Funding arb · Price arb /

META

RWAall META markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0050%/8h= +5.5% APRpaid last 24h +0.015%

Price spread now: Ondo Perps against Phemex−0.063%7-day average −0.115% · you buy dearer than you sell

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

Long on Phemex Short on Ondo Perps

What this pair did over the last

the charts below follow

Funding, last 7 days+0.119%+$12 on $10k

Price spread, last 4 days (all we have)−0.140%−$14 · spread now −0.063%, 7d avg −0.115%

Together, before fees−0.021%+ Points / potential airdropOndo Perps: Active · farm board−$2 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and Ondo Perps is 0.052% dearer against Phemex than usual: you sell high and buy low: +$5 more if the spread goes back to its 7-day average of −0.115%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex METAUSDT	742.65	0	get 0.0000% / 4h	2h 31m	$2.0M	$8K	10x
Short	Ondo Perps META-USD.P	742.18	0.0050	get 0.0006% / 1h	31m 03s	$729K	$4.8M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Ondo Perps 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 Ondo PerpsbpOrdersPrice spread, now −0.063%Rate

Funding earned: $10.58
Price spread: −0.063% → −0.115%: $5.16
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Net: −$1.26
Costs to cover: 0.170%
Break-even: 7.8 days

Slippage unknown: Phemex: live order book, 2 min ago; Ondo Perps: 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, 2 min ago	0.74 bp	53.6 bp −$54	doesn't fit	doesn't fit	doesn't fit
Sell Ondo Perps no order-book sample	—	—	—	—	—

Ondo Perps: 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
Deribit META_USDC-PERPETUAL	−0.0141%	1h	742.08	−0.077%	$31K	$264K	10x	as long as short
BloFin META-USDT	−0.0120%	8h	742.71	+0.008%	$332K	$1.1M	20x	as long as short
Aster METAUSDT	0.0000%	8h	743.72	+0.144%	$479K	$589K	20x	as long as short
Extended META_24_5-USD	0.0000%	1h	742.74	+0.012%	$544K	$2.7M	17x	as long as short
Binance METAUSDT	0.0000%	8h	742.84	+0.026%	$28.0M	$182.5M	20x	as long as short
Bybit METAUSDT	0.0000%	8h	742.76	+0.015%	$7.3M	$15.1M	100x	as long as short
OKX META-USDT-SWAP	0.0000%	8h	742.78	+0.018%	$6.0M	$12.4M	20x	as long as short
Gate META_USDT	0.0000%	8h	742.24	−0.055%	$439K	$5.9M	100x	as long as short
Bitget METAUSDT	0.0000%	8h	743.01	+0.048%	$5.6M	$12.1M	100x	as long as short
Variational Omni META	0.0000%	8h	742.59	−0.008%	$2.4M	$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	743.02	+0.050%	$13K	$443K	10x	as long as short
SunX META-USDT	0.0000%	8h	742.79	+0.019%	$825	$8.4M	20x	as long as short
HTX META-USDT	0.0000%	8h	742.54	−0.015%	$106K	$306K	30x	as long as short
Phemex METAUSDTlong	0.0000%	4h	742.65	long leg	$2.0M	$8K	10x
Lighter RH META	+0.0032%	1h	742.97	+0.043%	$768K	$2.9M	20x	as long as short
Nado META-PERP	+0.0038%	1h	742.50	−0.020%	$480K	$557K	20x	as long as short
Arcus META-USD	+0.0040%	1h	742.62	−0.004%	$110K	$332K	10x	as long as short
Vest META-USD-PERP	+0.0046%	1h	743.19	+0.073%	—	$11K	25x	as long as short
QFEX META-USD	+0.0046%	1h	742.64	−0.001%	$2.2M	$13.8M	10x	as long as short
Popdex METAUSDT	+0.0048%	1h	742.61	−0.005%	$178K	$200K	20x	as long as short
Polymarket Perps META-USD	+0.0050%	1h	742.43	−0.030%	$584K	$564K	10x	as long as short
SoDEX META-USD	+0.0050%	1h	742.68	+0.004%	$24K	$3K	10x	as long as short
Ondo Perps META-USD.Pshort	+0.0050%	1h	742.18	−0.063%	$729K	$4.8M	10x
Paradex META-USD-PERP	+0.0079%	8h	742.61	−0.005%	—	—	5x	as long as short
Aftermath Perps METAUSD	+0.0086%	1h	743.45	+0.108%	$51K	$81K	10x	as long as short
KuCoin METAUSDTM	+0.0100%	8h	743.03	+0.051%	$1.6M	$641K	20x	as long as short
ApeX Omni METAUSDT	+0.0100%	1h	742.46	−0.026%	$166K	$72K	50x	as long as short
Orderly PERP_META_USDC_mythos	+0.0100%	8h	742.61	−0.005%	$1K	$24	10x	as long as short
Aevo META-PERP	+0.0104%	1h	742.52	−0.018%	$267	—	10x	as long as short
Coinbase International META-PERP-INTX	+0.0128%	1h	742.03	−0.083%	$659K	$7.7M	10x	as long as short
Injective META/USDC PERP	+0.0220%	1h	745.90	+0.438%	$172K	$46K	30x	as long as short
Lighter META	+0.0336%	1h	743.10	+0.061%	$1.0M	$2.6M	20x	as long as short
Hotstuff META-PERP	+0.0368%	1h	743.18	+0.071%	$33K	$105	20x	as long as short
tradeXYZ xyz:META	+0.0447%	1h	743.13	+0.065%	$74.3M	$124.6M	20x	as long as short
Phoenix META	+0.0685%	1h	744.26	+0.217%	$795K	$1.4M	20x	as long as short
edgeX METAUSDC	+0.0917%	4h	743.12	+0.063%	$62K	$340K	10x	as long as short