Funding arb · Price arb /

QQQ

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0703%/8h= −76.9% APRpaid last 24h +0.015%

Price spread now: Phoenix against edgeX−0.117%7-day average — · you buy dearer than you sell

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

Long on edgeX Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.203%+$20 on $10k

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

Together, before fees—+ Points / potential airdropedgeX: Active · farm boardneeds both histories

Both sides work against this trade now: funding costs −$21 a day on $10k at the current rate, and Phoenix is 0.117% cheaper against edgeX than usual: you would sell low and buy high (−$12 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.203%, so the current rate has only just turned against you.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.203% in total (about 10.6% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	edgeX QQQUSDC	744.90	0.0961	pay 0.0481% / 4h	3h 23m	$762K	$335K	20x
Short	Phoenix QQQ	744.03	0.0258	get 0.0032% / 1h	23m 53s	$38K	$66K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against edgeX. 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 edgeXbpFee PhoenixbpOrdersPrice spread, now −0.117%Rate

Funding earned: −$147.56
Price spread: −0.117% → 0.000%: −$11.74
Slippage, 4 orders: no order book: not counted
Fee edgeX: 4.5 bp × 2 orders: −$9
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$175.3
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: edgeX: live order book, 50 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 edgeX live order book, 50 min ago	4.10 bp	8.7 bp −$9	9.7 bp −$97	doesn't fit	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 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	−0.0354%	1h	743.30	−0.215%	$4.2M	$2.1M	20x	as long as short
GMX QQQ/USD [ETH-USDC]	L −0.0087% / S +0.0195%	1h	744.30	−0.080%	$25K	—	26x	as long as short
BloFin QQQ-USDT	−0.0001%	8h	744.38	−0.070%	$1.1M	$318K	20x	as long as short
Bybit QQQUSDT	0.0000%	8h	744.27	−0.085%	$10.7M	$4.9M	50x	as long as short
OKX QQQ-USDT-SWAP	0.0000%	8h	744.10	−0.108%	$21.4M	$25.3M	50x	as long as short
Gate QQQ_USDT	0.0000%	8h	744.03	−0.117%	$3.2M	$27.9M	50x	as long as short
SunX QQQ-USDT	0.0000%	8h	744.81	−0.013%	$2K	$2.2M	10x	as long as short
Deribit QQQ_USDC-PERPETUAL	0.0000%	1h	743.93	−0.131%	$425K	$147K	20x	as long as short
HTX QQQ-USDT	0.0000%	8h	745.42	+0.069%	$258K	$29K	30x	as long as short
Phemex QQQUSDT	0.0000%	8h	744.51	−0.053%	$362K	$1.4M	10x	as long as short

Show all 28 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster QQQUSDT	+0.0004%	8h	744.22	−0.092%	$841K	$714K	20x	as long as short
Lighter QQQ	+0.0032%	1h	743.96	−0.127%	$7.7M	$18.4M	30x	as long as short
Lighter RH QQQ	+0.0032%	1h	744.36	−0.073%	$37.3M	$80.3M	50x	as long as short
Arcus QQQ-USD	+0.0040%	1h	743.95	−0.128%	$748K	$1.5M	25x	as long as short
Vest QQQ-USD-PERP	+0.0046%	1h	744.97	+0.009%	—	$306K	50x	as long as short
Variational Omni QQQ	+0.0052%	8h	744.72	−0.024%	$17.1M	$9.6M	—	as long as short
Coinbase International QQQ-PERP-INTX	+0.0064%	1h	744.24	−0.089%	$1.2M	$550K	20x	as long as short
Binance QQQUSDT	+0.0081%	8h	744.26	−0.086%	$71.1M	$152.3M	25x	as long as short
KuCoin QQQUSDTM	+0.0100%	8h	743.98	−0.124%	$3.4M	$410K	20x	as long as short
ApeX Omni QQQUSDT	+0.0100%	1h	744.53	−0.050%	$20K	$2.2M	50x	as long as short
Orderly PERP_QQQ_USDC_mythos	+0.0100%	8h	744.13	−0.104%	$12K	$21K	20x	as long as short
Nado QQQ-PERP	+0.0102%	1h	744.27	−0.085%	$1.5M	$1.2M	20x	as long as short
Aevo QQQ-PERP	+0.0104%	1h	743.76	−0.154%	$93K	$1K	10x	as long as short
Bitget QQQUSDT	+0.0180%	8h	744.34	−0.076%	$16.9M	$6.4M	20x	as long as short
RISEx QQQ/USDC	+0.0208%	1h	744.46	−0.060%	$5.4M	$8.6M	25x	as long as short
Phoenix QQQshort	+0.0258%	1h	744.03	−0.117%	$38K	$66K	20x
GRVT QQQ_USDT_Perp	+0.0304%	8h	745.05	+0.020%	$317K	$1.8M	10x	as long as short
edgeX QQQUSDClong	+0.0961%	4h	744.90	long leg	$762K	$335K	20x