Funding arb · Price arb /

QQQ

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0227%/8h= +24.8% APRpaid last 24h +0.019%

Price spread now: Phoenix against HTX−0.089%7-day average — · you buy dearer than you sell

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

Long on HTX Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.195%+$20 on $10k

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. Phoenix is 0.089% cheaper against HTX than usual: you would sell low and buy high (spread −0.089% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$9 on $10k: about 31 hours of funding at the current rate (+$7 a day). At the pace of the last 7 days (+0.195% in total) that is about 3.2 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	HTX QQQ-USDT	741.84	0	get 0.0000% / 8h	22m 36s	$250K	$41K	30x
Short	Phoenix QQQ	741.18	0.0227	get 0.0028% / 1h	22m 36s	$38K	$65K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against HTX. 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 HTXbpFee PhoenixbpOrdersPrice spread, now −0.089%Rate

Funding earned: $47.57
Price spread: −0.089% → 0.000%: −$8.9
Slippage, 4 orders: no order book: not counted
Fee HTX: 6 bp × 2 orders: −$12
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $19.68
Costs to cover: 0.190%
Break-even: 4.1 days

Slippage unknown: HTX: live order book, 14 min ago; Phoenix: 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 HTX live order book, 14 min ago	2.69 bp	8.7 bp −$9	9.9 bp −$99	doesn't fit	doesn't fit
Sell Phoenix no order-book sample	—	—	—	—	—

Phoenix: 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]	L −0.0174% / S +0.0263%	1h	741.64	−0.026%	$25K	—	26x	as long as short
Ondo Perps QQQ-USD.P	−0.0158%	1h	740.30	−0.208%	$4.2M	$1.8M	20x	as long as short
Gate QQQ_USDT	−0.0083%	8h	741.18	−0.089%	$3.3M	$21.7M	50x	as long as short
Aster QQQUSDT	0.0000%	8h	741.75	−0.012%	$824K	$863K	20x	as long as short
Bybit QQQUSDT	0.0000%	8h	741.77	−0.009%	$10.7M	$5.1M	50x	as long as short
OKX QQQ-USDT-SWAP	0.0000%	8h	741.50	−0.046%	$21.4M	$28.4M	50x	as long as short
RISEx QQQ/USDC	0.0000%	1h	741.48	−0.048%	$5.4M	$6.0M	25x	as long as short
Bitget QQQUSDT	0.0000%	8h	741.85	+0.001%	$16.5M	$5.4M	20x	as long as short
Variational Omni QQQ	0.0000%	8h	741.50	−0.046%	$16.8M	$7.2M	—	as long as short
SunX QQQ-USDT	0.0000%	8h	742.12	+0.038%	$2K	$1.7M	10x	as long as short

Show all 28 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX QQQ-USDTlong	0.0000%	8h	741.84	long leg	$250K	$41K	30x
Phemex QQQUSDT	0.0000%	8h	741.95	+0.015%	$361K	$1.6M	10x	as long as short
BloFin QQQ-USDT	+0.0008%	8h	741.38	−0.062%	$1.1M	$275K	20x	as long as short
Coinbase International QQQ-PERP-INTX	+0.0016%	1h	741.51	−0.044%	$1.2M	$490K	20x	as long as short
Binance QQQUSDT	+0.0018%	8h	741.75	−0.013%	$70.2M	$141.7M	25x	as long as short
Lighter QQQ	+0.0032%	1h	741.52	−0.043%	$7.7M	$15.4M	30x	as long as short
Lighter RH QQQ	+0.0032%	1h	741.89	+0.007%	$37.4M	$80.5M	50x	as long as short
Arcus QQQ-USD	+0.0040%	1h	740.96	−0.119%	$645K	$1.7M	25x	as long as short
Vest QQQ-USD-PERP	+0.0046%	1h	742.59	+0.101%	—	$337K	50x	as long as short
Deribit QQQ_USDC-PERPETUAL	+0.0074%	1h	741.29	−0.074%	$423K	$156K	20x	as long as short
KuCoin QQQUSDTM	+0.0100%	8h	741.24	−0.081%	$3.4M	$361K	20x	as long as short
ApeX Omni QQQUSDT	+0.0100%	1h	741.13	−0.096%	$20K	$2.2M	50x	as long as short
Orderly PERP_QQQ_USDC_mythos	+0.0100%	8h	741.34	−0.067%	$12K	$21K	20x	as long as short
Aevo QQQ-PERP	+0.0104%	1h	740.90	−0.127%	$92K	$1K	10x	as long as short
Nado QQQ-PERP	+0.0135%	1h	741.30	−0.073%	$1.6M	$756K	20x	as long as short
GRVT QQQ_USDT_Perp	+0.0137%	8h	741.76	−0.011%	$325K	$2.0M	10x	as long as short
Phoenix QQQshort	+0.0227%	1h	741.18	−0.089%	$38K	$65K	20x
edgeX QQQUSDC	+0.0601%	4h	741.51	−0.045%	$758K	$335K	20x	as long as short