Funding arb · Price arb /

QQQ

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.043%

Price spread now: Phemex against RISEx+0.045%7-day average +0.007% · you sell dearer than you buy

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

Net, price: spread back to 7d avg − costs−$63as in the Price arb table

costs, in and out, $10k−$670.671% of the position

Long on RISEx Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.200%−$20 on $10k

Price spread, last 4 days (all we have)−0.031%−$3 · spread now +0.045%, 7d avg +0.007%

Together, before fees−0.231%−$23 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Phemex is 0.038% dearer against RISEx than usual: you sell high and buy low, +$4 on $10k if it goes back to its 7-day average of +0.007%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	RISEx QQQ/USDC	741.63	0	get 0.0000% / 1h	38m 11s	$5.5M	$6.3M	25x
Short	Phemex QQQUSDT	741.96	0	get 0.0000% / 8h	1h 38m	$362K	$1.6M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against RISEx. 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 RISExbpFee PhemexbpOrdersPrice spread, now +0.045%Rate

Funding earned: $0
Price spread: +0.045% → +0.007%: $3.82
Slippage, 4 orders: −$49.11
Fee RISEx: 3 bp × 2 orders: −$6
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$63.29
Costs to cover: 0.671%
Break-even: never at this rate

Slippage from RISEx: live order book, 1 min ago; Phemex: 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 RISEx live order book, 1 min ago	0.07 bp	3.3 bp −$3	3.8 bp −$38	doesn't fit	doesn't fit
Sell Phemex live order book, 5 min ago	2.16 bp	28.3 bp −$28	doesn't fit	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
GMX QQQ/USD [ETH-USDC]	L −0.0158% / S +0.0250%	1h	741.91	+0.039%	$25K	—	26x	as long as short
Ondo Perps QQQ-USD.P	−0.0028%	1h	740.80	−0.111%	$4.2M	$1.8M	20x	as long as short
BloFin QQQ-USDT	−0.0027%	8h	741.65	+0.003%	$1.1M	$278K	20x	as long as short
Gate QQQ_USDT	−0.0005%	8h	741.09	−0.072%	$3.3M	$21.5M	50x	as long as short
Aster QQQUSDT	0.0000%	8h	741.71	+0.011%	$823K	$858K	20x	as long as short
Bybit QQQUSDT	0.0000%	8h	741.73	+0.014%	$10.5M	$5.2M	50x	as long as short
OKX QQQ-USDT-SWAP	0.0000%	8h	741.67	+0.006%	$21.4M	$28.4M	50x	as long as short
RISEx QQQ/USDClong	0.0000%	1h	741.63	long leg	$5.5M	$6.3M	25x
Bitget QQQUSDT	0.0000%	8h	741.86	+0.032%	$16.6M	$5.6M	20x	as long as short
Variational Omni QQQ	0.0000%	8h	741.78	+0.020%	$16.9M	$7.3M	—	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	742.30	+0.091%	$2K	$1.8M	10x	as long as short
Deribit QQQ_USDC-PERPETUAL	0.0000%	1h	741.30	−0.044%	$423K	$154K	20x	as long as short
HTX QQQ-USDT	0.0000%	8h	741.96	+0.045%	$250K	$41K	30x	as long as short
Phemex QQQUSDTshort	0.0000%	8h	741.96	+0.045%	$362K	$1.6M	10x
Binance QQQUSDT	+0.0002%	8h	741.77	+0.019%	$70.1M	$144.6M	25x	as long as short
Coinbase International QQQ-PERP-INTX	+0.0016%	1h	741.27	−0.048%	$1.2M	$547K	20x	as long as short
Lighter QQQ	+0.0032%	1h	741.47	−0.021%	$7.6M	$15.4M	30x	as long as short
Lighter RH QQQ	+0.0040%	1h	741.86	+0.032%	$36.9M	$80.1M	50x	as long as short
Arcus QQQ-USD	+0.0040%	1h	740.96	−0.090%	$686K	$1.6M	25x	as long as short
Vest QQQ-USD-PERP	+0.0046%	1h	742.62	+0.134%	—	$337K	50x	as long as short
KuCoin QQQUSDTM	+0.0100%	8h	741.36	−0.036%	$3.4M	$352K	20x	as long as short
ApeX Omni QQQUSDT	+0.0100%	1h	741.39	−0.032%	$20K	$2.2M	50x	as long as short
Orderly PERP_QQQ_USDC_mythos	+0.0100%	8h	741.39	−0.032%	$12K	$21K	20x	as long as short
Aevo QQQ-PERP	+0.0104%	1h	740.97	−0.088%	$92K	$1K	10x	as long as short
GRVT QQQ_USDT_Perp	+0.0112%	8h	742.02	+0.053%	$318K	$2.0M	10x	as long as short
Nado QQQ-PERP	+0.0145%	1h	741.45	−0.023%	$1.5M	$763K	20x	as long as short
Phoenix QQQ	+0.0205%	1h	741.56	−0.009%	$38K	$66K	20x	as long as short
edgeX QQQUSDC	+0.0920%	4h	741.78	+0.022%	$758K	$334K	20x	as long as short