Funding arb · Price arb /

META

RWAall META markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0750%/8h= +82.1% APRpaid last 24h +0.080%

Price spread now: Phoenix against Aster+0.045%7-day average −0.081% · you sell dearer than you buy

Net, funding: paid 7d − costs−$45as in the Funding arb table

Net, price: spread back to 7d avg − costs−$71as in the Price arb table

costs, in and out, $10k−$830.832% of the position

Long on Aster Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.386%+$39 on $10k

Price spread, last 4 days (all we have)−0.187%−$19 · spread now +0.045%, 7d avg −0.081%

Together, before fees+0.199%+ Points / potential airdropAster: Stage 5 · farm board+$20 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$22 a day on $10k at the current rate, and Phoenix is 0.126% dearer against Aster than usual: you sell high and buy low: +$13 more if the spread goes back to its 7-day average of −0.081%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.386% in total (about 20.1% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Aster METAUSDT	745.38	0	get 0.0000% / 8h	43m 06s	$479K	$593K	20x
Short	Phoenix META	745.72	0.0750	get 0.0094% / 1h	43m 06s	$796K	$1.5M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Aster. 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 AsterbpFee PhoenixbpOrdersPrice spread, now +0.045%Rate

Funding earned: $157.4
Price spread: +0.045% → −0.081%: $12.61
Slippage, 4 orders: −$68.17
Fee Aster: 4 bp × 2 orders: −$8
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $86.85
Costs to cover: 0.832%
Break-even: 3.1 days

Slippage from Aster: live order book, 59 min ago; Phoenix: live order book, 5 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 Aster live order book, 59 min ago	13.27 bp	47.6 bp −$48	doesn't fit	doesn't fit	doesn't fit
Sell Phoenix live order book, 5 min ago	2.28 bp	8.6 bp −$9	16.5 bp −$165	doesn't fit	doesn't fit

META on 37 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
BloFin META-USDT	−0.0120%	8h	745.13	−0.034%	$333K	$1.1M	20x	as long as short
Deribit META_USDC-PERPETUAL	−0.0005%	1h	744.66	−0.097%	$34K	$275K	10x	as long as short
Aster METAUSDTlong	0.0000%	8h	745.38	long leg	$479K	$593K	20x
Extended META_24_5-USD	0.0000%	1h	744.90	−0.065%	$551K	$3.4M	17x	as long as short
Binance METAUSDT	0.0000%	8h	744.98	−0.053%	$25.2M	$188.4M	20x	as long as short
Bybit METAUSDT	0.0000%	8h	744.74	−0.086%	$7.5M	$15.3M	100x	as long as short
OKX META-USDT-SWAP	0.0000%	8h	745.13	−0.034%	$6.0M	$12.7M	20x	as long as short
Gate META_USDT	0.0000%	8h	744.62	−0.102%	$465K	$6.2M	100x	as long as short
Bitget METAUSDT	0.0000%	8h	745.04	−0.046%	$5.5M	$12.3M	100x	as long as short
Variational Omni META	0.0000%	8h	744.45	−0.125%	$2.4M	$3.1M	—	as long as short

Show all 37 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT META_USDT_Perp	0.0000%	8h	744.63	−0.101%	$12K	$438K	10x	as long as short
SunX META-USDT	0.0000%	8h	745.02	−0.048%	$1K	$8.1M	20x	as long as short
HTX META-USDT	0.0000%	8h	744.71	−0.090%	$107K	$311K	30x	as long as short
Phemex METAUSDT	0.0000%	4h	744.89	−0.066%	$2.0M	$8K	10x	as long as short
QFEX META-USD	+0.0031%	1h	744.82	−0.075%	$2.2M	$13.9M	10x	as long as short
Arcus META-USD	+0.0040%	1h	744.25	−0.152%	$112K	$339K	10x	as long as short
Nado META-PERP	+0.0043%	1h	744.70	−0.091%	$480K	$560K	20x	as long as short
Vest META-USD-PERP	+0.0046%	1h	745.41	+0.004%	—	$12K	25x	as long as short
Lighter RH META	+0.0048%	1h	745.36	−0.003%	$789K	$3.1M	20x	as long as short
Polymarket Perps META-USD	+0.0050%	1h	744.86	−0.070%	$564K	$621K	10x	as long as short
SoDEX META-USD	+0.0050%	1h	745.04	−0.046%	$25K	$3K	10x	as long as short
Ondo Perps META-USD.P	+0.0050%	1h	743.90	−0.199%	$728K	$5.1M	10x	as long as short
Paradex META-USD-PERP	+0.0054%	8h	745.03	−0.048%	—	—	5x	as long as short
Popdex METAUSDT	+0.0072%	1h	745.04	−0.046%	$177K	$203K	20x	as long as short
Aftermath Perps METAUSD	+0.0086%	1h	745.26	−0.016%	$47K	$88K	10x	as long as short
Pacifica META	+0.0100%	1h	744.98	−0.054%	$13	$106	10x	as long as short
KuCoin METAUSDTM	+0.0100%	8h	744.79	−0.079%	$1.6M	$713K	20x	as long as short
ApeX Omni METAUSDT	+0.0100%	1h	743.98	−0.188%	$167K	$71K	50x	as long as short
Orderly PERP_META_USDC_mythos	+0.0100%	8h	745.00	−0.051%	$1K	$24	10x	as long as short
Aevo META-PERP	+0.0104%	1h	744.83	−0.075%	$268	—	10x	as long as short
Coinbase International META-PERP-INTX	+0.0104%	1h	744.39	−0.133%	$643K	$7.9M	10x	as long as short
Injective META/USDC PERP	+0.0220%	1h	746.51	+0.151%	$172K	$46K	30x	as long as short
Hotstuff META-PERP	+0.0424%	1h	744.96	−0.057%	$33K	$105	20x	as long as short
Lighter META	+0.0472%	1h	745.56	+0.024%	$1.1M	$2.9M	20x	as long as short
edgeX METAUSDC	+0.0484%	4h	744.08	−0.175%	$62K	$345K	10x	as long as short
tradeXYZ xyz:META	+0.0541%	1h	745.55	+0.023%	$80.9M	$129.7M	20x	as long as short
Phoenix METAshort	+0.0750%	1h	745.72	+0.045%	$796K	$1.5M	20x