Funding you earn now, next payment 06:00 UTC−0.0205%/8h= −22.4% APRpaid last 24h −0.016%
Price spread now: Phemex against Phoenix+0.100%47s7-day average — · you sell dearer than you buy
to open and closeno order booka leg has no order-book sample
Funding, last 7 days−0.198%−$20 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. Phemex is 0.100% dearer against Phoenix than usual: you sell high and buy low (spread +0.100% now, against zero (this spread has no 7-day history yet)): +$10 on $10k if it goes back. Holding the pair costs −$6 a day in funding at the current rate, which eats that in about 39 hours. At the pace of the last 7 days (−0.198% in total) that is about 3.5 days. The two prices were read 47 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 | 741.63 | 0.0205 | pay 0.0026% / 1h | 1m 23s | $38K | $66K | 20x |
| Short | Phemex QQQUSDT | 742.37 | 0 | get 0.0000% / 8h | 1h 01m | $362K | $1.6M | 10x |
Phoenix QQQ
Phemex QQQUSDTFunding history
latest
Range statsloading…
Price spread between the two exchanges
Phemex against Phoenix. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- −$43
- Price spread: +0.100% → 0.000%
- $9.98
- Slippage, 4 orders
- no order book: not counted
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Fee Phemex: 6 bp × 2 orders
- −$12
- Net
- −$52.02
- Costs to cover
- 0.190%
- Break-even
- never at this rate
Slippage unknown: Phoenix: no order-book sample; Phemex: 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 Phoenix no order-book sample | — | — | — | — | — |
| Sell Phemex live order book, 2 min ago | 2.76 bp | 30.1 bp −$30 | doesn't fit | doesn't fit | 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 −0.0166% / S +0.0256% | 1h | 742.10 | +0.063% | $25K | — | 26x | as long as short |
| Gate QQQ_USDT | −0.0059% | 8h | 741.37 | −0.035% | $3.4M | $21.6M | 50x | as long as short |
| Ondo Perps QQQ-USD.P | −0.0025% | 1h | 740.51 | −0.151% | $4.2M | $1.8M | 20x | as long as short |
| Aster QQQUSDT | 0.0000% | 8h | 742.00 | +0.050% | $823K | $858K | 20x | as long as short |
| Bybit QQQUSDT | 0.0000% | 8h | 741.95 | +0.043% | $10.5M | $5.2M | 50x | as long as short |
| OKX QQQ-USDT-SWAP | 0.0000% | 8h | 741.77 | +0.019% | $21.4M | $28.3M | 50x | as long as short |
| RISEx QQQ/USDC | 0.0000% | 1h | 741.76 | +0.018% | $5.4M | $6.3M | 25x | as long as short |
| Bitget QQQUSDT | 0.0000% | 8h | 742.10 | +0.063% | $16.6M | $5.5M | 20x | as long as short |
| Variational Omni QQQ | 0.0000% | 8h | 741.89 | +0.034% | $16.9M | $7.3M | — | as long as short |
| SunX QQQ-USDT | 0.0000% | 8h | 742.84 | +0.163% | $2K | $1.8M | 10x | as long as short |
GMX QQQ/USD [ETH-USDC]
Gate QQQ_USDT
Ondo Perps QQQ-USD.P
Aster QQQUSDT
Bybit QQQUSDT
OKX QQQ-USDT-SWAP
RISEx QQQ/USDC
Bitget QQQUSDT
Variational Omni QQQ
SunX QQQ-USDTShow all 28 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Deribit QQQ_USDC-PERPETUAL | 0.0000% | 1h | 741.73 | +0.013% | $424K | $155K | 20x | as long as short |
| HTX QQQ-USDT | 0.0000% | 8h | 742.18 | +0.074% | $251K | $41K | 30x | as long as short |
| Phemex QQQUSDTshort | 0.0000% | 8h | 742.37 | +0.100% | $362K | $1.6M | 10x | |
| Binance QQQUSDT | +0.0003% | 8h | 742.04 | +0.056% | $70.0M | $143.7M | 25x | as long as short |
| BloFin QQQ-USDT | +0.0014% | 8h | 741.63 | 0.000% | $1.1M | $271K | 20x | as long as short |
| Coinbase International QQQ-PERP-INTX | +0.0016% | 1h | 741.37 | −0.035% | $1.2M | $489K | 20x | as long as short |
| Lighter QQQ | +0.0032% | 1h | 741.84 | +0.028% | $7.7M | $15.6M | 30x | as long as short |
| Lighter RH QQQ | +0.0032% | 1h | 742.16 | +0.071% | $37.1M | $81.4M | 50x | as long as short |
| Arcus QQQ-USD | +0.0040% | 1h | 741.13 | −0.067% | $686K | $1.6M | 25x | as long as short |
| Vest QQQ-USD-PERP | +0.0046% | 1h | 742.98 | +0.182% | — | $337K | 50x | as long as short |
| KuCoin QQQUSDTM | +0.0100% | 8h | 741.55 | −0.011% | $3.4M | $356K | 20x | as long as short |
| ApeX Omni QQQUSDT | +0.0100% | 1h | 741.40 | −0.031% | $20K | $2.2M | 50x | as long as short |
| Orderly PERP_QQQ_USDC_mythos | +0.0100% | 8h | 741.70 | +0.009% | $12K | $21K | 20x | as long as short |
| Aevo QQQ-PERP | +0.0104% | 1h | 741.21 | −0.056% | $92K | $1K | 10x | as long as short |
| Nado QQQ-PERP | +0.0117% | 1h | 741.61 | −0.003% | $1.6M | $764K | 20x | as long as short |
| GRVT QQQ_USDT_Perp | +0.0119% | 8h | 742.17 | +0.073% | $314K | $2.0M | 10x | as long as short |
| Phoenix QQQlong | +0.0205% | 1h | 741.63 | long leg | $38K | $66K | 20x | |
| edgeX QQQUSDC | +0.0705% | 4h | 741.81 | +0.024% | $758K | $336K | 20x | as long as short |
Deribit QQQ_USDC-PERPETUAL
HTX QQQ-USDT
Binance QQQUSDT
BloFin QQQ-USDT
Coinbase International QQQ-PERP-INTX
Lighter QQQ
Lighter RH QQQ
Arcus QQQ-USD
Vest QQQ-USD-PERP
KuCoin QQQUSDTM
ApeX Omni QQQUSDT
Orderly PERP_QQQ_USDC_mythos
Aevo QQQ-PERP
Nado QQQ-PERP
GRVT QQQ_USDT_Perp
edgeX QQQUSDC