Funding arb · Price arb /

QQQ

RWAall QQQ markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0032%/8h= −3.5% APRpaid last 24h −0.012%

Price spread now: SunX against Lighter RH+0.026%7-day average +0.068% · you sell dearer than you buy

Net, funding: paid 7d − costs−$77as in the Funding arb table

Net, price: spread back to 7d avg − costs−$69as in the Price arb table

costs, in and out, $10k−$650.647% of the position

Long on Lighter RH Short on SunX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.120%−$12 on $10k

Price spread, last 4 days (all we have)+0.046%+$5 · spread now +0.026%, 7d avg +0.068%

Together, before fees−0.074%+ Points / potential airdropLighter RH: Points live · farm board−$7 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and SunX is 0.042% cheaper against Lighter RH than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of +0.068%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter RH QQQ	742.04	0.0032	pay 0.0004% / 1h	3m 34s	$37.4M	$81.7M	50x
Short	SunX QQQ-USDT	742.23	0	get 0.0000% / 8h	3m 34s	$2K	$1.7M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX against Lighter RH. 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 Lighter RHbpFee SunXbpOrdersPrice spread, now +0.026%Rate

Funding earned: −$6.72
Price spread: +0.026% → +0.068%: −$4.24
Slippage, 4 orders: −$56.73
Fee Lighter RH: 0 bp × 2 orders: $0
Fee SunX: 4 bp × 2 orders: −$8
Net: −$75.68
Costs to cover: 0.647%
Break-even: never at this rate

Slippage from Lighter RH: live order book, 5 min ago; SunX: live order book, 12 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 Lighter RH live order book, 5 min ago	0.07 bp	0.1 bp $0	0.2 bp −$2	9.3 bp −$931	doesn't fit
Sell SunX live order book, 12 min ago	21.62 bp	38.0 bp −$38	doesn't fit	doesn't fit	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
GMX QQQ/USD [ETH-USDC]	L −0.0178% / S +0.0266%	1h	741.92	−0.015%	$25K	—	26x	as long as short
Ondo Perps QQQ-USD.P	−0.0107%	1h	740.83	−0.163%	$4.2M	$1.8M	20x	as long as short
Gate QQQ_USDT	−0.0096%	8h	741.30	−0.100%	$3.3M	$21.7M	50x	as long as short
BloFin QQQ-USDT	−0.0003%	8h	741.56	−0.065%	$1.1M	$275K	20x	as long as short
Aster QQQUSDT	0.0000%	8h	741.83	−0.028%	$824K	$864K	20x	as long as short
Bybit QQQUSDT	0.0000%	8h	741.85	−0.026%	$10.7M	$5.0M	50x	as long as short
OKX QQQ-USDT-SWAP	0.0000%	8h	741.66	−0.051%	$21.5M	$28.3M	50x	as long as short
RISEx QQQ/USDC	0.0000%	1h	741.67	−0.051%	$5.4M	$5.9M	25x	as long as short
Bitget QQQUSDT	0.0000%	8h	741.94	−0.013%	$16.5M	$5.3M	20x	as long as short
Variational Omni QQQ	0.0000%	8h	741.74	−0.040%	$16.8M	$7.2M	—	as long as short

Show all 28 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX QQQ-USDTshort	0.0000%	8h	742.23	+0.026%	$2K	$1.7M	10x
HTX QQQ-USDT	0.0000%	8h	742.03	−0.001%	$251K	$41K	30x	as long as short
Phemex QQQUSDT	0.0000%	8h	742.22	+0.024%	$359K	$1.6M	10x	as long as short
Coinbase International QQQ-PERP-INTX	+0.0016%	1h	741.19	−0.115%	$1.2M	$487K	20x	as long as short
Binance QQQUSDT	+0.0026%	8h	741.92	−0.016%	$70.3M	$140.5M	25x	as long as short
Lighter QQQ	+0.0032%	1h	741.70	−0.046%	$7.7M	$15.4M	30x	as long as short
Lighter RH QQQlong	+0.0032%	1h	742.04	long leg	$37.4M	$81.7M	50x
Arcus QQQ-USD	+0.0040%	1h	740.94	−0.148%	$648K	$1.7M	25x	as long as short
Vest QQQ-USD-PERP	+0.0046%	1h	742.81	+0.104%	—	$337K	50x	as long as short
KuCoin QQQUSDTM	+0.0100%	8h	741.43	−0.082%	$3.4M	$357K	20x	as long as short
ApeX Omni QQQUSDT	+0.0100%	1h	741.25	−0.106%	$20K	$2.2M	50x	as long as short
Orderly PERP_QQQ_USDC_mythos	+0.0100%	8h	741.59	−0.061%	$12K	$21K	20x	as long as short
Aevo QQQ-PERP	+0.0104%	1h	741.09	−0.128%	$92K	$1K	10x	as long as short
Nado QQQ-PERP	+0.0139%	1h	741.38	−0.089%	$1.6M	$746K	20x	as long as short
GRVT QQQ_USDT_Perp	+0.0145%	8h	741.92	−0.016%	$314K	$2.0M	10x	as long as short
Deribit QQQ_USDC-PERPETUAL	+0.0182%	1h	741.72	−0.043%	$424K	$156K	20x	as long as short
Phoenix QQQ	+0.0227%	1h	741.45	−0.080%	$38K	$65K	20x	as long as short
edgeX QQQUSDC	+0.0684%	4h	741.62	−0.056%	$758K	$336K	20x	as long as short