Funding arb · Price arb /

META

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0220%/8h= +24.1% APRpaid last 24h +0.065%

Price spread now: Injective against Phemex−0.046%7-day average +0.278% · you buy dearer than you sell

Net, funding: paid 7d − costs−$99as in the Funding arb table

Net, price: spread back to 7d avg − costs−$177as in the Price arb table

costs, in and out, $10k−$1451.447% of the position

Long on Phemex Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days+0.461%+$46 on $10k

Price spread, last 3 days (all we have)+0.103%+$10 · spread now −0.046%, 7d avg +0.278%

Together, before fees+0.565%+$56 on $10k · with fees, hour by hour

Funding pays, the price is against you. Injective is 0.324% cheaper against Phemex than usual: you would sell low and buy high (spread −0.046% now, against its 7-day average of +0.278%). If the spread goes back, that is −$32 on $10k: about 4.9 days of funding at the current rate (+$7 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex METAUSDT	740.43	0	get 0.0000% / 4h	2h 12m	$2.0M	$8K	10x
Short	Injective META/USDC PERP	740.09	0.0220	get 0.0028% / 1h	12m 20s	$168K	$46K	30x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective 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 InjectivebpOrdersPrice spread, now −0.046%Rate

Funding earned: $46.2
Price spread: −0.046% → +0.278%: −$32.44
Slippage, 4 orders: −$132.7
Fee Phemex: 6 bp × 2 orders: −$12
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$130.96
Costs to cover: 1.447%
Break-even: 26.8 days

Slippage from Phemex: live order book, 1 min ago; Injective: live order book, 11 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, 1 min ago	2.90 bp	45.0 bp −$45	doesn't fit	doesn't fit	doesn't fit
Sell Injective live order book, 11 min ago	16.80 bp	35.6 bp −$36	doesn't fit	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	740.40	−0.004%	$329K	$1.1M	20x	as long as short
Nado META-PERP	−0.0110%	1h	740.38	−0.007%	$397K	$317K	20x	as long as short
Hotstuff META-PERP	−0.0016%	1h	740.76	+0.045%	$33K	$105	20x	as long as short
Aster METAUSDT	0.0000%	8h	740.96	+0.072%	$457K	$536K	20x	as long as short
Extended META_24_5-USD	0.0000%	1h	740.42	−0.001%	$548K	$1.5M	17x	as long as short
Binance METAUSDT	0.0000%	8h	740.48	+0.007%	$26.9M	$177.5M	20x	as long as short
Bybit METAUSDT	0.0000%	8h	740.40	−0.004%	$7.4M	$13.9M	100x	as long as short
OKX META-USDT-SWAP	0.0000%	8h	740.22	−0.028%	$6.0M	$13.1M	20x	as long as short
Gate META_USDT	0.0000%	8h	740.14	−0.039%	$318K	$5.4M	100x	as long as short
Bitget METAUSDT	0.0000%	8h	740.43	0.000%	$5.8M	$11.0M	100x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni META	0.0000%	8h	740.42	−0.001%	$1.6M	$2.5M	—	as long as short
GRVT META_USDT_Perp	0.0000%	8h	740.31	−0.016%	$12K	$525K	10x	as long as short
SunX META-USDT	0.0000%	8h	740.86	+0.058%	$1K	$9.5M	20x	as long as short
Deribit META_USDC-PERPETUAL	0.0000%	1h	740.68	+0.034%	$30K	$256K	10x	as long as short
HTX META-USDT	0.0000%	8h	740.18	−0.034%	$105K	$283K	30x	as long as short
Phemex METAUSDTlong	0.0000%	4h	740.43	long leg	$2.0M	$8K	10x
QFEX META-USD	+0.0012%	1h	740.36	−0.009%	$2.2M	$14.2M	10x	as long as short
Lighter META	+0.0032%	1h	740.72	+0.039%	$860K	$2.6M	20x	as long as short
Lighter RH META	+0.0032%	1h	740.73	+0.041%	$740K	$3.2M	20x	as long as short
Arcus META-USD	+0.0040%	1h	740.27	−0.022%	$263K	$313K	10x	as long as short
Vest META-USD-PERP	+0.0046%	1h	740.95	+0.070%	—	$9K	25x	as long as short
Popdex METAUSDT	+0.0048%	1h	740.42	−0.001%	$177K	$200K	20x	as long as short
tradeXYZ xyz:META	+0.0050%	1h	740.71	+0.038%	$68.5M	$120.5M	20x	as long as short
Polymarket Perps META-USD	+0.0050%	1h	740.64	+0.028%	$541K	$840K	10x	as long as short
SoDEX META-USD	+0.0050%	1h	740.37	−0.008%	$24K	$3K	10x	as long as short
Ondo Perps META-USD.P	+0.0050%	1h	740.13	−0.041%	$641K	$4.0M	10x	as long as short
Paradex META-USD-PERP	+0.0050%	8h	740.36	−0.009%	—	—	5x	as long as short
Aftermath Perps METAUSD	+0.0053%	1h	740.98	+0.074%	$45K	$61K	10x	as long as short
Coinbase International META-PERP-INTX	+0.0080%	1h	740.26	−0.023%	$607K	$7.3M	10x	as long as short
Phoenix META	+0.0097%	1h	740.50	+0.009%	$291K	$782K	20x	as long as short
KuCoin METAUSDTM	+0.0100%	8h	740.44	+0.001%	$1.6M	$353K	20x	as long as short
ApeX Omni METAUSDT	+0.0100%	1h	740.32	−0.015%	$166K	$73K	50x	as long as short
Orderly PERP_META_USDC_mythos	+0.0100%	8h	740.46	+0.004%	$1K	$24	10x	as long as short
Aevo META-PERP	+0.0104%	1h	740.37	−0.008%	$267	—	10x	as long as short
Injective META/USDC PERPshort	+0.0220%	1h	740.09	−0.046%	$168K	$46K	30x
edgeX METAUSDC	+0.0274%	4h	740.35	−0.010%	$62K	$331K	10x	as long as short