Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0060%/8h= −6.5% APRpaid last 24h −0.020%

Price spread now: Arcus against Orderly−0.083%7-day average — · you buy dearer than you sell

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

Long on Orderly Short on Arcus

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

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

Together, before fees—needs both histories

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Arcus is 0.083% cheaper against Orderly than usual: you would sell low and buy high (−$8 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_QQQ_USDC_mythos	744.30	0.0100	pay 0.0100% / 8h	6h 14m	$12K	$21K	20x
Short	Arcus QQQ-USD	743.68	0.0040	get 0.0005% / 1h	14m 52s	$705K	$1.6M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Arcus against Orderly. 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 OrderlybpFee ArcusbpOrdersPrice spread, now −0.083%Rate

Funding earned: −$12.54
Price spread: −0.083% → 0.000%: −$8.33
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Arcus: 2.25 bp × 2 orders: −$4.5
Net: −$31.37
Costs to cover: 0.105%
Break-even: never at this rate

Slippage unknown: Orderly: no order-book sample; Arcus: live order book, 4 min ago. 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 Orderly no order-book sample	—	—	—	—	—
Sell Arcus live order book, 4 min ago	0.40 bp	6.6 bp −$7	13.0 bp −$130	doesn't fit	doesn't fit

Orderly: 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 −0.0101% / S +0.0206%	1h	744.59	+0.038%	$25K	—	26x	as long as short
Ondo Perps QQQ-USD.P	−0.0091%	1h	743.32	−0.132%	$4.2M	$1.9M	20x	as long as short
Bybit QQQUSDT	0.0000%	8h	744.64	+0.046%	$10.7M	$5.0M	50x	as long as short
OKX QQQ-USDT-SWAP	0.0000%	8h	744.47	+0.023%	$21.7M	$26.4M	50x	as long as short
Gate QQQ_USDT	0.0000%	8h	744.10	−0.027%	$3.3M	$23.3M	50x	as long as short
SunX QQQ-USDT	0.0000%	8h	745.03	+0.098%	$2K	$2.1M	10x	as long as short
HTX QQQ-USDT	0.0000%	8h	745.25	+0.128%	$258K	$29K	30x	as long as short
Phemex QQQUSDT	0.0000%	8h	744.91	+0.082%	$359K	$1.4M	10x	as long as short
Aster QQQUSDT	+0.0006%	8h	744.46	+0.021%	$841K	$712K	20x	as long as short
Bitget QQQUSDT	+0.0027%	8h	744.60	+0.040%	$16.9M	$5.9M	20x	as long as short

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter QQQ	+0.0032%	1h	744.32	+0.003%	$7.7M	$17.8M	30x	as long as short
Lighter RH QQQ	+0.0032%	1h	744.75	+0.060%	$37.4M	$80.3M	50x	as long as short
Arcus QQQ-USDshort	+0.0040%	1h	743.68	−0.083%	$705K	$1.6M	25x
Vest QQQ-USD-PERP	+0.0046%	1h	745.51	+0.163%	—	$337K	50x	as long as short
Coinbase International QQQ-PERP-INTX	+0.0048%	1h	744.11	−0.026%	$1.2M	$538K	20x	as long as short
Variational Omni QQQ	+0.0056%	8h	744.43	+0.017%	$17.1M	$7.6M	—	as long as short
Binance QQQUSDT	+0.0082%	8h	744.54	+0.032%	$71.1M	$147.2M	25x	as long as short
KuCoin QQQUSDTM	+0.0100%	8h	744.27	−0.004%	$3.4M	$412K	20x	as long as short
ApeX Omni QQQUSDT	+0.0100%	1h	744.10	−0.027%	$20K	$2.2M	50x	as long as short
Orderly PERP_QQQ_USDC_mythoslong	+0.0100%	8h	744.30	long leg	$12K	$21K	20x
Aevo QQQ-PERP	+0.0104%	1h	743.77	−0.071%	$93K	$1K	10x	as long as short
Nado QQQ-PERP	+0.0123%	1h	744.14	−0.021%	$1.5M	$952K	20x	as long as short
RISEx QQQ/USDC	+0.0168%	1h	744.59	+0.040%	$5.4M	$8.0M	25x	as long as short
Phoenix QQQ	+0.0183%	1h	744.18	−0.016%	$38K	$66K	20x	as long as short
GRVT QQQ_USDT_Perp	+0.0198%	8h	744.63	+0.044%	$320K	$1.8M	10x	as long as short
Deribit QQQ_USDC-PERPETUAL	+0.0207%	1h	744.38	+0.011%	$425K	$148K	20x	as long as short
edgeX QQQUSDC	+0.0490%	4h	744.37	+0.009%	$761K	$335K	20x	as long as short