Funding arb · Price arb /

QQQ

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0016%/8h= −1.8% APRpaid last 24h +0.007%

Price spread now: Bybit against Coinbase International+0.073%54s7-day average +0.082% · you sell dearer than you buy

Net, funding: paid 7d − costs−$47as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$270.271% of the position

Long on Coinbase International Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.195%−$19 on $10k

Price spread, last 4 days (all we have)−0.086%−$9 · spread now +0.073%, 7d avg +0.082%

Together, before fees−0.281%−$28 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.082%, so right now this pair is about funding alone: $0 a day on $10k at the current rate. The two prices were read 54 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	Coinbase International QQQ-PERP-INTX	741.36	0.0016	pay 0.0002% / 1h	25m 21s	$1.2M	$547K	20x
Short	Bybit QQQUSDT	741.90	0	get 0.0000% / 8h	1h 25m	$10.5M	$5.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Coinbase International. 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 Coinbase InternationalbpFee BybitbpOrdersPrice spread, now +0.073%Rate

Funding earned: −$3.36
Price spread: +0.073% → +0.082%: −$0.88
Slippage, 4 orders: −$6.15
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$31.39
Costs to cover: 0.271%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 3 min ago; Bybit: live order book, 3 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 Coinbase International live order book, 3 min ago	0.07 bp	5.5 bp −$5	7.4 bp −$74	37.0 bp −$3,703	doesn't fit
Sell Bybit live order book, 3 min ago	0.94 bp	7.9 bp −$8	9.0 bp −$90	71.7 bp −$7,171	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
GMX QQQ/USD [ETH-USDC]	L −0.0161% / S +0.0252%	1h	742.09	+0.098%	$25K	—	26x	as long as short
Gate QQQ_USDT	−0.0027%	8h	741.33	−0.004%	$3.3M	$21.5M	50x	as long as short
Aster QQQUSDT	0.0000%	8h	742.01	+0.087%	$823K	$858K	20x	as long as short
Bybit QQQUSDTshort	0.0000%	8h	741.90	+0.073%	$10.5M	$5.2M	50x
OKX QQQ-USDT-SWAP	0.0000%	8h	741.76	+0.054%	$21.4M	$28.4M	50x	as long as short
RISEx QQQ/USDC	0.0000%	1h	741.76	+0.053%	$5.5M	$6.3M	25x	as long as short
Bitget QQQUSDT	0.0000%	8h	742.17	+0.109%	$16.6M	$5.4M	20x	as long as short
Variational Omni QQQ	0.0000%	8h	741.98	+0.083%	$16.9M	$7.3M	—	as long as short
SunX QQQ-USDT	0.0000%	8h	742.83	+0.198%	$2K	$1.8M	10x	as long as short
HTX QQQ-USDT	0.0000%	8h	742.14	+0.105%	$251K	$41K	30x	as long as short

Show all 28 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex QQQUSDT	0.0000%	8h	742.41	+0.142%	$366K	$1.6M	10x	as long as short
Ondo Perps QQQ-USD.P	+0.0002%	1h	741.10	−0.035%	$4.2M	$1.8M	20x	as long as short
Binance QQQUSDT	+0.0003%	8h	742.03	+0.090%	$70.0M	$144.6M	25x	as long as short
BloFin QQQ-USDT	+0.0012%	8h	741.84	+0.065%	$1.1M	$278K	20x	as long as short
Coinbase International QQQ-PERP-INTXlong	+0.0016%	1h	741.36	long leg	$1.2M	$547K	20x
Lighter QQQ	+0.0032%	1h	741.83	+0.063%	$7.7M	$15.5M	30x	as long as short
Lighter RH QQQ	+0.0032%	1h	742.17	+0.109%	$37.0M	$80.5M	50x	as long as short
Arcus QQQ-USD	+0.0040%	1h	741.16	−0.027%	$686K	$1.6M	25x	as long as short
Vest QQQ-USD-PERP	+0.0046%	1h	742.94	+0.213%	—	$337K	50x	as long as short
KuCoin QQQUSDTM	+0.0100%	8h	741.58	+0.030%	$3.4M	$353K	20x	as long as short
ApeX Omni QQQUSDT	+0.0100%	1h	741.57	+0.028%	$20K	$2.2M	50x	as long as short
Orderly PERP_QQQ_USDC_mythos	+0.0100%	8h	741.68	+0.043%	$12K	$21K	20x	as long as short
Aevo QQQ-PERP	+0.0104%	1h	741.20	−0.021%	$92K	$1K	10x	as long as short
GRVT QQQ_USDT_Perp	+0.0116%	8h	742.17	+0.109%	$322K	$2.0M	10x	as long as short
Nado QQQ-PERP	+0.0132%	1h	741.66	+0.041%	$1.5M	$764K	20x	as long as short
Phoenix QQQ	+0.0205%	1h	741.63	+0.036%	$38K	$66K	20x	as long as short
Deribit QQQ_USDC-PERPETUAL	+0.0236%	1h	741.83	+0.063%	$424K	$154K	20x	as long as short
edgeX QQQUSDC	+0.0573%	4h	741.92	+0.076%	$759K	$334K	20x	as long as short