Funding arb · Price arb /

QQQ

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0016%/8h= +1.8% APRpaid last 24h −0.007%

Price spread now: Coinbase International against Bybit−0.053%7-day average −0.081% · you buy dearer than you sell

Net, funding: paid 7d − costs−$8as in the Funding arb table

Net, price: spread back to 7d avg − costs−$24as in the Price arb table

costs, in and out, $10k−$270.269% of the position

Long on Bybit Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+0.194%+$19 on $10k

Price spread, last 4 days (all we have)+0.050%+$5 · spread now −0.053%, 7d avg −0.081%

Together, before fees+0.244%+$24 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays $0 a day on $10k at the current rate, and Coinbase International is 0.029% dearer against Bybit than usual: you sell high and buy low: +$3 more if the spread goes back to its 7-day average of −0.081%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit QQQUSDT	741.90	0	get 0.0000% / 8h	34m 04s	$10.7M	$5.1M	50x
Short	Coinbase International QQQ-PERP-INTX	741.51	0.0016	get 0.0002% / 1h	34m 04s	$1.2M	$491K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against Bybit. 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 BybitbpFee Coinbase InternationalbpOrdersPrice spread, now −0.053%Rate

Funding earned: $3.36
Price spread: −0.053% → −0.081%: $2.89
Slippage, 4 orders: −$5.92
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$20.67
Costs to cover: 0.269%
Break-even: 50.1 days

Slippage from Bybit: live order book, 4 min ago; Coinbase International: live order book, 4 min ago.

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 Bybit live order book, 4 min ago	0.40 bp	7.9 bp −$8	13.4 bp −$134	97.4 bp −$9,735	doesn't fit
Sell Coinbase International live order book, 4 min ago	0.07 bp	6.7 bp −$7	8.3 bp −$83	doesn't fit	doesn't fit

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	−0.0177%	1h	740.56	−0.181%	$4.2M	$1.8M	20x	as long as short
GMX QQQ/USD [ETH-USDC]	L −0.0172% / S +0.0261%	1h	741.84	−0.009%	$25K	—	26x	as long as short
Gate QQQ_USDT	−0.0075%	8h	741.40	−0.067%	$3.3M	$21.6M	50x	as long as short
BloFin QQQ-USDT	−0.0007%	8h	741.72	−0.024%	$1.1M	$274K	20x	as long as short
Aster QQQUSDT	0.0000%	8h	741.79	−0.015%	$821K	$861K	20x	as long as short
Bybit QQQUSDTlong	0.0000%	8h	741.90	long leg	$10.7M	$5.1M	50x
OKX QQQ-USDT-SWAP	0.0000%	8h	741.60	−0.040%	$21.4M	$28.4M	50x	as long as short
RISEx QQQ/USDC	0.0000%	1h	741.66	−0.032%	$5.4M	$6.3M	25x	as long as short
Bitget QQQUSDT	0.0000%	8h	741.99	+0.012%	$16.5M	$5.4M	20x	as long as short
Variational Omni QQQ	0.0000%	8h	741.73	−0.023%	$16.8M	$7.2M	—	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	742.63	+0.098%	$2K	$1.8M	10x	as long as short
HTX QQQ-USDT	0.0000%	8h	742.04	+0.019%	$251K	$41K	30x	as long as short
Phemex QQQUSDT	0.0000%	8h	742.27	+0.050%	$361K	$1.6M	10x	as long as short
Binance QQQUSDT	+0.0011%	8h	741.78	−0.016%	$70.2M	$142.2M	25x	as long as short
Coinbase International QQQ-PERP-INTXshort	+0.0016%	1h	741.51	−0.053%	$1.2M	$491K	20x
Lighter QQQ	+0.0032%	1h	741.61	−0.039%	$7.7M	$15.3M	30x	as long as short
Lighter RH QQQ	+0.0032%	1h	741.89	−0.001%	$37.3M	$80.2M	50x	as long as short
Arcus QQQ-USD	+0.0040%	1h	741.26	−0.086%	$644K	$1.7M	25x	as long as short
Vest QQQ-USD-PERP	+0.0046%	1h	742.76	+0.116%	—	$337K	50x	as long as short
Deribit QQQ_USDC-PERPETUAL	+0.0087%	1h	741.63	−0.036%	$424K	$156K	20x	as long as short
KuCoin QQQUSDTM	+0.0100%	8h	741.47	−0.058%	$3.4M	$360K	20x	as long as short
ApeX Omni QQQUSDT	+0.0100%	1h	741.38	−0.070%	$20K	$2.2M	50x	as long as short
Orderly PERP_QQQ_USDC_mythos	+0.0100%	8h	741.62	−0.038%	$12K	$21K	20x	as long as short
Aevo QQQ-PERP	+0.0104%	1h	741.18	−0.097%	$92K	$1K	10x	as long as short
Nado QQQ-PERP	+0.0119%	1h	741.51	−0.052%	$1.6M	$763K	20x	as long as short
GRVT QQQ_USDT_Perp	+0.0127%	8h	741.96	+0.008%	$325K	$2.0M	10x	as long as short
Phoenix QQQ	+0.0227%	1h	741.51	−0.053%	$38K	$65K	20x	as long as short
edgeX QQQUSDC	+0.0600%	4h	741.80	−0.013%	$758K	$335K	20x	as long as short