Funding arb · Price arb /

META

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0791%/8h= +86.6% APRpaid last 24h +0.083%

Price spread now: Phoenix against Bybit+0.056%105s7-day average +0.012% · you sell dearer than you buy

Net, funding: paid 7d − costs$0as 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−$370.367% of the position

Long on Bybit Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.366%+$37 on $10k

Price spread, last 7 days+0.038%+$4 · spread now +0.056%, 7d avg +0.012%

Together, before fees+0.404%+$40 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$24 a day on $10k at the current rate, and Phoenix is 0.044% dearer against Bybit than usual: you sell high and buy low: +$4 more if the spread goes back to its 7-day average of +0.012%. The two prices were read 105 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 0.366% in total (about 19.1% 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	Bybit METAUSDT	745.99	0	get 0.0000% / 8h	7h 49m	$7.5M	$15.6M	100x
Short	Phoenix META	746.41	0.0791	get 0.0099% / 1h	49m 43s	$797K	$1.5M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now +0.056%Rate

Funding earned: $166.12
Price spread: +0.056% → +0.012%: $4.44
Slippage, 4 orders: −$18.69
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $133.87
Costs to cover: 0.367%
Break-even: 1.4 days

Slippage from Bybit: live order book, 4 min ago; Phoenix: live order book, 4 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, 4 min ago	2.08 bp	9.9 bp −$10	22.5 bp −$225	doesn't fit	doesn't fit
Sell Phoenix live order book, 4 min ago	2.41 bp	8.9 bp −$9	17.4 bp −$174	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	746.56	+0.076%	$335K	$1.1M	20x	as long as short
Nado META-PERP	−0.0041%	1h	745.59	−0.054%	$481K	$561K	20x	as long as short
Aster METAUSDT	0.0000%	8h	746.48	+0.066%	$483K	$597K	20x	as long as short
Extended META_24_5-USD	0.0000%	1h	746.01	+0.002%	$547K	$3.4M	17x	as long as short
Binance METAUSDT	0.0000%	8h	746.12	+0.017%	$25.7M	$190.5M	20x	as long as short
Bybit METAUSDTlong	0.0000%	8h	745.99	long leg	$7.5M	$15.6M	100x
OKX META-USDT-SWAP	0.0000%	8h	746.26	+0.036%	$6.0M	$12.8M	20x	as long as short
Gate META_USDT	0.0000%	8h	745.63	−0.048%	$474K	$6.2M	100x	as long as short
Bitget METAUSDT	0.0000%	8h	746.08	+0.012%	$5.7M	$12.4M	100x	as long as short
Variational Omni META	0.0000%	8h	746.52	+0.071%	$2.5M	$3.0M	—	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	745.97	−0.002%	$12K	$440K	10x	as long as short
SunX META-USDT	0.0000%	8h	745.84	−0.020%	$764	$7.9M	20x	as long as short
Deribit META_USDC-PERPETUAL	0.0000%	1h	745.49	−0.067%	$53K	$290K	10x	as long as short
HTX META-USDT	0.0000%	8h	745.65	−0.046%	$108K	$312K	30x	as long as short
Phemex METAUSDT	0.0000%	4h	746.21	+0.029%	$2.0M	$8K	10x	as long as short
Lighter RH META	+0.0032%	1h	746.23	+0.032%	$796K	$2.9M	20x	as long as short
QFEX META-USD	+0.0036%	1h	746.26	+0.036%	$2.2M	$14.1M	10x	as long as short
Arcus META-USD	+0.0040%	1h	745.97	−0.003%	$112K	$337K	10x	as long as short
Vest META-USD-PERP	+0.0046%	1h	746.26	+0.036%	—	$12K	25x	as long as short
Popdex METAUSDT	+0.0048%	1h	745.69	−0.040%	$180K	$205K	20x	as long as short
Polymarket Perps META-USD	+0.0050%	1h	745.23	−0.102%	$567K	$619K	10x	as long as short
SoDEX META-USD	+0.0050%	1h	745.81	−0.024%	$25K	$3K	10x	as long as short
Ondo Perps META-USD.P	+0.0050%	1h	745.42	−0.076%	$725K	$5.1M	10x	as long as short
Paradex META-USD-PERP	+0.0057%	8h	746.02	+0.005%	—	—	5x	as long as short
Aftermath Perps METAUSD	+0.0084%	1h	746.31	+0.042%	$49K	$90K	10x	as long as short
Pacifica META	+0.0100%	1h	745.79	−0.026%	$635	$1K	10x	as long as short
KuCoin METAUSDTM	+0.0100%	8h	746.27	+0.038%	$1.6M	$746K	20x	as long as short
ApeX Omni METAUSDT	+0.0100%	1h	745.75	−0.032%	$167K	$71K	50x	as long as short
Orderly PERP_META_USDC_mythos	+0.0100%	8h	746.02	+0.004%	$1K	$24	10x	as long as short
Aevo META-PERP	+0.0104%	1h	745.89	−0.013%	$269	—	10x	as long as short
Coinbase International META-PERP-INTX	+0.0120%	1h	746.12	+0.017%	$647K	$8.1M	10x	as long as short
Lighter META	+0.0208%	1h	746.44	+0.060%	$1.2M	$2.9M	20x	as long as short
Injective META/USDC PERP	+0.0220%	1h	748.08	+0.280%	$177K	$52K	30x	as long as short
tradeXYZ xyz:META	+0.0280%	1h	746.05	+0.008%	$84.6M	$132.3M	20x	as long as short
Hotstuff META-PERP	+0.0384%	1h	746.12	+0.017%	$33K	$105	20x	as long as short
edgeX METAUSDC	+0.0572%	4h	746.25	+0.035%	$63K	$346K	10x	as long as short
Phoenix METAshort	+0.0791%	1h	746.41	+0.056%	$797K	$1.5M	20x