Funding arb · Price arb /

META

RWAall META markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0014%/8h= −1.6% APRpaid last 24h −0.033%

Price spread now: Phoenix against edgeX+0.203%7-day average −0.011% · you sell dearer than you buy

Net, funding: paid 7d − costs−$56as in the Funding arb table

Net, price: spread back to 7d avg − costs−$16as in the Price arb table

costs, in and out, $10k−$370.372% of the position

Long on edgeX Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days−0.192%−$19 on $10k

Price spread, last 4 days (all we have)−0.358%−$36 · spread now +0.203%, 7d avg −0.011%

Together, before fees−0.550%+ Points / potential airdropedgeX: Active · farm board−$55 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Phoenix is 0.214% dearer against edgeX than usual: you sell high and buy low (spread +0.203% now, against its 7-day average of −0.011%): +$21 on $10k if it goes back. Holding the pair costs $0 a day in funding at the current rate, which eats that in about 50 days. At the pace of the last 7 days (−0.192% in total) that is about 7.8 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	edgeX METAUSDC	742.41	0.0605	pay 0.0303% / 4h	44m 02s	$62K	$338K	10x
Short	Phoenix META	743.92	0.0591	get 0.0074% / 1h	44m 02s	$635K	$1.2M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against edgeX. 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 edgeXbpFee PhoenixbpOrdersPrice spread, now +0.203%Rate

Funding earned: −$2.99
Price spread: +0.203% → −0.011%: $21.38
Slippage, 4 orders: −$21.16
Fee edgeX: 4.5 bp × 2 orders: −$9
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$18.76
Costs to cover: 0.372%
Break-even: never at this rate

Slippage from edgeX: live order book, 14 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 edgeX live order book, 14 min ago	5.31 bp	9.9 bp −$10	11.5 bp −$115	doesn't fit	doesn't fit
Sell Phoenix live order book, 4 min ago	2.29 bp	8.6 bp −$9	16.8 bp −$168	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	742.25	−0.022%	$330K	$1.1M	20x	as long as short
Nado META-PERP	−0.0049%	1h	742.20	−0.028%	$480K	$553K	20x	as long as short
Aster METAUSDT	0.0000%	8h	742.41	0.000%	$466K	$551K	20x	as long as short
Extended META_24_5-USD	0.0000%	1h	742.24	−0.023%	$548K	$2.7M	17x	as long as short
Binance METAUSDT	0.0000%	8h	742.44	+0.004%	$27.5M	$180.4M	20x	as long as short
Bybit METAUSDT	0.0000%	8h	742.28	−0.018%	$7.5M	$13.9M	100x	as long as short
OKX META-USDT-SWAP	0.0000%	8h	742.41	0.000%	$6.0M	$13.5M	20x	as long as short
Gate META_USDT	0.0000%	8h	742.07	−0.046%	$363K	$5.7M	100x	as long as short
Bitget METAUSDT	0.0000%	8h	742.49	+0.010%	$5.4M	$11.7M	100x	as long as short
Variational Omni META	0.0000%	8h	742.05	−0.048%	$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	743.01	+0.081%	$12K	$434K	10x	as long as short
SunX META-USDT	0.0000%	8h	742.76	+0.047%	$722	$9.1M	20x	as long as short
Deribit META_USDC-PERPETUAL	0.0000%	1h	742.10	−0.042%	$31K	$245K	10x	as long as short
HTX META-USDT	0.0000%	8h	742.54	+0.017%	$106K	$296K	30x	as long as short
Phemex METAUSDT	0.0000%	4h	742.69	+0.037%	$2.0M	$8K	10x	as long as short
Lighter RH META	+0.0032%	1h	742.68	+0.036%	$766K	$3.0M	20x	as long as short
QFEX META-USD	+0.0036%	1h	742.42	+0.001%	$2.1M	$13.7M	10x	as long as short
Arcus META-USD	+0.0040%	1h	742.10	−0.042%	$110K	$330K	10x	as long as short
Vest META-USD-PERP	+0.0046%	1h	742.68	+0.036%	—	$10K	25x	as long as short
Popdex METAUSDT	+0.0048%	1h	742.57	+0.021%	$179K	$199K	20x	as long as short
Polymarket Perps META-USD	+0.0050%	1h	742.39	−0.003%	$559K	$540K	10x	as long as short
SoDEX META-USD	+0.0050%	1h	742.39	−0.003%	$24K	$3K	10x	as long as short
Ondo Perps META-USD.P	+0.0050%	1h	741.82	−0.080%	$701K	$4.3M	10x	as long as short
Paradex META-USD-PERP	+0.0061%	8h	742.50	+0.012%	—	—	5x	as long as short
Aftermath Perps METAUSD	+0.0079%	1h	743.15	+0.099%	$51K	$82K	10x	as long as short
KuCoin METAUSDTM	+0.0100%	8h	742.69	+0.037%	$1.6M	$535K	20x	as long as short
ApeX Omni METAUSDT	+0.0100%	1h	741.47	−0.127%	$166K	$71K	50x	as long as short
Orderly PERP_META_USDC_mythos	+0.0100%	8h	742.62	+0.028%	$1K	$24	10x	as long as short
Aevo META-PERP	+0.0104%	1h	742.40	−0.002%	$267	—	10x	as long as short
Coinbase International META-PERP-INTX	+0.0104%	1h	742.02	−0.053%	$614K	$7.2M	10x	as long as short
Hotstuff META-PERP	+0.0128%	1h	741.79	−0.084%	$33K	$105	20x	as long as short
Injective META/USDC PERP	+0.0220%	1h	741.35	−0.143%	$171K	$48K	30x	as long as short
Lighter META	+0.0224%	1h	742.57	+0.021%	$859K	$2.4M	20x	as long as short
tradeXYZ xyz:META	+0.0260%	1h	742.36	−0.007%	$69.4M	$120.4M	20x	as long as short
Phoenix METAshort	+0.0591%	1h	743.92	+0.203%	$635K	$1.2M	20x
edgeX METAUSDClong	+0.0605%	4h	742.41	long leg	$62K	$338K	10x