Funding arb · Price arb /

META

RWAall META markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC−0.0120%/8h= −13.1% APRpaid last 24h −0.036%

Price spread now: BloFin against Phemex−0.063%59s7-day average −0.016% · you buy dearer than you sell

Net, funding: paid 7d − costs−$112as 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−$930.926% of the position

Long on Phemex Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.194%−$19 on $10k

Price spread, last 4 days (all we have)+0.125%+$12 · spread now −0.063%, 7d avg −0.016%

Together, before fees−0.069%−$7 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$4 a day on $10k at the current rate, and BloFin is 0.047% cheaper against Phemex than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of −0.016%). Swap the legs. The two prices were read 59 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	Phemex METAUSDT	742.57	0	get 0.0000% / 4h	3h 26m	$2.0M	$8K	10x
Short	BloFin META-USDT	742.10	−0.0120	pay 0.0120% / 8h	7h 26m	$335K	$1.1M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now −0.063%Rate

Funding earned: −$25.2
Price spread: −0.063% → −0.016%: −$4.68
Slippage, 4 orders: −$68.63
Fee Phemex: 6 bp × 2 orders: −$12
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$122.51
Costs to cover: 0.926%
Break-even: never at this rate

Slippage from Phemex: live order book, 2 min ago; BloFin: live order book, 1 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, 2 min ago	1.62 bp	39.0 bp −$39	doesn't fit	doesn't fit	doesn't fit
Sell BloFin live order book, 1 min ago	1.35 bp	8.8 bp −$9	12.0 bp −$120	doesn't fit	doesn't fit

META on 37 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-USDTshort	−0.0120%	8h	742.10	−0.063%	$335K	$1.1M	20x
Nado META-PERP	−0.0008%	1h	741.81	−0.103%	$477K	$560K	20x	as long as short
Aster METAUSDT	0.0000%	8h	743.00	+0.058%	$487K	$603K	20x	as long as short
Extended META_24_5-USD	0.0000%	1h	741.90	−0.091%	$544K	$3.4M	17x	as long as short
Binance METAUSDT	0.0000%	8h	742.09	−0.065%	$25.9M	$191.3M	20x	as long as short
Bybit METAUSDT	0.0000%	8h	741.95	−0.083%	$7.5M	$15.6M	100x	as long as short
OKX META-USDT-SWAP	0.0000%	8h	742.13	−0.059%	$6.0M	$12.8M	20x	as long as short
Gate META_USDT	0.0000%	8h	741.69	−0.119%	$480K	$6.3M	100x	as long as short
Bitget METAUSDT	0.0000%	8h	742.03	−0.073%	$5.7M	$12.2M	100x	as long as short
Variational Omni META	0.0000%	8h	743.94	+0.185%	$2.5M	$3.0M	—	as long as short

Show all 37 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT META_USDT_Perp	0.0000%	8h	744.00	+0.192%	$12K	$437K	10x	as long as short
SunX META-USDT	0.0000%	8h	742.05	−0.070%	$830	$7.7M	20x	as long as short
Deribit META_USDC-PERPETUAL	0.0000%	1h	741.67	−0.121%	$41K	$265K	10x	as long as short
HTX META-USDT	0.0000%	8h	741.68	−0.120%	$107K	$300K	30x	as long as short
Phemex METAUSDTlong	0.0000%	4h	742.57	long leg	$2.0M	$8K	10x
Lighter RH META	+0.0032%	1h	742.10	−0.063%	$792K	$2.9M	20x	as long as short
QFEX META-USD	+0.0036%	1h	741.73	−0.113%	$2.2M	$14.1M	10x	as long as short
Arcus META-USD	+0.0040%	1h	741.55	−0.137%	$111K	$337K	10x	as long as short
Vest META-USD-PERP	+0.0046%	1h	742.61	+0.005%	—	$12K	25x	as long as short
Popdex METAUSDT	+0.0048%	1h	742.18	−0.053%	$179K	$204K	20x	as long as short
Polymarket Perps META-USD	+0.0050%	1h	741.82	−0.101%	$564K	$619K	10x	as long as short
SoDEX META-USD	+0.0050%	1h	741.90	−0.090%	$24K	$3K	10x	as long as short
Ondo Perps META-USD.P	+0.0050%	1h	741.50	−0.144%	$737K	$5.0M	10x	as long as short
Paradex META-USD-PERP	+0.0055%	8h	741.68	−0.120%	—	—	5x	as long as short
Aftermath Perps METAUSD	+0.0078%	1h	742.90	+0.044%	$51K	$93K	10x	as long as short
Pacifica META	+0.0100%	1h	741.95	−0.084%	$605	$2K	10x	as long as short
KuCoin METAUSDTM	+0.0100%	8h	742.24	−0.044%	$1.6M	$772K	20x	as long as short
ApeX Omni METAUSDT	+0.0100%	1h	743.23	+0.089%	$166K	$71K	50x	as long as short
Orderly PERP_META_USDC_mythos	+0.0100%	8h	742.40	−0.023%	$1K	$24	10x	as long as short
Aevo META-PERP	+0.0104%	1h	742.24	−0.044%	$267	—	10x	as long as short
Coinbase International META-PERP-INTX	+0.0120%	1h	741.74	−0.112%	$633K	$7.9M	10x	as long as short
Injective META/USDC PERP	+0.0220%	1h	745.70	+0.422%	$176K	$52K	30x	as long as short
Hotstuff META-PERP	+0.0280%	1h	742.25	−0.043%	$33K	$105	20x	as long as short
Lighter META	+0.0280%	1h	742.21	−0.048%	$1.2M	$2.9M	20x	as long as short
tradeXYZ xyz:META	+0.0301%	1h	741.88	−0.093%	$84.5M	$133.5M	20x	as long as short
edgeX METAUSDC	+0.0672%	4h	743.87	+0.175%	$63K	$348K	10x	as long as short
Phoenix META	+0.0791%	1h	744.68	+0.284%	$795K	$1.5M	20x	as long as short