Funding arb · Price arb /

META

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0533%/8h= +58.4% APRpaid last 24h +0.038%

Price spread now: Phoenix against KuCoin+0.136%78s7-day average +0.055% · you sell dearer than you buy

Net, funding: paid 7d − costs−$85as 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−$1011.009% of the position

Long on KuCoin Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.162%+$16 on $10k

Price spread, last 7 days+0.010%+$1 · spread now +0.136%, 7d avg +0.055%

Together, before fees+0.172%+$17 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$16 a day on $10k at the current rate, and Phoenix is 0.081% dearer against KuCoin than usual: you sell high and buy low: +$8 more if the spread goes back to its 7-day average of +0.055%. The two prices were read 78 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 0.162% in total (about 8.4% 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	KuCoin METAUSDTM	744.48	0.0100	pay 0.0100% / 8h	3h 48m	$1.6M	$601K	20x
Short	Phoenix META	745.49	0.0633	get 0.0079% / 1h	48m 13s	$758K	$1.4M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now +0.136%Rate

Funding earned: $111.93
Price spread: +0.136% → +0.055%: $8.09
Slippage, 4 orders: −$81.87
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $19.15
Costs to cover: 1.009%
Break-even: 5.8 days

Slippage from KuCoin: live order book, 3 min ago; Phoenix: live order book, 5 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, 3 min ago	4.03 bp	29.5 bp −$29	doesn't fit	doesn't fit	doesn't fit
Sell Phoenix live order book, 5 min ago	2.15 bp	8.4 bp −$8	16.1 bp −$161	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	743.96	−0.070%	$328K	$1.1M	20x	as long as short
Nado META-PERP	−0.0015%	1h	743.63	−0.114%	$481K	$553K	20x	as long as short
Aster METAUSDT	0.0000%	8h	744.25	−0.031%	$469K	$553K	20x	as long as short
Extended META_24_5-USD	0.0000%	1h	744.49	+0.002%	$550K	$2.7M	17x	as long as short
Binance METAUSDT	0.0000%	8h	744.84	+0.048%	$28.4M	$182.9M	20x	as long as short
Bybit METAUSDT	0.0000%	8h	744.42	−0.008%	$7.5M	$14.5M	100x	as long as short
OKX META-USDT-SWAP	0.0000%	8h	744.71	+0.031%	$6.0M	$13.6M	20x	as long as short
Gate META_USDT	0.0000%	8h	744.20	−0.038%	$364K	$5.8M	100x	as long as short
Bitget METAUSDT	0.0000%	8h	744.77	+0.039%	$5.4M	$11.8M	100x	as long as short
Variational Omni META	0.0000%	8h	744.05	−0.057%	$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	+0.023%	$12K	$452K	10x	as long as short
SunX META-USDT	0.0000%	8h	744.57	+0.012%	$800	$9.1M	20x	as long as short
Deribit META_USDC-PERPETUAL	0.0000%	1h	744.18	−0.040%	$31K	$246K	10x	as long as short
HTX META-USDT	0.0000%	8h	744.66	+0.024%	$106K	$302K	30x	as long as short
Phemex METAUSDT	0.0000%	4h	744.69	+0.028%	$2.0M	$8K	10x	as long as short
Lighter RH META	+0.0032%	1h	744.89	+0.055%	$782K	$2.9M	20x	as long as short
Arcus META-USD	+0.0040%	1h	743.83	−0.087%	$110K	$330K	10x	as long as short
Vest META-USD-PERP	+0.0046%	1h	744.44	−0.005%	—	$10K	25x	as long as short
Popdex METAUSDT	+0.0048%	1h	744.73	+0.034%	$179K	$199K	20x	as long as short
Polymarket Perps META-USD	+0.0050%	1h	744.28	−0.027%	$586K	$565K	10x	as long as short
SoDEX META-USD	+0.0050%	1h	744.32	−0.021%	$25K	$3K	10x	as long as short
Ondo Perps META-USD.P	+0.0050%	1h	743.23	−0.168%	$800K	$4.6M	10x	as long as short
QFEX META-USD	+0.0058%	1h	744.26	−0.030%	$2.2M	$13.7M	10x	as long as short
Aftermath Perps METAUSD	+0.0085%	1h	744.94	+0.062%	$52K	$82K	10x	as long as short
Paradex META-USD-PERP	+0.0097%	8h	744.40	−0.011%	—	—	5x	as long as short
KuCoin METAUSDTMlong	+0.0100%	8h	744.48	long leg	$1.6M	$601K	20x
ApeX Omni METAUSDT	+0.0100%	1h	743.72	−0.102%	$167K	$71K	50x	as long as short
Orderly PERP_META_USDC_mythos	+0.0100%	8h	744.64	+0.021%	$1K	$24	10x	as long as short
Aevo META-PERP	+0.0104%	1h	744.53	+0.006%	$268	—	10x	as long as short
Coinbase International META-PERP-INTX	+0.0128%	1h	744.02	−0.062%	$617K	$7.4M	10x	as long as short
Injective META/USDC PERP	+0.0220%	1h	746.56	+0.279%	$172K	$48K	30x	as long as short
Hotstuff META-PERP	+0.0224%	1h	744.11	−0.050%	$33K	$105	20x	as long as short
Lighter META	+0.0256%	1h	744.85	+0.050%	$863K	$2.4M	20x	as long as short
tradeXYZ xyz:META	+0.0327%	1h	745.00	+0.070%	$70.1M	$121.0M	20x	as long as short
edgeX METAUSDC	+0.0578%	4h	744.50	+0.003%	$62K	$337K	10x	as long as short
Phoenix METAshort	+0.0633%	1h	745.49	+0.136%	$758K	$1.4M	20x