Funding arb · Price arb /

QQQ

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC−0.0471%/8h= −51.5% APRpaid last 24h −0.107%

Price spread now: Coinbase International against edgeX−0.029%77s7-day average −0.048% · you buy dearer than you sell

Net, funding: paid 7d − costs−$20as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$300.296% of the position

Long on edgeX Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+0.100%+$10 on $10k

Price spread, last 4 days (all we have)+0.127%+$13 · spread now −0.029%, 7d avg −0.048%

Together, before fees+0.227%+ Points / potential airdropedgeX: Active · farm board+$23 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.048%, so right now this pair is about funding alone: −$14 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair paid +0.100%, so the current rate has only just turned against you. The two prices were read 77 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.100% in total (about 5.2% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made; yellow are the hours one leg has not settled yet: what the other leg paid, plus the unsettled leg at its current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	edgeX QQQUSDC	743.08	0.0503	pay 0.0251% / 4h	1h 51m	$760K	$334K	20x
Short	Coinbase International QQQ-PERP-INTX	742.87	0.0032	get 0.0004% / 1h	51m 41s	$1.2M	$541K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against edgeX. 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 edgeXbpFee Coinbase InternationalbpOrdersPrice spread, now −0.029%Rate

Funding earned: −$98.85
Price spread: −0.029% → −0.048%: $1.89
Slippage, 4 orders: −$10.57
Fee edgeX: 4.5 bp × 2 orders: −$9
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$126.52
Costs to cover: 0.296%
Break-even: never at this rate

Slippage from edgeX: live order book, 60 min ago; Coinbase International: live order book, 5 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 edgeX live order book, 60 min ago	4.11 bp	8.7 bp −$9	9.7 bp −$97	doesn't fit	doesn't fit
Sell Coinbase International live order book, 5 min ago	0.07 bp	6.6 bp −$7	7.3 bp −$73	36.5 bp −$3,653	doesn't fit

QQQ on 28 exchanges

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 −0.0203% / S +0.0285%	1h	743.53	+0.061%	$25K	—	26x	as long as short
Ondo Perps QQQ-USD.P	−0.0066%	1h	741.71	−0.185%	$4.2M	$1.8M	20x	as long as short
BloFin QQQ-USDT	−0.0016%	8h	743.10	+0.002%	$1.1M	$236K	20x	as long as short
Aster QQQUSDT	0.0000%	8h	743.43	+0.047%	$857K	$903K	20x	as long as short
OKX QQQ-USDT-SWAP	0.0000%	8h	743.37	+0.038%	$21.8M	$30.3M	50x	as long as short
RISEx QQQ/USDC	0.0000%	1h	743.31	+0.030%	$5.5M	$5.7M	25x	as long as short
Gate QQQ_USDT	0.0000%	8h	742.98	−0.014%	$3.5M	$19.8M	50x	as long as short
Bitget QQQUSDT	0.0000%	8h	743.73	+0.087%	$17.1M	$5.9M	20x	as long as short
SunX QQQ-USDT	0.0000%	8h	743.90	+0.110%	$2K	$1.6M	10x	as long as short
HTX QQQ-USDT	0.0000%	8h	743.65	+0.076%	$251K	$38K	30x	as long as short

Show all 28 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex QQQUSDT	0.0000%	8h	743.80	+0.096%	$360K	$1.6M	10x	as long as short
Lighter QQQ	+0.0032%	1h	743.02	−0.009%	$7.4M	$15.4M	30x	as long as short
Lighter RH QQQ	+0.0032%	1h	743.54	+0.061%	$38.6M	$76.5M	50x	as long as short
Coinbase International QQQ-PERP-INTXshort	+0.0032%	1h	742.87	−0.029%	$1.2M	$541K	20x
Arcus QQQ-USD	+0.0040%	1h	742.48	−0.081%	$660K	$1.4M	25x	as long as short
Variational Omni QQQ	+0.0042%	8h	743.16	+0.010%	$16.8M	$7.0M	—	as long as short
Vest QQQ-USD-PERP	+0.0046%	1h	744.21	+0.151%	—	$337K	50x	as long as short
Deribit QQQ_USDC-PERPETUAL	+0.0046%	1h	743.05	−0.005%	$399K	$148K	20x	as long as short
Bybit QQQUSDT	+0.0067%	8h	743.48	+0.053%	$10.5M	$4.9M	50x	as long as short
Binance QQQUSDT	+0.0073%	8h	743.54	+0.061%	$71.5M	$145.7M	25x	as long as short
KuCoin QQQUSDTM	+0.0100%	8h	742.97	−0.015%	$3.4M	$464K	20x	as long as short
ApeX Omni QQQUSDT	+0.0100%	1h	742.88	−0.028%	$20K	$2.2M	50x	as long as short
Orderly PERP_QQQ_USDC_mythos	+0.0100%	8h	743.15	+0.009%	$12K	$21K	20x	as long as short
Aevo QQQ-PERP	+0.0104%	1h	742.63	−0.061%	$92K	$1K	10x	as long as short
Nado QQQ-PERP	+0.0131%	1h	742.86	−0.030%	$1.6M	$767K	20x	as long as short
GRVT QQQ_USDT_Perp	+0.0239%	8h	743.66	+0.077%	$321K	$2.1M	10x	as long as short
Phoenix QQQ	+0.0302%	1h	742.90	−0.025%	$38K	$59K	20x	as long as short
edgeX QQQUSDClong	+0.0503%	4h	743.08	long leg	$760K	$334K	20x