Funding arb · Price arb /

META

RWAall META markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h −0.030%

Price spread now: Phemex against KuCoin+0.020%7-day average +0.063% · you sell dearer than you buy

Net, funding: paid 7d − costs−$184as in the Funding arb table

Net, price: spread back to 7d avg − costs−$167as in the Price arb table

costs, in and out, $10k−$1631.626% of the position

Long on KuCoin Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.210%−$21 on $10k

Price spread, last 4 days (all we have)+0.152%+$15 · spread now +0.020%, 7d avg +0.063%

Together, before fees−0.058%−$6 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Phemex is 0.043% cheaper against KuCoin than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of +0.063%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin METAUSDTM	738.49	0.0100	pay 0.0100% / 8h	4h 47m	$1.6M	$938K	20x
Short	Phemex METAUSDT	738.64	0	get 0.0000% / 4h	47m 12s	$2.0M	$9K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against KuCoin. 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 KuCoinbpFee PhemexbpOrdersPrice spread, now +0.020%Rate

Funding earned: −$21
Price spread: +0.020% → +0.063%: −$4.29
Slippage, 4 orders: −$138.57
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$187.87
Costs to cover: 1.626%
Break-even: never at this rate

Slippage from KuCoin: live order book, 2 min ago; Phemex: 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 KuCoin live order book, 2 min ago	5.21 bp	40.7 bp −$41	doesn't fit	doesn't fit	doesn't fit
Sell Phemex live order book, 4 min ago	1.08 bp	35.3 bp −$35	doesn't fit	doesn't fit	doesn't fit

META on 37 exchanges

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
Hotstuff META-PERP	−0.1600%	1h	738.73	+0.032%	$33K	$105	20x	as long as short
BloFin META-USDT	−0.0120%	8h	738.56	+0.009%	$340K	$1.1M	20x	as long as short
Aster METAUSDT	0.0000%	8h	738.95	+0.062%	$491K	$646K	20x	as long as short
Extended META_24_5-USD	0.0000%	1h	738.24	−0.034%	$547K	$3.3M	17x	as long as short
Binance METAUSDT	0.0000%	8h	738.38	−0.015%	$25.2M	$192.3M	20x	as long as short
Bybit METAUSDT	0.0000%	8h	738.27	−0.030%	$7.4M	$16.3M	100x	as long as short
OKX META-USDT-SWAP	0.0000%	8h	738.72	+0.031%	$6.0M	$13.1M	20x	as long as short
Gate META_USDT	0.0000%	8h	738.05	−0.060%	$486K	$6.3M	100x	as long as short
Bitget METAUSDT	0.0000%	8h	738.38	−0.015%	$5.9M	$12.3M	100x	as long as short
Variational Omni META	0.0000%	8h	738.31	−0.024%	$2.6M	$3.1M	—	as long as short

Show all 37 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT META_USDT_Perp	0.0000%	8h	738.42	−0.009%	$12K	$422K	10x	as long as short
SunX META-USDT	0.0000%	8h	738.82	+0.045%	$718	$6.7M	20x	as long as short
Deribit META_USDC-PERPETUAL	0.0000%	1h	738.06	−0.058%	$36K	$209K	10x	as long as short
HTX META-USDT	0.0000%	8h	738.26	−0.031%	$108K	$309K	30x	as long as short
Phemex METAUSDTshort	0.0000%	4h	738.64	+0.020%	$2.0M	$9K	10x
edgeX METAUSDC	+0.0018%	4h	738.42	−0.010%	$62K	$351K	10x	as long as short
Lighter RH META	+0.0032%	1h	738.53	+0.005%	$855K	$2.8M	20x	as long as short
Vest META-USD-PERP	+0.0046%	1h	738.66	+0.023%	—	$12K	25x	as long as short
Popdex METAUSDT	+0.0048%	1h	738.54	+0.007%	$177K	$200K	20x	as long as short
Polymarket Perps META-USD	+0.0050%	1h	738.09	−0.054%	$556K	$590K	10x	as long as short
SoDEX META-USD	+0.0050%	1h	738.40	−0.012%	$24K	$3K	10x	as long as short
Ondo Perps META-USD.P	+0.0050%	1h	737.60	−0.121%	$753K	$5.1M	10x	as long as short
QFEX META-USD	+0.0056%	1h	738.33	−0.022%	$2.2M	$14.0M	10x	as long as short
Paradex META-USD-PERP	+0.0066%	8h	738.12	−0.051%	—	—	5x	as long as short
Nado META-PERP	+0.0075%	1h	738.13	−0.049%	$473K	$536K	20x	as long as short
Aftermath Perps METAUSD	+0.0080%	1h	739.13	+0.087%	$53K	$85K	10x	as long as short
Coinbase International META-PERP-INTX	+0.0088%	1h	738.14	−0.047%	$670K	$7.4M	10x	as long as short
Pacifica META	+0.0100%	1h	737.99	−0.067%	$611	$3K	10x	as long as short
KuCoin METAUSDTMlong	+0.0100%	8h	738.49	long leg	$1.6M	$938K	20x
ApeX Omni METAUSDT	+0.0100%	1h	737.54	−0.129%	$165K	$71K	50x	as long as short
Orderly PERP_META_USDC_mythos	+0.0100%	8h	738.43	−0.008%	$1K	$338	10x	as long as short
Aevo META-PERP	+0.0104%	1h	738.02	−0.063%	$266	—	10x	as long as short
Arcus META-USD	+0.0209%	1h	737.94	−0.074%	$110K	$292K	10x	as long as short
Injective META/USDC PERP	+0.0220%	1h	740.69	+0.298%	$167K	$61K	30x	as long as short
tradeXYZ xyz:META	+0.0274%	1h	738.42	−0.009%	$86.8M	$136.2M	20x	as long as short
Lighter META	+0.0312%	1h	738.62	+0.018%	$1.2M	$2.6M	20x	as long as short
Phoenix META	+0.0626%	1h	739.25	+0.103%	$789K	$1.6M	20x	as long as short