Funding arb · Price arb /

META

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0633%/8h= +69.3% APRpaid last 24h +0.066%

Price spread now: Phoenix against Gate+0.231%92s7-day average +0.043% · you sell dearer than you buy

Net, funding: paid 7d − costs−$19as 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−$560.558% of the position

Long on Gate Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.371%+$37 on $10k

Price spread, last 7 days−0.126%−$13 · spread now +0.231%, 7d avg +0.043%

Together, before fees+0.245%+$24 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$19 a day on $10k at the current rate, and Phoenix is 0.189% dearer against Gate than usual: you sell high and buy low: +$19 more if the spread goes back to its 7-day average of +0.043%. The two prices were read 92 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 0.371% in total (about 19.3% 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	Gate META_USDT	747.52	0	get 0.0000% / 8h	3h 07m	$427K	$5.9M	100x
Short	Phoenix META	749.25	0.0633	get 0.0079% / 1h	7m 44s	$800K	$1.4M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Gate. 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 GatebpFee PhoenixbpOrdersPrice spread, now +0.231%Rate

Funding earned: $132.93
Price spread: +0.231% → +0.043%: $18.88
Slippage, 4 orders: −$33.75
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $96.05
Costs to cover: 0.558%
Break-even: 1.9 days

Slippage from Gate: live order book, 1 min ago; Phoenix: 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 Gate live order book, 1 min ago	7.55 bp	16.8 bp −$17	33.4 bp −$334	doesn't fit	doesn't fit
Sell Phoenix live order book, 1 min ago	2.40 bp	8.7 bp −$9	17.0 bp −$170	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	747.56	+0.005%	$330K	$1.1M	20x	as long as short
Nado META-PERP	−0.0002%	1h	746.59	−0.125%	$483K	$556K	20x	as long as short
Aster METAUSDT	0.0000%	8h	747.29	−0.030%	$492K	$577K	20x	as long as short
Extended META_24_5-USD	0.0000%	1h	747.87	+0.047%	$548K	$2.7M	17x	as long as short
Binance METAUSDT	0.0000%	8h	747.64	+0.016%	$28.5M	$182.5M	20x	as long as short
Bybit METAUSDT	0.0000%	8h	747.86	+0.045%	$7.5M	$14.6M	100x	as long as short
OKX META-USDT-SWAP	0.0000%	8h	747.79	+0.036%	$6.0M	$13.1M	20x	as long as short
Gate META_USDTlong	0.0000%	8h	747.52	long leg	$427K	$5.9M	100x
Variational Omni META	0.0000%	8h	748.56	+0.139%	$2.4M	$3.2M	—	as long as short
GRVT META_USDT_Perp	0.0000%	8h	747.24	−0.037%	$12K	$451K	10x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX META-USDT	0.0000%	8h	747.48	−0.005%	$946	$8.8M	20x	as long as short
Deribit META_USDC-PERPETUAL	0.0000%	1h	746.73	−0.106%	$31K	$252K	10x	as long as short
HTX META-USDT	0.0000%	8h	748.24	+0.096%	$107K	$304K	30x	as long as short
Phemex METAUSDT	0.0000%	4h	747.53	+0.001%	$2.0M	$8K	10x	as long as short
Lighter RH META	+0.0032%	1h	748.00	+0.064%	$771K	$3.0M	20x	as long as short
Arcus META-USD	+0.0040%	1h	747.42	−0.013%	$111K	$331K	10x	as long as short
Vest META-USD-PERP	+0.0046%	1h	747.54	+0.003%	—	$11K	25x	as long as short
Polymarket Perps META-USD	+0.0050%	1h	747.06	−0.062%	$588K	$565K	10x	as long as short
SoDEX META-USD	+0.0050%	1h	747.67	+0.020%	$25K	$3K	10x	as long as short
Ondo Perps META-USD.P	+0.0050%	1h	746.45	−0.143%	$773K	$4.6M	10x	as long as short
QFEX META-USD	+0.0058%	1h	746.89	−0.084%	$2.2M	$13.8M	10x	as long as short
Paradex META-USD-PERP	+0.0062%	8h	746.93	−0.079%	—	—	5x	as long as short
Bitget METAUSDT	+0.0083%	8h	747.97	+0.060%	$5.5M	$11.9M	100x	as long as short
Aftermath Perps METAUSD	+0.0083%	1h	747.65	+0.018%	$52K	$82K	10x	as long as short
Popdex METAUSDT	+0.0088%	1h	747.19	−0.044%	$180K	$199K	20x	as long as short
KuCoin METAUSDTM	+0.0100%	8h	747.75	+0.031%	$1.6M	$623K	20x	as long as short
ApeX Omni METAUSDT	+0.0100%	1h	746.51	−0.135%	$167K	$71K	50x	as long as short
Orderly PERP_META_USDC_mythos	+0.0100%	8h	747.43	−0.012%	$1K	$24	10x	as long as short
Aevo META-PERP	+0.0104%	1h	747.24	−0.038%	$269	—	10x	as long as short
Coinbase International META-PERP-INTX	+0.0128%	1h	747.28	−0.032%	$662K	$7.5M	10x	as long as short
Injective META/USDC PERP	+0.0220%	1h	750.75	+0.432%	$173K	$48K	30x	as long as short
Hotstuff META-PERP	+0.0240%	1h	747.76	+0.032%	$33K	$105	20x	as long as short
Lighter META	+0.0280%	1h	747.97	+0.060%	$903K	$2.5M	20x	as long as short
tradeXYZ xyz:META	+0.0338%	1h	748.02	+0.067%	$71.9M	$121.6M	20x	as long as short
Phoenix METAshort	+0.0633%	1h	749.25	+0.231%	$800K	$1.4M	20x
edgeX METAUSDC	+0.0737%	4h	747.08	−0.059%	$62K	$337K	10x	as long as short