Funding arb · Price arb /

META

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0500%/8h= +54.8% APRpaid last 24h —

Price spread now: Pacifica against Phemex−0.054%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 Pacifica

What this pair did over the last

the charts below follow

Funding, last 2 hours (all we have)—no history yet

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

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

Funding pays, the price is against you. Pacifica is 0.054% cheaper against Phemex than usual: you would sell low and buy high (spread −0.054% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$5 on $10k: about 9 hours of funding at the current rate (+$15 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex METAUSDT	745.69	−0.0400	get 0.0200% / 4h	3h 53m	$2.0M	$8K	10x
Short	Pacifica META	745.28	0.0100	get 0.0013% / 1h	53m 51s	$632	$1K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Pacifica 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 PacificabpOrdersPrice spread, now −0.054%Rate

Funding earned: $105
Price spread: −0.054% → 0.000%: −$5.44
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee Pacifica: 4 bp × 2 orders: −$8
Net: $79.56
Costs to cover: 0.200%
Break-even: 1.7 days

Slippage unknown: Phemex: live order book, 4 min ago; Pacifica: 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, 4 min ago	1.41 bp	43.7 bp −$44	doesn't fit	doesn't fit	doesn't fit
Sell Pacifica no order-book sample	—	—	—	—	—

Pacifica: 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 37 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
Phemex METAUSDTlong	−0.0400%	4h	745.69	long leg	$2.0M	$8K	10x
BloFin META-USDT	−0.0120%	8h	744.39	−0.174%	$335K	$1.1M	20x	as long as short
Nado META-PERP	−0.0045%	1h	744.87	−0.110%	$481K	$561K	20x	as long as short
Aster METAUSDT	0.0000%	8h	746.35	+0.088%	$483K	$597K	20x	as long as short
Extended META_24_5-USD	0.0000%	1h	746.09	+0.054%	$547K	$3.4M	17x	as long as short
Binance METAUSDT	0.0000%	8h	746.53	+0.113%	$25.6M	$190.1M	20x	as long as short
Bybit METAUSDT	0.0000%	8h	746.49	+0.107%	$7.5M	$15.4M	100x	as long as short
OKX META-USDT-SWAP	0.0000%	8h	746.54	+0.114%	$6.0M	$12.8M	20x	as long as short
Gate META_USDT	0.0000%	8h	745.73	+0.005%	$473K	$6.2M	100x	as long as short
Bitget METAUSDT	0.0000%	8h	746.48	+0.106%	$5.7M	$12.4M	100x	as long as short

Show all 37 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni META	0.0000%	8h	744.33	−0.183%	$2.5M	$3.2M	—	as long as short
GRVT META_USDT_Perp	0.0000%	8h	745.59	−0.013%	$12K	$438K	10x	as long as short
SunX META-USDT	0.0000%	8h	745.86	+0.023%	$1K	$7.9M	20x	as long as short
HTX META-USDT	0.0000%	8h	745.59	−0.013%	$108K	$312K	30x	as long as short
Deribit META_USDC-PERPETUAL	+0.0005%	1h	745.01	−0.091%	$53K	$290K	10x	as long as short
Lighter RH META	+0.0032%	1h	745.64	−0.007%	$795K	$2.9M	20x	as long as short
QFEX META-USD	+0.0036%	1h	745.54	−0.020%	$2.2M	$14.1M	10x	as long as short
Arcus META-USD	+0.0040%	1h	745.26	−0.058%	$112K	$337K	10x	as long as short
Vest META-USD-PERP	+0.0046%	1h	745.64	−0.007%	—	$12K	25x	as long as short
Popdex METAUSDT	+0.0048%	1h	745.78	+0.012%	$177K	$199K	20x	as long as short
Polymarket Perps META-USD	+0.0050%	1h	744.96	−0.098%	$567K	$619K	10x	as long as short
SoDEX META-USD	+0.0050%	1h	744.98	−0.095%	$25K	$3K	10x	as long as short
Ondo Perps META-USD.P	+0.0050%	1h	744.57	−0.150%	$714K	$5.1M	10x	as long as short
Paradex META-USD-PERP	+0.0057%	8h	745.01	−0.091%	—	—	5x	as long as short
Aftermath Perps METAUSD	+0.0087%	1h	746.19	+0.067%	$49K	$90K	10x	as long as short
Pacifica METAshort	+0.0100%	1h	745.28	−0.054%	$632	$1K	10x
KuCoin METAUSDTM	+0.0100%	8h	745.98	+0.039%	$1.6M	$740K	20x	as long as short
ApeX Omni METAUSDT	+0.0100%	1h	745.02	−0.090%	$167K	$71K	50x	as long as short
Orderly PERP_META_USDC_mythos	+0.0100%	8h	745.45	−0.032%	$1K	$24	10x	as long as short
Aevo META-PERP	+0.0104%	1h	745.25	−0.059%	$268	—	10x	as long as short
Coinbase International META-PERP-INTX	+0.0120%	1h	744.75	−0.126%	$652K	$8.0M	10x	as long as short
Injective META/USDC PERP	+0.0220%	1h	746.31	+0.083%	$176K	$52K	30x	as long as short
Lighter META	+0.0256%	1h	745.78	+0.012%	$1.2M	$2.9M	20x	as long as short
tradeXYZ xyz:META	+0.0348%	1h	746.33	+0.086%	$84.7M	$132.0M	20x	as long as short
Hotstuff META-PERP	+0.0512%	1h	745.57	−0.016%	$33K	$105	20x	as long as short
Phoenix META	+0.0750%	1h	745.87	+0.024%	$796K	$1.5M	20x	as long as short
edgeX METAUSDC	+0.0993%	4h	745.47	−0.030%	$62K	$344K	10x	as long as short