Funding arb · Price arb /

QQQ

RWAall QQQ markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0036%/8h= +3.9% APRpaid last 24h +0.003%

Price spread now: Orderly against Lighter−0.023%7-day average — · you buy dearer than you sell

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

Long on Lighter Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

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

Together, before fees—+ Points / potential airdropLighter: Season 3 · farm boardneeds both histories

Funding pays, the price is against you. Orderly is 0.023% cheaper against Lighter than usual: you would sell low and buy high (spread −0.023% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$2 on $10k: about 2.1 days of funding at the current rate (+$1 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter QQQ	743.27	0.0064	pay 0.0008% / 1h	19m 31s	$7.6M	$20.9M	30x
Short	Orderly PERP_QQQ_USDC_mythos	743.10	0.0100	get 0.0100% / 8h	19m 31s	$12K	$21K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly against Lighter. 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 LighterbpFee OrderlybpOrdersPrice spread, now −0.023%Rate

Funding earned: $7.56
Price spread: −0.023% → 0.000%: −$2.29
Slippage, 4 orders: no order book: not counted
Fee Lighter: 0 bp × 2 orders: $0
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$0.73
Costs to cover: 0.060%
Break-even: 7.7 days

Slippage unknown: Lighter: live order book, 4 min ago; 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 Lighter live order book, 4 min ago	0.47 bp	0.5 bp $0	1.9 bp −$19	13.2 bp −$1,316	47.1 bp −$23.6K
Sell Orderly no order-book sample	—	—	—	—	—

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]	L −0.0075% / S +0.0185%	1h	743.42	+0.021%	$25K	—	26x	as long as short
Ondo Perps QQQ-USD.P	−0.0012%	1h	741.59	−0.226%	$4.2M	$2.1M	20x	as long as short
Aster QQQUSDT	0.0000%	8h	743.36	+0.012%	$845K	$783K	20x	as long as short
OKX QQQ-USDT-SWAP	0.0000%	8h	743.27	0.000%	$21.6M	$27.8M	50x	as long as short
Gate QQQ_USDT	0.0000%	8h	743.04	−0.031%	$3.1M	$32.8M	50x	as long as short
SunX QQQ-USDT	0.0000%	8h	743.81	+0.073%	$2K	$2.3M	10x	as long as short
HTX QQQ-USDT	0.0000%	8h	743.13	−0.019%	$257K	$25K	30x	as long as short
Phemex QQQUSDT	0.0000%	8h	743.98	+0.096%	$361K	$1.4M	10x	as long as short
BloFin QQQ-USDT	+0.0014%	8h	743.09	−0.024%	$1.1M	$320K	20x	as long as short
Lighter RH QQQ	+0.0040%	1h	743.65	+0.051%	$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	−0.075%	$694K	$1.5M	25x	as long as short
Vest QQQ-USD-PERP	+0.0046%	1h	744.01	+0.100%	—	$621K	50x	as long as short
Variational Omni QQQ	+0.0046%	8h	743.32	+0.007%	$17.6M	$10.3M	—	as long as short
Lighter QQQlong	+0.0064%	1h	743.27	long leg	$7.6M	$20.9M	30x
Coinbase International QQQ-PERP-INTX	+0.0072%	1h	742.85	−0.057%	$1.2M	$865K	20x	as long as short
Deribit QQQ_USDC-PERPETUAL	+0.0073%	1h	743.13	−0.019%	$425K	$164K	20x	as long as short
Binance QQQUSDT	+0.0076%	8h	743.52	+0.034%	$71.1M	$160.5M	25x	as long as short
KuCoin QQQUSDTM	+0.0100%	8h	743.00	−0.036%	$3.4M	$416K	20x	as long as short
ApeX Omni QQQUSDT	+0.0100%	1h	742.93	−0.046%	$20K	$2.2M	50x	as long as short
Orderly PERP_QQQ_USDC_mythosshort	+0.0100%	8h	743.10	−0.023%	$12K	$21K	20x
Bybit QQQUSDT	+0.0102%	8h	743.48	+0.028%	$10.7M	$5.2M	50x	as long as short
Aevo QQQ-PERP	+0.0104%	1h	742.68	−0.080%	$92K	$1K	10x	as long as short
Nado QQQ-PERP	+0.0174%	1h	742.97	−0.040%	$1.5M	$1.3M	20x	as long as short
Bitget QQQUSDT	+0.0183%	8h	743.53	+0.035%	$16.9M	$7.0M	20x	as long as short
GRVT QQQ_USDT_Perp	+0.0190%	8h	743.54	+0.036%	$323K	$1.8M	10x	as long as short
RISEx QQQ/USDC	+0.0193%	1h	743.56	+0.039%	$5.4M	$8.9M	25x	as long as short
Phoenix QQQ	+0.0194%	1h	743.09	−0.024%	$38K	$73K	20x	as long as short
edgeX QQQUSDC	+0.0447%	4h	743.32	+0.007%	$760K	$336K	20x	as long as short