Funding arb · Price arb /

META

RWAall META markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0154%/8h= +16.9% APRpaid last 24h +0.020%

Price spread now: Deribit against Phemex−0.054%7-day average −0.087% · 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−$108as in the Price arb table

costs, in and out, $10k−$1111.112% of the position

Long on Phemex Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)+0.026%+$3 on $10k

Price spread, last 3 days (all we have)−0.014%−$1 · spread now −0.054%, 7d avg −0.087%

Together, before fees+0.011%+$1 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$5 a day on $10k at the current rate, and Deribit is 0.033% dearer against Phemex than usual: you sell high and buy low: +$3 more if the spread goes back to its 7-day average of −0.087%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex METAUSDT	738.98	−0.0154	get 0.0077% / 4h	3h 34m	$2.0M	$8K	10x
Short	Deribit META_USDC-PERPETUAL	738.58	0	get 0.0000% / 1h	34m 48s	$30K	$247K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now −0.054%Rate

Funding earned: $32.42
Price spread: −0.054% → −0.087%: $3.27
Slippage, 4 orders: −$92.2
Fee Phemex: 6 bp × 2 orders: −$12
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$75.51
Costs to cover: 1.112%
Break-even: 23.3 days

Slippage from Phemex: live order book, 4 min ago; Deribit: live order book, 39 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	1.63 bp	50.5 bp −$51	doesn't fit	doesn't fit	doesn't fit
Sell Deribit live order book, 39 min ago	4.72 bp	8.2 bp −$8	12.4 bp −$124	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
Phemex METAUSDTlong	−0.0154%	4h	738.98	long leg	$2.0M	$8K	10x
BloFin META-USDT	−0.0120%	8h	738.83	−0.020%	$329K	$1.1M	20x	as long as short
Aster METAUSDT	0.0000%	8h	738.78	−0.027%	$465K	$549K	20x	as long as short
Extended META_24_5-USD	0.0000%	1h	738.67	−0.042%	$547K	$2.5M	17x	as long as short
Binance METAUSDT	0.0000%	8h	738.80	−0.024%	$27.3M	$179.1M	20x	as long as short
Bybit METAUSDT	0.0000%	8h	738.88	−0.014%	$7.6M	$13.9M	100x	as long as short
OKX META-USDT-SWAP	0.0000%	8h	738.89	−0.012%	$6.0M	$13.2M	20x	as long as short
Gate META_USDT	0.0000%	8h	738.46	−0.070%	$351K	$5.6M	100x	as long as short
Bitget METAUSDT	0.0000%	8h	738.77	−0.028%	$5.6M	$11.1M	100x	as long as short
Variational Omni META	0.0000%	8h	738.79	−0.026%	$2.3M	$3.3M	—	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT META_USDT_Perp	0.0000%	8h	738.15	−0.112%	$12K	$479K	10x	as long as short
SunX META-USDT	0.0000%	8h	739.09	+0.015%	$616	$9.3M	20x	as long as short
Deribit META_USDC-PERPETUALshort	0.0000%	1h	738.58	−0.054%	$30K	$247K	10x
HTX META-USDT	0.0000%	8h	738.60	−0.051%	$106K	$292K	30x	as long as short
Nado META-PERP	+0.0028%	1h	738.56	−0.057%	$373K	$344K	20x	as long as short
Lighter RH META	+0.0032%	1h	739.00	+0.003%	$756K	$3.1M	20x	as long as short
Vest META-USD-PERP	+0.0046%	1h	738.95	−0.004%	—	$11K	25x	as long as short
Popdex METAUSDT	+0.0048%	1h	738.84	−0.019%	$177K	$194K	20x	as long as short
Polymarket Perps META-USD	+0.0050%	1h	738.80	−0.024%	$557K	$857K	10x	as long as short
SoDEX META-USD	+0.0050%	1h	738.78	−0.027%	$24K	$3K	10x	as long as short
Ondo Perps META-USD.P	+0.0050%	1h	738.16	−0.111%	$692K	$4.4M	10x	as long as short
QFEX META-USD	+0.0055%	1h	738.98	0.000%	$2.2M	$14.2M	10x	as long as short
Arcus META-USD	+0.0063%	1h	738.27	−0.096%	$110K	$331K	10x	as long as short
Paradex META-USD-PERP	+0.0069%	8h	738.75	−0.031%	—	—	5x	as long as short
Aftermath Perps METAUSD	+0.0071%	1h	739.46	+0.065%	$48K	$80K	10x	as long as short
Hotstuff META-PERP	+0.0080%	1h	738.77	−0.028%	$33K	$105	20x	as long as short
KuCoin METAUSDTM	+0.0100%	8h	738.86	−0.016%	$1.6M	$426K	20x	as long as short
ApeX Omni METAUSDT	+0.0100%	1h	738.44	−0.073%	$165K	$72K	50x	as long as short
Orderly PERP_META_USDC_mythos	+0.0100%	8h	738.86	−0.016%	$1K	$24	10x	as long as short
Aevo META-PERP	+0.0104%	1h	738.64	−0.046%	$266	—	10x	as long as short
Coinbase International META-PERP-INTX	+0.0144%	1h	738.49	−0.066%	$604K	$7.3M	10x	as long as short
tradeXYZ xyz:META	+0.0173%	1h	738.88	−0.014%	$67.4M	$121.4M	20x	as long as short
Injective META/USDC PERP	+0.0220%	1h	740.07	+0.148%	$171K	$48K	30x	as long as short
Phoenix META	+0.0259%	1h	738.15	−0.112%	$277K	$930K	20x	as long as short
Lighter META	+0.0272%	1h	739.05	+0.009%	$850K	$2.5M	20x	as long as short
edgeX METAUSDC	+0.0801%	4h	737.90	−0.146%	$62K	$333K	10x	as long as short