Funding arb · Price arb /

META

RWAall META markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.145%

Price spread now: Extended against Phemex−0.004%7-day average −0.053% · you buy dearer than you sell

Net, funding: paid 7d − costs−$90as in the Funding arb table

Net, price: spread back to 7d avg − costs−$101as in the Price arb table

costs, in and out, $10k−$1051.054% of the position

Long on Phemex Short on Extended

What this pair did over the last

the charts below follow

Funding, last 7 days+0.155%+$15 on $10k

Price spread, last 4 days (all we have)−0.235%−$24 · spread now −0.004%, 7d avg −0.053%

Together, before fees−0.081%+ Points / potential airdropExtended: Active · farm board−$8 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Extended is 0.049% dearer against Phemex than usual: you sell high and buy low, +$5 on $10k if it goes back to its 7-day average of −0.053%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex METAUSDT	742.52	0	get 0.0000% / 4h	23m 37s	$2.0M	$8K	10x
Short	Extended META_24_5-USD	742.49	0	get 0.0000% / 1h	23m 37s	$549K	$2.7M	17x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Extended 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 ExtendedbpOrdersPrice spread, now −0.004%Rate

Funding earned: $0
Price spread: −0.004% → −0.053%: $4.86
Slippage, 4 orders: −$88.44
Fee Phemex: 6 bp × 2 orders: −$12
Fee Extended: 2.5 bp × 2 orders: −$5
Net: −$100.57
Costs to cover: 1.054%
Break-even: never at this rate

Slippage from Phemex: live order book, 5 min ago; Extended: live order book, 5 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, 5 min ago	1.35 bp	51.3 bp −$51	doesn't fit	doesn't fit	doesn't fit
Sell Extended live order book, 5 min ago	0.61 bp	5.9 bp −$6	28.7 bp −$287	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
BloFin META-USDT	−0.0120%	8h	742.33	−0.026%	$329K	$1.1M	20x	as long as short
Nado META-PERP	−0.0019%	1h	742.12	−0.054%	$480K	$553K	20x	as long as short
Aster METAUSDT	0.0000%	8h	742.40	−0.017%	$468K	$552K	20x	as long as short
Extended META_24_5-USDshort	0.0000%	1h	742.49	−0.004%	$549K	$2.7M	17x
Binance METAUSDT	0.0000%	8h	742.69	+0.022%	$27.6M	$180.8M	20x	as long as short
Bybit METAUSDT	0.0000%	8h	742.50	−0.003%	$7.5M	$14.0M	100x	as long as short
OKX META-USDT-SWAP	0.0000%	8h	742.49	−0.004%	$6.0M	$13.5M	20x	as long as short
Gate META_USDT	0.0000%	8h	742.25	−0.036%	$365K	$5.7M	100x	as long as short
Bitget METAUSDT	0.0000%	8h	742.53	+0.001%	$5.3M	$11.7M	100x	as long as short
Variational Omni META	0.0000%	8h	742.05	−0.064%	$2.4M	$3.1M	—	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	741.87	−0.087%	$12K	$440K	10x	as long as short
SunX META-USDT	0.0000%	8h	742.32	−0.027%	$992	$9.1M	20x	as long as short
Deribit META_USDC-PERPETUAL	0.0000%	1h	741.96	−0.075%	$31K	$245K	10x	as long as short
HTX META-USDT	0.0000%	8h	742.34	−0.024%	$106K	$296K	30x	as long as short
Phemex METAUSDTlong	0.0000%	4h	742.52	long leg	$2.0M	$8K	10x
Lighter RH META	+0.0032%	1h	742.85	+0.044%	$770K	$3.0M	20x	as long as short
QFEX META-USD	+0.0036%	1h	742.38	−0.019%	$2.2M	$13.7M	10x	as long as short
Arcus META-USD	+0.0040%	1h	741.90	−0.083%	$110K	$330K	10x	as long as short
Vest META-USD-PERP	+0.0046%	1h	742.64	+0.016%	—	$10K	25x	as long as short
Popdex METAUSDT	+0.0048%	1h	742.32	−0.027%	$179K	$199K	20x	as long as short
Polymarket Perps META-USD	+0.0050%	1h	742.08	−0.059%	$584K	$565K	10x	as long as short
SoDEX META-USD	+0.0050%	1h	742.51	−0.001%	$24K	$3K	10x	as long as short
Ondo Perps META-USD.P	+0.0050%	1h	741.67	−0.114%	$764K	$4.4M	10x	as long as short
Paradex META-USD-PERP	+0.0066%	8h	742.46	−0.007%	—	—	5x	as long as short
Aftermath Perps METAUSD	+0.0081%	1h	742.50	−0.003%	$51K	$82K	10x	as long as short
KuCoin METAUSDTM	+0.0100%	8h	742.50	−0.003%	$1.6M	$547K	20x	as long as short
ApeX Omni METAUSDT	+0.0100%	1h	741.10	−0.191%	$166K	$71K	50x	as long as short
Orderly PERP_META_USDC_mythos	+0.0100%	8h	742.49	−0.004%	$1K	$24	10x	as long as short
Aevo META-PERP	+0.0104%	1h	742.34	−0.025%	$267	—	10x	as long as short
Coinbase International META-PERP-INTX	+0.0104%	1h	741.90	−0.083%	$625K	$7.2M	10x	as long as short
Hotstuff META-PERP	+0.0168%	1h	742.49	−0.004%	$33K	$105	20x	as long as short
Injective META/USDC PERP	+0.0220%	1h	741.60	−0.124%	$171K	$48K	30x	as long as short
Lighter META	+0.0256%	1h	742.80	+0.038%	$858K	$2.4M	20x	as long as short
tradeXYZ xyz:META	+0.0288%	1h	742.58	+0.008%	$69.5M	$120.3M	20x	as long as short
Phoenix META	+0.0591%	1h	742.78	+0.035%	$678K	$1.2M	20x	as long as short
edgeX METAUSDC	+0.0626%	4h	741.97	−0.074%	$62K	$336K	10x	as long as short