Funding arb · Price arb /

QQQ

RWAall QQQ markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0176%/8h= +19.3% APRpaid last 24h +0.004%

Price spread now: Phoenix against Aster−0.049%55s7-day average — · you buy dearer than you sell

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

Long on Aster Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.185%+$19 on $10k

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

Together, before fees—+ Points / potential airdropAster: Stage 5 · farm boardneeds both histories

Funding pays, the price is against you. Phoenix is 0.049% cheaper against Aster than usual: you would sell low and buy high (spread −0.049% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$5 on $10k: about 22 hours of funding at the current rate (+$5 a day). The two prices were read 55 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	Aster QQQUSDT	744.46	0.0007	pay 0.0007% / 8h	6h 18m	$841K	$712K	20x
Short	Phoenix QQQ	744.10	0.0183	get 0.0023% / 1h	18m 32s	$38K	$66K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Aster. 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 AsterbpFee PhoenixbpOrdersPrice spread, now −0.049%Rate

Funding earned: $36.94
Price spread: −0.049% → 0.000%: −$4.86
Slippage, 4 orders: no order book: not counted
Fee Aster: 4 bp × 2 orders: −$8
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $17.08
Costs to cover: 0.150%
Break-even: 3.8 days

Slippage unknown: Aster: live order book, 49 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 Aster live order book, 49 min ago	0.54 bp	4.5 bp −$5	5.8 bp −$58	28.3 bp −$2,833	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 −0.0100% / S +0.0205%	1h	744.48	+0.002%	$25K	—	26x	as long as short
Ondo Perps QQQ-USD.P	−0.0099%	1h	743.32	−0.153%	$4.2M	$1.9M	20x	as long as short
Bybit QQQUSDT	0.0000%	8h	744.72	+0.035%	$10.7M	$5.0M	50x	as long as short
OKX QQQ-USDT-SWAP	0.0000%	8h	744.42	−0.006%	$21.7M	$26.4M	50x	as long as short
Gate QQQ_USDT	0.0000%	8h	744.13	−0.045%	$3.3M	$23.2M	50x	as long as short
SunX QQQ-USDT	0.0000%	8h	744.96	+0.067%	$2K	$2.1M	10x	as long as short
Deribit QQQ_USDC-PERPETUAL	0.0000%	1h	744.16	−0.041%	$425K	$148K	20x	as long as short
HTX QQQ-USDT	0.0000%	8h	744.70	+0.032%	$257K	$29K	30x	as long as short
Phemex QQQUSDT	0.0000%	8h	744.59	+0.017%	$358K	$1.4M	10x	as long as short
Aster QQQUSDTlong	+0.0007%	8h	744.46	long leg	$841K	$712K	20x

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter QQQ	+0.0032%	1h	744.29	−0.023%	$7.7M	$17.8M	30x	as long as short
Lighter RH QQQ	+0.0032%	1h	744.73	+0.036%	$37.4M	$80.2M	50x	as long as short
Bitget QQQUSDT	+0.0032%	8h	744.52	+0.008%	$16.9M	$5.9M	20x	as long as short
Arcus QQQ-USD	+0.0040%	1h	743.70	−0.102%	$705K	$1.6M	25x	as long as short
Vest QQQ-USD-PERP	+0.0046%	1h	745.48	+0.137%	—	$337K	50x	as long as short
Coinbase International QQQ-PERP-INTX	+0.0048%	1h	744.11	−0.047%	$1.2M	$538K	20x	as long as short
Variational Omni QQQ	+0.0057%	8h	744.49	+0.003%	$17.1M	$7.5M	—	as long as short
Binance QQQUSDT	+0.0083%	8h	744.53	+0.010%	$71.1M	$147.3M	25x	as long as short
KuCoin QQQUSDTM	+0.0100%	8h	744.24	−0.030%	$3.4M	$412K	20x	as long as short
ApeX Omni QQQUSDT	+0.0100%	1h	744.18	−0.038%	$20K	$2.2M	50x	as long as short
Orderly PERP_QQQ_USDC_mythos	+0.0100%	8h	744.22	−0.033%	$12K	$21K	20x	as long as short
Aevo QQQ-PERP	+0.0104%	1h	743.70	−0.102%	$93K	$1K	10x	as long as short
Nado QQQ-PERP	+0.0122%	1h	744.15	−0.043%	$1.5M	$951K	20x	as long as short
RISEx QQQ/USDC	+0.0168%	1h	744.53	+0.008%	$5.4M	$8.0M	25x	as long as short
Phoenix QQQshort	+0.0183%	1h	744.10	−0.049%	$38K	$66K	20x
GRVT QQQ_USDT_Perp	+0.0206%	8h	744.75	+0.039%	$320K	$1.8M	10x	as long as short
edgeX QQQUSDC	+0.0859%	4h	744.57	+0.014%	$761K	$334K	20x	as long as short