Funding arb · Price arb /

QQQ

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0208%/8h= −22.7% APRpaid last 24h −0.069%

Price spread now: Phemex against RISEx+0.030%7-day average +0.005% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$65as in the Price arb table

costs, in and out, $10k−$680.679% of the position

Long on RISEx Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.195%−$19 on $10k

Price spread, last 3 days (all we have)−0.016%−$2 · spread now +0.030%, 7d avg +0.005%

Together, before fees−0.211%−$21 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Phemex is 0.025% dearer against RISEx than usual: you sell high and buy low (spread +0.030% now, against its 7-day average of +0.005%): +$3 on $10k if it goes back. Holding the pair costs −$6 a day in funding at the current rate, which eats that in about 10 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	RISEx QQQ/USDC	744.80	0.0208	pay 0.0026% / 1h	0m 14s	$5.4M	$8.2M	25x
Short	Phemex QQQUSDT	745.03	0	get 0.0000% / 8h	7h 00m	$360K	$1.4M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against RISEx. 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 RISExbpFee PhemexbpOrdersPrice spread, now +0.030%Rate

Funding earned: −$43.62
Price spread: +0.030% → +0.005%: $2.5
Slippage, 4 orders: −$49.9
Fee RISEx: 3 bp × 2 orders: −$6
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$109.01
Costs to cover: 0.679%
Break-even: never at this rate

Slippage from RISEx: live order book, 4 min ago; Phemex: live order book, 3 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 RISEx live order book, 4 min ago	0.07 bp	4.2 bp −$4	5.0 bp −$50	doesn't fit	doesn't fit
Sell Phemex live order book, 3 min ago	2.35 bp	28.5 bp −$29	doesn't fit	doesn't fit	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
Ondo Perps QQQ-USD.P	−0.0307%	1h	743.25	−0.209%	$4.2M	$2.0M	20x	as long as short
GMX QQQ/USD [ETH-USDC]	L −0.0092% / S +0.0198%	1h	744.76	−0.005%	$25K	—	26x	as long as short
OKX QQQ-USDT-SWAP	0.0000%	8h	744.52	−0.038%	$21.5M	$25.4M	50x	as long as short
Gate QQQ_USDT	0.0000%	8h	744.36	−0.060%	$3.2M	$29.1M	50x	as long as short
SunX QQQ-USDT	0.0000%	8h	745.25	+0.060%	$2K	$2.1M	10x	as long as short
HTX QQQ-USDT	0.0000%	8h	744.94	+0.018%	$257K	$29K	30x	as long as short
Phemex QQQUSDTshort	0.0000%	8h	745.03	+0.030%	$360K	$1.4M	10x
BloFin QQQ-USDT	+0.0003%	8h	744.38	−0.057%	$1.1M	$320K	20x	as long as short
Aster QQQUSDT	+0.0022%	8h	744.66	−0.019%	$841K	$713K	20x	as long as short
Bybit QQQUSDT	+0.0027%	8h	744.76	−0.006%	$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	744.51	−0.040%	$7.7M	$18.5M	30x	as long as short
Lighter RH QQQ	+0.0032%	1h	744.92	+0.015%	$37.4M	$81.4M	50x	as long as short
Arcus QQQ-USD	+0.0040%	1h	743.78	−0.138%	$748K	$1.5M	25x	as long as short
Vest QQQ-USD-PERP	+0.0046%	1h	745.31	+0.068%	—	$306K	50x	as long as short
Coinbase International QQQ-PERP-INTX	+0.0064%	1h	744.09	−0.096%	$1.2M	$545K	20x	as long as short
Variational Omni QQQ	+0.0072%	8h	744.60	−0.027%	$17.1M	$7.6M	—	as long as short
Nado QQQ-PERP	+0.0099%	1h	744.35	−0.061%	$1.5M	$1.1M	20x	as long as short
Deribit QQQ_USDC-PERPETUAL	+0.0099%	1h	744.53	−0.037%	$425K	$147K	20x	as long as short
Binance QQQUSDT	+0.0099%	8h	744.76	−0.006%	$71.3M	$149.2M	25x	as long as short
KuCoin QQQUSDTM	+0.0100%	8h	744.39	−0.056%	$3.4M	$410K	20x	as long as short
ApeX Omni QQQUSDT	+0.0100%	1h	744.13	−0.091%	$20K	$2.2M	50x	as long as short
Orderly PERP_QQQ_USDC_mythos	+0.0100%	8h	744.51	−0.040%	$12K	$21K	20x	as long as short
Aevo QQQ-PERP	+0.0104%	1h	744.02	−0.106%	$93K	$1K	10x	as long as short
Bitget QQQUSDT	+0.0144%	8h	744.71	−0.013%	$16.9M	$6.1M	20x	as long as short
RISEx QQQ/USDClong	+0.0208%	1h	744.80	long leg	$5.4M	$8.2M	25x
edgeX QQQUSDC	+0.0216%	4h	744.53	−0.037%	$761K	$337K	20x	as long as short
Phoenix QQQ	+0.0258%	1h	744.36	−0.060%	$38K	$66K	20x	as long as short
GRVT QQQ_USDT_Perp	+0.0361%	8h	744.85	+0.006%	$318K	$1.8M	10x	as long as short