Funding arb · Price arb /

QQQ

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0158%/8h= +17.3% APRpaid last 24h −0.023%

Price spread now: Phoenix against Orderly−0.026%66s7-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 Phoenix

What this pair did over the last

the charts below follow

Funding, last 5 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

Funding pays, the price is against you. Phoenix is 0.026% cheaper against Orderly than usual: you would sell low and buy high (spread −0.026% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$3 on $10k: about 13 hours of funding at the current rate (+$5 a day). The two prices were read 66 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	Orderly PERP_QQQ_USDC_mythos	744.43	0.0100	pay 0.0100% / 8h	6h 58m	$12K	$21K	20x
Short	Phoenix QQQ	744.24	0.0258	get 0.0032% / 1h	58m 02s	$38K	$66K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now −0.026%Rate

Funding earned: $33.25
Price spread: −0.026% → 0.000%: −$2.55
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $17.7
Costs to cover: 0.130%
Break-even: 3.3 days

Slippage unknown: Orderly: no order-book sample; 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 Orderly no order-book sample	—	—	—	—	—
Sell Phoenix no order-book sample	—	—	—	—	—

Orderly and 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	−0.0278%	1h	743.10	−0.179%	$4.2M	$2.0M	20x	as long as short
GMX QQQ/USD [ETH-USDC]	L −0.0092% / S +0.0199%	1h	744.63	+0.026%	$25K	—	26x	as long as short
OKX QQQ-USDT-SWAP	0.0000%	8h	744.28	−0.020%	$21.5M	$25.3M	50x	as long as short
Gate QQQ_USDT	0.0000%	8h	744.29	−0.019%	$3.2M	$19.9M	50x	as long as short
SunX QQQ-USDT	0.0000%	8h	745.08	+0.087%	$2K	$2.1M	10x	as long as short
HTX QQQ-USDT	0.0000%	8h	744.94	+0.069%	$257K	$29K	30x	as long as short
Phemex QQQUSDT	0.0000%	8h	744.71	+0.038%	$359K	$1.4M	10x	as long as short
BloFin QQQ-USDT	+0.0019%	8h	744.38	−0.007%	$1.1M	$320K	20x	as long as short
Aster QQQUSDT	+0.0023%	8h	744.66	+0.031%	$841K	$713K	20x	as long as short
Bybit QQQUSDT	+0.0024%	8h	744.61	+0.024%	$10.7M	$5.0M	50x	as long as short

Show all 28 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter QQQ	+0.0032%	1h	744.33	−0.013%	$7.7M	$17.6M	30x	as long as short
Lighter RH QQQ	+0.0032%	1h	744.63	+0.027%	$37.4M	$78.5M	50x	as long as short
Arcus QQQ-USD	+0.0040%	1h	743.77	−0.089%	$748K	$1.5M	25x	as long as short
Vest QQQ-USD-PERP	+0.0046%	1h	745.23	+0.107%	—	$309K	50x	as long as short
Coinbase International QQQ-PERP-INTX	+0.0048%	1h	744.05	−0.051%	$1.2M	$545K	20x	as long as short
Variational Omni QQQ	+0.0072%	8h	744.60	+0.023%	$17.1M	$7.6M	—	as long as short
Nado QQQ-PERP	+0.0075%	1h	744.32	−0.015%	$1.5M	$1.1M	20x	as long as short
Binance QQQUSDT	+0.0099%	8h	744.57	+0.019%	$71.3M	$148.7M	25x	as long as short
KuCoin QQQUSDTM	+0.0100%	8h	744.32	−0.015%	$3.4M	$409K	20x	as long as short
ApeX Omni QQQUSDT	+0.0100%	1h	744.13	−0.040%	$20K	$2.2M	50x	as long as short
Orderly PERP_QQQ_USDC_mythoslong	+0.0100%	8h	744.43	long leg	$12K	$21K	20x
Aevo QQQ-PERP	+0.0104%	1h	743.92	−0.068%	$93K	$1K	10x	as long as short
Bitget QQQUSDT	+0.0141%	8h	744.61	+0.024%	$16.9M	$6.1M	20x	as long as short
Deribit QQQ_USDC-PERPETUAL	+0.0153%	1h	744.42	−0.001%	$425K	$147K	20x	as long as short
RISEx QQQ/USDC	+0.0168%	1h	744.71	+0.038%	$5.4M	$8.2M	25x	as long as short
edgeX QQQUSDC	+0.0216%	4h	744.53	+0.013%	$761K	$337K	20x	as long as short
Phoenix QQQshort	+0.0258%	1h	744.24	−0.026%	$38K	$66K	20x
GRVT QQQ_USDT_Perp	+0.0371%	8h	744.88	+0.061%	$318K	$1.8M	10x	as long as short