Funding arb · Price arb /

QQQ

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0032%/8h= +3.5% APRpaid last 24h +0.007%

Price spread now: Coinbase International against SunX−0.139%7-day average −0.113% · you buy dearer than you sell

Net, funding: paid 7d − costs−$53as in the Funding arb table

Net, price: spread back to 7d avg − costs−$79as in the Price arb table

costs, in and out, $10k−$760.761% of the position

Long on SunX Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+0.234%+$23 on $10k

Price spread, last 4 days (all we have)+0.100%+$10 · spread now −0.139%, 7d avg −0.113%

Together, before fees+0.334%+$33 on $10k · with fees, hour by hour

Funding pays, the price is against you. Coinbase International is 0.025% cheaper against SunX than usual: you would sell low and buy high (spread −0.139% now, against its 7-day average of −0.113%). If the spread goes back, that is −$3 on $10k: about 2.6 days of funding at the current rate (+$1 a day). At the pace of the last 7 days (+0.234% in total) that is about 18 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX QQQ-USDT	742.54	0	get 0.0000% / 8h	6h 56m	$2K	$1.6M	10x
Short	Coinbase International QQQ-PERP-INTX	741.51	0.0032	get 0.0004% / 1h	56m 28s	$1.2M	$509K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against SunX. 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 SunXbpFee Coinbase InternationalbpOrdersPrice spread, now −0.139%Rate

Funding earned: $6.72
Price spread: −0.139% → −0.113%: −$2.54
Slippage, 4 orders: −$58.09
Fee SunX: 4 bp × 2 orders: −$8
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$71.91
Costs to cover: 0.761%
Break-even: 81.9 days

Slippage from SunX: live order book, 9 min ago; Coinbase International: live order book, 2 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 SunX live order book, 9 min ago	21.61 bp	25.6 bp −$26	54.7 bp −$547	doesn't fit	doesn't fit
Sell Coinbase International live order book, 2 min ago	0.07 bp	7.0 bp −$7	8.1 bp −$81	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 −0.0192% / S +0.0277%	1h	742.11	−0.059%	$25K	—	26x	as long as short
Ondo Perps QQQ-USD.P	−0.0047%	1h	740.71	−0.246%	$4.2M	$1.8M	20x	as long as short
BloFin QQQ-USDT	−0.0007%	8h	741.88	−0.089%	$1.1M	$281K	20x	as long as short
Aster QQQUSDT	0.0000%	8h	742.01	−0.071%	$857K	$902K	20x	as long as short
OKX QQQ-USDT-SWAP	0.0000%	8h	741.99	−0.074%	$21.6M	$30.1M	50x	as long as short
RISEx QQQ/USDC	0.0000%	1h	742.00	−0.072%	$5.4M	$5.7M	25x	as long as short
Gate QQQ_USDT	0.0000%	8h	741.62	−0.124%	$3.5M	$19.7M	50x	as long as short
Bitget QQQUSDT	0.0000%	8h	742.23	−0.042%	$16.5M	$5.2M	20x	as long as short
SunX QQQ-USDTlong	0.0000%	8h	742.54	long leg	$2K	$1.6M	10x
HTX QQQ-USDT	0.0000%	8h	742.48	−0.008%	$251K	$38K	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	742.33	−0.028%	$361K	$1.6M	10x	as long as short
Variational Omni QQQ	+0.0027%	8h	741.87	−0.091%	$16.7M	$7.2M	—	as long as short
Lighter QQQ	+0.0032%	1h	741.82	−0.097%	$7.6M	$14.7M	30x	as long as short
Lighter RH QQQ	+0.0032%	1h	742.23	−0.042%	$38.3M	$76.7M	50x	as long as short
Coinbase International QQQ-PERP-INTXshort	+0.0032%	1h	741.51	−0.139%	$1.2M	$509K	20x
Arcus QQQ-USD	+0.0040%	1h	741.38	−0.156%	$647K	$1.4M	25x	as long as short
Vest QQQ-USD-PERP	+0.0046%	1h	742.98	+0.059%	—	$337K	50x	as long as short
Binance QQQUSDT	+0.0055%	8h	742.11	−0.058%	$71.0M	$142.0M	25x	as long as short
Bybit QQQUSDT	+0.0082%	8h	742.29	−0.034%	$10.6M	$5.0M	50x	as long as short
KuCoin QQQUSDTM	+0.0100%	8h	741.71	−0.112%	$3.4M	$413K	20x	as long as short
ApeX Omni QQQUSDT	+0.0100%	1h	741.48	−0.143%	$20K	$2.2M	50x	as long as short
Orderly PERP_QQQ_USDC_mythos	+0.0100%	8h	741.86	−0.092%	$12K	$21K	20x	as long as short
Deribit QQQ_USDC-PERPETUAL	+0.0101%	1h	741.67	−0.117%	$424K	$125K	20x	as long as short
Aevo QQQ-PERP	+0.0104%	1h	741.25	−0.173%	$92K	$1K	10x	as long as short
Nado QQQ-PERP	+0.0144%	1h	741.70	−0.112%	$1.6M	$745K	20x	as long as short
Phoenix QQQ	+0.0248%	1h	741.73	−0.109%	$38K	$59K	20x	as long as short
GRVT QQQ_USDT_Perp	+0.0282%	8h	742.11	−0.058%	$315K	$2.0M	10x	as long as short
edgeX QQQUSDC	+0.0446%	4h	742.01	−0.072%	$759K	$334K	20x	as long as short