Funding arb · Price arb /

QQQ

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC+0.0032%/8h= +3.5% APRpaid last 24h +0.007%

Price spread now: Coinbase International against Phemex−0.071%7-day average −0.099% · you buy dearer than you sell

Net, funding: paid 7d − costs−$56as in the Funding arb table

Net, price: spread back to 7d avg − costs−$77as in the Price arb table

costs, in and out, $10k−$800.796% of the position

Long on Phemex Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+0.234%+$23 on $10k

Price spread, last 4 days (all we have)+0.060%+$6 · spread now −0.071%, 7d avg −0.099%

Together, before fees+0.293%+$29 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and Coinbase International is 0.027% dearer against Phemex than usual: you sell high and buy low: +$3 more if the spread goes back to its 7-day average of −0.099%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex QQQUSDT	743.40	0	get 0.0000% / 8h	5h 44m	$362K	$1.6M	10x
Short	Coinbase International QQQ-PERP-INTX	742.87	0.0032	get 0.0004% / 1h	44m 24s	$1.2M	$541K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against Phemex. 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 PhemexbpFee Coinbase InternationalbpOrdersPrice spread, now −0.071%Rate

Funding earned: $6.72
Price spread: −0.071% → −0.099%: $2.75
Slippage, 4 orders: −$57.6
Fee Phemex: 6 bp × 2 orders: −$12
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$70.14
Costs to cover: 0.796%
Break-even: 80.1 days

Slippage from Phemex: live order book, 2 min ago; Coinbase International: live order book, 2 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 Phemex live order book, 2 min ago	3.03 bp	34.3 bp −$34	doesn't fit	doesn't fit	doesn't fit
Sell Coinbase International live order book, 2 min ago	0.07 bp	7.0 bp −$7	8.2 bp −$82	35.4 bp −$3,543	doesn't fit

QQQ on 28 exchanges

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 −0.0203% / S +0.0285%	1h	743.09	−0.042%	$25K	—	26x	as long as short
Ondo Perps QQQ-USD.P	−0.0129%	1h	740.96	−0.328%	$4.2M	$1.8M	20x	as long as short
Aster QQQUSDT	0.0000%	8h	743.12	−0.038%	$857K	$903K	20x	as long as short
OKX QQQ-USDT-SWAP	0.0000%	8h	742.89	−0.069%	$21.7M	$30.3M	50x	as long as short
RISEx QQQ/USDC	0.0000%	1h	742.87	−0.072%	$5.4M	$5.7M	25x	as long as short
Gate QQQ_USDT	0.0000%	8h	742.53	−0.117%	$3.5M	$19.8M	50x	as long as short
Bitget QQQUSDT	0.0000%	8h	743.03	−0.050%	$17.0M	$5.9M	20x	as long as short
SunX QQQ-USDT	0.0000%	8h	743.62	+0.030%	$2K	$1.5M	10x	as long as short
Deribit QQQ_USDC-PERPETUAL	0.0000%	1h	742.68	−0.097%	$398K	$108K	20x	as long as short
HTX QQQ-USDT	0.0000%	8h	743.27	−0.017%	$247K	$45K	30x	as long as short

Show all 28 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex QQQUSDTlong	0.0000%	8h	743.40	long leg	$362K	$1.6M	10x
BloFin QQQ-USDT	+0.0016%	8h	742.87	−0.071%	$1.1M	$237K	20x	as long as short
Lighter QQQ	+0.0032%	1h	742.35	−0.141%	$7.3M	$15.7M	30x	as long as short
Lighter RH QQQ	+0.0032%	1h	743.05	−0.047%	$38.7M	$77.0M	50x	as long as short
Coinbase International QQQ-PERP-INTXshort	+0.0032%	1h	742.87	−0.071%	$1.2M	$541K	20x
Arcus QQQ-USD	+0.0040%	1h	741.93	−0.198%	$659K	$1.4M	25x	as long as short
Vest QQQ-USD-PERP	+0.0046%	1h	743.86	+0.062%	—	$337K	50x	as long as short
Variational Omni QQQ	+0.0052%	8h	742.97	−0.058%	$16.8M	$6.9M	—	as long as short
Bybit QQQUSDT	+0.0068%	8h	743.09	−0.042%	$10.5M	$4.8M	50x	as long as short
Binance QQQUSDT	+0.0076%	8h	743.18	−0.029%	$71.6M	$145.9M	25x	as long as short
KuCoin QQQUSDTM	+0.0100%	8h	742.68	−0.097%	$3.4M	$470K	20x	as long as short
ApeX Omni QQQUSDT	+0.0100%	1h	742.82	−0.078%	$20K	$2.2M	50x	as long as short
Orderly PERP_QQQ_USDC_mythos	+0.0100%	8h	742.84	−0.075%	$12K	$21K	20x	as long as short
Aevo QQQ-PERP	+0.0104%	1h	742.30	−0.148%	$92K	$1K	10x	as long as short
Nado QQQ-PERP	+0.0134%	1h	742.50	−0.121%	$1.6M	$770K	20x	as long as short
GRVT QQQ_USDT_Perp	+0.0250%	8h	743.56	+0.022%	$318K	$2.1M	10x	as long as short
Phoenix QQQ	+0.0302%	1h	742.33	−0.144%	$38K	$59K	20x	as long as short
edgeX QQQUSDC	+0.0715%	4h	743.15	−0.033%	$760K	$336K	20x	as long as short