Funding arb · Price arb /

QQQ

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0002%/8h= +0.2% APRpaid last 24h +0.019%

Price spread now: Bitget against Phoenix+0.061%99s7-day average — · you sell dearer than you buy

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

Long on Phoenix Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days−0.126%−$13 on $10k

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

Together, before fees—needs both histories

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Bitget is 0.061% dearer against Phoenix than usual: you sell high and buy low, +$6 on $10k if it goes back to zero (this spread has no 7-day history yet). The two prices were read 99 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix QQQ	742.65	0.0194	pay 0.0024% / 1h	47m 54s	$38K	$73K	20x
Short	Bitget QQQUSDT	743.10	0.0196	get 0.0196% / 8h	47m 54s	$16.9M	$7.1M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget against Phoenix. 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 PhoenixbpFee BitgetbpOrdersPrice spread, now +0.061%Rate

Funding earned: $0.44
Price spread: +0.061% → 0.000%: $6.06
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$12.5
Costs to cover: 0.190%
Break-even: 203.7 days

Slippage unknown: Phoenix: no order-book sample; Bitget: live order book, 1 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 Phoenix no order-book sample	—	—	—	—	—
Sell Bitget live order book, 1 min ago	0.07 bp	6.5 bp −$6	9.4 bp −$94	12.2 bp −$1,216	doesn't fit

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 −0.0070% / S +0.0181%	1h	743.28	+0.086%	$25K	—	26x	as long as short
Aster QQQUSDT	0.0000%	8h	743.03	+0.051%	$841K	$780K	20x	as long as short
OKX QQQ-USDT-SWAP	0.0000%	8h	743.10	+0.061%	$21.5M	$27.7M	50x	as long as short
Gate QQQ_USDT	0.0000%	8h	742.72	+0.009%	$3.1M	$32.8M	50x	as long as short
SunX QQQ-USDT	0.0000%	8h	743.72	+0.144%	$2K	$2.3M	10x	as long as short
HTX QQQ-USDT	0.0000%	8h	743.13	+0.065%	$257K	$26K	30x	as long as short
Phemex QQQUSDT	0.0000%	8h	743.64	+0.133%	$361K	$1.4M	10x	as long as short
BloFin QQQ-USDT	+0.0028%	8h	742.84	+0.026%	$1.0M	$468K	20x	as long as short
Arcus QQQ-USD	+0.0040%	1h	742.45	−0.027%	$737K	$1.4M	25x	as long as short
Vest QQQ-USD-PERP	+0.0046%	1h	743.67	+0.137%	—	$621K	50x	as long as short

Show all 28 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni QQQ	+0.0046%	8h	743.13	+0.065%	$17.6M	$10.3M	—	as long as short
Ondo Perps QQQ-USD.P	+0.0050%	1h	742.20	−0.061%	$4.2M	$2.1M	20x	as long as short
Lighter RH QQQ	+0.0056%	1h	743.46	+0.109%	$37.7M	$78.7M	50x	as long as short
Coinbase International QQQ-PERP-INTX	+0.0072%	1h	742.80	+0.020%	$1.2M	$866K	20x	as long as short
Binance QQQUSDT	+0.0078%	8h	743.29	+0.086%	$71.0M	$160.6M	25x	as long as short
Lighter QQQ	+0.0096%	1h	743.11	+0.062%	$7.7M	$20.8M	30x	as long as short
Bybit QQQUSDT	+0.0097%	8h	743.44	+0.106%	$10.7M	$5.2M	50x	as long as short
KuCoin QQQUSDTM	+0.0100%	8h	742.77	+0.016%	$3.4M	$424K	20x	as long as short
ApeX Omni QQQUSDT	+0.0100%	1h	742.72	+0.009%	$20K	$2.2M	50x	as long as short
Orderly PERP_QQQ_USDC_mythos	+0.0100%	8h	742.96	+0.042%	$12K	$21K	20x	as long as short
Aevo QQQ-PERP	+0.0104%	1h	742.55	−0.014%	$92K	$1K	10x	as long as short
Nado QQQ-PERP	+0.0182%	1h	742.76	+0.015%	$1.5M	$1.3M	20x	as long as short
GRVT QQQ_USDT_Perp	+0.0187%	8h	743.36	+0.095%	$323K	$1.8M	10x	as long as short
RISEx QQQ/USDC	+0.0193%	1h	743.42	+0.104%	$5.4M	$8.9M	25x	as long as short
Phoenix QQQlong	+0.0194%	1h	742.65	long leg	$38K	$73K	20x
Bitget QQQUSDTshort	+0.0196%	8h	743.10	+0.061%	$16.9M	$7.1M	20x
Deribit QQQ_USDC-PERPETUAL	+0.0275%	1h	743.05	+0.054%	$424K	$185K	20x	as long as short
edgeX QQQUSDC	+0.0925%	4h	743.13	+0.064%	$760K	$336K	20x	as long as short