Funding arb · Price arb /

QQQ

RWAall QQQ markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0255%/8h= +28.0% APRpaid last 24h +0.017%

Price spread now: Phoenix against Variational Omni−0.049%99s7-day average — · you buy dearer than you sell

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

Long on Variational Omni Short on Phoenix

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

Funding pays, the price is against you. Phoenix is 0.049% cheaper against Variational Omni than usual: you would sell low and buy high (spread −0.049% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$5 on $10k: about 15 hours of funding at the current rate (+$8 a day). The two prices were read 99 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	Variational Omni QQQ	741.58	0.0025	pay 0.0025% / 8h	6h 19m	$16.8M	$7.2M	—
Short	Phoenix QQQ	741.22	0.0280	get 0.0035% / 1h	19m 49s	$38K	$59K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Variational Omni. 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 Variational OmnibpFee PhoenixbpOrdersPrice spread, now −0.049%Rate

Funding earned: $53.63
Price spread: −0.049% → 0.000%: −$4.89
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $41.73
Costs to cover: 0.070%
Break-even: 1.6 days

Slippage unknown: Variational Omni: RFQ quote, 2 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 Variational Omni RFQ quote, 2 min ago	1.90 bp	doesn't fit	3.0 bp −$30	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 exchanges

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 −0.0199% / S +0.0283%	1h	741.71	+0.016%	$25K	—	26x	as long as short
Ondo Perps QQQ-USD.P	−0.0107%	1h	740.41	−0.158%	$4.2M	$1.8M	20x	as long as short
BloFin QQQ-USDT	−0.0015%	8h	741.55	−0.004%	$1.1M	$227K	20x	as long as short
Aster QQQUSDT	0.0000%	8h	741.67	+0.012%	$856K	$902K	20x	as long as short
OKX QQQ-USDT-SWAP	0.0000%	8h	741.41	−0.023%	$21.7M	$29.7M	50x	as long as short
RISEx QQQ/USDC	0.0000%	1h	741.47	−0.016%	$5.4M	$5.7M	25x	as long as short
Gate QQQ_USDT	0.0000%	8h	741.28	−0.041%	$3.5M	$20.3M	50x	as long as short
Bitget QQQUSDT	0.0000%	8h	741.78	+0.027%	$16.6M	$5.3M	20x	as long as short
SunX QQQ-USDT	0.0000%	8h	742.18	+0.081%	$2K	$1.5M	10x	as long as short
HTX QQQ-USDT	0.0000%	8h	742.02	+0.059%	$251K	$38K	30x	as long as short

Show all 28 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex QQQUSDT	0.0000%	8h	742.34	+0.102%	$363K	$1.6M	10x	as long as short
Variational Omni QQQlong	+0.0025%	8h	741.58	long leg	$16.8M	$7.2M	—
Lighter QQQ	+0.0032%	1h	741.32	−0.035%	$7.5M	$15.0M	30x	as long as short
Lighter RH QQQ	+0.0032%	1h	741.74	+0.021%	$38.4M	$78.0M	50x	as long as short
Coinbase International QQQ-PERP-INTX	+0.0032%	1h	741.32	−0.035%	$1.2M	$526K	20x	as long as short
Arcus QQQ-USD	+0.0040%	1h	740.75	−0.112%	$648K	$1.4M	25x	as long as short
Vest QQQ-USD-PERP	+0.0046%	1h	742.58	+0.134%	—	$337K	50x	as long as short
Bybit QQQUSDT	+0.0049%	8h	741.71	+0.017%	$10.6M	$4.9M	50x	as long as short
Binance QQQUSDT	+0.0053%	8h	741.67	+0.012%	$71.0M	$141.2M	25x	as long as short
KuCoin QQQUSDTM	+0.0100%	8h	741.25	−0.045%	$3.4M	$446K	20x	as long as short
ApeX Omni QQQUSDT	+0.0100%	1h	741.41	−0.023%	$20K	$2.2M	50x	as long as short
Orderly PERP_QQQ_USDC_mythos	+0.0100%	8h	741.41	−0.023%	$12K	$21K	20x	as long as short
Aevo QQQ-PERP	+0.0104%	1h	740.89	−0.093%	$92K	$1K	10x	as long as short
Deribit QQQ_USDC-PERPETUAL	+0.0114%	1h	741.36	−0.030%	$423K	$125K	20x	as long as short
Nado QQQ-PERP	+0.0119%	1h	741.17	−0.055%	$1.6M	$794K	20x	as long as short
GRVT QQQ_USDT_Perp	+0.0192%	8h	741.91	+0.045%	$317K	$2.0M	10x	as long as short
Phoenix QQQshort	+0.0280%	1h	741.22	−0.049%	$38K	$59K	20x
edgeX QQQUSDC	+0.0649%	4h	741.76	+0.024%	$758K	$335K	20x	as long as short