Funding arb · Price arb /

QQQ

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h +0.030%

Price spread now: ApeX Omni against Phemex−0.071%77s7-day average −0.063% · you buy dearer than you sell

Net, funding: paid 7d − costs−$64as 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−$850.853% of the position

Long on Phemex Short on ApeX Omni

What this pair did over the last

the charts below follow

Funding, last 7 days+0.210%+$21 on $10k

Price spread, last 4 days (all we have)−0.097%−$10 · spread now −0.071%, 7d avg −0.063%

Together, before fees+0.113%+$11 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.063%, so right now this pair is about funding alone: +$3 a day on $10k at the current rate. The two prices were read 77 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	Phemex QQQUSDT	744.64	0	get 0.0000% / 8h	4h 34m	$362K	$1.5M	10x
Short	ApeX Omni QQQUSDT	744.11	0.0100	get 0.0013% / 1h	34m 11s	$20K	$2.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

ApeX Omni against Phemex. 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 PhemexbpFee ApeX OmnibpOrdersPrice spread, now −0.071%Rate

Funding earned: $21
Price spread: −0.071% → −0.063%: −$0.83
Slippage, 4 orders: −$63.29
Fee Phemex: 6 bp × 2 orders: −$12
Fee ApeX Omni: 5 bp × 2 orders: −$10
Net: −$65.12
Costs to cover: 0.853%
Break-even: 28.7 days

Slippage from Phemex: live order book, 4 min ago; ApeX Omni: 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 Phemex live order book, 4 min ago	2.08 bp	33.3 bp −$33	doesn't fit	doesn't fit	doesn't fit
Sell ApeX Omni live order book, 5 min ago	3.76 bp	10.0 bp −$10	25.3 bp −$253	doesn't fit	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
Ondo Perps QQQ-USD.P	−0.0145%	1h	743.21	−0.192%	$4.2M	$1.8M	20x	as long as short
GMX QQQ/USD [ETH-USDC]	L −0.0122% / S +0.0222%	1h	744.47	−0.024%	$25K	—	26x	as long as short
Aster QQQUSDT	0.0000%	8h	744.44	−0.027%	$841K	$714K	20x	as long as short
Bybit QQQUSDT	0.0000%	8h	744.30	−0.046%	$10.7M	$5.0M	50x	as long as short
OKX QQQ-USDT-SWAP	0.0000%	8h	744.29	−0.047%	$21.5M	$26.9M	50x	as long as short
RISEx QQQ/USDC	0.0000%	1h	744.52	−0.016%	$5.4M	$7.5M	25x	as long as short
Gate QQQ_USDT	0.0000%	8h	743.83	−0.109%	$3.3M	$20.8M	50x	as long as short
Bitget QQQUSDT	0.0000%	8h	744.61	−0.004%	$16.9M	$5.7M	20x	as long as short
SunX QQQ-USDT	0.0000%	8h	744.91	+0.036%	$2K	$1.9M	10x	as long as short
HTX QQQ-USDT	0.0000%	8h	744.81	+0.023%	$257K	$29K	30x	as long as short

Show all 28 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex QQQUSDTlong	0.0000%	8h	744.64	long leg	$362K	$1.5M	10x
Variational Omni QQQ	+0.0002%	8h	744.38	−0.034%	$17.1M	$7.5M	—	as long as short
Coinbase International QQQ-PERP-INTX	+0.0008%	1h	743.96	−0.091%	$1.2M	$536K	20x	as long as short
BloFin QQQ-USDT	+0.0026%	8h	744.30	−0.046%	$1.1M	$271K	20x	as long as short
Lighter QQQ	+0.0032%	1h	744.26	−0.051%	$7.7M	$16.3M	30x	as long as short
Binance QQQUSDT	+0.0040%	8h	744.46	−0.024%	$71.1M	$141.8M	25x	as long as short
Arcus QQQ-USD	+0.0040%	1h	743.76	−0.118%	$700K	$1.6M	25x	as long as short
Vest QQQ-USD-PERP	+0.0046%	1h	745.45	+0.109%	—	$337K	50x	as long as short
Lighter RH QQQ	+0.0048%	1h	744.72	+0.011%	$36.9M	$78.9M	50x	as long as short
Nado QQQ-PERP	+0.0096%	1h	744.09	−0.073%	$1.5M	$876K	20x	as long as short
KuCoin QQQUSDTM	+0.0100%	8h	744.11	−0.071%	$3.4M	$388K	20x	as long as short
ApeX Omni QQQUSDTshort	+0.0100%	1h	744.11	−0.071%	$20K	$2.2M	50x
Orderly PERP_QQQ_USDC_mythos	+0.0100%	8h	744.17	−0.063%	$12K	$21K	20x	as long as short
Aevo QQQ-PERP	+0.0104%	1h	743.63	−0.135%	$93K	$1K	10x	as long as short
GRVT QQQ_USDT_Perp	+0.0110%	8h	744.62	−0.003%	$319K	$1.9M	10x	as long as short
Phoenix QQQ	+0.0129%	1h	744.01	−0.085%	$38K	$66K	20x	as long as short
Deribit QQQ_USDC-PERPETUAL	+0.0315%	1h	744.40	−0.032%	$425K	$149K	20x	as long as short
edgeX QQQUSDC	+0.0680%	4h	744.36	−0.037%	$761K	$334K	20x	as long as short