etf · Nasdaq
QQQ · Invesco QQQ Trust
Exchange-traded fund linked to the Nasdaq-100. Distribution treatment is venue-specific.
Demonstration · Snapshot 25 Sep 2026, 20:00 UTC · Not a live feed, venue quotation, or verified term.
Cross-venue dispersion · Screen this name · Calendar
Reference anchor
US$498.35
EPIC aggregate mark
US$497.55
Equal-weight of venue marks. Not a tradable price.
Aggregate basis
-0.16%
Median funding
0.0071%
Tracked 24h notional
1.2bn USD
Tracked open interest
549.6m USD
Active venues in the book
4
Reference confidence
Illustrative path
Pinned to the snapshot. Not a historical tape. Session shading is described on AfterClose rather than drawn as a false time axis.
Venue comparison
| Venue | Symbol | Mark | Reference | Basis | Funding | Next funding | Interval | Leverage | Collateral | Settlement | Spread | Volume | Open interest | Confidence | Policy | Verified |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Northline | NL-QQQ-PERP | US$498.95 | US$498.35 | 0.12% | 0.0071%Longs pay shorts | 26 Sep 2026 00:00 UTC | 8h | 20× | USDC | USDC | 4.8 bps | 557.05m | 251.33m | 67Limited reference quality | Disclosed | Unverified |
| Harbor | HQQQPERP | US$496.65 | US$498.35 | -0.34% | -0.0087%Shorts pay longs | 25 Sep 2026 21:00 UTC | 1h | 50× | USDT | USDT | 9.4 bps | 238.79m | 106.55m | 64Limited reference quality | Not disclosed | Unverified |
| Meridian | mQQQ-PERP | US$495.91 | US$498.35 | -0.49% | 0.0135%Longs pay shorts | 26 Sep 2026 00:00 UTC | 8h | 10× | USDC | USDC | 12.4 bps | 98.61m | 42.81m | 65Limited reference quality | Partially disclosed | Unverified |
| Aperture | A.QQQ | US$498.70 | US$498.35 | 0.07% | 0.0022%Longs pay shorts | 26 Sep 2026 00:00 UTC | 4h | 5× | USD | USD | 6.1 bps | 307.86m | 148.91m | 72Tradable reference, moderate caution | Disclosed | Unverified |
Funding
- Northline0.0071%Longs pay shorts
- Harbor-0.0087%Shorts pay longs
- Meridian0.0135%Longs pay shorts
- Aperture0.0022%Longs pay shorts
Basis
A basis gap is not automatically an arbitrage. Fees, funding, spread, slippage, collateral and access still apply.
- Northline0.12%
- Harbor-0.34%
- Meridian-0.49%
- Aperture0.07%
Liquidity
Northline
Spread 4.8 bps · depth 10 bps 5.91m · 25 bps 15.69m
Volume / open interest 2.22. Illustrative book, not a live ladder.
Harbor
Spread 9.4 bps · depth 10 bps 1.32m · 25 bps 1.84m
Volume / open interest 2.24. Illustrative book, not a live ladder.
Meridian
Spread 12.4 bps · depth 10 bps 307.78k · 25 bps 845.39k
Volume / open interest 2.30. Illustrative book, not a live ladder.
Aperture
Spread 6.1 bps · depth 10 bps 1.13m · 25 bps 3.3m
Volume / open interest 2.07. Illustrative book, not a live ladder.
Specification differences
- Northline calls the mark “fair price” and the interval “eight-hour funding window”. Normalised: mark price, 8h funding, isolated or cross margin.
- Harbor calls the mark “markPx” and the interval “1H”. Normalised: mark price, 1h funding, isolated or cross margin.
- Meridian calls the mark “oracleMark” and the interval “fundingPeriod=8”. Normalised: mark price, 8h funding, isolated margin.
- Aperture calls the mark “reference mark” and the interval “4-hour cycle”. Normalised: mark price, 4h funding, cross margin.
After the cash close
The snapshot was taken at 20:00 UTC on 25 Sep 2026, the US cash close. Marks in the book are not updated when the live session clock changes.
Open AfterCloseRisk disclosure status
Northline
1 categories not disclosed in the sample file. None of these venues is labelled safe.
Venue profileHarbor
3 categories not disclosed in the sample file. None of these venues is labelled safe.
Venue profileMeridian
2 categories not disclosed in the sample file. None of these venues is labelled safe.
Venue profileAperture
1 categories not disclosed in the sample file. None of these venues is labelled safe.
Venue profileCorporate-action scenarios
Scenario ETF distribution
Scenario distribution on an ETF perpetual. Not an Invesco announcement.
Compare venue treatments
Eligibility
EPIC does not determine legal eligibility. Open the explorer for the sample access phrases.
Eligibility explorerWhy the median score is 67
Component contributions use the weights shown. This is anchor quality, not a valuation.
- Primary cash-market status20%22
- Reference-source freshness15%81
- Independent source count10%63
- Order-book depth10%91
- Spread quality10%90
- Mark versus last trade10%82
- Related-instrument agreement10%72
- Volatility regime5%52
- Event-risk flag5%86
- Price-band or stale-index condition5%80
The breakdown above is the first venue in the table, not a blended score.
Sources
Source type: EPIC demonstration dataset. Captured with the snapshot. Not an official API.