Funding arb · Price arb /

QQQ

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0118%/8h= +13.0% APRpaid last 24h −0.013%

Price spread now: Phoenix against Binance−0.089%55s7-day average — · you buy dearer than you sell

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

Long on Binance Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.243%+$24 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 0.089% cheaper against Binance than usual: you would sell low and buy high (spread −0.089% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$9 on $10k: about 2.5 days of funding at the current rate (+$4 a day). The two prices were read 55 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	Binance QQQUSDT	743.14	0	get 0.0000% / 8h	3h 14m	$70.2M	$142.8M	25x
Short	Phoenix QQQ	742.48	0.0118	get 0.0015% / 1h	14m 32s	$38K	$66K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now −0.089%Rate

Funding earned: $24.84
Price spread: −0.089% → 0.000%: −$8.94
Slippage, 4 orders: no order book: not counted
Fee Binance: 5 bp × 2 orders: −$10
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$1.09
Costs to cover: 0.170%
Break-even: 7.3 days

Slippage unknown: Binance: live order book, 14 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 Binance live order book, 14 min ago	0.07 bp	5.1 bp −$5	5.2 bp −$52	10.7 bp −$1,074	26.3 bp −$13.2K
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 −0.0138% / S +0.0235%	1h	743.25	+0.015%	$25K	—	26x	as long as short
BloFin QQQ-USDT	−0.0026%	8h	743.10	−0.006%	$1.1M	$246K	20x	as long as short
Ondo Perps QQQ-USD.P	−0.0018%	1h	741.97	−0.158%	$4.2M	$1.8M	20x	as long as short
Aster QQQUSDT	0.0000%	8h	742.84	−0.041%	$824K	$857K	20x	as long as short
Binance QQQUSDTlong	0.0000%	8h	743.14	long leg	$70.2M	$142.8M	25x
Bybit QQQUSDT	0.0000%	8h	743.07	−0.010%	$10.7M	$5.0M	50x	as long as short
OKX QQQ-USDT-SWAP	0.0000%	8h	742.97	−0.023%	$21.5M	$27.3M	50x	as long as short
Gate QQQ_USDT	0.0000%	8h	742.47	−0.091%	$3.3M	$21.2M	50x	as long as short
Bitget QQQUSDT	0.0000%	8h	743.29	+0.020%	$16.9M	$5.5M	20x	as long as short
Variational Omni QQQ	0.0000%	8h	743.13	−0.001%	$17.1M	$7.3M	—	as long as short

Show all 28 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX QQQ-USDT	0.0000%	8h	743.72	+0.078%	$2K	$1.9M	10x	as long as short
Coinbase International QQQ-PERP-INTX	0.0000%	1h	742.78	−0.049%	$1.2M	$537K	20x	as long as short
HTX QQQ-USDT	0.0000%	8h	743.43	+0.038%	$257K	$29K	30x	as long as short
Phemex QQQUSDT	0.0000%	8h	743.48	+0.045%	$361K	$1.6M	10x	as long as short
RISEx QQQ/USDC	+0.0010%	1h	743.19	+0.006%	$5.4M	$7.3M	25x	as long as short
Lighter QQQ	+0.0032%	1h	742.93	−0.029%	$7.7M	$15.8M	30x	as long as short
Lighter RH QQQ	+0.0032%	1h	743.31	+0.022%	$37.0M	$79.4M	50x	as long as short
Arcus QQQ-USD	+0.0040%	1h	742.31	−0.112%	$705K	$1.6M	25x	as long as short
Vest QQQ-USD-PERP	+0.0046%	1h	744.05	+0.122%	—	$337K	50x	as long as short
GRVT QQQ_USDT_Perp	+0.0067%	8h	743.40	+0.034%	$321K	$1.9M	10x	as long as short
Nado QQQ-PERP	+0.0086%	1h	742.77	−0.050%	$1.5M	$760K	20x	as long as short
KuCoin QQQUSDTM	+0.0100%	8h	742.84	−0.041%	$3.4M	$342K	20x	as long as short
ApeX Omni QQQUSDT	+0.0100%	1h	742.84	−0.041%	$20K	$2.2M	50x	as long as short
Orderly PERP_QQQ_USDC_mythos	+0.0100%	8h	742.97	−0.023%	$12K	$21K	20x	as long as short
Aevo QQQ-PERP	+0.0104%	1h	742.40	−0.099%	$92K	$1K	10x	as long as short
Phoenix QQQshort	+0.0118%	1h	742.48	−0.089%	$38K	$66K	20x
Deribit QQQ_USDC-PERPETUAL	+0.0140%	1h	743.04	−0.014%	$424K	$151K	20x	as long as short
edgeX QQQUSDC	+0.0856%	4h	743.06	−0.011%	$760K	$336K	20x	as long as short