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 +0.010%

Price spread now: Phoenix against SunX−0.111%69s7-day average — · you buy dearer than you sell

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

Long on SunX Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.222%+$22 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 0.111% cheaper against SunX than usual: you would sell low and buy high (spread −0.111% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$11 on $10k: about 2.3 days of funding at the current rate (+$5 a day). The two prices were read 69 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX QQQ-USDT	744.87	0	get 0.0000% / 8h	5h 51m	$2K	$2.0M	10x
Short	Phoenix QQQ	744.04	0.0161	get 0.0020% / 1h	51m 49s	$38K	$66K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now −0.111%Rate

Funding earned: $33.88
Price spread: −0.111% → 0.000%: −$11.14
Slippage, 4 orders: no order book: not counted
Fee SunX: 4 bp × 2 orders: −$8
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $7.74
Costs to cover: 0.150%
Break-even: 5.4 days

Slippage unknown: SunX: live order book, 14 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 SunX live order book, 14 min ago	11.06 bp	15.1 bp −$15	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 27 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 −0.0106% / S +0.0209%	1h	744.35	−0.070%	$25K	—	26x	as long as short
Aster QQQUSDT	0.0000%	8h	744.38	−0.066%	$841K	$713K	20x	as long as short
Bybit QQQUSDT	0.0000%	8h	744.40	−0.063%	$10.7M	$5.0M	50x	as long as short
OKX QQQ-USDT-SWAP	0.0000%	8h	744.24	−0.085%	$21.7M	$26.3M	50x	as long as short
RISEx QQQ/USDC	0.0000%	1h	744.46	−0.055%	$5.4M	$7.7M	25x	as long as short
Gate QQQ_USDT	0.0000%	8h	743.99	−0.118%	$3.3M	$20.4M	50x	as long as short
Bitget QQQUSDT	0.0000%	8h	744.46	−0.055%	$16.9M	$5.8M	20x	as long as short
SunX QQQ-USDTlong	0.0000%	8h	744.87	long leg	$2K	$2.0M	10x
HTX QQQ-USDT	0.0000%	8h	744.68	−0.026%	$257K	$29K	30x	as long as short
Phemex QQQUSDT	0.0000%	8h	744.77	−0.013%	$360K	$1.4M	10x	as long as short

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps QQQ-USD.P	+0.0015%	1h	743.42	−0.195%	$4.2M	$1.9M	20x	as long as short
Lighter QQQ	+0.0032%	1h	744.10	−0.103%	$7.7M	$17.1M	30x	as long as short
Lighter RH QQQ	+0.0032%	1h	744.52	−0.047%	$37.3M	$78.4M	50x	as long as short
Coinbase International QQQ-PERP-INTX	+0.0032%	1h	743.88	−0.133%	$1.2M	$532K	20x	as long as short
Arcus QQQ-USD	+0.0040%	1h	743.47	−0.188%	$705K	$1.6M	25x	as long as short
Vest QQQ-USD-PERP	+0.0046%	1h	745.33	+0.062%	—	$337K	50x	as long as short
Variational Omni QQQ	+0.0052%	8h	744.38	−0.065%	$17.1M	$7.5M	—	as long as short
Binance QQQUSDT	+0.0075%	8h	744.35	−0.070%	$71.2M	$144.5M	25x	as long as short
KuCoin QQQUSDTM	+0.0100%	8h	744.06	−0.109%	$3.4M	$414K	20x	as long as short
ApeX Omni QQQUSDT	+0.0100%	1h	744.08	−0.106%	$20K	$2.2M	50x	as long as short
Orderly PERP_QQQ_USDC_mythos	+0.0100%	8h	744.06	−0.109%	$12K	$21K	20x	as long as short
Aevo QQQ-PERP	+0.0104%	1h	743.61	−0.170%	$93K	$1K	10x	as long as short
Nado QQQ-PERP	+0.0116%	1h	743.99	−0.119%	$1.5M	$923K	20x	as long as short
Phoenix QQQshort	+0.0161%	1h	744.04	−0.111%	$38K	$66K	20x
GRVT QQQ_USDT_Perp	+0.0172%	8h	744.62	−0.034%	$322K	$1.9M	10x	as long as short
Deribit QQQ_USDC-PERPETUAL	+0.0180%	1h	744.15	−0.097%	$425K	$149K	20x	as long as short
edgeX QQQUSDC	+0.0521%	4h	744.38	−0.065%	$761K	$334K	20x	as long as short