Funding arb · Price arb /

QQQ

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0129%/8h= +14.2% APRpaid last 24h +0.014%

Price spread now: Phoenix against SunX−0.153%7-day average — · you buy dearer than you sell

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

Long on SunX Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.205%+$21 on $10k

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

Together, before fees—needs both histories

Funding pays, the price is against you. Phoenix is 0.153% cheaper against SunX than usual: you would sell low and buy high (spread −0.153% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$15 on $10k: about 4.0 days of funding at the current rate (+$4 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX QQQ-USDT	742.96	0	get 0.0000% / 8h	2h 34m	$2K	$1.9M	10x
Short	Phoenix QQQ	741.82	0.0129	get 0.0016% / 1h	34m 23s	$38K	$66K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against SunX. 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 SunXbpFee PhoenixbpOrdersPrice spread, now −0.153%Rate

Funding earned: $27.16
Price spread: −0.153% → 0.000%: −$15.34
Slippage, 4 orders: no order book: not counted
Fee SunX: 4 bp × 2 orders: −$8
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$3.18
Costs to cover: 0.150%
Break-even: 7.8 days

Slippage unknown: SunX: live order book, 11 min ago; Phoenix: 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 SunX live order book, 11 min ago	21.60 bp	25.6 bp −$26	doesn't fit	doesn't fit	doesn't fit
Sell Phoenix no order-book sample	—	—	—	—	—

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 −0.0147% / S +0.0241%	1h	742.16	−0.107%	$25K	—	26x	as long as short
Aster QQQUSDT	0.0000%	8h	742.08	−0.119%	$823K	$857K	20x	as long as short
Binance QQQUSDT	0.0000%	8h	742.12	−0.113%	$69.8M	$143.7M	25x	as long as short
Bybit QQQUSDT	0.0000%	8h	742.13	−0.112%	$10.6M	$5.1M	50x	as long as short
OKX QQQ-USDT-SWAP	0.0000%	8h	741.90	−0.143%	$21.6M	$28.0M	50x	as long as short
RISEx QQQ/USDC	0.0000%	1h	742.09	−0.117%	$5.4M	$7.1M	25x	as long as short
Gate QQQ_USDT	0.0000%	8h	741.77	−0.160%	$3.3M	$21.3M	50x	as long as short
Bitget QQQUSDT	0.0000%	8h	742.23	−0.098%	$16.6M	$5.7M	20x	as long as short
Variational Omni QQQ	0.0000%	8h	742.38	−0.078%	$16.9M	$7.3M	—	as long as short
SunX QQQ-USDTlong	0.0000%	8h	742.96	long leg	$2K	$1.9M	10x

Show all 28 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Coinbase International QQQ-PERP-INTX	0.0000%	1h	742.01	−0.128%	$1.2M	$539K	20x	as long as short
HTX QQQ-USDT	0.0000%	8h	742.18	−0.105%	$251K	$40K	30x	as long as short
Phemex QQQUSDT	0.0000%	8h	742.82	−0.019%	$361K	$1.6M	10x	as long as short
BloFin QQQ-USDT	+0.0006%	8h	742.26	−0.094%	$1.1M	$247K	20x	as long as short
Ondo Perps QQQ-USD.P	+0.0030%	1h	741.26	−0.229%	$4.2M	$1.8M	20x	as long as short
Lighter QQQ	+0.0032%	1h	741.97	−0.133%	$7.7M	$15.6M	30x	as long as short
Lighter RH QQQ	+0.0032%	1h	742.35	−0.082%	$36.8M	$79.3M	50x	as long as short
Arcus QQQ-USD	+0.0040%	1h	741.30	−0.223%	$695K	$1.6M	25x	as long as short
Vest QQQ-USD-PERP	+0.0046%	1h	743.16	+0.027%	—	$337K	50x	as long as short
GRVT QQQ_USDT_Perp	+0.0080%	8h	742.68	−0.038%	$320K	$2.0M	10x	as long as short
KuCoin QQQUSDTM	+0.0100%	8h	741.81	−0.155%	$3.4M	$355K	20x	as long as short
ApeX Omni QQQUSDT	+0.0100%	1h	742.15	−0.109%	$20K	$2.2M	50x	as long as short
Orderly PERP_QQQ_USDC_mythos	+0.0100%	8h	741.83	−0.152%	$12K	$21K	20x	as long as short
Aevo QQQ-PERP	+0.0104%	1h	741.36	−0.215%	$92K	$1K	10x	as long as short
Nado QQQ-PERP	+0.0129%	1h	741.76	−0.162%	$1.5M	$764K	20x	as long as short
Phoenix QQQshort	+0.0129%	1h	741.82	−0.153%	$38K	$66K	20x
Deribit QQQ_USDC-PERPETUAL	+0.0208%	1h	741.92	−0.140%	$424K	$152K	20x	as long as short
edgeX QQQUSDC	+0.0619%	4h	742.36	−0.081%	$759K	$335K	20x	as long as short