Funding arb · Price arb /

QQQ

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0161%/8h= −17.7% APRpaid last 24h +0.004%

Price spread now: Bybit against Phoenix+0.058%7-day average — · you sell dearer than you buy

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

Long on Phoenix Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.181%−$18 on $10k

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

Together, before fees—needs both histories

The price spread pays, funding is against you. Bybit is 0.058% dearer against Phoenix than usual: you sell high and buy low (spread +0.058% now, against zero (this spread has no 7-day history yet)): +$6 on $10k if it goes back. Holding the pair costs −$5 a day in funding at the current rate, which eats that in about 29 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix QQQ	744.14	0.0161	pay 0.0020% / 1h	3m 22s	$38K	$66K	20x
Short	Bybit QQQUSDT	744.57	0	get 0.0000% / 8h	5h 03m	$10.7M	$5.0M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Phoenix. 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 PhoenixbpFee BybitbpOrdersPrice spread, now +0.058%Rate

Funding earned: −$33.88
Price spread: +0.058% → 0.000%: $5.78
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$46.1
Costs to cover: 0.180%
Break-even: never at this rate

Slippage unknown: Phoenix: no order-book sample; Bybit: live order book, 5 min ago. 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 Phoenix no order-book sample	—	—	—	—	—
Sell Bybit live order book, 5 min ago	0.40 bp	7.5 bp −$8	8.7 bp −$87	62.0 bp −$6,197	doesn't fit

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 −0.0116% / S +0.0217%	1h	744.48	+0.045%	$25K	—	26x	as long as short
Ondo Perps QQQ-USD.P	−0.0075%	1h	743.24	−0.121%	$4.2M	$1.8M	20x	as long as short
Aster QQQUSDT	0.0000%	8h	744.43	+0.039%	$841K	$714K	20x	as long as short
Bybit QQQUSDTshort	0.0000%	8h	744.57	+0.058%	$10.7M	$5.0M	50x
OKX QQQ-USDT-SWAP	0.0000%	8h	744.36	+0.030%	$21.5M	$26.8M	50x	as long as short
RISEx QQQ/USDC	0.0000%	1h	744.54	+0.054%	$5.4M	$7.5M	25x	as long as short
Gate QQQ_USDT	0.0000%	8h	744.01	−0.017%	$3.3M	$21.2M	50x	as long as short
Bitget QQQUSDT	0.0000%	8h	744.59	+0.060%	$16.9M	$5.7M	20x	as long as short
SunX QQQ-USDT	0.0000%	8h	744.98	+0.113%	$2K	$1.9M	10x	as long as short
HTX QQQ-USDT	0.0000%	8h	744.78	+0.086%	$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 QQQUSDT	0.0000%	8h	744.77	+0.085%	$360K	$1.5M	10x	as long as short
BloFin QQQ-USDT	+0.0007%	8h	744.37	+0.031%	$1.1M	$281K	20x	as long as short
Variational Omni QQQ	+0.0018%	8h	744.37	+0.031%	$17.1M	$7.5M	—	as long as short
Lighter QQQ	+0.0032%	1h	744.30	+0.022%	$7.7M	$17.2M	30x	as long as short
Lighter RH QQQ	+0.0032%	1h	744.75	+0.082%	$37.1M	$80.8M	50x	as long as short
Coinbase International QQQ-PERP-INTX	+0.0032%	1h	743.92	−0.030%	$1.2M	$535K	20x	as long as short
Arcus QQQ-USD	+0.0040%	1h	743.61	−0.071%	$695K	$1.6M	25x	as long as short
Vest QQQ-USD-PERP	+0.0046%	1h	745.48	+0.180%	—	$337K	50x	as long as short
Binance QQQUSDT	+0.0052%	8h	744.47	+0.044%	$71.2M	$142.6M	25x	as long as short
Nado QQQ-PERP	+0.0083%	1h	744.13	−0.002%	$1.5M	$876K	20x	as long as short
Deribit QQQ_USDC-PERPETUAL	+0.0099%	1h	744.27	+0.017%	$425K	$149K	20x	as long as short
KuCoin QQQUSDTM	+0.0100%	8h	744.17	+0.004%	$3.4M	$403K	20x	as long as short
ApeX Omni QQQUSDT	+0.0100%	1h	744.22	+0.011%	$20K	$2.2M	50x	as long as short
Orderly PERP_QQQ_USDC_mythos	+0.0100%	8h	744.23	+0.012%	$12K	$21K	20x	as long as short
Aevo QQQ-PERP	+0.0104%	1h	743.70	−0.060%	$93K	$1K	10x	as long as short
GRVT QQQ_USDT_Perp	+0.0122%	8h	744.71	+0.077%	$322K	$1.9M	10x	as long as short
Phoenix QQQlong	+0.0161%	1h	744.14	long leg	$38K	$66K	20x
edgeX QQQUSDC	+0.0453%	4h	744.45	+0.042%	$761K	$335K	20x	as long as short