Funding arb · Price arb /

META

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0750%/8h= +82.1% APRpaid last 24h +0.076%

Price spread now: Phoenix against Bitget+0.087%7-day average −0.007% · you sell dearer than you buy

Net, funding: paid 7d − costs+$2as in the Funding arb table

Net, price: spread back to 7d avg − costs−$27as in the Price arb table

costs, in and out, $10k−$360.362% of the position

Long on Bitget Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.382%+$38 on $10k

Price spread, last 7 days−0.022%−$2 · spread now +0.087%, 7d avg −0.007%

Together, before fees+0.360%+$36 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 0.095% dearer against Bitget than usual: you sell high and buy low: +$9 more if the spread goes back to its 7-day average of −0.007%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.382% in total (about 19.9% 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	Bitget METAUSDT	745.07	0	get 0.0000% / 8h	42m 48s	$5.5M	$12.3M	100x
Short	Phoenix META	745.72	0.0750	get 0.0094% / 1h	42m 48s	$796K	$1.5M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Bitget. 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 BitgetbpFee PhoenixbpOrdersPrice spread, now +0.087%Rate

Funding earned: $157.4
Price spread: +0.087% → −0.007%: $9.46
Slippage, 4 orders: −$17.18
Fee Bitget: 6 bp × 2 orders: −$12
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $130.68
Costs to cover: 0.362%
Break-even: 1.2 days

Slippage from Bitget: live order book, 1 min ago; Phoenix: live order book, 6 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 Bitget live order book, 1 min ago	1.48 bp	10.5 bp −$10	21.0 bp −$210	38.0 bp −$3,801	doesn't fit
Sell Phoenix live order book, 6 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	+0.008%	$333K	$1.1M	20x	as long as short
Deribit META_USDC-PERPETUAL	−0.0005%	1h	744.66	−0.055%	$34K	$275K	10x	as long as short
Aster METAUSDT	0.0000%	8h	745.38	+0.042%	$479K	$593K	20x	as long as short
Extended META_24_5-USD	0.0000%	1h	744.71	−0.048%	$548K	$3.4M	17x	as long as short
Binance METAUSDT	0.0000%	8h	745.07	0.000%	$25.2M	$188.4M	20x	as long as short
Bybit METAUSDT	0.0000%	8h	744.79	−0.038%	$7.5M	$15.3M	100x	as long as short
OKX META-USDT-SWAP	0.0000%	8h	745.13	+0.008%	$6.0M	$12.7M	20x	as long as short
Gate META_USDT	0.0000%	8h	744.66	−0.055%	$465K	$6.2M	100x	as long as short
Bitget METAUSDTlong	0.0000%	8h	745.07	long leg	$5.5M	$12.3M	100x
Variational Omni META	0.0000%	8h	744.45	−0.083%	$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	−0.059%	$12K	$438K	10x	as long as short
SunX META-USDT	0.0000%	8h	745.02	−0.007%	$1K	$8.1M	20x	as long as short
HTX META-USDT	0.0000%	8h	744.71	−0.048%	$107K	$311K	30x	as long as short
Phemex METAUSDT	0.0000%	4h	744.89	−0.024%	$2.0M	$8K	10x	as long as short
QFEX META-USD	+0.0031%	1h	744.82	−0.034%	$2.2M	$13.9M	10x	as long as short
Arcus META-USD	+0.0040%	1h	744.25	−0.110%	$112K	$339K	10x	as long as short
Nado META-PERP	+0.0043%	1h	744.70	−0.050%	$480K	$560K	20x	as long as short
Vest META-USD-PERP	+0.0046%	1h	745.41	+0.046%	—	$12K	25x	as long as short
Lighter RH META	+0.0048%	1h	745.36	+0.039%	$789K	$3.1M	20x	as long as short
Polymarket Perps META-USD	+0.0050%	1h	744.86	−0.028%	$564K	$621K	10x	as long as short
SoDEX META-USD	+0.0050%	1h	745.04	−0.004%	$25K	$3K	10x	as long as short
Ondo Perps META-USD.P	+0.0050%	1h	743.90	−0.157%	$728K	$5.1M	10x	as long as short
Paradex META-USD-PERP	+0.0054%	8h	745.03	−0.006%	—	—	5x	as long as short
Popdex METAUSDT	+0.0072%	1h	745.04	−0.004%	$177K	$203K	20x	as long as short
Aftermath Perps METAUSD	+0.0086%	1h	745.26	+0.026%	$47K	$88K	10x	as long as short
Pacifica META	+0.0100%	1h	744.98	−0.012%	$13	$106	10x	as long as short
KuCoin METAUSDTM	+0.0100%	8h	744.77	−0.040%	$1.6M	$713K	20x	as long as short
ApeX Omni METAUSDT	+0.0100%	1h	743.98	−0.146%	$167K	$71K	50x	as long as short
Orderly PERP_META_USDC_mythos	+0.0100%	8h	745.00	−0.009%	$1K	$24	10x	as long as short
Aevo META-PERP	+0.0104%	1h	744.83	−0.033%	$268	—	10x	as long as short
Coinbase International META-PERP-INTX	+0.0104%	1h	744.39	−0.091%	$643K	$7.9M	10x	as long as short
Injective META/USDC PERP	+0.0220%	1h	746.51	+0.193%	$172K	$46K	30x	as long as short
Hotstuff META-PERP	+0.0424%	1h	744.96	−0.015%	$33K	$105	20x	as long as short
Lighter META	+0.0472%	1h	745.56	+0.066%	$1.1M	$2.9M	20x	as long as short
edgeX METAUSDC	+0.0484%	4h	744.08	−0.133%	$62K	$345K	10x	as long as short
tradeXYZ xyz:META	+0.0541%	1h	745.55	+0.064%	$80.9M	$129.7M	20x	as long as short
Phoenix METAshort	+0.0750%	1h	745.72	+0.087%	$796K	$1.5M	20x