Funding arb · Price arb /

META

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.001%

Price spread now: Gate against Phemex−0.030%7-day average −0.087% · you buy dearer than you sell

Net, funding: paid 7d − costs−$131as in the Funding arb table

Net, price: spread back to 7d avg − costs−$125as in the Price arb table

costs, in and out, $10k−$1311.309% of the position

Long on Phemex Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days+0.001%$0 on $10k

Price spread, last 3 days (all we have)−0.155%−$16 · spread now −0.030%, 7d avg −0.087%

Together, before fees−0.154%−$15 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: Gate is 0.058% dearer against Phemex than usual: you sell high and buy low, +$6 on $10k if it 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	743.26	0	get 0.0000% / 4h	48m 01s	$2.0M	$7K	10x
Short	Gate META_USDT	743.04	0	get 0.0000% / 8h	48m 01s	$344K	$5.5M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now −0.030%Rate

Funding earned: $0
Price spread: −0.030% → −0.087%: $5.75
Slippage, 4 orders: −$103.93
Fee Phemex: 6 bp × 2 orders: −$12
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$125.17
Costs to cover: 1.309%
Break-even: never at this rate

Slippage from Phemex: live order book, 5 min ago; Gate: live order book, just now.

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	9.61 bp	44.6 bp −$45	doesn't fit	doesn't fit	doesn't fit
Sell Gate live order book, just now	4.84 bp	16.7 bp −$17	48.8 bp −$488	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	743.07	−0.026%	$281K	$1.1M	20x	as long as short
Nado META-PERP	−0.0061%	1h	743.33	+0.009%	$392K	$329K	20x	as long as short
Aster METAUSDT	0.0000%	8h	743.20	−0.008%	$459K	$536K	20x	as long as short
Extended META_24_5-USD	0.0000%	1h	743.49	+0.031%	$549K	$1.6M	17x	as long as short
Binance METAUSDT	0.0000%	8h	743.62	+0.049%	$27.4M	$179.4M	20x	as long as short
Bybit METAUSDT	0.0000%	8h	743.68	+0.057%	$7.5M	$14.0M	100x	as long as short
OKX META-USDT-SWAP	0.0000%	8h	743.62	+0.048%	$6.0M	$13.2M	20x	as long as short
Gate META_USDTshort	0.0000%	8h	743.04	−0.030%	$344K	$5.5M	100x
Bitget METAUSDT	0.0000%	8h	743.53	+0.036%	$5.6M	$11.4M	100x	as long as short
Variational Omni META	0.0000%	8h	742.97	−0.039%	$2.3M	$3.2M	—	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	743.14	−0.016%	$13K	$486K	10x	as long as short
SunX META-USDT	0.0000%	8h	743.19	−0.009%	$899	$9.5M	20x	as long as short
Deribit META_USDC-PERPETUAL	0.0000%	1h	743.30	+0.005%	$30K	$257K	10x	as long as short
HTX META-USDT	0.0000%	8h	743.29	+0.004%	$107K	$285K	30x	as long as short
Phemex METAUSDTlong	0.0000%	4h	743.26	long leg	$2.0M	$7K	10x
QFEX META-USD	+0.0027%	1h	743.42	+0.022%	$2.2M	$14.3M	10x	as long as short
Lighter RH META	+0.0032%	1h	743.93	+0.090%	$760K	$3.2M	20x	as long as short
Arcus META-USD	+0.0040%	1h	743.03	−0.031%	$110K	$481K	10x	as long as short
Vest META-USD-PERP	+0.0046%	1h	743.76	+0.067%	—	$11K	25x	as long as short
Popdex METAUSDT	+0.0048%	1h	743.46	+0.027%	$178K	$209K	20x	as long as short
Polymarket Perps META-USD	+0.0050%	1h	743.57	+0.042%	$543K	$841K	10x	as long as short
SoDEX META-USD	+0.0050%	1h	743.36	+0.013%	$25K	$3K	10x	as long as short
Ondo Perps META-USD.P	+0.0050%	1h	742.46	−0.108%	$782K	$4.3M	10x	as long as short
Paradex META-USD-PERP	+0.0051%	8h	743.31	+0.007%	—	—	5x	as long as short
Aftermath Perps METAUSD	+0.0062%	1h	743.38	+0.016%	$52K	$72K	10x	as long as short
Coinbase International META-PERP-INTX	+0.0096%	1h	743.28	+0.003%	$610K	$7.4M	10x	as long as short
KuCoin METAUSDTM	+0.0100%	8h	743.25	−0.001%	$1.6M	$377K	20x	as long as short
ApeX Omni METAUSDT	+0.0100%	1h	742.72	−0.073%	$166K	$74K	50x	as long as short
Orderly PERP_META_USDC_mythos	+0.0100%	8h	743.54	+0.038%	$1K	$24	10x	as long as short
Aevo META-PERP	+0.0104%	1h	743.33	+0.009%	$268	—	10x	as long as short
Phoenix META	+0.0129%	1h	743.03	−0.031%	$292K	$797K	20x	as long as short
Hotstuff META-PERP	+0.0136%	1h	743.34	+0.011%	$33K	$105	20x	as long as short
Lighter META	+0.0152%	1h	743.76	+0.067%	$865K	$2.6M	20x	as long as short
tradeXYZ xyz:META	+0.0217%	1h	743.80	+0.073%	$67.6M	$122.2M	20x	as long as short
Injective META/USDC PERP	+0.0220%	1h	742.73	−0.071%	$169K	$46K	30x	as long as short
edgeX METAUSDC	+0.0684%	4h	742.95	−0.041%	$62K	$332K	10x	as long as short