Funding arb · Price arb /

META

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0153%/8h= −16.7% APRpaid last 24h 0.000%

Price spread now: Phemex against Deribit+0.051%7-day average +0.087% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$92as in the Price arb table

costs, in and out, $10k−$890.887% of the position

Long on Deribit Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)−0.021%−$2 on $10k

Price spread, last 4 days (all we have)+0.003%$0 · spread now +0.051%, 7d avg +0.087%

Together, before fees−0.018%−$2 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$5 a day on $10k at the current rate, and Phemex is 0.036% cheaper against Deribit than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of +0.087%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit META_USDC-PERPETUAL	745.14	0.0153	pay 0.0019% / 1h	0m 19s	$36K	$269K	10x
Short	Phemex METAUSDT	745.52	0	get 0.0000% / 4h	3h 00m	$2.0M	$8K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Deribit. 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 DeribitbpFee PhemexbpOrdersPrice spread, now +0.051%Rate

Funding earned: −$32.08
Price spread: +0.051% → +0.087%: −$3.61
Slippage, 4 orders: −$69.7
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$124.38
Costs to cover: 0.887%
Break-even: never at this rate

Slippage from Deribit: live order book, 33 min ago; Phemex: live order book, 3 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 Deribit live order book, 33 min ago	3.83 bp	7.4 bp −$7	8.1 bp −$81	doesn't fit	doesn't fit
Sell Phemex live order book, 3 min ago	2.28 bp	38.2 bp −$38	doesn't fit	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	744.81	−0.044%	$334K	$1.1M	20x	as long as short
Aster METAUSDT	0.0000%	8h	744.80	−0.046%	$490K	$623K	20x	as long as short
Extended META_24_5-USD	0.0000%	1h	745.14	0.000%	$546K	$3.4M	17x	as long as short
Binance METAUSDT	0.0000%	8h	745.45	+0.041%	$25.9M	$191.9M	20x	as long as short
Bybit METAUSDT	0.0000%	8h	745.79	+0.087%	$7.7M	$15.9M	100x	as long as short
OKX META-USDT-SWAP	0.0000%	8h	745.70	+0.075%	$6.1M	$12.9M	20x	as long as short
Gate META_USDT	0.0000%	8h	744.87	−0.036%	$447K	$6.4M	100x	as long as short
Bitget METAUSDT	0.0000%	8h	745.45	+0.042%	$5.8M	$12.2M	100x	as long as short
Variational Omni META	0.0000%	8h	744.66	−0.065%	$2.5M	$3.0M	—	as long as short
GRVT META_USDT_Perp	0.0000%	8h	745.10	−0.005%	$12K	$437K	10x	as long as short

Show all 37 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX META-USDT	0.0000%	8h	744.95	−0.025%	$927	$7.6M	20x	as long as short
HTX META-USDT	0.0000%	8h	745.31	+0.023%	$108K	$300K	30x	as long as short
Phemex METAUSDTshort	0.0000%	4h	745.52	+0.051%	$2.0M	$8K	10x
Nado META-PERP	+0.0011%	1h	744.31	−0.112%	$478K	$559K	20x	as long as short
Lighter RH META	+0.0032%	1h	745.54	+0.054%	$799K	$3.0M	20x	as long as short
QFEX META-USD	+0.0036%	1h	744.63	−0.068%	$2.2M	$14.1M	10x	as long as short
Arcus META-USD	+0.0040%	1h	744.35	−0.106%	$111K	$333K	10x	as long as short
Vest META-USD-PERP	+0.0046%	1h	745.28	+0.019%	—	$12K	25x	as long as short
Popdex METAUSDT	+0.0048%	1h	744.89	−0.034%	$179K	$204K	20x	as long as short
Polymarket Perps META-USD	+0.0050%	1h	745.01	−0.017%	$567K	$614K	10x	as long as short
SoDEX META-USD	+0.0050%	1h	744.83	−0.042%	$25K	$3K	10x	as long as short
Ondo Perps META-USD.P	+0.0050%	1h	744.67	−0.063%	$719K	$5.0M	10x	as long as short
Paradex META-USD-PERP	+0.0060%	8h	744.71	−0.058%	—	—	5x	as long as short
Aftermath Perps METAUSD	+0.0077%	1h	745.66	+0.070%	$51K	$91K	10x	as long as short
Pacifica META	+0.0100%	1h	744.00	−0.153%	$612	$2K	10x	as long as short
KuCoin METAUSDTM	+0.0100%	8h	744.93	−0.028%	$1.6M	$798K	20x	as long as short
ApeX Omni METAUSDT	+0.0100%	1h	744.32	−0.110%	$167K	$71K	50x	as long as short
Orderly PERP_META_USDC_mythos	+0.0100%	8h	745.37	+0.031%	$1K	$24	10x	as long as short
Aevo META-PERP	+0.0104%	1h	745.03	−0.015%	$268	—	10x	as long as short
Coinbase International META-PERP-INTX	+0.0120%	1h	744.09	−0.141%	$640K	$7.8M	10x	as long as short
Deribit META_USDC-PERPETUALlong	+0.0153%	1h	745.14	long leg	$36K	$269K	10x
Hotstuff META-PERP	+0.0216%	1h	744.79	−0.047%	$33K	$105	20x	as long as short
Injective META/USDC PERP	+0.0220%	1h	744.78	−0.048%	$176K	$52K	30x	as long as short
Lighter META	+0.0296%	1h	745.70	+0.075%	$1.2M	$2.9M	20x	as long as short
tradeXYZ xyz:META	+0.0305%	1h	745.44	+0.040%	$86.2M	$134.6M	20x	as long as short
edgeX METAUSDC	+0.0510%	4h	745.00	−0.019%	$63K	$348K	10x	as long as short
Phoenix META	+0.0791%	1h	745.86	+0.097%	$796K	$1.5M	20x	as long as short