Funding arb · Price arb /

META

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0591%/8h= +64.7% APRpaid last 24h +0.032%

Price spread now: Phoenix against Binance+0.248%115s7-day average −0.016% · you sell dearer than you buy

Net, funding: paid 7d − costs+$12as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$290.291% of the position

Long on Binance Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.413%+$41 on $10k

Price spread, last 7 days−0.188%−$19 · spread now +0.248%, 7d avg −0.016%

Together, before fees+0.225%+$22 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$18 a day on $10k at the current rate, and Phoenix is 0.264% dearer against Binance than usual: you sell high and buy low: +$26 more if the spread goes back to its 7-day average of −0.016%. The two prices were read 115 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.413% in total (about 21.5% 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	Binance METAUSDT	742.08	0	get 0.0000% / 8h	4h 45m	$27.5M	$180.3M	20x
Short	Phoenix META	743.92	0.0591	get 0.0074% / 1h	45m 40s	$631K	$1.2M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Binance. 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 BinancebpFee PhoenixbpOrdersPrice spread, now +0.248%Rate

Funding earned: $124.09
Price spread: +0.248% → −0.016%: $26.35
Slippage, 4 orders: −$12.08
Fee Binance: 5 bp × 2 orders: −$10
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $121.36
Costs to cover: 0.291%
Break-even: 0.2 days

Slippage from Binance: live order book, 13 min ago; Phoenix: 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 Binance live order book, 13 min ago	0.07 bp	5.4 bp −$5	13.3 bp −$133	49.0 bp −$4,897	doesn't fit
Sell Phoenix live order book, 3 min ago	2.29 bp	8.6 bp −$9	16.8 bp −$168	doesn't fit	doesn't fit

META on 36 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	742.49	+0.055%	$330K	$1.1M	20x	as long as short
Nado META-PERP	−0.0050%	1h	741.90	−0.024%	$480K	$553K	20x	as long as short
Aster METAUSDT	0.0000%	8h	742.43	+0.047%	$466K	$551K	20x	as long as short
Extended META_24_5-USD	0.0000%	1h	741.88	−0.027%	$548K	$2.7M	17x	as long as short
Binance METAUSDTlong	0.0000%	8h	742.08	long leg	$27.5M	$180.3M	20x
Bybit METAUSDT	0.0000%	8h	741.89	−0.026%	$7.5M	$13.9M	100x	as long as short
OKX META-USDT-SWAP	0.0000%	8h	742.07	−0.001%	$6.0M	$13.5M	20x	as long as short
Gate META_USDT	0.0000%	8h	741.75	−0.044%	$363K	$5.7M	100x	as long as short
Bitget METAUSDT	0.0000%	8h	742.14	+0.008%	$5.3M	$11.7M	100x	as long as short
Variational Omni META	0.0000%	8h	742.05	−0.004%	$2.4M	$3.1M	—	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT META_USDT_Perp	0.0000%	8h	743.01	+0.126%	$12K	$434K	10x	as long as short
SunX META-USDT	0.0000%	8h	742.52	+0.059%	$734	$9.1M	20x	as long as short
Deribit META_USDC-PERPETUAL	0.0000%	1h	741.73	−0.047%	$31K	$245K	10x	as long as short
HTX META-USDT	0.0000%	8h	742.20	+0.016%	$106K	$296K	30x	as long as short
Phemex METAUSDT	0.0000%	4h	742.69	+0.082%	$2.0M	$8K	10x	as long as short
Lighter RH META	+0.0032%	1h	742.18	+0.013%	$767K	$3.0M	20x	as long as short
QFEX META-USD	+0.0036%	1h	741.94	−0.019%	$2.1M	$13.7M	10x	as long as short
Arcus META-USD	+0.0040%	1h	742.16	+0.011%	$110K	$330K	10x	as long as short
Vest META-USD-PERP	+0.0046%	1h	742.42	+0.046%	—	$10K	25x	as long as short
Popdex METAUSDT	+0.0048%	1h	742.11	+0.004%	$178K	$199K	20x	as long as short
Polymarket Perps META-USD	+0.0050%	1h	742.04	−0.005%	$559K	$540K	10x	as long as short
SoDEX META-USD	+0.0050%	1h	742.14	+0.008%	$24K	$3K	10x	as long as short
Ondo Perps META-USD.P	+0.0050%	1h	741.30	−0.105%	$701K	$4.3M	10x	as long as short
Paradex META-USD-PERP	+0.0061%	8h	741.82	−0.035%	—	—	5x	as long as short
Aftermath Perps METAUSD	+0.0079%	1h	742.94	+0.117%	$51K	$82K	10x	as long as short
KuCoin METAUSDTM	+0.0100%	8h	742.16	+0.011%	$1.6M	$535K	20x	as long as short
ApeX Omni METAUSDT	+0.0100%	1h	742.19	+0.015%	$166K	$71K	50x	as long as short
Orderly PERP_META_USDC_mythos	+0.0100%	8h	742.11	+0.004%	$1K	$24	10x	as long as short
Aevo META-PERP	+0.0104%	1h	741.99	−0.012%	$267	—	10x	as long as short
Coinbase International META-PERP-INTX	+0.0104%	1h	742.02	−0.008%	$614K	$7.2M	10x	as long as short
Hotstuff META-PERP	+0.0112%	1h	742.18	+0.013%	$33K	$105	20x	as long as short
Injective META/USDC PERP	+0.0220%	1h	744.79	+0.365%	$172K	$48K	30x	as long as short
Lighter META	+0.0224%	1h	742.13	+0.007%	$856K	$2.4M	20x	as long as short
tradeXYZ xyz:META	+0.0260%	1h	742.03	−0.007%	$69.4M	$120.3M	20x	as long as short
Phoenix METAshort	+0.0591%	1h	743.92	+0.248%	$631K	$1.2M	20x
edgeX METAUSDC	+0.0605%	4h	742.41	+0.045%	$62K	$338K	10x	as long as short