Funding arb · Price arb /

QQQ

RWAall QQQ markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0032%/8h= +3.5% APRpaid last 24h +0.011%

Price spread now: Lighter against Bybit−0.027%7-day average −0.094% · you buy dearer than you sell

Net, funding: paid 7d − costs−$12as in the Funding arb table

Net, price: spread back to 7d avg − costs−$10as in the Price arb table

costs, in and out, $10k−$170.165% of the position

Long on Bybit Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.050%+$5 on $10k

Price spread, last 7 days−0.095%−$9 · spread now −0.027%, 7d avg −0.094%

Together, before fees−0.045%+ Points / potential airdropLighter: Season 3 · farm board−$5 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 Lighter is 0.068% dearer against Bybit than usual: you sell high and buy low: +$7 more if the spread goes back to its 7-day average of −0.094%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit QQQUSDT	744.53	0	get 0.0000% / 8h	5h 54m	$10.7M	$5.0M	50x
Short	Lighter QQQ	744.33	0.0032	get 0.0004% / 1h	54m 31s	$7.7M	$17.1M	30x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter 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 LighterbpOrdersPrice spread, now −0.027%Rate

Funding earned: $6.72
Price spread: −0.027% → −0.094%: $6.76
Slippage, 4 orders: −$5.52
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Lighter: 0 bp × 2 orders: $0
Net: −$3.04
Costs to cover: 0.165%
Break-even: 10.2 days

Slippage from Bybit: live order book, 4 min ago; Lighter: live order book, 9 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	0.07 bp	7.7 bp −$8	11.8 bp −$118	74.1 bp −$7,408	doesn't fit
Sell Lighter live order book, 9 min ago	0.61 bp	0.6 bp −$1	1.2 bp −$12	19.8 bp −$1,985	59.6 bp −$29.8K

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 −0.0105% / S +0.0209%	1h	744.50	−0.003%	$25K	—	26x	as long as short
Aster QQQUSDT	0.0000%	8h	744.40	−0.017%	$841K	$713K	20x	as long as short
Bybit QQQUSDTlong	0.0000%	8h	744.53	long leg	$10.7M	$5.0M	50x
OKX QQQ-USDT-SWAP	0.0000%	8h	744.45	−0.011%	$21.7M	$26.3M	50x	as long as short
RISEx QQQ/USDC	0.0000%	1h	744.54	+0.002%	$5.4M	$7.8M	25x	as long as short
Gate QQQ_USDT	0.0000%	8h	744.11	−0.056%	$3.3M	$20.2M	50x	as long as short
Bitget QQQUSDT	0.0000%	8h	744.61	+0.011%	$16.9M	$5.8M	20x	as long as short
SunX QQQ-USDT	0.0000%	8h	744.94	+0.055%	$2K	$2.0M	10x	as long as short
HTX QQQ-USDT	0.0000%	8h	744.72	+0.026%	$257K	$29K	30x	as long as short
Phemex QQQUSDT	0.0000%	8h	744.76	+0.031%	$358K	$1.4M	10x	as long as short

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps QQQ-USD.P	+0.0004%	1h	743.51	−0.137%	$4.2M	$1.9M	20x	as long as short
Lighter QQQshort	+0.0032%	1h	744.33	−0.027%	$7.7M	$17.1M	30x
Lighter RH QQQ	+0.0032%	1h	744.78	+0.034%	$37.4M	$78.3M	50x	as long as short
Coinbase International QQQ-PERP-INTX	+0.0032%	1h	743.88	−0.087%	$1.2M	$532K	20x	as long as short
Arcus QQQ-USD	+0.0040%	1h	743.52	−0.136%	$705K	$1.6M	25x	as long as short
Vest QQQ-USD-PERP	+0.0046%	1h	745.44	+0.122%	—	$337K	50x	as long as short
edgeX QQQUSDC	+0.0046%	4h	744.33	−0.027%	$761K	$333K	20x	as long as short
Variational Omni QQQ	+0.0052%	8h	744.38	−0.020%	$17.1M	$7.5M	—	as long as short
Binance QQQUSDT	+0.0076%	8h	744.52	−0.001%	$71.2M	$144.7M	25x	as long as short
KuCoin QQQUSDTM	+0.0100%	8h	744.16	−0.050%	$3.4M	$414K	20x	as long as short
ApeX Omni QQQUSDT	+0.0100%	1h	744.08	−0.060%	$20K	$2.2M	50x	as long as short
Orderly PERP_QQQ_USDC_mythos	+0.0100%	8h	744.17	−0.048%	$12K	$21K	20x	as long as short
Aevo QQQ-PERP	+0.0104%	1h	743.70	−0.112%	$93K	$1K	10x	as long as short
Nado QQQ-PERP	+0.0108%	1h	744.12	−0.055%	$1.5M	$923K	20x	as long as short
Deribit QQQ_USDC-PERPETUAL	+0.0140%	1h	744.28	−0.034%	$425K	$149K	20x	as long as short
GRVT QQQ_USDT_Perp	+0.0172%	8h	744.62	+0.012%	$322K	$1.9M	10x	as long as short
Phoenix QQQ	+0.0183%	1h	744.04	−0.066%	$38K	$66K	20x	as long as short