Funding arb · Price arb /

QQQ

RWAall QQQ markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0171%/8h= +18.7% APRpaid last 24h +0.004%

Price spread now: Phoenix against Aster−0.042%7-day average — · you buy dearer than you sell

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

Long on Aster Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.185%+$19 on $10k

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

Together, before fees—+ Points / potential airdropAster: Stage 5 · farm boardneeds both histories

Funding pays, the price is against you. Phoenix is 0.042% cheaper against Aster than usual: you would sell low and buy high (spread −0.042% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$4 on $10k: about 20 hours of funding at the current rate (+$5 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Aster QQQUSDT	744.09	0.0012	pay 0.0012% / 8h	6h 38m	$841K	$712K	20x
Short	Phoenix QQQ	743.78	0.0183	get 0.0023% / 1h	38m 50s	$38K	$66K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Aster. 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 AsterbpFee PhoenixbpOrdersPrice spread, now −0.042%Rate

Funding earned: $35.93
Price spread: −0.042% → 0.000%: −$4.23
Slippage, 4 orders: no order book: not counted
Fee Aster: 4 bp × 2 orders: −$8
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $16.71
Costs to cover: 0.150%
Break-even: 3.7 days

Slippage unknown: Aster: live order book, 29 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 Aster live order book, 29 min ago	0.54 bp	4.5 bp −$5	5.8 bp −$58	28.3 bp −$2,833	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
Ondo Perps QQQ-USD.P	−0.0171%	1h	743.00	−0.147%	$4.2M	$1.9M	20x	as long as short
GMX QQQ/USD [ETH-USDC]	L −0.0096% / S +0.0202%	1h	744.12	+0.003%	$25K	—	26x	as long as short
Bybit QQQUSDT	0.0000%	8h	744.01	−0.011%	$10.7M	$5.0M	50x	as long as short
OKX QQQ-USDT-SWAP	0.0000%	8h	743.95	−0.019%	$21.5M	$25.5M	50x	as long as short
Gate QQQ_USDT	0.0000%	8h	743.81	−0.038%	$3.2M	$21.4M	50x	as long as short
SunX QQQ-USDT	0.0000%	8h	744.47	+0.050%	$2K	$2.1M	10x	as long as short
HTX QQQ-USDT	0.0000%	8h	744.32	+0.030%	$257K	$29K	30x	as long as short
Phemex QQQUSDT	0.0000%	8h	744.25	+0.021%	$359K	$1.4M	10x	as long as short
Aster QQQUSDTlong	+0.0012%	8h	744.09	long leg	$841K	$712K	20x
BloFin QQQ-USDT	+0.0026%	8h	744.31	+0.029%	$1.1M	$319K	20x	as long as short

Show all 28 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter QQQ	+0.0032%	1h	743.91	−0.025%	$7.7M	$17.7M	30x	as long as short
Lighter RH QQQ	+0.0032%	1h	744.34	+0.033%	$37.4M	$79.5M	50x	as long as short
Arcus QQQ-USD	+0.0040%	1h	743.19	−0.122%	$703K	$1.6M	25x	as long as short
Vest QQQ-USD-PERP	+0.0046%	1h	745.06	+0.130%	—	$356K	50x	as long as short
Coinbase International QQQ-PERP-INTX	+0.0048%	1h	744.05	−0.006%	$1.2M	$538K	20x	as long as short
Variational Omni QQQ	+0.0065%	8h	744.04	−0.007%	$17.1M	$7.6M	—	as long as short
Deribit QQQ_USDC-PERPETUAL	+0.0073%	1h	743.91	−0.025%	$425K	$148K	20x	as long as short
Bitget QQQUSDT	+0.0082%	8h	744.14	+0.006%	$16.9M	$5.9M	20x	as long as short
Binance QQQUSDT	+0.0088%	8h	744.02	−0.010%	$71.1M	$147.5M	25x	as long as short
KuCoin QQQUSDTM	+0.0100%	8h	743.83	−0.036%	$3.4M	$406K	20x	as long as short
ApeX Omni QQQUSDT	+0.0100%	1h	743.76	−0.045%	$20K	$2.2M	50x	as long as short
Orderly PERP_QQQ_USDC_mythos	+0.0100%	8h	743.86	−0.032%	$12K	$21K	20x	as long as short
Aevo QQQ-PERP	+0.0104%	1h	743.38	−0.097%	$93K	$1K	10x	as long as short
Nado QQQ-PERP	+0.0120%	1h	743.74	−0.047%	$1.5M	$1.0M	20x	as long as short
RISEx QQQ/USDC	+0.0168%	1h	744.06	−0.004%	$5.4M	$8.2M	25x	as long as short
Phoenix QQQshort	+0.0183%	1h	743.78	−0.042%	$38K	$66K	20x
GRVT QQQ_USDT_Perp	+0.0241%	8h	744.31	+0.029%	$318K	$1.8M	10x	as long as short
edgeX QQQUSDC	+0.0480%	4h	744.13	+0.005%	$761K	$333K	20x	as long as short