQ-USDT	−0.0012%	8h	742.07	+0.098%	$1.1M	$278K	20x	as long as short
Aster QQQUSDT	0.0000%	8h	742.30	+0.129%	$823K	$858K	20x	as long as short
Binance QQQUSDT	0.0000%	8h	742.40	+0.143%	$70.2M	$145.5M	25x	as long as short
Bybit QQQUSDT	0.0000%	8h	742.25	+0.123%	$10.6M	$5.2M	50x	as long as short
OKX QQQ-USDT-SWAP	0.0000%	8h	742.09	+0.101%	$21.5M	$28.3M	50x	as long as short
RISEx QQQ/USDC	0.0000%	1h	742.21	+0.117%	$5.4M	$6.3M	25x	as long as short
Gate QQQ_USDT	0.0000%	8h	741.63	+0.039%	$3.3M	$21.5M	50x	as long as short
Bitget QQQUSDT	0.0000%	8h	742.41	+0.144%	$16.6M	$5.6M	20x	as long as short

Show all 28 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni QQQ	0.0000%	8h	742.22	+0.119%	$16.9M	$7.3M	—	as long as short
SunX QQQ-USDT	0.0000%	8h	742.75	+0.190%	$2K	$1.8M	10x	as long as short
HTX QQQ-USDT	0.0000%	8h	742.60	+0.170%	$251K	$41K	30x	as long as short
Phemex QQQUSDTshort	0.0000%	8h	742.48	+0.154%	$365K	$1.6M	10x
Coinbase International QQQ-PERP-INTX	+0.0016%	1h	741.73	+0.053%	$1.2M	$551K	20x	as long as short
Lighter QQQ	+0.0032%	1h	742.09	+0.101%	$7.6M	$15.4M	30x	as long as short
Lighter RH QQQ	+0.0032%	1h	742.46	+0.151%	$36.9M	$79.6M	50x	as long as short
Arcus QQQ-USDlong	+0.0040%	1h	741.34	long leg	$686K	$1.6M	25x
Vest QQQ-USD-PERP	+0.0046%	1h	743.13	+0.241%	—	$337K	50x	as long as short
Deribit QQQ_USDC-PERPETUAL	+0.0087%	1h	741.94	+0.081%	$424K	$153K	20x	as long as short
KuCoin QQQUSDTM	+0.0100%	8h	741.88	+0.073%	$3.4M	$352K	20x	as long as short
ApeX Omni QQQUSDT	+0.0100%	1h	741.86	+0.070%	$20K	$2.2M	50x	as long as short
Orderly PERP_QQQ_USDC_mythos	+0.0100%	8h	741.96	+0.084%	$12K	$21K	20x	as long as short
Aevo QQQ-PERP	+0.0104%	1h	741.46	+0.016%	$92K	$1K	10x	as long as short
GRVT QQQ_USDT_Perp	+0.0105%	8h	742.52	+0.159%	$318K	$2.0M	10x	as long as short
Nado QQQ-PERP	+0.0142%	1h	741.79	+0.061%	$1.5M	$749K	20x	as long as short
Phoenix QQQ	+0.0205%	1h	741.83	+0.066%	$38K	$66K	20x	as long as short
edgeX QQQUSDC	+0.0513%	4h	742.27	+0.126%	$759K	$335K	20x	as long as short