Funding arb · Price arb /

QQQ

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0129%/8h= +14.1% APRpaid last 24h −0.003%

Price spread now: Phoenix against Bybit−0.046%95s7-day average — · you buy dearer than you sell

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

Long on Bybit Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.176%+$18 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 0.046% cheaper against Bybit than usual: you would sell low and buy high (spread −0.046% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$5 on $10k: about 28 hours of funding at the current rate (+$4 a day). The two prices were read 95 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	Bybit QQQUSDT	744.43	0	get 0.0000% / 8h	4h 37m	$10.7M	$5.0M	50x
Short	Phoenix QQQ	744.09	0.0129	get 0.0016% / 1h	37m 46s	$38K	$66K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now −0.046%Rate

Funding earned: $27.09
Price spread: −0.046% → 0.000%: −$4.57
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $4.52
Costs to cover: 0.180%
Break-even: 5.8 days

Slippage unknown: Bybit: live order book, 5 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 Bybit live order book, 5 min ago	0.27 bp	7.5 bp −$7	12.8 bp −$128	78.3 bp −$7,833	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 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	−0.0131%	1h	742.94	−0.200%	$4.2M	$1.8M	20x	as long as short
GMX QQQ/USD [ETH-USDC]	L −0.0121% / S +0.0221%	1h	744.50	+0.009%	$25K	—	26x	as long as short
Aster QQQUSDT	0.0000%	8h	744.49	+0.008%	$841K	$714K	20x	as long as short
Bybit QQQUSDTlong	0.0000%	8h	744.43	long leg	$10.7M	$5.0M	50x
OKX QQQ-USDT-SWAP	0.0000%	8h	744.29	−0.019%	$21.5M	$26.9M	50x	as long as short
RISEx QQQ/USDC	0.0000%	1h	744.54	+0.015%	$5.4M	$7.5M	25x	as long as short
Gate QQQ_USDT	0.0000%	8h	743.91	−0.070%	$3.3M	$20.8M	50x	as long as short
Bitget QQQUSDT	0.0000%	8h	744.62	+0.026%	$16.9M	$5.7M	20x	as long as short
SunX QQQ-USDT	0.0000%	8h	744.94	+0.069%	$2K	$1.9M	10x	as long as short
HTX QQQ-USDT	0.0000%	8h	744.70	+0.036%	$257K	$29K	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	744.65	+0.030%	$360K	$1.5M	10x	as long as short
Variational Omni QQQ	+0.0006%	8h	744.39	−0.006%	$17.1M	$7.5M	—	as long as short
BloFin QQQ-USDT	+0.0008%	8h	744.29	−0.019%	$1.1M	$271K	20x	as long as short
Coinbase International QQQ-PERP-INTX	+0.0008%	1h	743.96	−0.063%	$1.2M	$536K	20x	as long as short
Lighter QQQ	+0.0032%	1h	744.32	−0.015%	$7.7M	$16.3M	30x	as long as short
Arcus QQQ-USD	+0.0040%	1h	743.69	−0.099%	$702K	$1.6M	25x	as long as short
Binance QQQUSDT	+0.0042%	8h	744.49	+0.008%	$71.1M	$141.8M	25x	as long as short
Vest QQQ-USD-PERP	+0.0046%	1h	745.46	+0.138%	—	$337K	50x	as long as short
Lighter RH QQQ	+0.0048%	1h	744.79	+0.048%	$36.9M	$78.9M	50x	as long as short
Nado QQQ-PERP	+0.0098%	1h	744.18	−0.033%	$1.5M	$876K	20x	as long as short
KuCoin QQQUSDTM	+0.0100%	8h	744.13	−0.040%	$3.4M	$390K	20x	as long as short
ApeX Omni QQQUSDT	+0.0100%	1h	744.20	−0.031%	$20K	$2.2M	50x	as long as short
Orderly PERP_QQQ_USDC_mythos	+0.0100%	8h	744.24	−0.026%	$12K	$21K	20x	as long as short
Aevo QQQ-PERP	+0.0104%	1h	743.68	−0.101%	$93K	$1K	10x	as long as short
GRVT QQQ_USDT_Perp	+0.0114%	8h	744.62	+0.026%	$319K	$1.9M	10x	as long as short
Phoenix QQQshort	+0.0129%	1h	744.09	−0.046%	$38K	$66K	20x
Deribit QQQ_USDC-PERPETUAL	+0.0220%	1h	744.42	−0.001%	$425K	$149K	20x	as long as short
edgeX QQQUSDC	+0.0728%	4h	744.46	+0.004%	$761K	$333K	20x	as long as short