Funding arb · Price arb /

QQQ

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0248%/8h= −27.2% APRpaid last 24h −0.013%

Price spread now: Variational Omni against Phoenix+0.045%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 Variational Omni

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

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

Together, before fees—+ Points / potential airdropVariational Omni: Active · farm boardneeds both histories

The price spread pays, funding is against you. Variational Omni is 0.045% dearer against Phoenix than usual: you sell high and buy low (spread +0.045% now, against zero (this spread has no 7-day history yet)): +$4 on $10k if it goes back. Holding the pair costs −$7 a day in funding at the current rate, which eats that in about 14 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix QQQ	740.42	0.0248	pay 0.0031% / 1h	45m 27s	$38K	$65K	20x
Short	Variational Omni QQQ	740.75	0	get 0.0000% / 8h	7h 45m	$16.8M	$7.2M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni 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 Variational OmnibpOrdersPrice spread, now +0.045%Rate

Funding earned: −$52.13
Price spread: +0.045% → 0.000%: $4.49
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$54.63
Costs to cover: 0.070%
Break-even: never at this rate

Slippage unknown: Phoenix: no order-book sample; Variational Omni: RFQ quote, 4 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 Variational Omni RFQ quote, 4 min ago	1.90 bp	doesn't fit	2.3 bp −$23	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 −0.0182% / S +0.0269%	1h	740.89	+0.064%	$25K	—	26x	as long as short
BloFin QQQ-USDT	−0.0007%	8h	740.64	+0.030%	$1.1M	$274K	20x	as long as short
Aster QQQUSDT	0.0000%	8h	740.97	+0.074%	$823K	$865K	20x	as long as short
OKX QQQ-USDT-SWAP	0.0000%	8h	740.63	+0.028%	$21.6M	$28.3M	50x	as long as short
RISEx QQQ/USDC	0.0000%	1h	740.69	+0.036%	$5.4M	$5.7M	25x	as long as short
Gate QQQ_USDT	0.0000%	8h	740.30	−0.016%	$3.4M	$20.6M	50x	as long as short
Bitget QQQUSDT	0.0000%	8h	741.02	+0.081%	$16.5M	$5.2M	20x	as long as short
Variational Omni QQQshort	0.0000%	8h	740.75	+0.045%	$16.8M	$7.2M	—
SunX QQQ-USDT	0.0000%	8h	741.30	+0.119%	$1K	$1.7M	10x	as long as short
HTX QQQ-USDT	0.0000%	8h	741.22	+0.108%	$250K	$41K	30x	as long as short

Show all 28 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex QQQUSDT	0.0000%	8h	741.21	+0.107%	$364K	$1.6M	10x	as long as short
Bybit QQQUSDT	+0.0008%	8h	741.01	+0.080%	$10.7M	$4.9M	50x	as long as short
Coinbase International QQQ-PERP-INTX	+0.0024%	1h	740.22	−0.027%	$1.2M	$490K	20x	as long as short
Binance QQQUSDT	+0.0029%	8h	740.95	+0.071%	$70.2M	$139.8M	25x	as long as short
Lighter QQQ	+0.0032%	1h	740.63	+0.028%	$7.7M	$15.1M	30x	as long as short
Lighter RH QQQ	+0.0032%	1h	741.02	+0.081%	$37.5M	$79.0M	50x	as long as short
Arcus QQQ-USD	+0.0040%	1h	740.00	−0.057%	$646K	$1.7M	25x	as long as short
Vest QQQ-USD-PERP	+0.0046%	1h	741.84	+0.192%	—	$337K	50x	as long as short
Ondo Perps QQQ-USD.P	+0.0050%	1h	739.76	−0.089%	$4.2M	$1.8M	20x	as long as short
KuCoin QQQUSDTM	+0.0100%	8h	740.51	+0.012%	$3.4M	$372K	20x	as long as short
ApeX Omni QQQUSDT	+0.0100%	1h	740.43	+0.001%	$20K	$2.2M	50x	as long as short
Orderly PERP_QQQ_USDC_mythos	+0.0100%	8h	740.61	+0.026%	$12K	$21K	20x	as long as short
Aevo QQQ-PERP	+0.0104%	1h	740.09	−0.045%	$92K	$1K	10x	as long as short
Deribit QQQ_USDC-PERPETUAL	+0.0128%	1h	740.59	+0.023%	$423K	$157K	20x	as long as short
GRVT QQQ_USDT_Perp	+0.0142%	8h	741.04	+0.084%	$326K	$2.0M	10x	as long as short
Nado QQQ-PERP	+0.0150%	1h	740.46	+0.006%	$1.6M	$744K	20x	as long as short
Phoenix QQQlong	+0.0248%	1h	740.42	long leg	$38K	$65K	20x
edgeX QQQUSDC	+0.0553%	4h	740.83	+0.055%	$757K	$336K	20x	as long as short