Funding arb · Price arb /

META

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0224%/8h= −24.5% APRpaid last 24h −0.027%

Price spread now: Phemex against Hotstuff+0.056%7-day average — · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Hotstuff Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropHotstuff: Active · farm boardneeds both histories

The price spread pays, funding is against you. Phemex is 0.056% dearer against Hotstuff than usual: you sell high and buy low (spread +0.056% now, against zero (this spread has no 7-day history yet)): +$6 on $10k if it goes back. Holding the pair costs −$7 a day in funding at the current rate, which eats that in about 20 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hotstuff META-PERP	744.11	0.0224	pay 0.0028% / 1h	49m 15s	$33K	$105	20x
Short	Phemex METAUSDT	744.53	0	get 0.0000% / 4h	3h 49m	$2.0M	$8K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Hotstuff. 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 HotstuffbpFee PhemexbpOrdersPrice spread, now +0.056%Rate

Funding earned: −$47.04
Price spread: +0.056% → 0.000%: $5.64
Slippage, 4 orders: no order book: not counted
Fee Hotstuff: 2.5 bp × 2 orders: −$5
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$58.4
Costs to cover: 0.170%
Break-even: never at this rate

Slippage unknown: Hotstuff: no order-book sample; Phemex: live order book, 4 min ago. Net counts fees only.

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 Hotstuff no order-book sample	—	—	—	—	—
Sell Phemex live order book, 4 min ago	2.08 bp	42.3 bp −$42	doesn't fit	doesn't fit	doesn't fit

Hotstuff: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	743.96	−0.020%	$328K	$1.1M	20x	as long as short
Nado META-PERP	−0.0012%	1h	743.51	−0.080%	$481K	$553K	20x	as long as short
Aster METAUSDT	0.0000%	8h	744.05	−0.008%	$469K	$553K	20x	as long as short
Extended META_24_5-USD	0.0000%	1h	743.73	−0.052%	$550K	$2.7M	17x	as long as short
Binance METAUSDT	0.0000%	8h	743.90	−0.028%	$28.4M	$182.9M	20x	as long as short
Bybit METAUSDT	0.0000%	8h	743.62	−0.066%	$7.6M	$14.4M	100x	as long as short
OKX META-USDT-SWAP	0.0000%	8h	743.92	−0.026%	$6.0M	$13.6M	20x	as long as short
Gate META_USDT	0.0000%	8h	743.62	−0.066%	$365K	$5.8M	100x	as long as short
Bitget METAUSDT	0.0000%	8h	743.92	−0.026%	$5.4M	$11.8M	100x	as long as short
Variational Omni META	0.0000%	8h	744.05	−0.007%	$2.4M	$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	744.65	+0.072%	$12K	$452K	10x	as long as short
SunX META-USDT	0.0000%	8h	743.94	−0.023%	$646	$9.1M	20x	as long as short
Deribit META_USDC-PERPETUAL	0.0000%	1h	743.49	−0.083%	$31K	$246K	10x	as long as short
HTX META-USDT	0.0000%	8h	743.80	−0.042%	$106K	$302K	30x	as long as short
Phemex METAUSDTshort	0.0000%	4h	744.53	+0.056%	$2.0M	$8K	10x
Lighter RH META	+0.0032%	1h	744.07	−0.005%	$781K	$2.9M	20x	as long as short
Arcus META-USD	+0.0040%	1h	743.88	−0.031%	$111K	$330K	10x	as long as short
Vest META-USD-PERP	+0.0046%	1h	744.11	0.000%	—	$10K	25x	as long as short
Popdex METAUSDT	+0.0048%	1h	743.88	−0.031%	$179K	$199K	20x	as long as short
Polymarket Perps META-USD	+0.0050%	1h	743.64	−0.063%	$585K	$565K	10x	as long as short
SoDEX META-USD	+0.0050%	1h	743.92	−0.026%	$25K	$3K	10x	as long as short
Ondo Perps META-USD.P	+0.0050%	1h	743.23	−0.118%	$800K	$4.6M	10x	as long as short
QFEX META-USD	+0.0058%	1h	743.80	−0.042%	$2.2M	$13.7M	10x	as long as short
Aftermath Perps METAUSD	+0.0085%	1h	744.72	+0.082%	$52K	$82K	10x	as long as short
Paradex META-USD-PERP	+0.0098%	8h	743.83	−0.038%	—	—	5x	as long as short
KuCoin METAUSDTM	+0.0100%	8h	743.96	−0.020%	$1.6M	$599K	20x	as long as short
ApeX Omni METAUSDT	+0.0100%	1h	743.72	−0.052%	$167K	$71K	50x	as long as short
Orderly PERP_META_USDC_mythos	+0.0100%	8h	743.97	−0.019%	$1K	$24	10x	as long as short
Aevo META-PERP	+0.0104%	1h	743.80	−0.042%	$268	—	10x	as long as short
Coinbase International META-PERP-INTX	+0.0128%	1h	743.82	−0.039%	$623K	$7.4M	10x	as long as short
Injective META/USDC PERP	+0.0220%	1h	746.56	+0.329%	$172K	$48K	30x	as long as short
Hotstuff META-PERPlong	+0.0224%	1h	744.11	long leg	$33K	$105	20x
Lighter META	+0.0256%	1h	744.03	−0.011%	$862K	$2.4M	20x	as long as short
tradeXYZ xyz:META	+0.0319%	1h	743.99	−0.016%	$70.0M	$121.0M	20x	as long as short
edgeX METAUSDC	+0.0578%	4h	744.50	+0.052%	$62K	$337K	10x	as long as short
Phoenix META	+0.0633%	1h	745.49	+0.185%	$758K	$1.4M	20x	as long as short