Funding arb · Price arb /

QQQ

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0155%/8h= +16.9% APRpaid last 24h +0.002%

Price spread now: Deribit against Bybit−0.035%7-day average −0.073% · you buy dearer than you sell

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

Net, price: spread back to 7d avg − costs−$21as in the Price arb table

costs, in and out, $10k−$250.253% of the position

Long on Bybit Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)+0.091%+$9 on $10k

Price spread, last 4 days (all we have)−0.036%−$4 · spread now −0.035%, 7d avg −0.073%

Together, before fees+0.054%+$5 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$5 a day on $10k at the current rate, and Deribit is 0.038% dearer against Bybit than usual: you sell high and buy low: +$4 more if the spread goes back to its 7-day average of −0.073%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit QQQUSDT	741.75	0	get 0.0000% / 8h	18m 50s	$10.7M	$5.1M	50x
Short	Deribit QQQ_USDC-PERPETUAL	741.49	0.0155	get 0.0019% / 1h	18m 50s	$424K	$156K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now −0.035%Rate

Funding earned: $32.5
Price spread: −0.035% → −0.073%: $3.82
Slippage, 4 orders: −$7.3
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: $11.02
Costs to cover: 0.253%
Break-even: 4.6 days

Slippage from Bybit: live order book, 4 min ago; Deribit: live order book, 20 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, 4 min ago	0.47 bp	8.1 bp −$8	12.7 bp −$127	89.5 bp −$8,946	doesn't fit
Sell Deribit live order book, 20 min ago	0.07 bp	6.2 bp −$6	7.6 bp −$76	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 −0.0175% / S +0.0263%	1h	741.85	+0.013%	$25K	—	26x	as long as short
Ondo Perps QQQ-USD.P	−0.0158%	1h	740.30	−0.195%	$4.2M	$1.8M	20x	as long as short
Gate QQQ_USDT	−0.0086%	8h	741.17	−0.078%	$3.3M	$21.7M	50x	as long as short
Aster QQQUSDT	0.0000%	8h	741.76	+0.001%	$824K	$863K	20x	as long as short
Bybit QQQUSDTlong	0.0000%	8h	741.75	long leg	$10.7M	$5.1M	50x
OKX QQQ-USDT-SWAP	0.0000%	8h	741.53	−0.030%	$21.4M	$28.3M	50x	as long as short
RISEx QQQ/USDC	0.0000%	1h	741.54	−0.028%	$5.4M	$5.9M	25x	as long as short
Bitget QQQUSDT	0.0000%	8h	741.92	+0.023%	$16.5M	$5.3M	20x	as long as short
Variational Omni QQQ	0.0000%	8h	741.66	−0.013%	$16.8M	$7.2M	—	as long as short
SunX QQQ-USDT	0.0000%	8h	742.03	+0.038%	$2K	$1.7M	10x	as long as short

Show all 28 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX QQQ-USDT	0.0000%	8h	741.97	+0.030%	$250K	$41K	30x	as long as short
Phemex QQQUSDT	0.0000%	8h	742.03	+0.038%	$361K	$1.6M	10x	as long as short
Coinbase International QQQ-PERP-INTX	+0.0016%	1h	741.15	−0.081%	$1.2M	$489K	20x	as long as short
Binance QQQUSDT	+0.0019%	8h	741.79	+0.005%	$70.3M	$141.3M	25x	as long as short
BloFin QQQ-USDT	+0.0025%	8h	741.59	−0.022%	$1.1M	$275K	20x	as long as short
Lighter QQQ	+0.0032%	1h	741.57	−0.024%	$7.7M	$15.4M	30x	as long as short
Lighter RH QQQ	+0.0032%	1h	741.93	+0.024%	$37.2M	$80.8M	50x	as long as short
Arcus QQQ-USD	+0.0040%	1h	741.00	−0.101%	$645K	$1.7M	25x	as long as short
Vest QQQ-USD-PERP	+0.0046%	1h	742.72	+0.131%	—	$337K	50x	as long as short
KuCoin QQQUSDTM	+0.0100%	8h	741.32	−0.058%	$3.4M	$363K	20x	as long as short
ApeX Omni QQQUSDT	+0.0100%	1h	741.17	−0.078%	$20K	$2.2M	50x	as long as short
Orderly PERP_QQQ_USDC_mythos	+0.0100%	8h	741.51	−0.032%	$12K	$21K	20x	as long as short
Aevo QQQ-PERP	+0.0104%	1h	740.98	−0.103%	$92K	$1K	10x	as long as short
Nado QQQ-PERP	+0.0133%	1h	741.32	−0.058%	$1.6M	$750K	20x	as long as short
GRVT QQQ_USDT_Perp	+0.0139%	8h	741.87	+0.016%	$325K	$2.0M	10x	as long as short
Deribit QQQ_USDC-PERPETUALshort	+0.0155%	1h	741.49	−0.035%	$424K	$156K	20x
Phoenix QQQ	+0.0227%	1h	741.12	−0.085%	$38K	$65K	20x	as long as short
edgeX QQQUSDC	+0.0345%	4h	741.48	−0.037%	$758K	$335K	20x	as long as short