Funding arb · Price arb /

META

RWAall META markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC+0.0217%/8h= +23.8% APRpaid last 24h +0.083%

Price spread now: Phoenix against BloFin+0.014%7-day average −0.031% · you sell dearer than you buy

Net, funding: paid 7d − costs+$20as in the Funding arb table

Net, price: spread back to 7d avg − costs−$30as in the Price arb table

costs, in and out, $10k−$340.341% of the position

Long on BloFin Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.546%+$55 on $10k

Price spread, last 3 days (all we have)−0.316%−$32 · spread now +0.014%, 7d avg −0.031%

Together, before fees+0.230%+$23 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$7 a day on $10k at the current rate, and Phoenix is 0.044% dearer against BloFin than usual: you sell high and buy low: +$4 more if the spread goes back to its 7-day average of −0.031%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin META-USDT	740.40	−0.0120	get 0.0120% / 8h	2h 12m	$329K	$1.1M	20x
Short	Phoenix META	740.50	0.0097	get 0.0012% / 1h	12m 23s	$291K	$782K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against BloFin. 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 BloFinbpFee PhoenixbpOrdersPrice spread, now +0.014%Rate

Funding earned: $45.61
Price spread: +0.014% → −0.031%: $4.43
Slippage, 4 orders: −$15.11
Fee BloFin: 6 bp × 2 orders: −$12
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $15.92
Costs to cover: 0.341%
Break-even: 4.6 days

Slippage from BloFin: live order book, 5 min ago; Phoenix: live order book, 11 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 BloFin live order book, 5 min ago	0.54 bp	8.4 bp −$8	12.4 bp −$124	doesn't fit	doesn't fit
Sell Phoenix live order book, 11 min ago	2.16 bp	8.2 bp −$8	14.5 bp −$145	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-USDTlong	−0.0120%	8h	740.40	long leg	$329K	$1.1M	20x
Nado META-PERP	−0.0110%	1h	740.38	−0.002%	$397K	$317K	20x	as long as short
Hotstuff META-PERP	−0.0016%	1h	740.76	+0.049%	$33K	$105	20x	as long as short
Aster METAUSDT	0.0000%	8h	740.96	+0.076%	$457K	$536K	20x	as long as short
Extended META_24_5-USD	0.0000%	1h	740.42	+0.003%	$548K	$1.5M	17x	as long as short
Binance METAUSDT	0.0000%	8h	740.48	+0.011%	$26.9M	$177.5M	20x	as long as short
Bybit METAUSDT	0.0000%	8h	740.40	0.000%	$7.4M	$13.9M	100x	as long as short
OKX META-USDT-SWAP	0.0000%	8h	740.22	−0.024%	$6.0M	$13.1M	20x	as long as short
Gate META_USDT	0.0000%	8h	740.14	−0.035%	$318K	$5.4M	100x	as long as short
Bitget METAUSDT	0.0000%	8h	740.43	+0.004%	$5.8M	$11.0M	100x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni META	0.0000%	8h	740.42	+0.003%	$1.6M	$2.5M	—	as long as short
GRVT META_USDT_Perp	0.0000%	8h	740.31	−0.012%	$12K	$525K	10x	as long as short
SunX META-USDT	0.0000%	8h	740.86	+0.062%	$1K	$9.5M	20x	as long as short
Deribit META_USDC-PERPETUAL	0.0000%	1h	740.68	+0.038%	$30K	$256K	10x	as long as short
HTX META-USDT	0.0000%	8h	740.18	−0.030%	$105K	$283K	30x	as long as short
Phemex METAUSDT	0.0000%	4h	740.43	+0.004%	$2.0M	$8K	10x	as long as short
QFEX META-USD	+0.0012%	1h	740.36	−0.005%	$2.2M	$14.2M	10x	as long as short
Lighter META	+0.0032%	1h	740.72	+0.043%	$860K	$2.6M	20x	as long as short
Lighter RH META	+0.0032%	1h	740.73	+0.045%	$740K	$3.2M	20x	as long as short
Arcus META-USD	+0.0040%	1h	740.27	−0.018%	$263K	$313K	10x	as long as short
Vest META-USD-PERP	+0.0046%	1h	740.95	+0.074%	—	$9K	25x	as long as short
Popdex METAUSDT	+0.0048%	1h	740.42	+0.003%	$177K	$200K	20x	as long as short
tradeXYZ xyz:META	+0.0050%	1h	740.71	+0.042%	$68.5M	$120.5M	20x	as long as short
Polymarket Perps META-USD	+0.0050%	1h	740.64	+0.032%	$541K	$840K	10x	as long as short
SoDEX META-USD	+0.0050%	1h	740.37	−0.004%	$24K	$3K	10x	as long as short
Ondo Perps META-USD.P	+0.0050%	1h	740.13	−0.036%	$641K	$4.0M	10x	as long as short
Paradex META-USD-PERP	+0.0050%	8h	740.36	−0.005%	—	—	5x	as long as short
Aftermath Perps METAUSD	+0.0053%	1h	740.98	+0.078%	$45K	$61K	10x	as long as short
Coinbase International META-PERP-INTX	+0.0080%	1h	740.26	−0.019%	$607K	$7.3M	10x	as long as short
Phoenix METAshort	+0.0097%	1h	740.50	+0.014%	$291K	$782K	20x
KuCoin METAUSDTM	+0.0100%	8h	740.44	+0.005%	$1.6M	$353K	20x	as long as short
ApeX Omni METAUSDT	+0.0100%	1h	740.32	−0.011%	$166K	$73K	50x	as long as short
Orderly PERP_META_USDC_mythos	+0.0100%	8h	740.46	+0.008%	$1K	$24	10x	as long as short
Aevo META-PERP	+0.0104%	1h	740.37	−0.004%	$267	—	10x	as long as short
Injective META/USDC PERP	+0.0220%	1h	740.09	−0.042%	$168K	$46K	30x	as long as short
edgeX METAUSDC	+0.0274%	4h	740.35	−0.006%	$62K	$331K	10x	as long as short