Funding arb · Price arb /

QQQ

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0315%/8h= −34.5% APRpaid last 24h +0.062%

Price spread now: Phemex against edgeX+0.090%78s7-day average +0.052% · you sell dearer than you buy

Net, funding: paid 7d − costs−$83as 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−$770.768% of the position

Long on edgeX Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.060%−$6 on $10k

Price spread, last 3 days (all we have)−0.012%−$1 · spread now +0.090%, 7d avg +0.052%

Together, before fees−0.072%+ Points / potential airdropedgeX: Active · farm board−$7 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Phemex is 0.038% dearer against edgeX than usual: you sell high and buy low (spread +0.090% now, against its 7-day average of +0.052%): +$4 on $10k if it goes back. Holding the pair costs −$9 a day in funding at the current rate, which eats that in about 10 hours. At the pace of the last 7 days (−0.060% in total) that is about 4.4 days. The two prices were read 78 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 -0.060% in total (about -3.1% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	edgeX QQQUSDC	742.72	0.0315	pay 0.0158% / 4h	1h 04m	$759K	$336K	20x
Short	Phemex QQQUSDT	743.39	0	get 0.0000% / 8h	1h 04m	$359K	$1.4M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now +0.090%Rate

Funding earned: −$66.24
Price spread: +0.090% → +0.052%: $3.8
Slippage, 4 orders: −$55.82
Fee edgeX: 4.5 bp × 2 orders: −$9
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$139.26
Costs to cover: 0.768%
Break-even: never at this rate

Slippage from edgeX: live order book, 15 min ago; Phemex: 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 edgeX live order book, 15 min ago	4.11 bp	8.7 bp −$9	9.7 bp −$97	doesn't fit	doesn't fit
Sell Phemex live order book, 4 min ago	2.09 bp	30.1 bp −$30	doesn't fit	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 −0.0066% / S +0.0178%	1h	743.12	+0.053%	$25K	—	26x	as long as short
Ondo Perps QQQ-USD.P	−0.0033%	1h	742.00	−0.097%	$4.2M	$2.1M	20x	as long as short
BloFin QQQ-USDT	−0.0016%	8h	742.23	−0.066%	$1.0M	$468K	20x	as long as short
Aster QQQUSDT	0.0000%	8h	742.76	+0.005%	$841K	$780K	20x	as long as short
OKX QQQ-USDT-SWAP	0.0000%	8h	742.85	+0.017%	$21.5M	$27.7M	50x	as long as short
Gate QQQ_USDT	0.0000%	8h	742.65	−0.010%	$3.1M	$32.9M	50x	as long as short
SunX QQQ-USDT	0.0000%	8h	743.48	+0.102%	$2K	$2.3M	10x	as long as short
HTX QQQ-USDT	0.0000%	8h	743.12	+0.053%	$257K	$26K	30x	as long as short
Phemex QQQUSDTshort	0.0000%	8h	743.39	+0.090%	$359K	$1.4M	10x
Lighter RH QQQ	+0.0032%	1h	743.26	+0.072%	$37.7M	$82.0M	50x	as long as short

Show all 28 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni QQQ	+0.0036%	8h	742.77	+0.007%	$17.6M	$10.3M	—	as long as short
Arcus QQQ-USD	+0.0040%	1h	742.15	−0.077%	$737K	$1.4M	25x	as long as short
Vest QQQ-USD-PERP	+0.0046%	1h	743.42	+0.094%	—	$621K	50x	as long as short
Lighter QQQ	+0.0048%	1h	742.94	+0.029%	$7.7M	$21.6M	30x	as long as short
Binance QQQUSDT	+0.0070%	8h	743.11	+0.052%	$70.7M	$160.7M	25x	as long as short
Bybit QQQUSDT	+0.0083%	8h	743.10	+0.051%	$10.7M	$5.4M	50x	as long as short
Coinbase International QQQ-PERP-INTX	+0.0088%	1h	742.53	−0.026%	$1.2M	$868K	20x	as long as short
KuCoin QQQUSDTM	+0.0100%	8h	742.50	−0.030%	$3.4M	$429K	20x	as long as short
ApeX Omni QQQUSDT	+0.0100%	1h	742.27	−0.061%	$20K	$2.2M	50x	as long as short
Orderly PERP_QQQ_USDC_mythos	+0.0100%	8h	742.37	−0.047%	$12K	$21K	20x	as long as short
Aevo QQQ-PERP	+0.0104%	1h	742.30	−0.057%	$92K	$1K	10x	as long as short
Nado QQQ-PERP	+0.0161%	1h	742.52	−0.028%	$1.5M	$1.3M	20x	as long as short
GRVT QQQ_USDT_Perp	+0.0171%	8h	742.97	+0.033%	$319K	$1.8M	10x	as long as short
Deribit QQQ_USDC-PERPETUAL	+0.0181%	1h	742.82	+0.013%	$424K	$227K	20x	as long as short
Bitget QQQUSDT	+0.0193%	8h	742.87	+0.020%	$16.9M	$7.0M	20x	as long as short
Phoenix QQQ	+0.0259%	1h	742.27	−0.061%	$38K	$73K	20x	as long as short
RISEx QQQ/USDC	+0.0315%	1h	743.05	+0.044%	$5.3M	$9.0M	25x	as long as short
edgeX QQQUSDClong	+0.0315%	4h	742.72	long leg	$759K	$336K	20x