Funding arb · Price arb /

META

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0040%/8h= +4.4% APRpaid last 24h +0.064%

Price spread now: Arcus against Phemex−0.063%7-day average −0.056% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$104as in the Price arb table

costs, in and out, $10k−$1031.028% of the position

Long on Phemex Short on Arcus

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.138%+$14 on $10k

Price spread, last 3 days (all we have)−0.047%−$5 · spread now −0.063%, 7d avg −0.056%

Together, before fees+0.091%+$9 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.056%, so right now this pair is about funding alone: +$1 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex METAUSDT	740.44	0	get 0.0000% / 4h	2h 04m	$2.0M	$8K	10x
Short	Arcus META-USD	739.97	0.0040	get 0.0005% / 1h	4m 49s	$110K	$330K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Arcus 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 ArcusbpOrdersPrice spread, now −0.063%Rate

Funding earned: $8.46
Price spread: −0.063% → −0.056%: −$0.72
Slippage, 4 orders: −$86.28
Fee Phemex: 6 bp × 2 orders: −$12
Fee Arcus: 2.25 bp × 2 orders: −$4.5
Net: −$95.05
Costs to cover: 1.028%
Break-even: 85.7 days

Slippage from Phemex: live order book, 4 min ago; Arcus: live order book, 64 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, 4 min ago	0.81 bp	46.0 bp −$46	doesn't fit	doesn't fit	doesn't fit
Sell Arcus live order book, 64 min ago	2.84 bp	12.5 bp −$12	14.8 bp −$148	doesn't fit	doesn't fit

META on 35 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	−0.0116%	1h	740.08	−0.049%	$478K	$549K	20x	as long as short
Aster METAUSDT	0.0000%	8h	740.77	+0.044%	$466K	$549K	20x	as long as short
Extended META_24_5-USD	0.0000%	1h	740.30	−0.019%	$547K	$2.7M	17x	as long as short
Binance METAUSDT	0.0000%	8h	740.49	+0.006%	$27.3M	$178.8M	20x	as long as short
Bybit METAUSDT	0.0000%	8h	740.42	−0.003%	$7.5M	$13.7M	100x	as long as short
OKX META-USDT-SWAP	0.0000%	8h	740.42	−0.003%	$5.9M	$13.3M	20x	as long as short
Gate META_USDT	0.0000%	8h	740.23	−0.028%	$354K	$5.6M	100x	as long as short
Bitget METAUSDT	0.0000%	8h	740.42	−0.003%	$5.5M	$11.3M	100x	as long as short
Variational Omni META	0.0000%	8h	740.47	+0.003%	$2.3M	$3.1M	—	as long as short
GRVT META_USDT_Perp	0.0000%	8h	740.33	−0.015%	$12K	$432K	10x	as long as short

Show all 35 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX META-USDT	0.0000%	8h	740.31	−0.018%	$873	$9.1M	20x	as long as short
Deribit META_USDC-PERPETUAL	0.0000%	1h	739.87	−0.077%	$31K	$244K	10x	as long as short
HTX META-USDT	0.0000%	8h	740.27	−0.023%	$105K	$296K	30x	as long as short
Phemex METAUSDTlong	0.0000%	4h	740.44	long leg	$2.0M	$8K	10x
QFEX META-USD	+0.0025%	1h	740.36	−0.011%	$2.2M	$13.7M	10x	as long as short
Lighter RH META	+0.0032%	1h	740.60	+0.022%	$761K	$3.0M	20x	as long as short
Arcus META-USDshort	+0.0040%	1h	739.97	−0.063%	$110K	$330K	10x
Vest META-USD-PERP	+0.0046%	1h	740.55	+0.015%	—	$11K	25x	as long as short
Popdex METAUSDT	+0.0048%	1h	740.50	+0.008%	$176K	$197K	20x	as long as short
Polymarket Perps META-USD	+0.0050%	1h	740.28	−0.022%	$558K	$547K	10x	as long as short
SoDEX META-USD	+0.0050%	1h	740.49	+0.007%	$24K	$3K	10x	as long as short
Ondo Perps META-USD.P	+0.0050%	1h	739.94	−0.068%	$697K	$4.2M	10x	as long as short
Paradex META-USD-PERP	+0.0055%	8h	740.28	−0.021%	—	—	5x	as long as short
Aftermath Perps METAUSD	+0.0070%	1h	740.84	+0.054%	$49K	$82K	10x	as long as short
KuCoin METAUSDTM	+0.0100%	8h	740.43	−0.001%	$1.6M	$496K	20x	as long as short
ApeX Omni METAUSDT	+0.0100%	1h	739.73	−0.096%	$166K	$71K	50x	as long as short
Orderly PERP_META_USDC_mythos	+0.0100%	8h	740.52	+0.011%	$1K	$24	10x	as long as short
Aevo META-PERP	+0.0104%	1h	740.28	−0.022%	$267	—	10x	as long as short
Coinbase International META-PERP-INTX	+0.0104%	1h	740.66	+0.030%	$609K	$7.1M	10x	as long as short
Hotstuff META-PERP	+0.0128%	1h	740.45	+0.001%	$33K	$105	20x	as long as short
Lighter META	+0.0144%	1h	740.56	+0.016%	$860K	$2.4M	20x	as long as short
Injective META/USDC PERP	+0.0220%	1h	742.18	+0.235%	$171K	$48K	30x	as long as short
tradeXYZ xyz:META	+0.0241%	1h	740.41	−0.004%	$68.3M	$119.7M	20x	as long as short
Phoenix META	+0.0313%	1h	741.05	+0.082%	$460K	$1.1M	20x	as long as short
edgeX METAUSDC	+0.0925%	4h	740.30	−0.019%	$62K	$335K	10x	as long as short