Funding arb · Price arb /

META

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0050%/8h= −5.5% APRpaid last 24h −0.015%

Price spread now: Phemex against Ondo Perps+0.018%7-day average +0.115% · you sell dearer than you buy

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

Long on Ondo Perps Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.119%−$12 on $10k

Price spread, last 4 days (all we have)+0.186%+$19 · spread now +0.018%, 7d avg +0.115%

Together, before fees+0.066%+ Points / potential airdropOndo Perps: Active · farm board+$7 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Phemex is 0.097% cheaper against Ondo Perps than usual: you would sell low and buy high (−$10 if the spread goes back to its 7-day average of +0.115%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Ondo Perps META-USD.P	742.52	0.0050	pay 0.0006% / 1h	30m 38s	$729K	$4.8M	10x
Short	Phemex METAUSDT	742.65	0	get 0.0000% / 4h	2h 30m	$2.0M	$8K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Ondo Perps. 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 Ondo PerpsbpFee PhemexbpOrdersPrice spread, now +0.018%Rate

Funding earned: −$10.58
Price spread: +0.018% → +0.115%: −$9.74
Slippage, 4 orders: no order book: not counted
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$37.32
Costs to cover: 0.170%
Break-even: never at this rate

Slippage unknown: Ondo Perps: no order-book sample; Phemex: live order book, 3 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 Ondo Perps no order-book sample	—	—	—	—	—
Sell Phemex live order book, 3 min ago	0.74 bp	48.9 bp −$49	doesn't fit	doesn't fit	doesn't fit

Ondo Perps: 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
Deribit META_USDC-PERPETUAL	−0.0141%	1h	742.08	−0.059%	$31K	$264K	10x	as long as short
BloFin META-USDT	−0.0120%	8h	742.71	+0.026%	$332K	$1.1M	20x	as long as short
Aster METAUSDT	0.0000%	8h	743.87	+0.182%	$479K	$589K	20x	as long as short
Extended META_24_5-USD	0.0000%	1h	742.83	+0.041%	$544K	$2.7M	17x	as long as short
Binance METAUSDT	0.0000%	8h	743.10	+0.078%	$28.0M	$182.5M	20x	as long as short
Bybit METAUSDT	0.0000%	8h	742.85	+0.044%	$7.3M	$15.1M	100x	as long as short
OKX META-USDT-SWAP	0.0000%	8h	742.78	+0.035%	$6.0M	$12.4M	20x	as long as short
Gate META_USDT	0.0000%	8h	742.42	−0.013%	$439K	$5.9M	100x	as long as short
Bitget METAUSDT	0.0000%	8h	743.05	+0.071%	$5.6M	$12.1M	100x	as long as short
Variational Omni META	0.0000%	8h	742.59	+0.009%	$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	743.02	+0.068%	$13K	$443K	10x	as long as short
SunX META-USDT	0.0000%	8h	742.79	+0.036%	$825	$8.4M	20x	as long as short
HTX META-USDT	0.0000%	8h	742.54	+0.003%	$106K	$306K	30x	as long as short
Phemex METAUSDTshort	0.0000%	4h	742.65	+0.018%	$2.0M	$8K	10x
Lighter RH META	+0.0032%	1h	743.28	+0.102%	$768K	$2.9M	20x	as long as short
Nado META-PERP	+0.0038%	1h	742.50	−0.003%	$480K	$557K	20x	as long as short
Arcus META-USD	+0.0040%	1h	742.58	+0.008%	$110K	$332K	10x	as long as short
Vest META-USD-PERP	+0.0046%	1h	743.19	+0.090%	—	$11K	25x	as long as short
QFEX META-USD	+0.0046%	1h	743.01	+0.066%	$2.2M	$13.8M	10x	as long as short
Popdex METAUSDT	+0.0048%	1h	743.16	+0.086%	$178K	$200K	20x	as long as short
Polymarket Perps META-USD	+0.0050%	1h	742.43	−0.012%	$584K	$564K	10x	as long as short
SoDEX META-USD	+0.0050%	1h	742.68	+0.022%	$24K	$3K	10x	as long as short
Ondo Perps META-USD.Plong	+0.0050%	1h	742.52	long leg	$729K	$4.8M	10x
Paradex META-USD-PERP	+0.0079%	8h	742.86	+0.046%	—	—	5x	as long as short
Aftermath Perps METAUSD	+0.0086%	1h	743.45	+0.126%	$51K	$81K	10x	as long as short
KuCoin METAUSDTM	+0.0100%	8h	743.13	+0.082%	$1.6M	$641K	20x	as long as short
ApeX Omni METAUSDT	+0.0100%	1h	742.46	−0.008%	$166K	$72K	50x	as long as short
Orderly PERP_META_USDC_mythos	+0.0100%	8h	742.61	+0.012%	$1K	$24	10x	as long as short
Aevo META-PERP	+0.0104%	1h	742.52	0.000%	$267	—	10x	as long as short
Coinbase International META-PERP-INTX	+0.0128%	1h	742.03	−0.066%	$659K	$7.7M	10x	as long as short
Injective META/USDC PERP	+0.0220%	1h	745.90	+0.455%	$172K	$46K	30x	as long as short
Lighter META	+0.0336%	1h	743.34	+0.110%	$1.0M	$2.6M	20x	as long as short
Hotstuff META-PERP	+0.0368%	1h	743.18	+0.089%	$33K	$105	20x	as long as short
tradeXYZ xyz:META	+0.0448%	1h	743.22	+0.094%	$74.3M	$124.6M	20x	as long as short
Phoenix META	+0.0685%	1h	744.26	+0.234%	$795K	$1.4M	20x	as long as short
edgeX METAUSDC	+0.0917%	4h	743.12	+0.081%	$62K	$340K	10x	as long as short