Funding arb · Price arb /

QQQ

RWAall QQQ markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0278%/8h= −30.4% APRpaid last 24h −0.035%

Price spread now: GMX against Bybit−0.026%7-day average — · you buy dearer than you sell

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

Long on Bybit Short on GMX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

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

Together, before fees—needs both histories

Both sides work against this trade now: funding costs −$8 a day on $10k at the current rate, and GMX is 0.026% cheaper against Bybit than usual: you would sell low and buy high (−$3 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit QQQUSDT	744.45	0.0087	pay 0.0087% / 8h	7h 45m	$10.7M	$4.9M	50x
Short	GMX QQQ/USD [ETH-USDC]	744.25	L −0.0082% / S +0.0191%	pay 0.0024% / 1h	45m 58s	$25K	—	26x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX 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 GMXbpOrdersPrice spread, now −0.026%Rate

Funding earned: −$58.36
Price spread: −0.026% → 0.000%: −$2.62
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee GMX: 6 bp × 2 orders: −$12
Net: −$83.98
Costs to cover: 0.230%
Break-even: never at this rate

Slippage unknown: Bybit: live order book, 2 min ago; GMX: 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 Bybit live order book, 2 min ago	0.60 bp	7.6 bp −$8	12.6 bp −$126	83.2 bp −$8,317	doesn't fit
Sell GMX no order-book sample	—	—	—	—	—

GMX: 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	−0.0370%	1h	742.51	−0.261%	$4.2M	$2.0M	20x	as long as short
GMX QQQ/USD [ETH-USDC]short	L −0.0082% / S +0.0191%	1h	744.25	−0.026%	$25K	—	26x
BloFin QQQ-USDT	−0.0022%	8h	744.06	−0.052%	$1.0M	$318K	20x	as long as short
Aster QQQUSDT	0.0000%	8h	743.73	−0.096%	$841K	$760K	20x	as long as short
OKX QQQ-USDT-SWAP	0.0000%	8h	744.15	−0.040%	$21.5M	$25.4M	50x	as long as short
Gate QQQ_USDT	0.0000%	8h	743.93	−0.070%	$3.2M	$26.7M	50x	as long as short
SunX QQQ-USDT	0.0000%	8h	744.74	+0.039%	$2K	$2.2M	10x	as long as short
HTX QQQ-USDT	0.0000%	8h	744.80	+0.047%	$257K	$29K	30x	as long as short
Phemex QQQUSDT	0.0000%	8h	744.56	+0.015%	$361K	$1.4M	10x	as long as short
Deribit QQQ_USDC-PERPETUAL	+0.0005%	1h	743.87	−0.078%	$425K	$147K	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	744.01	−0.059%	$7.6M	$18.1M	30x	as long as short
Lighter RH QQQ	+0.0032%	1h	744.35	−0.013%	$37.3M	$79.0M	50x	as long as short
Arcus QQQ-USD	+0.0040%	1h	743.46	−0.133%	$747K	$1.5M	25x	as long as short
Variational Omni QQQ	+0.0042%	8h	744.27	−0.024%	$17.1M	$10.9M	—	as long as short
Vest QQQ-USD-PERP	+0.0046%	1h	744.79	+0.046%	—	$336K	50x	as long as short
Coinbase International QQQ-PERP-INTX	+0.0064%	1h	743.88	−0.077%	$1.2M	$581K	20x	as long as short
Binance QQQUSDT	+0.0071%	8h	744.36	−0.012%	$71.0M	$155.1M	25x	as long as short
Bybit QQQUSDTlong	+0.0087%	8h	744.45	long leg	$10.7M	$4.9M	50x
KuCoin QQQUSDTM	+0.0100%	8h	743.88	−0.077%	$3.4M	$413K	20x	as long as short
ApeX Omni QQQUSDT	+0.0100%	1h	743.83	−0.083%	$20K	$2.2M	50x	as long as short
Orderly PERP_QQQ_USDC_mythos	+0.0100%	8h	743.99	−0.062%	$12K	$21K	20x	as long as short
Aevo QQQ-PERP	+0.0104%	1h	743.52	−0.125%	$93K	$1K	10x	as long as short
Nado QQQ-PERP	+0.0115%	1h	744.01	−0.059%	$1.5M	$1.2M	20x	as long as short
Bitget QQQUSDT	+0.0180%	8h	744.34	−0.015%	$16.9M	$6.6M	20x	as long as short
RISEx QQQ/USDC	+0.0208%	1h	744.40	−0.007%	$5.5M	$9.0M	25x	as long as short
GRVT QQQ_USDT_Perp	+0.0219%	8h	744.39	−0.009%	$327K	$1.8M	10x	as long as short
Phoenix QQQ	+0.0258%	1h	743.91	−0.073%	$38K	$66K	20x	as long as short
edgeX QQQUSDC	+0.0995%	4h	744.25	−0.027%	$761K	$336K	20x	as long as short