Funding arb · Price arb /

META

RWAall META markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h +0.030%

Price spread now: ApeX Omni against Phemex−0.096%7-day average −0.072% · you buy dearer than you sell

Net, funding: paid 7d − costs−$105as in the Funding arb table

Net, price: spread back to 7d avg − costs−$129as in the Price arb table

costs, in and out, $10k−$1261.264% of the position

Long on Phemex Short on ApeX Omni

What this pair did over the last

the charts below follow

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

Price spread, last 3 days (all we have)−0.062%−$6 · spread now −0.096%, 7d avg −0.072%

Together, before fees+0.148%+$15 on $10k · with fees, hour by hour

Funding pays, the price is against you. ApeX Omni is 0.024% cheaper against Phemex than usual: you would sell low and buy high (spread −0.096% now, against its 7-day average of −0.072%). If the spread goes back, that is −$2 on $10k: about 19 hours of funding at the current rate (+$3 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex METAUSDT	740.05	0	get 0.0000% / 4h	2h 40m	$2.0M	$8K	10x
Short	ApeX Omni METAUSDT	739.34	0.0100	get 0.0013% / 1h	40m 23s	$166K	$71K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

ApeX Omni against Phemex. 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 PhemexbpFee ApeX OmnibpOrdersPrice spread, now −0.096%Rate

Funding earned: $21
Price spread: −0.096% → −0.072%: −$2.42
Slippage, 4 orders: −$104.43
Fee Phemex: 6 bp × 2 orders: −$12
Fee ApeX Omni: 5 bp × 2 orders: −$10
Net: −$107.85
Costs to cover: 1.264%
Break-even: 43.0 days

Slippage from Phemex: live order book, 3 min ago; ApeX Omni: live order book, 26 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 Phemex live order book, 3 min ago	1.89 bp	45.0 bp −$45	doesn't fit	doesn't fit	doesn't fit
Sell ApeX Omni live order book, 26 min ago	2.63 bp	16.1 bp −$16	497.8 bp −$4,978	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
Nado META-PERP	−0.0146%	1h	739.78	−0.037%	$478K	$547K	20x	as long as short
BloFin META-USDT	−0.0120%	8h	739.99	−0.008%	$327K	$1.1M	20x	as long as short
Deribit META_USDC-PERPETUAL	−0.0115%	1h	739.37	−0.092%	$31K	$244K	10x	as long as short
Aster METAUSDT	0.0000%	8h	740.67	+0.084%	$466K	$549K	20x	as long as short
Extended META_24_5-USD	0.0000%	1h	739.68	−0.049%	$550K	$2.7M	17x	as long as short
Binance METAUSDT	0.0000%	8h	739.81	−0.032%	$27.3M	$179.3M	20x	as long as short
Bybit METAUSDT	0.0000%	8h	739.89	−0.022%	$7.5M	$13.8M	100x	as long as short
OKX META-USDT-SWAP	0.0000%	8h	739.71	−0.046%	$5.9M	$13.2M	20x	as long as short
Gate META_USDT	0.0000%	8h	739.57	−0.065%	$351K	$5.6M	100x	as long as short
Bitget METAUSDT	0.0000%	8h	739.85	−0.027%	$5.5M	$11.3M	100x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni META	0.0000%	8h	739.73	−0.043%	$2.3M	$3.1M	—	as long as short
GRVT META_USDT_Perp	0.0000%	8h	740.13	+0.011%	$12K	$444K	10x	as long as short
SunX META-USDT	0.0000%	8h	739.97	−0.011%	$865	$9.2M	20x	as long as short
HTX META-USDT	0.0000%	8h	739.51	−0.073%	$105K	$296K	30x	as long as short
Phemex METAUSDTlong	0.0000%	4h	740.05	long leg	$2.0M	$8K	10x
QFEX META-USD	+0.0025%	1h	739.91	−0.019%	$2.2M	$14.0M	10x	as long as short
Lighter RH META	+0.0032%	1h	740.05	0.000%	$750K	$3.0M	20x	as long as short
Arcus META-USD	+0.0040%	1h	739.55	−0.068%	$110K	$330K	10x	as long as short
Vest META-USD-PERP	+0.0046%	1h	740.32	+0.036%	—	$11K	25x	as long as short
Popdex METAUSDT	+0.0048%	1h	739.83	−0.030%	$176K	$197K	20x	as long as short
Polymarket Perps META-USD	+0.0050%	1h	739.71	−0.046%	$557K	$855K	10x	as long as short
SoDEX META-USD	+0.0050%	1h	739.84	−0.028%	$24K	$3K	10x	as long as short
Ondo Perps META-USD.P	+0.0050%	1h	739.24	−0.109%	$697K	$4.3M	10x	as long as short
Paradex META-USD-PERP	+0.0056%	8h	739.82	−0.031%	—	—	5x	as long as short
Aftermath Perps METAUSD	+0.0069%	1h	740.46	+0.056%	$49K	$80K	10x	as long as short
KuCoin METAUSDTM	+0.0100%	8h	740.05	0.000%	$1.6M	$469K	20x	as long as short
ApeX Omni METAUSDTshort	+0.0100%	1h	739.34	−0.096%	$166K	$71K	50x
Orderly PERP_META_USDC_mythos	+0.0100%	8h	739.85	−0.027%	$1K	$24	10x	as long as short
Aevo META-PERP	+0.0104%	1h	739.72	−0.044%	$266	—	10x	as long as short
Coinbase International META-PERP-INTX	+0.0104%	1h	739.45	−0.081%	$609K	$7.2M	10x	as long as short
Lighter META	+0.0112%	1h	740.01	−0.005%	$855K	$2.4M	20x	as long as short
Hotstuff META-PERP	+0.0112%	1h	739.99	−0.008%	$33K	$105	20x	as long as short
Injective META/USDC PERP	+0.0220%	1h	739.58	−0.064%	$170K	$48K	30x	as long as short
tradeXYZ xyz:META	+0.0250%	1h	739.99	−0.008%	$68.3M	$120.5M	20x	as long as short
Phoenix META	+0.0313%	1h	740.70	+0.088%	$381K	$1.1M	20x	as long as short
edgeX METAUSDC	+0.0992%	4h	740.02	−0.004%	$62K	$334K	10x	as long as short