Funding you earn now, next payment 11:00 UTC+0.0398%/8h= +43.6% APRpaid last 24h +0.022%
Price spread now: Phoenix against Bybit−0.089%85s7-day average — · you buy dearer than you sell
to open and closeno order booka leg has no order-book sample
Funding, last 7 days+0.143%+$14 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 Bybit 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 18 hours of funding at the current rate (+$12 a day). At the pace of the last 7 days (+0.143% in total) that is about 4.3 days. The two prices were read 85 seconds apart, so part of this spread may be the market moving, not a spread.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.143% in total (about 7.5% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made; yellow are the hours one leg has not settled yet: what the other leg paid, plus the unsettled leg at its current rate.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Bybit QQQUSDT | 742.19 | 0.0012 | pay 0.0012% / 8h | 4h 44m | $10.9M | $5.1M | 50x |
| Short | Phoenix QQQ | 741.53 | 0.0409 | get 0.0051% / 1h | 44m 01s | $38K | $59K | 20x |
Bybit QQQUSDT
Phoenix QQQFunding history
latest
Range statsloading…
Price spread between the two exchanges
Phoenix against Bybit. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- $83.54
- Price spread: −0.089% → 0.000%
- −$8.89
- Slippage, 4 orders
- no order book: not counted
- Fee Bybit: 5.5 bp × 2 orders
- −$11
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Net
- $56.65
- Costs to cover
- 0.180%
- Break-even
- 2.3 days
Slippage unknown: Bybit: live order book, 2 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 Bybit live order book, 2 min ago | 0.07 bp | 7.2 bp −$7 | 11.1 bp −$111 | 54.0 bp −$5,403 | 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 exchanges
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 −0.0203% / S +0.0285% | 1h | 742.47 | +0.037% | $25K | — | 26x | as long as short |
| Ondo Perps QQQ-USD.P | −0.0030% | 1h | 740.62 | −0.212% | $4.2M | $1.8M | 20x | as long as short |
| BloFin QQQ-USDT | −0.0005% | 8h | 742.01 | −0.024% | $1.1M | $242K | 20x | as long as short |
| OKX QQQ-USDT-SWAP | 0.0000% | 8h | 742.17 | −0.003% | $22.1M | $31.0M | 50x | as long as short |
| RISEx QQQ/USDC | 0.0000% | 1h | 742.05 | −0.020% | $5.5M | $5.7M | 25x | as long as short |
| Gate QQQ_USDT | 0.0000% | 8h | 741.76 | −0.058% | $3.6M | $19.9M | 50x | as long as short |
| Bitget QQQUSDT | 0.0000% | 8h | 742.45 | +0.035% | $17.0M | $6.0M | 20x | as long as short |
| SunX QQQ-USDT | 0.0000% | 8h | 742.96 | +0.104% | $2K | $1.5M | 10x | as long as short |
| Deribit QQQ_USDC-PERPETUAL | 0.0000% | 1h | 742.02 | −0.023% | $398K | $103K | 20x | as long as short |
| HTX QQQ-USDT | 0.0000% | 8h | 742.47 | +0.038% | $247K | $45K | 30x | as long as short |
GMX QQQ/USD [ETH-USDC]
Ondo Perps QQQ-USD.P
BloFin QQQ-USDT
OKX QQQ-USDT-SWAP
RISEx QQQ/USDC
Gate QQQ_USDT
Bitget QQQUSDT
SunX QQQ-USDT
Deribit QQQ_USDC-PERPETUAL
HTX QQQ-USDTShow all 28 exchanges
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Phemex QQQUSDT | 0.0000% | 8h | 742.54 | +0.047% | $359K | $1.7M | 10x | as long as short |
| Arcus QQQ-USD | +0.0004% | 1h | 741.22 | −0.131% | $653K | $1.4M | 25x | as long as short |
| Aster QQQUSDT | +0.0009% | 8h | 742.16 | −0.004% | $855K | $915K | 20x | as long as short |
| Bybit QQQUSDTlong | +0.0012% | 8h | 742.19 | long leg | $10.9M | $5.1M | 50x | |
| Lighter QQQ | +0.0032% | 1h | 741.58 | −0.082% | $7.2M | $16.5M | 30x | as long as short |
| Lighter RH QQQ | +0.0032% | 1h | 742.36 | +0.023% | $38.9M | $76.3M | 50x | as long as short |
| Vest QQQ-USD-PERP | +0.0046% | 1h | 743.25 | +0.143% | — | $337K | 50x | as long as short |
| Coinbase International QQQ-PERP-INTX | +0.0048% | 1h | 741.72 | −0.063% | $1.2M | $589K | 20x | as long as short |
| Variational Omni QQQ | +0.0081% | 8h | 741.84 | −0.048% | $16.8M | $6.9M | — | as long as short |
| KuCoin QQQUSDTM | +0.0100% | 8h | 741.83 | −0.049% | $3.4M | $512K | 20x | as long as short |
| ApeX Omni QQQUSDT | +0.0100% | 1h | 741.49 | −0.094% | $20K | $2.2M | 50x | as long as short |
| Orderly PERP_QQQ_USDC_mythos | +0.0100% | 8h | 742.08 | −0.015% | $12K | $21K | 20x | as long as short |
| Binance QQQUSDT | +0.0101% | 8h | 742.35 | +0.022% | $72.6M | $148.7M | 25x | as long as short |
| Nado QQQ-PERP | +0.0102% | 1h | 741.94 | −0.033% | $1.6M | $784K | 20x | as long as short |
| Aevo QQQ-PERP | +0.0104% | 1h | 741.53 | −0.089% | $92K | $1K | 10x | as long as short |
| edgeX QQQUSDC | +0.0187% | 4h | 741.91 | −0.038% | $759K | $336K | 20x | as long as short |
| GRVT QQQ_USDT_Perp | +0.0258% | 8h | 742.21 | +0.003% | $317K | $2.1M | 10x | as long as short |
| Phoenix QQQshort | +0.0409% | 1h | 741.53 | −0.089% | $38K | $59K | 20x |
Phemex QQQUSDT
Arcus QQQ-USD
Aster QQQUSDT
Lighter QQQ
Lighter RH QQQ
Vest QQQ-USD-PERP
Coinbase International QQQ-PERP-INTX
Variational Omni QQQ
KuCoin QQQUSDTM
ApeX Omni QQQUSDT
Orderly PERP_QQQ_USDC_mythos
Binance QQQUSDT
Nado QQQ-PERP
Aevo QQQ-PERP
edgeX QQQUSDC
GRVT QQQ_USDT_Perp