Funding arb · Price arb /

QQQ

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0194%/8h= +21.2% APRpaid last 24h +0.005%

Price spread now: Phoenix against Phemex−0.109%7-day average — · you buy dearer than you sell

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

Long on Phemex Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.235%+$23 on $10k

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 0.109% cheaper against Phemex than usual: you would sell low and buy high (spread −0.109% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$11 on $10k: about 45 hours of funding at the current rate (+$6 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex QQQUSDT	743.91	0	get 0.0000% / 8h	14m 21s	$363K	$1.4M	10x
Short	Phoenix QQQ	743.10	0.0194	get 0.0024% / 1h	14m 21s	$38K	$73K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now −0.109%Rate

Funding earned: $40.72
Price spread: −0.109% → 0.000%: −$10.89
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $10.83
Costs to cover: 0.190%
Break-even: 5.1 days

Slippage unknown: Phemex: live order book, 3 min ago; 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 Phemex live order book, 3 min ago	2.08 bp	35.0 bp −$35	doesn't fit	doesn't fit	doesn't fit
Sell Phoenix no order-book sample	—	—	—	—	—

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
GMX QQQ/USD [ETH-USDC]	L −0.0077% / S +0.0186%	1h	743.60	−0.042%	$25K	—	26x	as long as short
Ondo Perps QQQ-USD.P	−0.0042%	1h	742.08	−0.246%	$4.2M	$2.1M	20x	as long as short
BloFin QQQ-USDT	−0.0011%	8h	743.09	−0.110%	$1.1M	$320K	20x	as long as short
Aster QQQUSDT	0.0000%	8h	743.36	−0.074%	$845K	$783K	20x	as long as short
OKX QQQ-USDT-SWAP	0.0000%	8h	743.39	−0.070%	$21.5M	$27.6M	50x	as long as short
Gate QQQ_USDT	0.0000%	8h	743.22	−0.093%	$3.1M	$32.8M	50x	as long as short
SunX QQQ-USDT	0.0000%	8h	744.03	+0.016%	$2K	$2.3M	10x	as long as short
HTX QQQ-USDT	0.0000%	8h	743.15	−0.102%	$257K	$25K	30x	as long as short
Phemex QQQUSDTlong	0.0000%	8h	743.91	long leg	$363K	$1.4M	10x
Lighter RH QQQ	+0.0032%	1h	743.71	−0.027%	$37.5M	$80.6M	50x	as long as short

Show all 28 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Arcus QQQ-USD	+0.0040%	1h	742.87	−0.140%	$747K	$1.5M	25x	as long as short
Vest QQQ-USD-PERP	+0.0046%	1h	744.00	+0.012%	—	$621K	50x	as long as short
Variational Omni QQQ	+0.0046%	8h	743.47	−0.060%	$17.6M	$10.3M	—	as long as short
Lighter QQQ	+0.0064%	1h	743.42	−0.066%	$7.6M	$20.9M	30x	as long as short
Coinbase International QQQ-PERP-INTX	+0.0072%	1h	742.85	−0.142%	$1.2M	$865K	20x	as long as short
Binance QQQUSDT	+0.0076%	8h	743.57	−0.046%	$71.1M	$160.6M	25x	as long as short
KuCoin QQQUSDTM	+0.0100%	8h	743.05	−0.116%	$3.4M	$415K	20x	as long as short
ApeX Omni QQQUSDT	+0.0100%	1h	743.10	−0.109%	$20K	$2.2M	50x	as long as short
Orderly PERP_QQQ_USDC_mythos	+0.0100%	8h	743.23	−0.091%	$12K	$21K	20x	as long as short
Bybit QQQUSDT	+0.0101%	8h	743.63	−0.038%	$10.7M	$5.2M	50x	as long as short
Aevo QQQ-PERP	+0.0104%	1h	742.85	−0.143%	$92K	$1K	10x	as long as short
Nado QQQ-PERP	+0.0172%	1h	743.06	−0.114%	$1.5M	$1.3M	20x	as long as short
Bitget QQQUSDT	+0.0181%	8h	743.57	−0.046%	$16.9M	$7.0M	20x	as long as short
GRVT QQQ_USDT_Perp	+0.0191%	8h	743.70	−0.028%	$323K	$1.8M	10x	as long as short
RISEx QQQ/USDC	+0.0193%	1h	743.68	−0.031%	$5.4M	$8.9M	25x	as long as short
Phoenix QQQshort	+0.0194%	1h	743.10	−0.109%	$38K	$73K	20x
Deribit QQQ_USDC-PERPETUAL	+0.0288%	1h	743.38	−0.071%	$425K	$157K	20x	as long as short
edgeX QQQUSDC	+0.0915%	4h	743.51	−0.054%	$760K	$337K	20x	as long as short