Funding arb · Price arb /

QQQ

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0105%/8h= +11.5% APRpaid last 24h −0.017%

Price spread now: Phoenix against Binance−0.028%65s7-day average — · you buy dearer than you sell

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

Long on Binance Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.257%+$26 on $10k

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Funding pays, the price is against you. Phoenix is 0.028% cheaper against Binance than usual: you would sell low and buy high (spread −0.028% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$3 on $10k: about 21 hours of funding at the current rate (+$3 a day). The two prices were read 65 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance QQQUSDT	744.20	0.0078	pay 0.0078% / 8h	6h 00m	$71.1M	$145.3M	25x
Short	Phoenix QQQ	743.99	0.0183	get 0.0023% / 1h	0m 20s	$38K	$66K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Binance. 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 BinancebpFee PhoenixbpOrdersPrice spread, now −0.028%Rate

Funding earned: $22.01
Price spread: −0.028% → 0.000%: −$2.79
Slippage, 4 orders: no order book: not counted
Fee Binance: 5 bp × 2 orders: −$10
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $2.22
Costs to cover: 0.170%
Break-even: 6.3 days

Slippage unknown: Binance: live order book, 13 min ago; Phoenix: no order-book sample. 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 Binance live order book, 13 min ago	0.07 bp	5.1 bp −$5	5.4 bp −$54	10.8 bp −$1,083	27.6 bp −$13.8K
Sell Phoenix no order-book sample	—	—	—	—	—

Phoenix: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

QQQ on 27 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 −0.0104% / S +0.0208%	1h	744.24	+0.005%	$25K	—	26x	as long as short
Ondo Perps QQQ-USD.P	−0.0062%	1h	743.21	−0.133%	$4.2M	$1.9M	20x	as long as short
Bybit QQQUSDT	0.0000%	8h	744.20	0.000%	$10.7M	$5.0M	50x	as long as short
OKX QQQ-USDT-SWAP	0.0000%	8h	744.17	−0.004%	$21.7M	$26.3M	50x	as long as short
Gate QQQ_USDT	0.0000%	8h	743.93	−0.036%	$3.3M	$24.2M	50x	as long as short
Bitget QQQUSDT	0.0000%	8h	744.47	+0.037%	$16.9M	$5.8M	20x	as long as short
SunX QQQ-USDT	0.0000%	8h	744.70	+0.068%	$2K	$2.0M	10x	as long as short
HTX QQQ-USDT	0.0000%	8h	744.65	+0.061%	$257K	$29K	30x	as long as short
Phemex QQQUSDT	0.0000%	8h	744.60	+0.054%	$358K	$1.4M	10x	as long as short
Aster QQQUSDT	+0.0001%	8h	744.27	+0.010%	$841K	$713K	20x	as long as short

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter QQQ	+0.0032%	1h	744.06	−0.018%	$7.7M	$17.8M	30x	as long as short
Lighter RH QQQ	+0.0032%	1h	744.48	+0.038%	$37.4M	$80.7M	50x	as long as short
Arcus QQQ-USD	+0.0040%	1h	743.44	−0.102%	$705K	$1.6M	25x	as long as short
Vest QQQ-USD-PERP	+0.0046%	1h	745.20	+0.135%	—	$337K	50x	as long as short
Coinbase International QQQ-PERP-INTX	+0.0048%	1h	743.88	−0.043%	$1.2M	$534K	20x	as long as short
Variational Omni QQQ	+0.0053%	8h	744.24	+0.006%	$17.1M	$7.6M	—	as long as short
Binance QQQUSDTlong	+0.0078%	8h	744.20	long leg	$71.1M	$145.3M	25x
KuCoin QQQUSDTM	+0.0100%	8h	743.98	−0.029%	$3.4M	$412K	20x	as long as short
ApeX Omni QQQUSDT	+0.0100%	1h	743.92	−0.037%	$20K	$2.2M	50x	as long as short
Orderly PERP_QQQ_USDC_mythos	+0.0100%	8h	743.95	−0.033%	$12K	$21K	20x	as long as short
Aevo QQQ-PERP	+0.0104%	1h	743.48	−0.096%	$93K	$1K	10x	as long as short
Nado QQQ-PERP	+0.0120%	1h	743.91	−0.039%	$1.5M	$934K	20x	as long as short
Deribit QQQ_USDC-PERPETUAL	+0.0153%	1h	744.21	+0.002%	$425K	$149K	20x	as long as short
RISEx QQQ/USDC	+0.0168%	1h	744.33	+0.018%	$5.4M	$8.0M	25x	as long as short
GRVT QQQ_USDT_Perp	+0.0179%	8h	744.41	+0.029%	$322K	$1.9M	10x	as long as short
Phoenix QQQshort	+0.0183%	1h	743.99	−0.028%	$38K	$66K	20x
edgeX QQQUSDC	+0.0692%	4h	744.23	+0.005%	$761K	$335K	20x	as long as short