Funding arb · Price arb /

QQQ

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0168%/8h= −18.4% APRpaid last 24h −0.004%

Price spread now: Bybit against Phoenix+0.059%7-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 Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.209%−$21 on $10k

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

Together, before fees—needs both histories

The price spread pays, funding is against you. Bybit is 0.059% dearer against Phoenix than usual: you sell high and buy low (spread +0.059% now, against zero (this spread has no 7-day history yet)): +$6 on $10k if it goes back. Holding the pair costs −$5 a day in funding at the current rate, which eats that in about 28 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix QQQ	742.34	0.0259	pay 0.0032% / 1h	27m 20s	$38K	$73K	20x
Short	Bybit QQQUSDT	742.78	0.0091	get 0.0091% / 8h	1h 27m	$10.7M	$5.4M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now +0.059%Rate

Funding earned: −$35.21
Price spread: +0.059% → 0.000%: $5.93
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$47.28
Costs to cover: 0.180%
Break-even: never at this rate

Slippage unknown: Phoenix: no order-book sample; Bybit: 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 Bybit live order book, 1 min ago	0.61 bp	7.6 bp −$8	9.9 bp −$99	40.4 bp −$4,040	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 −0.0071% / S +0.0182%	1h	742.68	+0.046%	$25K	—	26x	as long as short
Ondo Perps QQQ-USD.P	−0.0034%	1h	741.60	−0.100%	$4.2M	$2.2M	20x	as long as short
Aster QQQUSDT	0.0000%	8h	742.49	+0.020%	$840K	$780K	20x	as long as short
OKX QQQ-USDT-SWAP	0.0000%	8h	742.48	+0.019%	$21.5M	$28.2M	50x	as long as short
Gate QQQ_USDT	0.0000%	8h	742.23	−0.015%	$3.1M	$32.8M	50x	as long as short
SunX QQQ-USDT	0.0000%	8h	743.16	+0.110%	$2K	$2.4M	10x	as long as short
HTX QQQ-USDT	0.0000%	8h	742.68	+0.046%	$257K	$32K	30x	as long as short
Phemex QQQUSDT	0.0000%	8h	743.17	+0.112%	$360K	$1.4M	10x	as long as short
BloFin QQQ-USDT	+0.0009%	8h	742.13	−0.028%	$1.0M	$482K	20x	as long as short
Lighter RH QQQ	+0.0032%	1h	743.00	+0.089%	$37.7M	$81.4M	50x	as long as short

Show all 28 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter QQQ	+0.0040%	1h	742.65	+0.042%	$7.8M	$21.5M	30x	as long as short
Arcus QQQ-USD	+0.0040%	1h	741.95	−0.053%	$737K	$1.4M	25x	as long as short
Vest QQQ-USD-PERP	+0.0046%	1h	743.21	+0.117%	—	$621K	50x	as long as short
Variational Omni QQQ	+0.0048%	8h	742.42	+0.011%	$17.2M	$10.1M	—	as long as short
Binance QQQUSDT	+0.0074%	8h	742.67	+0.045%	$69.6M	$160.9M	25x	as long as short
Coinbase International QQQ-PERP-INTX	+0.0088%	1h	742.32	−0.003%	$1.2M	$868K	20x	as long as short
Bybit QQQUSDTshort	+0.0091%	8h	742.78	+0.059%	$10.7M	$5.4M	50x
KuCoin QQQUSDTM	+0.0100%	8h	742.27	−0.009%	$3.4M	$435K	20x	as long as short
ApeX Omni QQQUSDT	+0.0100%	1h	742.39	+0.007%	$20K	$2.2M	50x	as long as short
Orderly PERP_QQQ_USDC_mythos	+0.0100%	8h	741.14	−0.162%	$10K	$19K	20x	as long as short
Aevo QQQ-PERP	+0.0104%	1h	742.05	−0.040%	$92K	$1K	10x	as long as short
Nado QQQ-PERP	+0.0155%	1h	742.36	+0.003%	$1.5M	$1.3M	20x	as long as short
GRVT QQQ_USDT_Perp	+0.0173%	8h	742.85	+0.068%	$321K	$1.8M	10x	as long as short
Deribit QQQ_USDC-PERPETUAL	+0.0195%	1h	742.50	+0.022%	$424K	$229K	20x	as long as short
Bitget QQQUSDT	+0.0205%	8h	742.74	+0.054%	$16.8M	$7.2M	20x	as long as short
Phoenix QQQlong	+0.0259%	1h	742.34	long leg	$38K	$73K	20x
RISEx QQQ/USDC	+0.0315%	1h	742.85	+0.069%	$5.3M	$9.0M	25x	as long as short
edgeX QQQUSDC	+0.0973%	4h	742.52	+0.024%	$759K	$334K	20x	as long as short