Funding arb · Price arb /

META

RWAall META markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.025%

Price spread now: Phemex against Bybit−0.024%53s7-day average +0.032% · you buy dearer than you sell

Net, funding: paid 7d − costs−$111as 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−$1091.086% of the position

Long on Bybit Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.025%−$3 on $10k

Price spread, last 4 days (all we have)+0.395%+$39 · spread now −0.024%, 7d avg +0.032%

Together, before fees+0.370%+$37 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Phemex is 0.056% cheaper against Bybit than usual: you would sell low and buy high, −$6 on $10k if it goes back to its 7-day average of +0.032%. The two prices were read 53 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit METAUSDT	741.86	0	get 0.0000% / 8h	5h 11m	$7.5M	$13.8M	100x
Short	Phemex METAUSDT	741.68	0	get 0.0000% / 4h	1h 11m	$2.0M	$8K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Bybit. 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 BybitbpFee PhemexbpOrdersPrice spread, now −0.024%Rate

Funding earned: $0
Price spread: −0.024% → +0.032%: −$5.59
Slippage, 4 orders: −$85.57
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$114.16
Costs to cover: 1.086%
Break-even: never at this rate

Slippage from Bybit: live order book, 2 min ago; Phemex: live order book, 2 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 Bybit live order book, 2 min ago	2.02 bp	9.9 bp −$10	18.5 bp −$185	doesn't fit	doesn't fit
Sell Phemex live order book, 2 min ago	2.70 bp	48.3 bp −$48	doesn't fit	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	741.66	−0.027%	$330K	$1.1M	20x	as long as short
Nado META-PERP	−0.0017%	1h	741.48	−0.051%	$479K	$550K	20x	as long as short
Aster METAUSDT	0.0000%	8h	741.88	+0.003%	$467K	$549K	20x	as long as short
Extended META_24_5-USD	0.0000%	1h	741.68	−0.024%	$548K	$2.7M	17x	as long as short
Binance METAUSDT	0.0000%	8h	741.91	+0.007%	$27.4M	$179.2M	20x	as long as short
Bybit METAUSDTlong	0.0000%	8h	741.86	long leg	$7.5M	$13.8M	100x
OKX META-USDT-SWAP	0.0000%	8h	742.06	+0.027%	$6.0M	$13.4M	20x	as long as short
Gate META_USDT	0.0000%	8h	741.47	−0.053%	$360K	$5.7M	100x	as long as short
Bitget METAUSDT	0.0000%	8h	741.78	−0.011%	$5.5M	$11.5M	100x	as long as short
Variational Omni META	0.0000%	8h	741.71	−0.020%	$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	741.72	−0.018%	$12K	$434K	10x	as long as short
SunX META-USDT	0.0000%	8h	741.84	−0.003%	$939	$9.1M	20x	as long as short
Deribit META_USDC-PERPETUAL	0.0000%	1h	741.28	−0.078%	$31K	$245K	10x	as long as short
HTX META-USDT	0.0000%	8h	741.56	−0.040%	$106K	$296K	30x	as long as short
Phemex METAUSDTshort	0.0000%	4h	741.68	−0.024%	$2.0M	$8K	10x
Lighter RH META	+0.0032%	1h	742.00	+0.019%	$765K	$3.0M	20x	as long as short
QFEX META-USD	+0.0032%	1h	741.64	−0.030%	$2.1M	$13.6M	10x	as long as short
Arcus META-USD	+0.0040%	1h	741.31	−0.074%	$110K	$330K	10x	as long as short
Vest META-USD-PERP	+0.0046%	1h	742.00	+0.019%	—	$10K	25x	as long as short
Popdex METAUSDT	+0.0048%	1h	741.88	+0.003%	$178K	$199K	20x	as long as short
Polymarket Perps META-USD	+0.0050%	1h	741.61	−0.034%	$559K	$540K	10x	as long as short
SoDEX META-USD	+0.0050%	1h	741.72	−0.019%	$24K	$3K	10x	as long as short
Ondo Perps META-USD.P	+0.0050%	1h	741.20	−0.089%	$720K	$4.2M	10x	as long as short
Paradex META-USD-PERP	+0.0067%	8h	741.71	−0.021%	—	—	5x	as long as short
Aftermath Perps METAUSD	+0.0079%	1h	742.26	+0.054%	$50K	$82K	10x	as long as short
Coinbase International META-PERP-INTX	+0.0096%	1h	741.49	−0.050%	$611K	$7.2M	10x	as long as short
KuCoin METAUSDTM	+0.0100%	8h	742.02	+0.022%	$1.6M	$524K	20x	as long as short
ApeX Omni METAUSDT	+0.0100%	1h	740.85	−0.136%	$166K	$71K	50x	as long as short
Orderly PERP_META_USDC_mythos	+0.0100%	8h	741.83	−0.004%	$1K	$24	10x	as long as short
Aevo META-PERP	+0.0104%	1h	741.61	−0.033%	$267	—	10x	as long as short
Injective META/USDC PERP	+0.0220%	1h	743.98	+0.286%	$171K	$48K	30x	as long as short
Hotstuff META-PERP	+0.0256%	1h	741.92	+0.008%	$33K	$105	20x	as long as short
Lighter META	+0.0272%	1h	742.03	+0.023%	$861K	$2.4M	20x	as long as short
tradeXYZ xyz:META	+0.0345%	1h	741.93	+0.009%	$69.3M	$120.2M	20x	as long as short
Phoenix META	+0.0496%	1h	742.43	+0.077%	$578K	$1.1M	20x	as long as short
edgeX METAUSDC	+0.0852%	4h	741.52	−0.046%	$62K	$335K	10x	as long as short