Funding arb · Price arb /

META

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0120%/8h= +13.1% APRpaid last 24h +0.026%

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

to open and closeno order booka leg has no order-book sample

Long on Phemex Short on Hotstuff

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropHotstuff: Active · farm boardneeds both histories

Funding pays, the price is against you. Hotstuff is 0.030% cheaper against Phemex than usual: you would sell low and buy high (spread −0.030% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$3 on $10k: about 20 hours of funding at the current rate (+$4 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex METAUSDT	742.69	0	get 0.0000% / 4h	43m 26s	$2.0M	$8K	10x
Short	Hotstuff META-PERP	742.47	0.0120	get 0.0015% / 1h	43m 26s	$33K	$105	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hotstuff 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 HotstuffbpOrdersPrice spread, now −0.030%Rate

Funding earned: $25.2
Price spread: −0.030% → 0.000%: −$2.96
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee Hotstuff: 2.5 bp × 2 orders: −$5
Net: $5.24
Costs to cover: 0.170%
Break-even: 5.5 days

Slippage unknown: Phemex: live order book, 5 min ago; Hotstuff: no order-book sample. Net counts fees only.

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	1.01 bp	52.0 bp −$52	doesn't fit	doesn't fit	doesn't fit
Sell Hotstuff no order-book sample	—	—	—	—	—

Hotstuff: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	742.25	−0.059%	$330K	$1.1M	20x	as long as short
Nado META-PERP	−0.0051%	1h	742.06	−0.085%	$480K	$553K	20x	as long as short
Aster METAUSDT	0.0000%	8h	742.41	−0.038%	$466K	$551K	20x	as long as short
Extended META_24_5-USD	0.0000%	1h	742.22	−0.064%	$548K	$2.7M	17x	as long as short
Binance METAUSDT	0.0000%	8h	742.30	−0.053%	$27.5M	$180.4M	20x	as long as short
Bybit METAUSDT	0.0000%	8h	742.23	−0.062%	$7.5M	$13.9M	100x	as long as short
OKX META-USDT-SWAP	0.0000%	8h	742.76	+0.009%	$6.0M	$13.5M	20x	as long as short
Gate META_USDT	0.0000%	8h	742.13	−0.075%	$364K	$5.7M	100x	as long as short
Bitget METAUSDT	0.0000%	8h	742.54	−0.020%	$5.4M	$11.7M	100x	as long as short
Variational Omni META	0.0000%	8h	742.05	−0.086%	$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	742.33	−0.048%	$12K	$436K	10x	as long as short
SunX META-USDT	0.0000%	8h	742.76	+0.009%	$722	$9.1M	20x	as long as short
Deribit META_USDC-PERPETUAL	0.0000%	1h	742.10	−0.079%	$31K	$245K	10x	as long as short
HTX META-USDT	0.0000%	8h	742.54	−0.020%	$106K	$296K	30x	as long as short
Phemex METAUSDTlong	0.0000%	4h	742.69	long leg	$2.0M	$8K	10x
Lighter RH META	+0.0032%	1h	742.77	+0.011%	$766K	$3.0M	20x	as long as short
QFEX META-USD	+0.0036%	1h	742.23	−0.062%	$2.1M	$13.7M	10x	as long as short
Arcus META-USD	+0.0040%	1h	742.10	−0.079%	$110K	$330K	10x	as long as short
Vest META-USD-PERP	+0.0046%	1h	742.50	−0.026%	—	$10K	25x	as long as short
Popdex METAUSDT	+0.0048%	1h	742.47	−0.030%	$179K	$199K	20x	as long as short
Polymarket Perps META-USD	+0.0050%	1h	742.14	−0.074%	$559K	$540K	10x	as long as short
SoDEX META-USD	+0.0050%	1h	742.39	−0.040%	$24K	$3K	10x	as long as short
Ondo Perps META-USD.P	+0.0050%	1h	741.82	−0.117%	$701K	$4.3M	10x	as long as short
Paradex META-USD-PERP	+0.0061%	8h	742.23	−0.062%	—	—	5x	as long as short
Aftermath Perps METAUSD	+0.0079%	1h	743.15	+0.062%	$51K	$82K	10x	as long as short
KuCoin METAUSDTM	+0.0100%	8h	742.61	−0.011%	$1.6M	$535K	20x	as long as short
ApeX Omni METAUSDT	+0.0100%	1h	741.34	−0.182%	$166K	$71K	50x	as long as short
Orderly PERP_META_USDC_mythos	+0.0100%	8h	742.62	−0.009%	$1K	$24	10x	as long as short
Aevo META-PERP	+0.0104%	1h	742.40	−0.039%	$267	—	10x	as long as short
Coinbase International META-PERP-INTX	+0.0104%	1h	742.02	−0.090%	$614K	$7.2M	10x	as long as short
Hotstuff META-PERPshort	+0.0120%	1h	742.47	−0.030%	$33K	$105	20x
Lighter META	+0.0216%	1h	742.59	−0.013%	$858K	$2.4M	20x	as long as short
Injective META/USDC PERP	+0.0220%	1h	741.35	−0.180%	$171K	$48K	30x	as long as short
tradeXYZ xyz:META	+0.0260%	1h	742.27	−0.057%	$69.4M	$120.4M	20x	as long as short
Phoenix META	+0.0591%	1h	743.22	+0.071%	$639K	$1.2M	20x	as long as short
edgeX METAUSDC	+0.0605%	4h	742.41	−0.037%	$62K	$338K	10x	as long as short