Funding arb · Price arb /

QQQ

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0227%/8h= +24.8% APRpaid last 24h +0.019%

Price spread now: Phoenix against Phemex−0.112%7-day average — · you buy dearer than you sell

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

Long on Phemex Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.195%+$20 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 0.112% cheaper against Phemex than usual: you would sell low and buy high (spread −0.112% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$11 on $10k: about 40 hours of funding at the current rate (+$7 a day). At the pace of the last 7 days (+0.195% in total) that is about 4.0 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex QQQUSDT	742.00	0	get 0.0000% / 8h	6m 23s	$358K	$1.6M	10x
Short	Phoenix QQQ	741.17	0.0227	get 0.0028% / 1h	6m 23s	$38K	$65K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now −0.112%Rate

Funding earned: $47.57
Price spread: −0.112% → 0.000%: −$11.19
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $17.39
Costs to cover: 0.190%
Break-even: 4.4 days

Slippage unknown: Phemex: 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 Phemex live order book, 2 min ago	1.42 bp	30.4 bp −$30	doesn't fit	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
GMX QQQ/USD [ETH-USDC]	L −0.0177% / S +0.0265%	1h	741.75	−0.034%	$25K	—	26x	as long as short
Ondo Perps QQQ-USD.P	−0.0118%	1h	740.71	−0.174%	$4.2M	$1.8M	20x	as long as short
Gate QQQ_USDT	−0.0094%	8h	741.28	−0.097%	$3.3M	$21.7M	50x	as long as short
BloFin QQQ-USDT	−0.0019%	8h	741.34	−0.089%	$1.1M	$274K	20x	as long as short
Aster QQQUSDT	0.0000%	8h	741.81	−0.025%	$824K	$864K	20x	as long as short
Bybit QQQUSDT	0.0000%	8h	741.73	−0.036%	$10.7M	$5.0M	50x	as long as short
OKX QQQ-USDT-SWAP	0.0000%	8h	741.56	−0.059%	$21.5M	$28.4M	50x	as long as short
RISEx QQQ/USDC	0.0000%	1h	741.62	−0.052%	$5.4M	$5.9M	25x	as long as short
Bitget QQQUSDT	0.0000%	8h	741.91	−0.012%	$16.5M	$5.3M	20x	as long as short
Variational Omni QQQ	0.0000%	8h	741.57	−0.058%	$16.8M	$7.2M	—	as long as short

Show all 28 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX QQQ-USDT	0.0000%	8h	742.04	+0.005%	$2K	$1.7M	10x	as long as short
HTX QQQ-USDT	0.0000%	8h	742.03	+0.004%	$251K	$41K	30x	as long as short
Phemex QQQUSDTlong	0.0000%	8h	742.00	long leg	$358K	$1.6M	10x
Coinbase International QQQ-PERP-INTX	+0.0016%	1h	741.14	−0.116%	$1.2M	$487K	20x	as long as short
Binance QQQUSDT	+0.0025%	8h	741.84	−0.022%	$70.3M	$140.6M	25x	as long as short
Lighter QQQ	+0.0032%	1h	741.66	−0.046%	$7.7M	$15.4M	30x	as long as short
Lighter RH QQQ	+0.0032%	1h	742.00	0.000%	$37.4M	$81.5M	50x	as long as short
Arcus QQQ-USD	+0.0040%	1h	740.84	−0.156%	$647K	$1.7M	25x	as long as short
Vest QQQ-USD-PERP	+0.0046%	1h	742.70	+0.094%	—	$337K	50x	as long as short
KuCoin QQQUSDTM	+0.0100%	8h	741.41	−0.080%	$3.4M	$356K	20x	as long as short
ApeX Omni QQQUSDT	+0.0100%	1h	741.13	−0.117%	$20K	$2.2M	50x	as long as short
Orderly PERP_QQQ_USDC_mythos	+0.0100%	8h	741.52	−0.065%	$12K	$21K	20x	as long as short
Aevo QQQ-PERP	+0.0104%	1h	741.04	−0.129%	$92K	$1K	10x	as long as short
Nado QQQ-PERP	+0.0139%	1h	741.27	−0.099%	$1.6M	$745K	20x	as long as short
GRVT QQQ_USDT_Perp	+0.0144%	8h	741.77	−0.031%	$314K	$2.0M	10x	as long as short
Deribit QQQ_USDC-PERPETUAL	+0.0182%	1h	741.59	−0.055%	$424K	$156K	20x	as long as short
Phoenix QQQshort	+0.0227%	1h	741.17	−0.112%	$38K	$65K	20x
edgeX QQQUSDC	+0.0942%	4h	741.62	−0.051%	$758K	$335K	20x	as long as short