Funding arb · Price arb /

QQQ

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0032%/8h= +3.5% APRpaid last 24h +0.012%

Price spread now: Lighter RH against Phemex−0.011%7-day average −0.054% · you buy dearer than you sell

Net, funding: paid 7d − costs−$48as in the Funding arb table

Net, price: spread back to 7d avg − costs−$56as in the Price arb table

costs, in and out, $10k−$600.599% of the position

Long on Phemex Short on Lighter RH

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)−0.071%−$7 · spread now −0.011%, 7d avg −0.054%

Together, before fees+0.049%+ Points / potential airdropLighter RH: Points live · farm board+$5 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 Lighter RH is 0.044% dearer against Phemex than usual: you sell high and buy low: +$4 more if the spread goes back to its 7-day average of −0.054%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex QQQUSDT	743.46	0	get 0.0000% / 8h	2h 10m	$361K	$1.6M	10x
Short	Lighter RH QQQ	743.38	0.0032	get 0.0004% / 1h	10m 22s	$36.9M	$80.9M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter RH 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 Lighter RHbpOrdersPrice spread, now −0.011%Rate

Funding earned: $6.72
Price spread: −0.011% → −0.054%: $4.36
Slippage, 4 orders: −$47.93
Fee Phemex: 6 bp × 2 orders: −$12
Fee Lighter RH: 0 bp × 2 orders: $0
Net: −$48.84
Costs to cover: 0.599%
Break-even: 57.9 days

Slippage from Phemex: live order book, 3 min ago; Lighter RH: live order book, 4 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, 3 min ago	2.02 bp	29.5 bp −$30	doesn't fit	doesn't fit	doesn't fit
Sell Lighter RH live order book, 4 min ago	0.14 bp	0.1 bp $0	0.6 bp −$6	6.5 bp −$646	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 −0.0152% / S +0.0245%	1h	743.38	−0.010%	$25K	—	26x	as long as short
BloFin QQQ-USDT	−0.0020%	8h	742.85	−0.082%	$1.1M	$277K	20x	as long as short
Aster QQQUSDT	0.0000%	8h	742.82	−0.086%	$824K	$857K	20x	as long as short
Binance QQQUSDT	0.0000%	8h	743.28	−0.024%	$70.0M	$144.8M	25x	as long as short
Bybit QQQUSDT	0.0000%	8h	743.30	−0.022%	$10.6M	$5.2M	50x	as long as short
OKX QQQ-USDT-SWAP	0.0000%	8h	743.07	−0.052%	$21.5M	$28.3M	50x	as long as short
RISEx QQQ/USDC	0.0000%	1h	743.09	−0.049%	$5.4M	$6.7M	25x	as long as short
Gate QQQ_USDT	0.0000%	8h	742.56	−0.121%	$3.3M	$21.4M	50x	as long as short
Bitget QQQUSDT	0.0000%	8h	743.31	−0.020%	$16.6M	$5.6M	20x	as long as short
Variational Omni QQQ	0.0000%	8h	743.18	−0.037%	$16.9M	$7.3M	—	as long as short

Show all 28 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX QQQ-USDT	0.0000%	8h	743.79	+0.044%	$2K	$1.8M	10x	as long as short
Coinbase International QQQ-PERP-INTX	0.0000%	1h	742.77	−0.093%	$1.2M	$541K	20x	as long as short
HTX QQQ-USDT	0.0000%	8h	743.33	−0.017%	$251K	$41K	30x	as long as short
Phemex QQQUSDTlong	0.0000%	8h	743.46	long leg	$361K	$1.6M	10x
Ondo Perps QQQ-USD.P	+0.0003%	1h	742.06	−0.188%	$4.2M	$1.8M	20x	as long as short
Lighter QQQ	+0.0032%	1h	743.05	−0.055%	$7.6M	$15.7M	30x	as long as short
Lighter RH QQQshort	+0.0032%	1h	743.38	−0.011%	$36.9M	$80.9M	50x
Arcus QQQ-USD	+0.0040%	1h	742.04	−0.191%	$688K	$1.6M	25x	as long as short
Vest QQQ-USD-PERP	+0.0046%	1h	744.08	+0.083%	—	$337K	50x	as long as short
GRVT QQQ_USDT_Perp	+0.0090%	8h	742.89	−0.077%	$315K	$2.0M	10x	as long as short
KuCoin QQQUSDTM	+0.0100%	8h	742.80	−0.089%	$3.4M	$363K	20x	as long as short
ApeX Omni QQQUSDT	+0.0100%	1h	742.56	−0.121%	$20K	$2.2M	50x	as long as short
Orderly PERP_QQQ_USDC_mythos	+0.0100%	8h	743.01	−0.061%	$12K	$21K	20x	as long as short
Aevo QQQ-PERP	+0.0104%	1h	742.54	−0.124%	$92K	$1K	10x	as long as short
Nado QQQ-PERP	+0.0122%	1h	742.76	−0.094%	$1.5M	$748K	20x	as long as short
Phoenix QQQ	+0.0129%	1h	742.54	−0.124%	$38K	$66K	20x	as long as short
Deribit QQQ_USDC-PERPETUAL	+0.0275%	1h	743.07	−0.052%	$424K	$152K	20x	as long as short
edgeX QQQUSDC	+0.0907%	4h	742.99	−0.063%	$760K	$333K	20x	as long as short