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: Phemex against Phoenix+0.067%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 Phemex

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

The price spread pays, funding is against you. Phemex is 0.067% dearer against Phoenix than usual: you sell high and buy low (spread +0.067% now, against zero (this spread has no 7-day history yet)): +$7 on $10k if it goes back. Holding the pair costs −$7 a day in funding at the current rate, which eats that in about 24 hours. At the pace of the last 7 days (−0.195% in total) that is about 2.4 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix QQQ	741.51	0.0227	pay 0.0028% / 1h	33m 12s	$38K	$65K	20x
Short	Phemex QQQUSDT	742.01	0	get 0.0000% / 8h	33m 12s	$361K	$1.6M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now +0.067%Rate

Funding earned: −$47.57
Price spread: +0.067% → 0.000%: $6.74
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$59.83
Costs to cover: 0.190%
Break-even: never at this rate

Slippage unknown: Phoenix: no order-book sample; Phemex: 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 Phemex live order book, 5 min ago	2.29 bp	28.8 bp −$29	doesn't fit	doesn't fit	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
Ondo Perps QQQ-USD.P	−0.0175%	1h	740.56	−0.128%	$4.2M	$1.8M	20x	as long as short
GMX QQQ/USD [ETH-USDC]	L −0.0172% / S +0.0261%	1h	741.76	+0.034%	$25K	—	26x	as long as short
Gate QQQ_USDT	−0.0075%	8h	741.39	−0.016%	$3.3M	$21.6M	50x	as long as short
Aster QQQUSDT	0.0000%	8h	741.77	+0.035%	$821K	$861K	20x	as long as short
Bybit QQQUSDT	0.0000%	8h	741.78	+0.036%	$10.7M	$5.1M	50x	as long as short
OKX QQQ-USDT-SWAP	0.0000%	8h	741.49	−0.003%	$21.4M	$28.4M	50x	as long as short
RISEx QQQ/USDC	0.0000%	1h	741.58	+0.010%	$5.4M	$6.3M	25x	as long as short
Bitget QQQUSDT	0.0000%	8h	741.90	+0.053%	$16.5M	$5.4M	20x	as long as short
Variational Omni QQQ	0.0000%	8h	741.73	+0.030%	$16.8M	$7.2M	—	as long as short
SunX QQQ-USDT	0.0000%	8h	742.56	+0.142%	$2K	$1.8M	10x	as long as short

Show all 28 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX QQQ-USDT	0.0000%	8h	742.04	+0.071%	$251K	$41K	30x	as long as short
Phemex QQQUSDTshort	0.0000%	8h	742.01	+0.067%	$361K	$1.6M	10x
Binance QQQUSDT	+0.0011%	8h	741.76	+0.034%	$70.2M	$142.0M	25x	as long as short
Coinbase International QQQ-PERP-INTX	+0.0016%	1h	741.51	0.000%	$1.2M	$491K	20x	as long as short
BloFin QQQ-USDT	+0.0024%	8h	741.52	+0.001%	$1.1M	$274K	20x	as long as short
Lighter QQQ	+0.0032%	1h	741.48	−0.004%	$7.7M	$15.3M	30x	as long as short
Lighter RH QQQ	+0.0032%	1h	741.85	+0.046%	$37.3M	$80.2M	50x	as long as short
Arcus QQQ-USD	+0.0040%	1h	741.24	−0.036%	$644K	$1.7M	25x	as long as short
Vest QQQ-USD-PERP	+0.0046%	1h	742.71	+0.162%	—	$337K	50x	as long as short
KuCoin QQQUSDTM	+0.0100%	8h	741.35	−0.022%	$3.4M	$360K	20x	as long as short
ApeX Omni QQQUSDT	+0.0100%	1h	741.49	−0.003%	$20K	$2.2M	50x	as long as short
Orderly PERP_QQQ_USDC_mythos	+0.0100%	8h	741.46	−0.007%	$12K	$21K	20x	as long as short
Aevo QQQ-PERP	+0.0104%	1h	741.01	−0.067%	$92K	$1K	10x	as long as short
Nado QQQ-PERP	+0.0121%	1h	741.34	−0.022%	$1.6M	$763K	20x	as long as short
GRVT QQQ_USDT_Perp	+0.0130%	8h	742.08	+0.077%	$325K	$2.0M	10x	as long as short
Deribit QQQ_USDC-PERPETUAL	+0.0222%	1h	741.52	+0.001%	$424K	$156K	20x	as long as short
Phoenix QQQlong	+0.0227%	1h	741.51	long leg	$38K	$65K	20x
edgeX QQQUSDC	+0.0600%	4h	741.80	+0.039%	$758K	$335K	20x	as long as short