Funding arb · Price arb /

QQQ

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0094%/8h= −10.3% APRpaid last 24h +0.025%

Price spread now: Orderly against Phoenix+0.028%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 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—needs both histories

The price spread pays, funding is against you. Orderly is 0.028% dearer against Phoenix than usual: you sell high and buy low (spread +0.028% now, against zero (this spread has no 7-day history yet)): +$3 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 24 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix QQQ	742.91	0.0194	pay 0.0024% / 1h	23m 06s	$38K	$73K	20x
Short	Orderly PERP_QQQ_USDC_mythos	743.12	0.0100	get 0.0100% / 8h	23m 06s	$12K	$21K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now +0.028%Rate

Funding earned: −$19.72
Price spread: +0.028% → 0.000%: $2.83
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$29.89
Costs to cover: 0.130%
Break-even: never at this rate

Slippage unknown: Phoenix: no order-book sample; 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 Phoenix no order-book sample	—	—	—	—	—
Sell Orderly no order-book sample	—	—	—	—	—

Phoenix and 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	743.38	+0.064%	$25K	—	26x	as long as short
BloFin QQQ-USDT	−0.0023%	8h	743.09	+0.024%	$1.1M	$469K	20x	as long as short
Aster QQQUSDT	0.0000%	8h	743.36	+0.061%	$845K	$783K	20x	as long as short
OKX QQQ-USDT-SWAP	0.0000%	8h	743.17	+0.035%	$21.6M	$27.8M	50x	as long as short
Gate QQQ_USDT	0.0000%	8h	743.07	+0.022%	$3.1M	$32.8M	50x	as long as short
SunX QQQ-USDT	0.0000%	8h	743.81	+0.121%	$2K	$2.3M	10x	as long as short
HTX QQQ-USDT	0.0000%	8h	743.13	+0.030%	$257K	$25K	30x	as long as short
Phemex QQQUSDT	0.0000%	8h	743.78	+0.117%	$362K	$1.4M	10x	as long as short
Ondo Perps QQQ-USD.P	+0.0015%	1h	742.31	−0.081%	$4.2M	$2.0M	20x	as long as short
Lighter RH QQQ	+0.0040%	1h	743.58	+0.090%	$37.5M	$80.1M	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	742.66	−0.034%	$694K	$1.5M	25x	as long as short
Vest QQQ-USD-PERP	+0.0046%	1h	743.88	+0.131%	—	$621K	50x	as long as short
Variational Omni QQQ	+0.0047%	8h	743.33	+0.056%	$17.6M	$10.3M	—	as long as short
Lighter QQQ	+0.0072%	1h	743.25	+0.046%	$7.6M	$20.9M	30x	as long as short
Coinbase International QQQ-PERP-INTX	+0.0072%	1h	742.85	−0.008%	$1.2M	$865K	20x	as long as short
Binance QQQUSDT	+0.0076%	8h	743.39	+0.065%	$71.0M	$160.6M	25x	as long as short
KuCoin QQQUSDTM	+0.0100%	8h	742.94	+0.004%	$3.4M	$418K	20x	as long as short
ApeX Omni QQQUSDT	+0.0100%	1h	742.98	+0.009%	$20K	$2.2M	50x	as long as short
Orderly PERP_QQQ_USDC_mythosshort	+0.0100%	8h	743.12	+0.028%	$12K	$21K	20x
Bybit QQQUSDT	+0.0102%	8h	743.43	+0.070%	$10.7M	$5.2M	50x	as long as short
Aevo QQQ-PERP	+0.0104%	1h	742.71	−0.027%	$92K	$1K	10x	as long as short
Nado QQQ-PERP	+0.0175%	1h	743.03	+0.016%	$1.5M	$1.3M	20x	as long as short
Bitget QQQUSDT	+0.0185%	8h	743.43	+0.070%	$16.9M	$7.0M	20x	as long as short
GRVT QQQ_USDT_Perp	+0.0190%	8h	743.51	+0.081%	$323K	$1.8M	10x	as long as short
RISEx QQQ/USDC	+0.0193%	1h	743.58	+0.091%	$5.4M	$8.9M	25x	as long as short
Phoenix QQQlong	+0.0194%	1h	742.91	long leg	$38K	$73K	20x
Deribit QQQ_USDC-PERPETUAL	+0.0235%	1h	743.20	+0.039%	$425K	$164K	20x	as long as short
edgeX QQQUSDC	+0.0822%	4h	743.37	+0.061%	$760K	$335K	20x	as long as short