Funding arb · Price arb /

QQQ

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0006%/8h= +0.7% APRpaid last 24h 0.000%

Price spread now: Coinbase International against Bybit−0.109%7-day average −0.082% · you buy dearer than you sell

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

Net, price: spread back to 7d avg − costs−$30as in the Price arb table

costs, in and out, $10k−$270.270% of the position

Long on Bybit Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+0.198%+$20 on $10k

Price spread, last 3 days (all we have)+0.122%+$12 · spread now −0.109%, 7d avg −0.082%

Together, before fees+0.321%+$32 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: Coinbase International is 0.026% cheaper against Bybit than usual: you would sell low and buy high, −$3 on $10k if it goes back to its 7-day average of −0.082%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit QQQUSDT	744.54	0.0058	pay 0.0058% / 8h	7h 47m	$10.7M	$4.9M	50x
Short	Coinbase International QQQ-PERP-INTX	743.73	0.0064	get 0.0008% / 1h	47m 44s	$1.2M	$626K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against Bybit. 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 BybitbpFee Coinbase InternationalbpOrdersPrice spread, now −0.109%Rate

Funding earned: $1.32
Price spread: −0.109% → −0.082%: −$2.65
Slippage, 4 orders: −$6.04
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$28.37
Costs to cover: 0.270%
Break-even: 157.6 days

Slippage from Bybit: live order book, 5 min ago; Coinbase International: live order book, 1 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 Bybit live order book, 5 min ago	0.07 bp	7.3 bp −$7	10.9 bp −$109	71.5 bp −$7,152	doesn't fit
Sell Coinbase International live order book, 1 min ago	1.08 bp	6.1 bp −$6	7.6 bp −$76	49.4 bp −$4,940	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
Ondo Perps QQQ-USD.P	−0.0370%	1h	742.44	−0.282%	$4.2M	$2.0M	20x	as long as short
GMX QQQ/USD [ETH-USDC]	L −0.0082% / S +0.0191%	1h	744.47	−0.010%	$25K	—	26x	as long as short
BloFin QQQ-USDT	−0.0023%	8h	743.81	−0.098%	$1.0M	$318K	20x	as long as short
Aster QQQUSDT	0.0000%	8h	743.83	−0.095%	$841K	$760K	20x	as long as short
OKX QQQ-USDT-SWAP	0.0000%	8h	744.33	−0.028%	$21.5M	$25.4M	50x	as long as short
Gate QQQ_USDT	0.0000%	8h	744.09	−0.060%	$3.2M	$26.6M	50x	as long as short
SunX QQQ-USDT	0.0000%	8h	744.90	+0.048%	$2K	$2.3M	10x	as long as short
HTX QQQ-USDT	0.0000%	8h	744.80	+0.035%	$257K	$29K	30x	as long as short
Phemex QQQUSDT	0.0000%	8h	744.84	+0.040%	$360K	$1.4M	10x	as long as short
Lighter QQQ	+0.0032%	1h	744.24	−0.040%	$7.6M	$18.1M	30x	as long as short

Show all 28 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter RH QQQ	+0.0032%	1h	744.53	−0.001%	$37.4M	$78.9M	50x	as long as short
Variational Omni QQQ	+0.0039%	8h	743.94	−0.081%	$17.1M	$10.8M	—	as long as short
Arcus QQQ-USD	+0.0040%	1h	743.31	−0.165%	$747K	$1.5M	25x	as long as short
Vest QQQ-USD-PERP	+0.0046%	1h	744.86	+0.043%	—	$388K	50x	as long as short
Bybit QQQUSDTlong	+0.0058%	8h	744.54	long leg	$10.7M	$4.9M	50x
Coinbase International QQQ-PERP-INTXshort	+0.0064%	1h	743.73	−0.109%	$1.2M	$626K	20x
Binance QQQUSDT	+0.0069%	8h	744.47	−0.009%	$71.0M	$155.3M	25x	as long as short
Deribit QQQ_USDC-PERPETUAL	+0.0086%	1h	744.12	−0.056%	$425K	$147K	20x	as long as short
KuCoin QQQUSDTM	+0.0100%	8h	743.98	−0.075%	$3.4M	$414K	20x	as long as short
ApeX Omni QQQUSDT	+0.0100%	1h	743.63	−0.122%	$20K	$2.2M	50x	as long as short
Orderly PERP_QQQ_USDC_mythos	+0.0100%	8h	744.10	−0.059%	$12K	$21K	20x	as long as short
Aevo QQQ-PERP	+0.0104%	1h	742.86	−0.226%	$92K	$1K	10x	as long as short
Nado QQQ-PERP	+0.0109%	1h	743.80	−0.100%	$1.5M	$1.2M	20x	as long as short
GRVT QQQ_USDT_Perp	+0.0165%	8h	744.03	−0.068%	$327K	$1.8M	10x	as long as short
Bitget QQQUSDT	+0.0176%	8h	744.51	−0.004%	$16.9M	$6.6M	20x	as long as short
RISEx QQQ/USDC	+0.0208%	1h	744.47	−0.009%	$5.5M	$9.0M	25x	as long as short
Phoenix QQQ	+0.0258%	1h	743.91	−0.085%	$38K	$66K	20x	as long as short
edgeX QQQUSDC	+0.0496%	4h	743.85	−0.093%	$761K	$336K	20x	as long as short