Funding arb · Price arb /

META

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0591%/8h= +64.7% APRpaid last 24h +0.063%

Price spread now: Phoenix against HTX+0.141%72s7-day average +0.004% · you sell dearer than you buy

Net, funding: paid 7d − costs+$1as 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−$360.359% of the position

Long on HTX Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.368%+$37 on $10k

Price spread, last 4 days (all we have)−0.383%−$38 · spread now +0.141%, 7d avg +0.004%

Together, before fees−0.015%−$1 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$18 a day on $10k at the current rate, and Phoenix is 0.137% dearer against HTX than usual: you sell high and buy low: +$14 more if the spread goes back to its 7-day average of +0.004%. The two prices were read 72 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 0.368% in total (about 19.2% 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	HTX META-USDT	744.84	0	get 0.0000% / 8h	3h 55m	$106K	$302K	30x
Short	Phoenix META	745.89	0.0591	get 0.0074% / 1h	55m 42s	$741K	$1.4M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against HTX. 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 HTXbpFee PhoenixbpOrdersPrice spread, now +0.141%Rate

Funding earned: $124.09
Price spread: +0.141% → +0.004%: $13.65
Slippage, 4 orders: −$16.94
Fee HTX: 6 bp × 2 orders: −$12
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $101.8
Costs to cover: 0.359%
Break-even: 1.3 days

Slippage from HTX: live order book, 61 min ago; Phoenix: 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 HTX live order book, 61 min ago	2.69 bp	10.0 bp −$10	19.1 bp −$191	doesn't fit	doesn't fit
Sell Phoenix live order book, 3 min ago	2.28 bp	8.6 bp −$9	16.7 bp −$167	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	745.07	+0.031%	$330K	$1.1M	20x	as long as short
Nado META-PERP	−0.0033%	1h	744.39	−0.060%	$481K	$553K	20x	as long as short
Aster METAUSDT	0.0000%	8h	744.36	−0.065%	$469K	$553K	20x	as long as short
Extended META_24_5-USD	0.0000%	1h	744.57	−0.037%	$550K	$2.7M	17x	as long as short
Binance METAUSDT	0.0000%	8h	744.74	−0.013%	$28.5M	$183.1M	20x	as long as short
Bybit METAUSDT	0.0000%	8h	744.75	−0.012%	$7.7M	$14.3M	100x	as long as short
OKX META-USDT-SWAP	0.0000%	8h	744.54	−0.040%	$6.0M	$13.6M	20x	as long as short
Gate META_USDT	0.0000%	8h	744.14	−0.094%	$365K	$5.8M	100x	as long as short
Bitget METAUSDT	0.0000%	8h	744.76	−0.011%	$5.4M	$11.8M	100x	as long as short
Variational Omni META	0.0000%	8h	744.70	−0.018%	$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	744.58	−0.035%	$12K	$450K	10x	as long as short
SunX META-USDT	0.0000%	8h	744.79	−0.007%	$877	$9.1M	20x	as long as short
Deribit META_USDC-PERPETUAL	0.0000%	1h	744.32	−0.070%	$31K	$246K	10x	as long as short
HTX META-USDTlong	0.0000%	8h	744.84	long leg	$106K	$302K	30x
Phemex METAUSDT	0.0000%	4h	745.02	+0.024%	$2.0M	$8K	10x	as long as short
Lighter RH META	+0.0032%	1h	744.91	+0.009%	$781K	$2.9M	20x	as long as short
Arcus META-USD	+0.0040%	1h	744.33	−0.068%	$111K	$330K	10x	as long as short
Vest META-USD-PERP	+0.0046%	1h	744.89	+0.007%	—	$10K	25x	as long as short
Popdex METAUSDT	+0.0048%	1h	744.84	0.000%	$179K	$199K	20x	as long as short
Polymarket Perps META-USD	+0.0050%	1h	744.40	−0.059%	$586K	$565K	10x	as long as short
SoDEX META-USD	+0.0050%	1h	744.80	−0.005%	$25K	$3K	10x	as long as short
Ondo Perps META-USD.P	+0.0050%	1h	744.19	−0.087%	$819K	$4.7M	10x	as long as short
QFEX META-USD	+0.0058%	1h	744.70	−0.019%	$2.2M	$13.7M	10x	as long as short
Aftermath Perps METAUSD	+0.0084%	1h	745.27	+0.058%	$52K	$82K	10x	as long as short
KuCoin METAUSDTM	+0.0100%	8h	744.67	−0.023%	$1.6M	$592K	20x	as long as short
ApeX Omni METAUSDT	+0.0100%	1h	743.69	−0.154%	$167K	$71K	50x	as long as short
Orderly PERP_META_USDC_mythos	+0.0100%	8h	744.79	−0.007%	$1K	$24	10x	as long as short
Paradex META-USD-PERP	+0.0102%	8h	744.53	−0.042%	—	—	5x	as long as short
Aevo META-PERP	+0.0104%	1h	744.71	−0.018%	$268	—	10x	as long as short
Coinbase International META-PERP-INTX	+0.0128%	1h	744.49	−0.047%	$616K	$7.3M	10x	as long as short
Hotstuff META-PERP	+0.0192%	1h	744.98	+0.019%	$33K	$105	20x	as long as short
Injective META/USDC PERP	+0.0220%	1h	744.44	−0.054%	$172K	$48K	30x	as long as short
Lighter META	+0.0232%	1h	744.90	+0.008%	$862K	$2.4M	20x	as long as short
tradeXYZ xyz:META	+0.0324%	1h	744.73	−0.015%	$69.9M	$121.1M	20x	as long as short
Phoenix METAshort	+0.0591%	1h	745.89	+0.141%	$741K	$1.4M	20x
edgeX METAUSDC	+0.0954%	4h	744.56	−0.038%	$62K	$336K	10x	as long as short