Funding arb · Price arb /

META

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h +0.030%

Price spread now: Orderly against Phemex−0.078%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 Orderly

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

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

Together, before fees—needs both histories

Funding pays, the price is against you. Orderly is 0.078% cheaper against Phemex than usual: you would sell low and buy high (spread −0.078% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$8 on $10k: about 2.6 days of funding at the current rate (+$3 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex METAUSDT	740.46	0	get 0.0000% / 4h	2h 47m	$2.0M	$8K	10x
Short	Orderly PERP_META_USDC_mythos	739.88	0.0100	get 0.0100% / 8h	6h 47m	$1K	$24	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now −0.078%Rate

Funding earned: $21
Price spread: −0.078% → 0.000%: −$7.83
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$4.83
Costs to cover: 0.180%
Break-even: 8.6 days

Slippage unknown: Phemex: live order book, 1 min ago; Orderly: 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, 1 min ago	1.15 bp	44.8 bp −$45	doesn't fit	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: 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
Nado META-PERP	−0.0175%	1h	739.65	−0.109%	$478K	$546K	20x	as long as short
BloFin META-USDT	−0.0120%	8h	739.99	−0.063%	$327K	$1.1M	20x	as long as short
Aster METAUSDT	0.0000%	8h	740.48	+0.003%	$466K	$549K	20x	as long as short
Extended META_24_5-USD	0.0000%	1h	739.84	−0.083%	$550K	$2.7M	17x	as long as short
Binance METAUSDT	0.0000%	8h	740.05	−0.055%	$27.4M	$179.3M	20x	as long as short
Bybit METAUSDT	0.0000%	8h	739.83	−0.085%	$7.5M	$13.8M	100x	as long as short
OKX META-USDT-SWAP	0.0000%	8h	739.99	−0.063%	$5.9M	$13.2M	20x	as long as short
Gate META_USDT	0.0000%	8h	740.02	−0.059%	$351K	$5.6M	100x	as long as short
Bitget METAUSDT	0.0000%	8h	740.12	−0.046%	$5.5M	$11.3M	100x	as long as short
Variational Omni META	0.0000%	8h	740.19	−0.036%	$2.4M	$3.3M	—	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	740.09	−0.050%	$13K	$446K	10x	as long as short
SunX META-USDT	0.0000%	8h	740.18	−0.038%	$742	$9.2M	20x	as long as short
Deribit META_USDC-PERPETUAL	0.0000%	1h	739.49	−0.131%	$30K	$244K	10x	as long as short
HTX META-USDT	0.0000%	8h	739.80	−0.089%	$105K	$295K	30x	as long as short
Phemex METAUSDTlong	0.0000%	4h	740.46	long leg	$2.0M	$8K	10x
QFEX META-USD	+0.0025%	1h	739.86	−0.081%	$2.2M	$14.1M	10x	as long as short
Lighter RH META	+0.0032%	1h	740.07	−0.053%	$750K	$3.0M	20x	as long as short
Arcus META-USD	+0.0040%	1h	739.75	−0.096%	$110K	$330K	10x	as long as short
Vest META-USD-PERP	+0.0046%	1h	740.19	−0.036%	—	$11K	25x	as long as short
Popdex METAUSDT	+0.0048%	1h	740.06	−0.054%	$176K	$197K	20x	as long as short
Polymarket Perps META-USD	+0.0050%	1h	739.80	−0.089%	$557K	$855K	10x	as long as short
SoDEX META-USD	+0.0050%	1h	739.91	−0.074%	$24K	$3K	10x	as long as short
Ondo Perps META-USD.P	+0.0050%	1h	739.80	−0.089%	$693K	$4.3M	10x	as long as short
Paradex META-USD-PERP	+0.0057%	8h	739.82	−0.086%	—	—	5x	as long as short
Lighter META	+0.0064%	1h	740.00	−0.062%	$856K	$2.4M	20x	as long as short
Aftermath Perps METAUSD	+0.0068%	1h	740.68	+0.029%	$49K	$80K	10x	as long as short
KuCoin METAUSDTM	+0.0100%	8h	740.00	−0.062%	$1.6M	$463K	20x	as long as short
ApeX Omni METAUSDT	+0.0100%	1h	739.33	−0.153%	$166K	$71K	50x	as long as short
Orderly PERP_META_USDC_mythosshort	+0.0100%	8h	739.88	−0.078%	$1K	$24	10x
Aevo META-PERP	+0.0104%	1h	739.69	−0.103%	$266	—	10x	as long as short
Coinbase International META-PERP-INTX	+0.0104%	1h	740.05	−0.055%	$610K	$7.3M	10x	as long as short
Hotstuff META-PERP	+0.0112%	1h	740.11	−0.047%	$33K	$105	20x	as long as short
edgeX METAUSDC	+0.0197%	4h	740.06	−0.054%	$62K	$336K	10x	as long as short
Injective META/USDC PERP	+0.0220%	1h	742.52	+0.278%	$171K	$48K	30x	as long as short
tradeXYZ xyz:META	+0.0238%	1h	740.16	−0.041%	$68.3M	$120.4M	20x	as long as short
Phoenix META	+0.0313%	1h	740.91	+0.061%	$368K	$1.1M	20x	as long as short