Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0040%/8h= +4.4% APRpaid last 24h +0.007%

Price spread now: Arcus against OKX−0.101%47s7-day average −0.150% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

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

costs, in and out, $10k−$210.208% of the position

Long on OKX Short on Arcus

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.024%+$2 on $10k

Price spread, last 7 days+0.029%+$3 · spread now −0.101%, 7d avg −0.150%

Together, before fees+0.053%+$5 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and Arcus is 0.049% dearer against OKX than usual: you sell high and buy low: +$5 more if the spread goes back to its 7-day average of −0.150%. The two prices were read 47 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	OKX QQQ-USDT-SWAP	744.41	0	get 0.0000% / 8h	6h 13m	$21.7M	$26.4M	50x
Short	Arcus QQQ-USD	743.66	0.0040	get 0.0005% / 1h	13m 52s	$705K	$1.6M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Arcus against OKX. 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 OKXbpFee ArcusbpOrdersPrice spread, now −0.101%Rate

Funding earned: $8.46
Price spread: −0.101% → −0.150%: $4.91
Slippage, 4 orders: −$6.28
Fee OKX: 5 bp × 2 orders: −$10
Fee Arcus: 2.25 bp × 2 orders: −$4.5
Net: −$7.41
Costs to cover: 0.208%
Break-even: 13.1 days

Slippage from OKX: live order book, 5 min ago; Arcus: live order book, 5 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 OKX live order book, 5 min ago	0.07 bp	5.1 bp −$5	5.6 bp −$56	12.6 bp −$1,260	doesn't fit
Sell Arcus live order book, 5 min ago	0.40 bp	6.6 bp −$7	13.0 bp −$130	doesn't fit	doesn't fit

QQQ on 27 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 −0.0101% / S +0.0206%	1h	744.54	+0.018%	$25K	—	26x	as long as short
Ondo Perps QQQ-USD.P	−0.0088%	1h	743.56	−0.114%	$4.2M	$1.9M	20x	as long as short
Bybit QQQUSDT	0.0000%	8h	744.67	+0.035%	$10.7M	$5.0M	50x	as long as short
OKX QQQ-USDT-SWAPlong	0.0000%	8h	744.41	long leg	$21.7M	$26.4M	50x
Gate QQQ_USDT	0.0000%	8h	744.09	−0.043%	$3.3M	$23.4M	50x	as long as short
SunX QQQ-USDT	0.0000%	8h	745.01	+0.081%	$2K	$2.1M	10x	as long as short
HTX QQQ-USDT	0.0000%	8h	745.25	+0.113%	$258K	$29K	30x	as long as short
Phemex QQQUSDT	0.0000%	8h	744.85	+0.059%	$360K	$1.4M	10x	as long as short
Aster QQQUSDT	+0.0006%	8h	744.45	+0.006%	$841K	$712K	20x	as long as short
Bitget QQQUSDT	+0.0025%	8h	744.60	+0.026%	$16.9M	$5.9M	20x	as long as short

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter QQQ	+0.0032%	1h	744.32	−0.012%	$7.7M	$17.8M	30x	as long as short
Lighter RH QQQ	+0.0032%	1h	744.73	+0.043%	$37.4M	$80.3M	50x	as long as short
Arcus QQQ-USDshort	+0.0040%	1h	743.66	−0.101%	$705K	$1.6M	25x
Vest QQQ-USD-PERP	+0.0046%	1h	745.46	+0.141%	—	$337K	50x	as long as short
Coinbase International QQQ-PERP-INTX	+0.0048%	1h	744.08	−0.044%	$1.2M	$538K	20x	as long as short
Variational Omni QQQ	+0.0056%	8h	744.43	+0.002%	$17.1M	$7.6M	—	as long as short
Binance QQQUSDT	+0.0082%	8h	744.56	+0.020%	$71.1M	$147.3M	25x	as long as short
KuCoin QQQUSDTM	+0.0100%	8h	744.29	−0.016%	$3.4M	$412K	20x	as long as short
ApeX Omni QQQUSDT	+0.0100%	1h	744.10	−0.042%	$20K	$2.2M	50x	as long as short
Orderly PERP_QQQ_USDC_mythos	+0.0100%	8h	744.25	−0.021%	$12K	$21K	20x	as long as short
Aevo QQQ-PERP	+0.0104%	1h	743.76	−0.087%	$93K	$1K	10x	as long as short
Deribit QQQ_USDC-PERPETUAL	+0.0113%	1h	744.30	−0.015%	$425K	$148K	20x	as long as short
Nado QQQ-PERP	+0.0123%	1h	744.11	−0.040%	$1.5M	$953K	20x	as long as short
RISEx QQQ/USDC	+0.0168%	1h	744.53	+0.016%	$5.4M	$8.0M	25x	as long as short
Phoenix QQQ	+0.0183%	1h	744.18	−0.031%	$38K	$66K	20x	as long as short
GRVT QQQ_USDT_Perp	+0.0198%	8h	744.63	+0.029%	$320K	$1.8M	10x	as long as short
edgeX QQQUSDC	+0.0490%	4h	744.37	−0.005%	$761K	$335K	20x	as long as short