Funding arb · Price arb /

QQQ

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0436%/8h= −47.8% APRpaid last 24h −0.073%

Price spread now: Ondo Perps against Binance−0.272%7-day average −0.199% · you buy dearer than you sell

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

Long on Binance Short on Ondo Perps

What this pair did over the last

the charts below follow

Funding, last 7 days−0.216%−$22 on $10k

Price spread, last 2 days (all we have)+0.042%+$4 · spread now −0.272%, 7d avg −0.199%

Together, before fees−0.173%+ Points / potential airdropOndo Perps: Active · farm board−$17 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$13 a day on $10k at the current rate, and Ondo Perps is 0.073% cheaper against Binance than usual: you would sell low and buy high (−$7 if the spread goes back to its 7-day average of −0.199%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.216% in total (about -11.2% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance QQQUSDT	744.38	0.0072	pay 0.0072% / 8h	7h 45m	$71.0M	$154.9M	25x
Short	Ondo Perps QQQ-USD.P	742.35	−0.0365	pay 0.0046% / 1h	45m 22s	$4.2M	$2.0M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Ondo Perps against Binance. 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 BinancebpFee Ondo PerpsbpOrdersPrice spread, now −0.272%Rate

Funding earned: −$91.64
Price spread: −0.272% → −0.199%: −$7.3
Slippage, 4 orders: no order book: not counted
Fee Binance: 5 bp × 2 orders: −$10
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Net: −$113.93
Costs to cover: 0.150%
Break-even: never at this rate

Slippage unknown: Binance: live order book, 13 min ago; Ondo Perps: 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 Binance live order book, 13 min ago	0.07 bp	5.1 bp −$5	6.2 bp −$62	12.3 bp −$1,225	31.4 bp −$15.7K
Sell Ondo Perps no order-book sample	—	—	—	—	—

Ondo Perps: 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.Pshort	−0.0365%	1h	742.35	−0.272%	$4.2M	$2.0M	20x
GMX QQQ/USD [ETH-USDC]	L −0.0083% / S +0.0191%	1h	744.38	0.000%	$25K	—	26x	as long as short
BloFin QQQ-USDT	−0.0022%	8h	744.06	−0.043%	$1.0M	$318K	20x	as long as short
Aster QQQUSDT	0.0000%	8h	743.79	−0.079%	$841K	$760K	20x	as long as short
OKX QQQ-USDT-SWAP	0.0000%	8h	744.19	−0.025%	$21.5M	$25.4M	50x	as long as short
Gate QQQ_USDT	0.0000%	8h	743.97	−0.055%	$3.2M	$26.8M	50x	as long as short
SunX QQQ-USDT	0.0000%	8h	744.82	+0.060%	$2K	$2.2M	10x	as long as short
Deribit QQQ_USDC-PERPETUAL	0.0000%	1h	743.94	−0.059%	$425K	$147K	20x	as long as short
HTX QQQ-USDT	0.0000%	8h	744.80	+0.057%	$257K	$29K	30x	as long as short
Phemex QQQUSDT	0.0000%	8h	744.56	+0.025%	$361K	$1.4M	10x	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	744.07	−0.041%	$7.6M	$18.1M	30x	as long as short
Lighter RH QQQ	+0.0032%	1h	744.42	+0.006%	$37.3M	$79.0M	50x	as long as short
Arcus QQQ-USD	+0.0040%	1h	743.47	−0.122%	$747K	$1.5M	25x	as long as short
Variational Omni QQQ	+0.0042%	8h	744.27	−0.014%	$17.1M	$10.9M	—	as long as short
Vest QQQ-USD-PERP	+0.0046%	1h	744.80	+0.057%	—	$336K	50x	as long as short
Coinbase International QQQ-PERP-INTX	+0.0064%	1h	743.88	−0.067%	$1.2M	$581K	20x	as long as short
Binance QQQUSDTlong	+0.0072%	8h	744.38	long leg	$71.0M	$154.9M	25x
KuCoin QQQUSDTM	+0.0100%	8h	743.91	−0.063%	$3.4M	$413K	20x	as long as short
ApeX Omni QQQUSDT	+0.0100%	1h	743.97	−0.055%	$20K	$2.2M	50x	as long as short
Orderly PERP_QQQ_USDC_mythos	+0.0100%	8h	744.11	−0.036%	$12K	$21K	20x	as long as short
Bybit QQQUSDT	+0.0104%	8h	744.47	+0.013%	$10.7M	$4.9M	50x	as long as short
Aevo QQQ-PERP	+0.0104%	1h	743.51	−0.116%	$93K	$1K	10x	as long as short
Nado QQQ-PERP	+0.0118%	1h	743.83	−0.073%	$1.5M	$1.2M	20x	as long as short
Bitget QQQUSDT	+0.0181%	8h	744.41	+0.005%	$16.9M	$6.6M	20x	as long as short
RISEx QQQ/USDC	+0.0208%	1h	744.34	−0.005%	$5.5M	$9.0M	25x	as long as short
GRVT QQQ_USDT_Perp	+0.0219%	8h	744.39	+0.001%	$327K	$1.8M	10x	as long as short
Phoenix QQQ	+0.0258%	1h	743.91	−0.063%	$38K	$66K	20x	as long as short
edgeX QQQUSDC	+0.0995%	4h	744.25	−0.017%	$761K	$336K	20x	as long as short