Funding arb · Price arb /

QQQ

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0055%/8h= −6.0% APRpaid last 24h −0.025%

Price spread now: Bybit against Deribit+0.035%7-day average +0.079% · 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−$35as in the Price arb table

costs, in and out, $10k−$300.304% of the position

Long on Deribit Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)−0.094%−$9 on $10k

Price spread, last 3 days (all we have)−0.003%$0 · spread now +0.035%, 7d avg +0.079%

Together, before fees−0.097%−$10 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Bybit is 0.044% cheaper against Deribit than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of +0.079%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit QQQ_USDC-PERPETUAL	741.82	0.0128	pay 0.0016% / 1h	8m 52s	$424K	$304K	20x
Short	Bybit QQQUSDT	742.08	0.0072	get 0.0072% / 8h	2h 08m	$10.7M	$5.4M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Deribit. 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 DeribitbpFee BybitbpOrdersPrice spread, now +0.035%Rate

Funding earned: −$11.58
Price spread: +0.035% → +0.079%: −$4.4
Slippage, 4 orders: −$12.38
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$46.35
Costs to cover: 0.304%
Break-even: never at this rate

Slippage from Deribit: live order book, 15 min ago; Bybit: 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 Deribit live order book, 15 min ago	0.07 bp	3.6 bp −$4	4.2 bp −$42	doesn't fit	doesn't fit
Sell Bybit live order book, 9 min ago	0.07 bp	7.7 bp −$8	9.1 bp −$91	51.8 bp −$5,181	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 −0.0060% / S +0.0174%	1h	741.98	+0.021%	$25K	—	26x	as long as short
BloFin QQQ-USDT	−0.0012%	8h	741.77	−0.007%	$1.0M	$509K	20x	as long as short
OKX QQQ-USDT-SWAP	0.0000%	8h	741.77	−0.007%	$21.3M	$28.1M	50x	as long as short
Gate QQQ_USDT	0.0000%	8h	741.66	−0.022%	$3.1M	$33.3M	50x	as long as short
SunX QQQ-USDT	0.0000%	8h	742.40	+0.078%	$1K	$2.4M	10x	as long as short
HTX QQQ-USDT	0.0000%	8h	742.18	+0.049%	$256K	$32K	30x	as long as short
Phemex QQQUSDT	0.0000%	8h	742.20	+0.051%	$361K	$1.4M	10x	as long as short
Aster QQQUSDT	+0.0006%	8h	741.87	+0.007%	$840K	$780K	20x	as long as short
Arcus QQQ-USD	+0.0025%	1h	741.20	−0.084%	$735K	$1.5M	25x	as long as short
Ondo Perps QQQ-USD.P	+0.0030%	1h	740.94	−0.119%	$4.2M	$2.2M	20x	as long as short

Show all 28 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Vest QQQ-USD-PERP	+0.0046%	1h	742.41	+0.080%	—	$621K	50x	as long as short
Variational Omni QQQ	+0.0058%	8h	741.96	+0.019%	$17.2M	$10.6M	—	as long as short
Coinbase International QQQ-PERP-INTX	+0.0064%	1h	741.44	−0.051%	$1.2M	$894K	20x	as long as short
Bybit QQQUSDTshort	+0.0072%	8h	742.08	+0.035%	$10.7M	$5.4M	50x
Phoenix QQQ	+0.0076%	1h	741.46	−0.049%	$38K	$73K	20x	as long as short
Binance QQQUSDT	+0.0088%	8h	741.97	+0.020%	$69.8M	$165.1M	25x	as long as short
Lighter QQQ	+0.0096%	1h	741.85	+0.004%	$7.8M	$21.7M	30x	as long as short
KuCoin QQQUSDTM	+0.0100%	8h	741.45	−0.050%	$3.4M	$449K	20x	as long as short
ApeX Omni QQQUSDT	+0.0100%	1h	741.45	−0.050%	$20K	$2.2M	50x	as long as short
Orderly PERP_QQQ_USDC_mythos	+0.0100%	8h	741.19	−0.085%	$7K	$15K	20x	as long as short
Aevo QQQ-PERP	+0.0104%	1h	741.30	−0.071%	$92K	$1K	10x	as long as short
Lighter RH QQQ	+0.0112%	1h	742.20	+0.051%	$37.8M	$83.2M	50x	as long as short
Deribit QQQ_USDC-PERPETUALlong	+0.0128%	1h	741.82	long leg	$424K	$304K	20x
GRVT QQQ_USDT_Perp	+0.0180%	8h	742.06	+0.033%	$316K	$1.7M	10x	as long as short
RISEx QQQ/USDC	+0.0212%	1h	742.11	+0.038%	$5.4M	$9.3M	25x	as long as short
Bitget QQQUSDT	+0.0227%	8h	741.91	+0.012%	$16.7M	$7.8M	20x	as long as short
Nado QQQ-PERP	+0.0244%	1h	741.41	−0.055%	$1.5M	$1.3M	20x	as long as short
edgeX QQQUSDC	+0.0489%	4h	741.96	+0.019%	$759K	$335K	20x	as long as short