Funding arb · Price arb /

QQQ

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0041%/8h= +4.5% APRpaid last 24h +0.003%

Price spread now: Lighter against BloFin+0.023%7-day average −0.017% · you sell dearer than you buy

Net, funding: paid 7d − costs+$5as in the Funding arb table

Net, price: spread back to 7d avg − costs−$12as in the Price arb table

costs, in and out, $10k−$160.156% of the position

Long on BloFin Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.210%+$21 on $10k

Price spread, last 4 days (all we have)−0.245%−$24 · spread now +0.023%, 7d avg −0.017%

Together, before fees−0.034%+ Points / potential airdropLighter: Season 3 · farm board−$3 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and Lighter is 0.040% dearer against BloFin than usual: you sell high and buy low: +$4 more if the spread goes back to its 7-day average of −0.017%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin QQQ-USDT	740.02	−0.0009	get 0.0009% / 8h	7h 20m	$1.1M	$278K	20x
Short	Lighter QQQ	740.19	0.0032	get 0.0004% / 1h	20m 44s	$7.6M	$15.5M	30x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against BloFin. 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 BloFinbpFee LighterbpOrdersPrice spread, now +0.023%Rate

Funding earned: $8.64
Price spread: +0.023% → −0.017%: $3.98
Slippage, 4 orders: −$3.56
Fee BloFin: 6 bp × 2 orders: −$12
Fee Lighter: 0 bp × 2 orders: $0
Net: −$2.93
Costs to cover: 0.156%
Break-even: 9.4 days

Slippage from BloFin: live order book, 1 min ago; Lighter: live order book, 8 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 BloFin live order book, 1 min ago	0.14 bp	6.2 bp −$6	6.5 bp −$65	10.9 bp −$1,093	doesn't fit
Sell Lighter live order book, 8 min ago	0.34 bp	1.0 bp −$1	2.3 bp −$23	19.2 bp −$1,920	55.2 bp −$27.6K

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 −0.0187% / S +0.0273%	1h	740.46	+0.059%	$25K	—	26x	as long as short
BloFin QQQ-USDTlong	−0.0009%	8h	740.02	long leg	$1.1M	$278K	20x
Aster QQQUSDT	0.0000%	8h	739.69	−0.045%	$820K	$903K	20x	as long as short
Bybit QQQUSDT	0.0000%	8h	740.57	+0.074%	$10.6M	$5.0M	50x	as long as short
OKX QQQ-USDT-SWAP	0.0000%	8h	740.20	+0.024%	$21.8M	$29.9M	50x	as long as short
RISEx QQQ/USDC	0.0000%	1h	740.04	+0.003%	$5.4M	$5.7M	25x	as long as short
Gate QQQ_USDT	0.0000%	8h	739.86	−0.022%	$3.3M	$20.8M	50x	as long as short
Bitget QQQUSDT	0.0000%	8h	740.44	+0.057%	$16.5M	$5.1M	20x	as long as short
SunX QQQ-USDT	0.0000%	8h	740.78	+0.103%	$2K	$1.6M	10x	as long as short
Deribit QQQ_USDC-PERPETUAL	0.0000%	1h	740.09	+0.009%	$423K	$128K	20x	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	739.76	−0.035%	$250K	$38K	30x	as long as short
Phemex QQQUSDT	0.0000%	8h	740.62	+0.081%	$365K	$1.6M	10x	as long as short
Variational Omni QQQ	+0.0003%	8h	740.38	+0.048%	$16.7M	$7.2M	—	as long as short
Coinbase International QQQ-PERP-INTX	+0.0024%	1h	739.81	−0.028%	$1.2M	$499K	20x	as long as short
Lighter QQQshort	+0.0032%	1h	740.19	+0.023%	$7.6M	$15.5M	30x
Lighter RH QQQ	+0.0032%	1h	740.64	+0.084%	$37.6M	$80.3M	50x	as long as short
Binance QQQUSDT	+0.0032%	8h	740.47	+0.061%	$70.3M	$141.0M	25x	as long as short
Arcus QQQ-USD	+0.0040%	1h	739.55	−0.064%	$647K	$1.5M	25x	as long as short
Vest QQQ-USD-PERP	+0.0046%	1h	741.30	+0.173%	—	$337K	50x	as long as short
Ondo Perps QQQ-USD.P	+0.0050%	1h	739.35	−0.091%	$4.2M	$1.8M	20x	as long as short
KuCoin QQQUSDTM	+0.0100%	8h	739.91	−0.015%	$3.4M	$392K	20x	as long as short
ApeX Omni QQQUSDT	+0.0100%	1h	739.50	−0.070%	$20K	$2.2M	50x	as long as short
Orderly PERP_QQQ_USDC_mythos	+0.0100%	8h	739.94	−0.011%	$12K	$21K	20x	as long as short
Aevo QQQ-PERP	+0.0104%	1h	739.46	−0.076%	$92K	$1K	10x	as long as short
GRVT QQQ_USDT_Perp	+0.0137%	8h	740.00	−0.002%	$314K	$2.0M	10x	as long as short
Nado QQQ-PERP	+0.0151%	1h	739.95	−0.010%	$1.6M	$747K	20x	as long as short
Phoenix QQQ	+0.0248%	1h	739.00	−0.138%	$38K	$65K	20x	as long as short
edgeX QQQUSDC	+0.0541%	4h	739.75	−0.036%	$756K	$335K	20x	as long as short