Funding arb · Price arb /

QQQ

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0195%/8h= +21.4% APRpaid last 24h +0.057%

Price spread now: BloFin against Ondo Perps+0.150%95s7-day average +0.185% · you sell dearer than you buy

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

Long on Ondo Perps Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.101%+$10 on $10k

Price spread, last 4 days (all we have)+0.034%+$3 · spread now +0.150%, 7d avg +0.185%

Together, before fees+0.135%+ Points / potential airdropOndo Perps: Active · farm board+$13 on $10k · with fees, hour by hour

Funding pays, the price is against you. BloFin is 0.035% cheaper against Ondo Perps than usual: you would sell low and buy high (spread +0.150% now, against its 7-day average of +0.185%). If the spread goes back, that is −$4 on $10k: about 14 hours of funding at the current rate (+$6 a day). At the pace of the last 7 days (+0.101% in total) that is about 2.4 days. The two prices were read 95 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 0.101% in total (about 5.3% 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	Ondo Perps QQQ-USD.P	740.56	−0.0177	get 0.0022% / 1h	35m 33s	$4.2M	$1.8M	20x
Short	BloFin QQQ-USDT	741.67	0.0018	get 0.0018% / 8h	35m 33s	$1.1M	$274K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin against Ondo Perps. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 Ondo PerpsbpFee BloFinbpOrdersPrice spread, now +0.150%Rate

Funding earned: $40.95
Price spread: +0.150% → +0.185%: −$3.5
Slippage, 4 orders: no order book: not counted
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Fee BloFin: 6 bp × 2 orders: −$12
Net: $20.45
Costs to cover: 0.170%
Break-even: 3.5 days

Slippage unknown: Ondo Perps: no order-book sample; BloFin: live order book, 2 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 Ondo Perps no order-book sample	—	—	—	—	—
Sell BloFin live order book, 2 min ago	0.14 bp	6.1 bp −$6	7.2 bp −$72	10.6 bp −$1,064	doesn't fit

Ondo Perps: 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
Ondo Perps QQQ-USD.Plong	−0.0177%	1h	740.56	long leg	$4.2M	$1.8M	20x
GMX QQQ/USD [ETH-USDC]	L −0.0171% / S +0.0261%	1h	741.96	+0.188%	$25K	—	26x	as long as short
Gate QQQ_USDT	−0.0074%	8h	741.41	+0.115%	$3.3M	$21.6M	50x	as long as short
Aster QQQUSDT	0.0000%	8h	741.70	+0.153%	$821K	$861K	20x	as long as short
Bybit QQQUSDT	0.0000%	8h	741.85	+0.174%	$10.7M	$5.1M	50x	as long as short
OKX QQQ-USDT-SWAP	0.0000%	8h	741.57	+0.136%	$21.4M	$28.4M	50x	as long as short
RISEx QQQ/USDC	0.0000%	1h	741.56	+0.134%	$5.4M	$6.3M	25x	as long as short
Bitget QQQUSDT	0.0000%	8h	741.96	+0.189%	$16.5M	$5.4M	20x	as long as short
Variational Omni QQQ	0.0000%	8h	741.73	+0.158%	$16.8M	$7.2M	—	as long as short
SunX QQQ-USDT	0.0000%	8h	742.63	+0.280%	$2K	$1.8M	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-USDT	0.0000%	8h	742.02	+0.197%	$251K	$41K	30x	as long as short
Phemex QQQUSDT	0.0000%	8h	742.04	+0.200%	$359K	$1.6M	10x	as long as short
Binance QQQUSDT	+0.0010%	8h	741.76	+0.162%	$70.2M	$142.1M	25x	as long as short
Coinbase International QQQ-PERP-INTX	+0.0016%	1h	741.51	+0.128%	$1.2M	$491K	20x	as long as short
BloFin QQQ-USDTshort	+0.0018%	8h	741.67	+0.150%	$1.1M	$274K	20x
Lighter QQQ	+0.0032%	1h	741.62	+0.143%	$7.7M	$15.3M	30x	as long as short
Lighter RH QQQ	+0.0032%	1h	741.96	+0.189%	$37.3M	$80.2M	50x	as long as short
Arcus QQQ-USD	+0.0040%	1h	741.26	+0.095%	$644K	$1.7M	25x	as long as short
Vest QQQ-USD-PERP	+0.0046%	1h	742.67	+0.285%	—	$337K	50x	as long as short
KuCoin QQQUSDTM	+0.0100%	8h	741.47	+0.123%	$3.4M	$360K	20x	as long as short
ApeX Omni QQQUSDT	+0.0100%	1h	741.38	+0.111%	$20K	$2.2M	50x	as long as short
Orderly PERP_QQQ_USDC_mythos	+0.0100%	8h	741.57	+0.136%	$12K	$21K	20x	as long as short
Aevo QQQ-PERP	+0.0104%	1h	741.13	+0.076%	$92K	$1K	10x	as long as short
Nado QQQ-PERP	+0.0118%	1h	741.40	+0.114%	$1.6M	$761K	20x	as long as short
GRVT QQQ_USDT_Perp	+0.0127%	8h	741.96	+0.189%	$325K	$2.0M	10x	as long as short
Deribit QQQ_USDC-PERPETUAL	+0.0182%	1h	741.61	+0.142%	$424K	$156K	20x	as long as short
Phoenix QQQ	+0.0227%	1h	741.51	+0.128%	$38K	$65K	20x	as long as short
edgeX QQQUSDC	+0.0600%	4h	741.80	+0.168%	$758K	$335K	20x	as long as short