Funding arb · Price arb /

QQQ

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0175%/8h= +19.2% APRpaid last 24h +0.026%

Price spread now: Orderly against GMX−0.044%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on GMX Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Funding pays, the price is against you. Orderly is 0.044% cheaper against GMX than usual: you would sell low and buy high (spread −0.044% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$4 on $10k: about 20 hours of funding at the current rate (+$5 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX QQQ/USD [ETH-USDC]	743.42	L −0.0075% / S +0.0185%	get 0.0009% / 1h	19m 33s	$25K	—	26x
Short	Orderly PERP_QQQ_USDC_mythos	743.10	0.0100	get 0.0100% / 8h	19m 33s	$12K	$21K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly against GMX. 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 GMXbpFee OrderlybpOrdersPrice spread, now −0.044%Rate

Funding earned: $36.81
Price spread: −0.044% → 0.000%: −$4.37
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Orderly: 3 bp × 2 orders: −$6
Net: $14.44
Costs to cover: 0.180%
Break-even: 4.3 days

Slippage unknown: GMX: no order-book sample; Orderly: no order-book sample. Net counts fees only.

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 GMX no order-book sample	—	—	—	—	—
Sell Orderly no order-book sample	—	—	—	—	—

GMX and Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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]long	L −0.0075% / S +0.0185%	1h	743.42	long leg	$25K	—	26x
Ondo Perps QQQ-USD.P	−0.0012%	1h	741.59	−0.247%	$4.2M	$2.1M	20x	as long as short
Aster QQQUSDT	0.0000%	8h	743.36	−0.009%	$845K	$783K	20x	as long as short
OKX QQQ-USDT-SWAP	0.0000%	8h	743.27	−0.021%	$21.6M	$27.8M	50x	as long as short
Gate QQQ_USDT	0.0000%	8h	743.04	−0.052%	$3.1M	$32.8M	50x	as long as short
SunX QQQ-USDT	0.0000%	8h	743.81	+0.052%	$2K	$2.3M	10x	as long as short
HTX QQQ-USDT	0.0000%	8h	743.13	−0.040%	$257K	$25K	30x	as long as short
Phemex QQQUSDT	0.0000%	8h	743.98	+0.075%	$361K	$1.4M	10x	as long as short
BloFin QQQ-USDT	+0.0014%	8h	743.09	−0.045%	$1.1M	$320K	20x	as long as short
Lighter RH QQQ	+0.0040%	1h	743.65	+0.030%	$37.5M	$80.3M	50x	as long as short

Show all 28 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Arcus QQQ-USD	+0.0040%	1h	742.71	−0.096%	$694K	$1.5M	25x	as long as short
Vest QQQ-USD-PERP	+0.0046%	1h	744.01	+0.079%	—	$621K	50x	as long as short
Variational Omni QQQ	+0.0046%	8h	743.32	−0.013%	$17.6M	$10.3M	—	as long as short
Lighter QQQ	+0.0064%	1h	743.27	−0.021%	$7.6M	$20.9M	30x	as long as short
Coinbase International QQQ-PERP-INTX	+0.0072%	1h	742.85	−0.077%	$1.2M	$865K	20x	as long as short
Deribit QQQ_USDC-PERPETUAL	+0.0073%	1h	743.13	−0.040%	$425K	$164K	20x	as long as short
Binance QQQUSDT	+0.0076%	8h	743.52	+0.013%	$71.1M	$160.5M	25x	as long as short
KuCoin QQQUSDTM	+0.0100%	8h	743.00	−0.057%	$3.4M	$416K	20x	as long as short
ApeX Omni QQQUSDT	+0.0100%	1h	742.93	−0.067%	$20K	$2.2M	50x	as long as short
Orderly PERP_QQQ_USDC_mythosshort	+0.0100%	8h	743.10	−0.044%	$12K	$21K	20x
Bybit QQQUSDT	+0.0102%	8h	743.48	+0.007%	$10.7M	$5.2M	50x	as long as short
Aevo QQQ-PERP	+0.0104%	1h	742.68	−0.101%	$92K	$1K	10x	as long as short
Nado QQQ-PERP	+0.0174%	1h	742.97	−0.061%	$1.5M	$1.3M	20x	as long as short
Bitget QQQUSDT	+0.0183%	8h	743.53	+0.014%	$16.9M	$7.0M	20x	as long as short
GRVT QQQ_USDT_Perp	+0.0190%	8h	743.54	+0.015%	$323K	$1.8M	10x	as long as short
RISEx QQQ/USDC	+0.0193%	1h	743.56	+0.018%	$5.4M	$8.9M	25x	as long as short
Phoenix QQQ	+0.0194%	1h	743.09	−0.045%	$38K	$73K	20x	as long as short
edgeX QQQUSDC	+0.0447%	4h	743.32	−0.014%	$760K	$336K	20x	as long as short