Funding arb · Price arb /

META

RWAall META markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0104%/8h= +11.4% APRpaid last 24h +0.023%

Price spread now: Coinbase International against Phemex−0.149%7-day average −0.131% · you buy dearer than you sell

Net, funding: paid 7d − costs−$110as in the Funding arb table

Net, price: spread back to 7d avg − costs−$106as in the Price arb table

costs, in and out, $10k−$1041.039% of the position

Long on Phemex Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days−0.063%−$6 on $10k

Price spread, last 4 days (all we have)+0.052%+$5 · spread now −0.149%, 7d avg −0.131%

Together, before fees−0.012%−$1 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.131%, so right now this pair is about funding alone: +$3 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair cost −0.063%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex METAUSDT	745.84	0	get 0.0000% / 4h	1h 05m	$2.0M	$8K	10x
Short	Coinbase International META-PERP-INTX	744.73	0.0104	get 0.0013% / 1h	5m 15s	$650K	$7.9M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International 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 Coinbase InternationalbpOrdersPrice spread, now −0.149%Rate

Funding earned: $21.84
Price spread: −0.149% → −0.131%: −$1.75
Slippage, 4 orders: −$81.89
Fee Phemex: 6 bp × 2 orders: −$12
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$83.8
Costs to cover: 1.039%
Break-even: 33.9 days

Slippage from Phemex: live order book, 3 min ago; Coinbase International: live order book, 4 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	2.15 bp	46.1 bp −$46	doesn't fit	doesn't fit	doesn't fit
Sell Coinbase International live order book, 4 min ago	0.07 bp	7.2 bp −$7	10.6 bp −$106	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-USDT	−0.0120%	8h	745.62	−0.029%	$332K	$1.1M	20x	as long as short
Nado META-PERP	−0.0032%	1h	745.34	−0.067%	$481K	$559K	20x	as long as short
Aster METAUSDT	0.0000%	8h	745.78	−0.008%	$480K	$593K	20x	as long as short
Extended META_24_5-USD	0.0000%	1h	745.41	−0.057%	$548K	$1.8M	17x	as long as short
Binance METAUSDT	0.0000%	8h	745.61	−0.031%	$24.9M	$188.0M	20x	as long as short
Bybit METAUSDT	0.0000%	8h	745.71	−0.017%	$7.4M	$15.3M	100x	as long as short
OKX META-USDT-SWAP	0.0000%	8h	745.48	−0.048%	$6.0M	$12.7M	20x	as long as short
Gate META_USDT	0.0000%	8h	744.93	−0.122%	$464K	$6.2M	100x	as long as short
Bitget METAUSDT	0.0000%	8h	745.56	−0.038%	$5.6M	$12.4M	100x	as long as short
Variational Omni META	0.0000%	8h	745.37	−0.062%	$2.4M	$3.1M	—	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	745.02	−0.110%	$13K	$435K	10x	as long as short
SunX META-USDT	0.0000%	8h	745.47	−0.050%	$655	$8.1M	20x	as long as short
Deribit META_USDC-PERPETUAL	0.0000%	1h	745.19	−0.087%	$34K	$274K	10x	as long as short
HTX META-USDT	0.0000%	8h	745.34	−0.067%	$106K	$309K	30x	as long as short
Phemex METAUSDTlong	0.0000%	4h	745.84	long leg	$2.0M	$8K	10x
QFEX META-USD	+0.0031%	1h	745.44	−0.054%	$2.2M	$13.8M	10x	as long as short
Lighter RH META	+0.0032%	1h	745.93	+0.012%	$791K	$3.1M	20x	as long as short
Arcus META-USD	+0.0040%	1h	745.03	−0.109%	$112K	$339K	10x	as long as short
Vest META-USD-PERP	+0.0046%	1h	745.89	+0.007%	—	$12K	25x	as long as short
Popdex METAUSDT	+0.0048%	1h	745.64	−0.027%	$177K	$205K	20x	as long as short
Polymarket Perps META-USD	+0.0050%	1h	745.28	−0.075%	$579K	$572K	10x	as long as short
SoDEX META-USD	+0.0050%	1h	745.62	−0.029%	$25K	$3K	10x	as long as short
Ondo Perps META-USD.P	+0.0050%	1h	744.54	−0.174%	$696K	$5.1M	10x	as long as short
Paradex META-USD-PERP	+0.0056%	8h	745.51	−0.045%	—	—	5x	as long as short
Aftermath Perps METAUSD	+0.0086%	1h	745.87	+0.004%	$52K	$81K	10x	as long as short
KuCoin METAUSDTM	+0.0100%	8h	745.33	−0.068%	$1.6M	$697K	20x	as long as short
ApeX Omni METAUSDT	+0.0100%	1h	744.28	−0.209%	$167K	$71K	50x	as long as short
Orderly PERP_META_USDC_mythos	+0.0100%	8h	745.63	−0.028%	$1K	$24	10x	as long as short
Aevo META-PERP	+0.0104%	1h	745.49	−0.047%	$268	—	10x	as long as short
Coinbase International META-PERP-INTXshort	+0.0104%	1h	744.73	−0.149%	$650K	$7.9M	10x
Injective META/USDC PERP	+0.0220%	1h	747.19	+0.181%	$172K	$46K	30x	as long as short
Hotstuff META-PERP	+0.0376%	1h	745.76	−0.011%	$33K	$105	20x	as long as short
Lighter META	+0.0384%	1h	746.12	+0.038%	$1.1M	$2.8M	20x	as long as short
edgeX METAUSDC	+0.0467%	4h	744.89	−0.127%	$62K	$343K	10x	as long as short
tradeXYZ xyz:META	+0.0493%	1h	746.00	+0.021%	$78.5M	$128.1M	20x	as long as short
Phoenix META	+0.0739%	1h	746.07	+0.031%	$797K	$1.5M	20x	as long as short
Pacifica META	+0.0800%	1h	745.36	−0.064%	$13	$106	10x	as long as short