Funding arb · Price arb /

QQQ

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0048%/8h= +5.3% APRpaid last 24h −0.002%

Price spread now: Coinbase International against Bybit−0.039%7-day average −0.082% · you buy dearer than you sell

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

Net, price: spread back to 7d avg − costs−$22as in the Price arb table

costs, in and out, $10k−$270.265% of the position

Long on Bybit Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+0.198%+$20 on $10k

Price spread, last 3 days (all we have)+0.036%+$4 · spread now −0.039%, 7d avg −0.082%

Together, before fees+0.234%+$23 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and Coinbase International is 0.043% dearer against Bybit than usual: you sell high and buy low: +$4 more if the spread goes back to its 7-day average of −0.082%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit QQQUSDT	744.34	0	get 0.0000% / 8h	6h 44m	$10.7M	$5.0M	50x
Short	Coinbase International QQQ-PERP-INTX	744.05	0.0048	get 0.0006% / 1h	44m 42s	$1.2M	$538K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against Bybit. 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 BybitbpFee Coinbase InternationalbpOrdersPrice spread, now −0.039%Rate

Funding earned: $10.08
Price spread: −0.039% → −0.082%: $4.34
Slippage, 4 orders: −$5.51
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$12.09
Costs to cover: 0.265%
Break-even: 15.4 days

Slippage from Bybit: live order book, 3 min ago; Coinbase International: live order book, 4 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 Bybit live order book, 3 min ago	0.07 bp	7.7 bp −$8	12.5 bp −$125	80.3 bp −$8,031	doesn't fit
Sell Coinbase International live order book, 4 min ago	0.07 bp	5.7 bp −$6	6.6 bp −$66	35.7 bp −$3,569	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	−0.0194%	1h	742.94	−0.188%	$4.2M	$2.0M	20x	as long as short
GMX QQQ/USD [ETH-USDC]	L −0.0095% / S +0.0201%	1h	744.34	−0.001%	$25K	—	26x	as long as short
Bybit QQQUSDTlong	0.0000%	8h	744.34	long leg	$10.7M	$5.0M	50x
OKX QQQ-USDT-SWAP	0.0000%	8h	744.19	−0.020%	$21.5M	$25.3M	50x	as long as short
Gate QQQ_USDT	0.0000%	8h	743.97	−0.050%	$3.3M	$20.8M	50x	as long as short
SunX QQQ-USDT	0.0000%	8h	744.79	+0.060%	$1K	$2.1M	10x	as long as short
HTX QQQ-USDT	0.0000%	8h	744.46	+0.016%	$257K	$29K	30x	as long as short
Phemex QQQUSDT	0.0000%	8h	744.55	+0.028%	$360K	$1.4M	10x	as long as short
Aster QQQUSDT	+0.0014%	8h	744.35	+0.002%	$841K	$712K	20x	as long as short
BloFin QQQ-USDT	+0.0026%	8h	744.31	−0.004%	$1.1M	$319K	20x	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	744.12	−0.030%	$7.7M	$17.7M	30x	as long as short
Lighter RH QQQ	+0.0032%	1h	744.54	+0.027%	$37.4M	$79.3M	50x	as long as short
Arcus QQQ-USD	+0.0040%	1h	743.47	−0.117%	$747K	$1.5M	25x	as long as short
Vest QQQ-USD-PERP	+0.0046%	1h	745.23	+0.120%	—	$356K	50x	as long as short
Coinbase International QQQ-PERP-INTXshort	+0.0048%	1h	744.05	−0.039%	$1.2M	$538K	20x
Variational Omni QQQ	+0.0066%	8h	744.26	−0.011%	$17.1M	$7.6M	—	as long as short
Binance QQQUSDT	+0.0091%	8h	744.35	+0.001%	$71.2M	$147.6M	25x	as long as short
KuCoin QQQUSDTM	+0.0100%	8h	743.99	−0.047%	$3.4M	$407K	20x	as long as short
ApeX Omni QQQUSDT	+0.0100%	1h	743.92	−0.056%	$20K	$2.2M	50x	as long as short
Orderly PERP_QQQ_USDC_mythos	+0.0100%	8h	744.03	−0.042%	$12K	$21K	20x	as long as short
Bitget QQQUSDT	+0.0104%	8h	744.42	+0.011%	$16.9M	$5.9M	20x	as long as short
Aevo QQQ-PERP	+0.0104%	1h	743.53	−0.109%	$93K	$1K	10x	as long as short
Nado QQQ-PERP	+0.0119%	1h	743.95	−0.052%	$1.5M	$1.1M	20x	as long as short
Deribit QQQ_USDC-PERPETUAL	+0.0153%	1h	744.14	−0.027%	$425K	$148K	20x	as long as short
RISEx QQQ/USDC	+0.0168%	1h	744.38	+0.005%	$5.4M	$8.2M	25x	as long as short
Phoenix QQQ	+0.0183%	1h	743.85	−0.066%	$38K	$66K	20x	as long as short
GRVT QQQ_USDT_Perp	+0.0277%	8h	744.51	+0.023%	$319K	$1.8M	10x	as long as short
edgeX QQQUSDC	+0.0625%	4h	744.12	−0.029%	$761K	$335K	20x	as long as short