Funding arb · Price arb /

QQQ

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0100%/8h= +11.0% APRpaid last 24h −0.003%

Price spread now: Phemex against GMX+0.015%7-day average — · you sell dearer than you buy

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

Long on GMX Short on Phemex

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

The price spread sits at zero (this spread has no 7-day history yet), so right now this pair is about funding alone: +$3 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX QQQ/USD [ETH-USDC]	744.48	L −0.0100% / S +0.0205%	get 0.0013% / 1h	19m 20s	$25K	—	26x
Short	Phemex QQQUSDT	744.59	0	get 0.0000% / 8h	6h 19m	$358K	$1.4M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now +0.015%Rate

Funding earned: $21.08
Price spread: +0.015% → 0.000%: $1.54
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$1.38
Costs to cover: 0.240%
Break-even: 7.5 days

Slippage unknown: GMX: no order-book sample; Phemex: live order book, 3 min ago. 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 Phemex live order book, 3 min ago	2.95 bp	30.4 bp −$30	doesn't fit	doesn't fit	doesn't fit

GMX: 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 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
Ondo Perps QQQ-USD.P	−0.0101%	1h	743.53	−0.127%	$4.2M	$1.9M	20x	as long as short
GMX QQQ/USD [ETH-USDC]long	L −0.0100% / S +0.0205%	1h	744.48	long leg	$25K	—	26x
Bybit QQQUSDT	0.0000%	8h	744.68	+0.028%	$10.7M	$5.0M	50x	as long as short
OKX QQQ-USDT-SWAP	0.0000%	8h	744.42	−0.007%	$21.7M	$26.5M	50x	as long as short
Gate QQQ_USDT	0.0000%	8h	744.11	−0.049%	$3.3M	$23.2M	50x	as long as short
SunX QQQ-USDT	0.0000%	8h	744.96	+0.065%	$2K	$2.1M	10x	as long as short
Deribit QQQ_USDC-PERPETUAL	0.0000%	1h	744.16	−0.042%	$425K	$148K	20x	as long as short
HTX QQQ-USDT	0.0000%	8h	744.70	+0.030%	$257K	$29K	30x	as long as short
Phemex QQQUSDTshort	0.0000%	8h	744.59	+0.015%	$358K	$1.4M	10x
Aster QQQUSDT	+0.0007%	8h	744.46	−0.002%	$841K	$712K	20x	as long as short

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter QQQ	+0.0032%	1h	744.27	−0.028%	$7.7M	$17.8M	30x	as long as short
Lighter RH QQQ	+0.0032%	1h	744.68	+0.028%	$37.4M	$80.2M	50x	as long as short
Bitget QQQUSDT	+0.0034%	8h	744.52	+0.006%	$16.9M	$5.9M	20x	as long as short
Arcus QQQ-USD	+0.0040%	1h	743.71	−0.103%	$705K	$1.6M	25x	as long as short
Vest QQQ-USD-PERP	+0.0046%	1h	745.42	+0.127%	—	$337K	50x	as long as short
Coinbase International QQQ-PERP-INTX	+0.0048%	1h	744.11	−0.049%	$1.2M	$538K	20x	as long as short
Variational Omni QQQ	+0.0057%	8h	744.49	+0.002%	$17.1M	$7.5M	—	as long as short
Binance QQQUSDT	+0.0084%	8h	744.45	−0.003%	$71.1M	$147.3M	25x	as long as short
KuCoin QQQUSDTM	+0.0100%	8h	744.22	−0.034%	$3.4M	$412K	20x	as long as short
ApeX Omni QQQUSDT	+0.0100%	1h	744.18	−0.040%	$20K	$2.2M	50x	as long as short
Orderly PERP_QQQ_USDC_mythos	+0.0100%	8h	744.22	−0.034%	$12K	$21K	20x	as long as short
Aevo QQQ-PERP	+0.0104%	1h	743.70	−0.104%	$93K	$1K	10x	as long as short
Nado QQQ-PERP	+0.0122%	1h	744.13	−0.047%	$1.5M	$961K	20x	as long as short
RISEx QQQ/USDC	+0.0168%	1h	744.51	+0.005%	$5.4M	$8.0M	25x	as long as short
Phoenix QQQ	+0.0183%	1h	744.10	−0.050%	$38K	$66K	20x	as long as short
GRVT QQQ_USDT_Perp	+0.0206%	8h	744.75	+0.037%	$320K	$1.8M	10x	as long as short
edgeX QQQUSDC	+0.0859%	4h	744.57	+0.012%	$761K	$334K	20x	as long as short