Funding arb · Price arb /

META

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0096%/8h= −10.5% APRpaid last 24h −0.006%

Price spread now: Phemex against Coinbase International+0.124%7-day average +0.136% · you sell dearer than you buy

Net, funding: paid 7d − costs−$82as in the Funding arb table

Net, price: spread back to 7d avg − costs−$89as in the Price arb table

costs, in and out, $10k−$880.882% of the position

Long on Coinbase International Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days+0.066%+$7 on $10k

Price spread, last 3 days (all we have)−0.029%−$3 · spread now +0.124%, 7d avg +0.136%

Together, before fees+0.036%+$4 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.136%, so right now this pair is about funding alone: −$3 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair paid +0.066%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International META-PERP-INTX	741.41	0.0096	pay 0.0012% / 1h	27m 06s	$608K	$7.4M	10x
Short	Phemex METAUSDT	742.33	0	get 0.0000% / 4h	27m 06s	$2.0M	$7K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Coinbase International. 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 Coinbase InternationalbpFee PhemexbpOrdersPrice spread, now +0.124%Rate

Funding earned: −$20.16
Price spread: +0.124% → +0.136%: −$1.22
Slippage, 4 orders: −$66.19
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$109.57
Costs to cover: 0.882%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 2 min ago; Phemex: live order book, 1 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 Coinbase International live order book, 2 min ago	0.07 bp	6.4 bp −$6	10.7 bp −$107	doesn't fit	doesn't fit
Sell Phemex live order book, 1 min ago	0.94 bp	37.2 bp −$37	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	741.75	+0.046%	$329K	$1.1M	20x	as long as short
Nado META-PERP	−0.0037%	1h	740.99	−0.056%	$389K	$330K	20x	as long as short
Aster METAUSDT	0.0000%	8h	741.45	+0.005%	$457K	$539K	20x	as long as short
Extended META_24_5-USD	0.0000%	1h	741.51	+0.014%	$549K	$1.6M	17x	as long as short
Binance METAUSDT	0.0000%	8h	741.67	+0.036%	$27.3M	$179.8M	20x	as long as short
Bybit METAUSDT	0.0000%	8h	741.47	+0.008%	$7.5M	$14.0M	100x	as long as short
OKX META-USDT-SWAP	0.0000%	8h	741.63	+0.030%	$6.0M	$13.2M	20x	as long as short
Gate META_USDT	0.0000%	8h	741.18	−0.031%	$345K	$5.5M	100x	as long as short
Bitget METAUSDT	0.0000%	8h	741.62	+0.028%	$5.6M	$11.4M	100x	as long as short
Variational Omni META	0.0000%	8h	742.34	+0.125%	$2.3M	$3.2M	—	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	742.25	+0.113%	$12K	$480K	10x	as long as short
SunX META-USDT	0.0000%	8h	741.40	−0.001%	$709	$9.5M	20x	as long as short
HTX META-USDT	0.0000%	8h	741.46	+0.007%	$107K	$285K	30x	as long as short
Phemex METAUSDTshort	0.0000%	4h	742.33	+0.124%	$2.0M	$7K	10x
QFEX META-USD	+0.0027%	1h	741.72	+0.042%	$2.2M	$14.3M	10x	as long as short
Lighter RH META	+0.0032%	1h	741.67	+0.035%	$755K	$3.2M	20x	as long as short
Arcus META-USD	+0.0040%	1h	741.40	−0.001%	$110K	$454K	10x	as long as short
Vest META-USD-PERP	+0.0046%	1h	741.86	+0.061%	—	$11K	25x	as long as short
Popdex METAUSDT	+0.0048%	1h	741.76	+0.047%	$178K	$209K	20x	as long as short
Polymarket Perps META-USD	+0.0050%	1h	741.62	+0.028%	$546K	$845K	10x	as long as short
SoDEX META-USD	+0.0050%	1h	741.61	+0.027%	$24K	$3K	10x	as long as short
Ondo Perps META-USD.P	+0.0050%	1h	741.58	+0.023%	$761K	$4.3M	10x	as long as short
Paradex META-USD-PERP	+0.0051%	8h	741.25	−0.021%	—	—	5x	as long as short
Aftermath Perps METAUSD	+0.0067%	1h	742.51	+0.149%	$50K	$76K	10x	as long as short
Coinbase International META-PERP-INTXlong	+0.0096%	1h	741.41	long leg	$608K	$7.4M	10x
KuCoin METAUSDTM	+0.0100%	8h	741.61	+0.027%	$1.6M	$384K	20x	as long as short
ApeX Omni METAUSDT	+0.0100%	1h	741.76	+0.047%	$166K	$74K	50x	as long as short
Orderly PERP_META_USDC_mythos	+0.0100%	8h	741.72	+0.042%	$1K	$24	10x	as long as short
Aevo META-PERP	+0.0104%	1h	741.61	+0.026%	$267	—	10x	as long as short
Phoenix META	+0.0129%	1h	742.09	+0.092%	$291K	$797K	20x	as long as short
Hotstuff META-PERP	+0.0152%	1h	741.60	+0.026%	$33K	$105	20x	as long as short
Lighter META	+0.0192%	1h	741.69	+0.038%	$856K	$2.6M	20x	as long as short
Injective META/USDC PERP	+0.0220%	1h	744.36	+0.398%	$169K	$46K	30x	as long as short
tradeXYZ xyz:META	+0.0248%	1h	741.62	+0.028%	$67.7M	$122.5M	20x	as long as short
Deribit META_USDC-PERPETUAL	+0.0344%	1h	741.36	−0.007%	$30K	$258K	10x	as long as short
edgeX METAUSDC	+0.0994%	4h	742.29	+0.119%	$62K	$334K	10x	as long as short