Funding arb · Price arb /

META

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0543%/8h= +59.5% APRnext payment +$0.68 per $10,000 · paid last 24h —

Price spread now: Phoenix against Pacifica+0.260%107s7-day average — · you sell dearer than you buy

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

Long on Pacifica Short on Phoenix

What this pair did over the last

the charts below follow

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

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

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

Both sides work for this trade now. Funding pays +$16 a day on $10k at the current rate, and Phoenix is 0.260% dearer against Pacifica than usual: you sell high and buy low: +$26 more if the spread goes back to zero (this spread has no 7-day history yet). The two prices were read 107 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Pacifica META	741.94	0.0100	pay 0.0013% / 1h	57m 31s	$635	$2K	10x
Short	Phoenix META	743.87	0.0643	get 0.0080% / 1h	57m 31s	$794K	$1.5M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Pacifica. 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 PacificabpFee PhoenixbpOrdersPrice spread, now +0.260%Rate

Funding earned: $114.02
Price spread: +0.260% → 0.000%: $26.01
Slippage, 4 orders: no order book: not counted
Fee Pacifica: 4 bp × 2 orders: −$8
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $125.03
Costs to cover: 0.150%
Break-even: from the start

Slippage unknown: Pacifica: no order-book sample; Phoenix: 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 Pacifica no order-book sample	—	—	—	—	—
Sell Phoenix live order book, 4 min ago	2.29 bp	8.8 bp −$9	17.0 bp −$170	doesn't fit	doesn't fit

Pacifica: 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 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	742.40	+0.062%	$33K	$105	20x	as long as short
BloFin META-USDT	−0.0120%	8h	742.75	+0.109%	$339K	$1.1M	20x	as long as short
Aster METAUSDT	0.0000%	8h	742.92	+0.132%	$493K	$628K	20x	as long as short
Extended META_24_5-USD	0.0000%	1h	742.13	+0.025%	$548K	$3.3M	17x	as long as short
Binance METAUSDT	0.0000%	8h	742.37	+0.058%	$26.0M	$192.4M	20x	as long as short
Bybit METAUSDT	0.0000%	8h	742.52	+0.078%	$7.7M	$15.8M	100x	as long as short
OKX META-USDT-SWAP	0.0000%	8h	742.28	+0.046%	$6.0M	$13.0M	20x	as long as short
Gate META_USDT	0.0000%	8h	741.94	0.000%	$454K	$6.3M	100x	as long as short
Bitget METAUSDT	0.0000%	8h	742.31	+0.050%	$5.7M	$12.2M	100x	as long as short
Variational Omni META	0.0000%	8h	742.21	+0.036%	$2.5M	$3.0M	—	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	742.63	+0.093%	$12K	$435K	10x	as long as short
SunX META-USDT	0.0000%	8h	742.68	+0.100%	$763	$7.3M	20x	as long as short
HTX META-USDT	0.0000%	8h	742.07	+0.017%	$107K	$299K	30x	as long as short
Phemex METAUSDT	0.0000%	4h	742.98	+0.140%	$2.0M	$8K	10x	as long as short
Lighter RH META	+0.0032%	1h	742.55	+0.082%	$840K	$2.8M	20x	as long as short
QFEX META-USD	+0.0038%	1h	742.31	+0.050%	$2.2M	$14.0M	10x	as long as short
Arcus META-USD	+0.0040%	1h	742.00	+0.008%	$111K	$284K	10x	as long as short
Vest META-USD-PERP	+0.0046%	1h	742.69	+0.101%	—	$11K	25x	as long as short
Popdex METAUSDT	+0.0048%	1h	742.42	+0.065%	$179K	$201K	20x	as long as short
Polymarket Perps META-USD	+0.0050%	1h	742.05	+0.015%	$559K	$612K	10x	as long as short
SoDEX META-USD	+0.0050%	1h	742.23	+0.039%	$24K	$3K	10x	as long as short
Ondo Perps META-USD.P	+0.0050%	1h	741.61	−0.045%	$701K	$5.0M	10x	as long as short
Paradex META-USD-PERP	+0.0053%	8h	742.13	+0.026%	—	—	5x	as long as short
Deribit META_USDC-PERPETUAL	+0.0060%	1h	741.95	+0.001%	$36K	$257K	10x	as long as short
Coinbase International META-PERP-INTX	+0.0064%	1h	742.16	+0.030%	$661K	$7.7M	10x	as long as short
Aftermath Perps METAUSD	+0.0073%	1h	742.82	+0.119%	$53K	$78K	10x	as long as short
Pacifica METAlong	+0.0100%	1h	741.94	long leg	$635	$2K	10x
KuCoin METAUSDTM	+0.0100%	8h	742.45	+0.069%	$1.6M	$861K	20x	as long as short
ApeX Omni METAUSDT	+0.0100%	1h	741.73	−0.028%	$166K	$71K	50x	as long as short
Orderly PERP_META_USDC_mythos	+0.0100%	8h	742.34	+0.054%	$1K	$24	10x	as long as short
Aevo META-PERP	+0.0104%	1h	742.19	+0.033%	$267	—	10x	as long as short
Nado META-PERP	+0.0142%	1h	742.02	+0.011%	$476K	$552K	20x	as long as short
Injective META/USDC PERP	+0.0220%	1h	742.93	+0.133%	$168K	$61K	30x	as long as short
tradeXYZ xyz:META	+0.0300%	1h	742.21	+0.036%	$86.0M	$135.3M	20x	as long as short
Lighter META	+0.0360%	1h	742.54	+0.081%	$1.2M	$2.6M	20x	as long as short
Phoenix METAshort	+0.0643%	1h	743.87	+0.260%	$794K	$1.5M	20x
edgeX METAUSDC	+0.0758%	4h	742.34	+0.054%	$62K	$350K	10x	as long as short