Funding arb · Price arb /

META

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0025%/8h= +2.8% APRpaid last 24h +0.013%

Price spread now: QFEX against Phemex−0.034%7-day average −0.028% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$106as in the Price arb table

costs, in and out, $10k−$1061.055% of the position

Long on Phemex Short on QFEX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.018%+$2 on $10k

Price spread, last 3 days (all we have)−0.066%−$7 · spread now −0.034%, 7d avg −0.028%

Together, before fees−0.048%−$5 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.028%, so right now this pair is about funding alone: +$1 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex METAUSDT	740.27	0	get 0.0000% / 4h	2h 44m	$2.0M	$8K	10x
Short	QFEX META-USD	740.02	0.0025	get 0.0003% / 1h	44m 02s	$2.2M	$14.0M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

QFEX 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 QFEXbpOrdersPrice spread, now −0.034%Rate

Funding earned: $5.31
Price spread: −0.034% → −0.028%: −$0.57
Slippage, 4 orders: −$83.51
Fee Phemex: 6 bp × 2 orders: −$12
Fee QFEX: 5 bp × 2 orders: −$10
Net: −$100.77
Costs to cover: 1.055%
Break-even: 139.9 days

Slippage from Phemex: live order book, 4 min ago; QFEX: live order book, 5 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, 4 min ago	1.15 bp	44.8 bp −$45	doesn't fit	doesn't fit	doesn't fit
Sell QFEX live order book, 5 min ago	1.35 bp	6.4 bp −$6	6.9 bp −$69	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
Nado META-PERP	−0.0156%	1h	739.80	−0.063%	$478K	$546K	20x	as long as short
BloFin META-USDT	−0.0120%	8h	739.99	−0.038%	$327K	$1.1M	20x	as long as short
Aster METAUSDT	0.0000%	8h	740.61	+0.046%	$466K	$549K	20x	as long as short
Extended META_24_5-USD	0.0000%	1h	739.95	−0.043%	$550K	$2.7M	17x	as long as short
Binance METAUSDT	0.0000%	8h	740.15	−0.017%	$27.4M	$179.3M	20x	as long as short
Bybit METAUSDT	0.0000%	8h	740.05	−0.030%	$7.5M	$13.8M	100x	as long as short
OKX META-USDT-SWAP	0.0000%	8h	740.18	−0.012%	$5.9M	$13.2M	20x	as long as short
Gate META_USDT	0.0000%	8h	739.88	−0.053%	$351K	$5.6M	100x	as long as short
Bitget METAUSDT	0.0000%	8h	740.17	−0.014%	$5.5M	$11.3M	100x	as long as short
Variational Omni META	0.0000%	8h	740.01	−0.035%	$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	740.09	−0.024%	$13K	$446K	10x	as long as short
SunX META-USDT	0.0000%	8h	740.42	+0.020%	$648	$9.2M	20x	as long as short
Deribit META_USDC-PERPETUAL	0.0000%	1h	739.68	−0.080%	$31K	$244K	10x	as long as short
HTX META-USDT	0.0000%	8h	740.07	−0.027%	$105K	$296K	30x	as long as short
Phemex METAUSDTlong	0.0000%	4h	740.27	long leg	$2.0M	$8K	10x
QFEX META-USDshort	+0.0025%	1h	740.02	−0.034%	$2.2M	$14.0M	10x
Lighter RH META	+0.0032%	1h	740.18	−0.012%	$750K	$3.0M	20x	as long as short
Arcus META-USD	+0.0040%	1h	739.73	−0.073%	$110K	$330K	10x	as long as short
Vest META-USD-PERP	+0.0046%	1h	740.25	−0.003%	—	$11K	25x	as long as short
Popdex METAUSDT	+0.0048%	1h	740.28	+0.001%	$176K	$197K	20x	as long as short
Polymarket Perps META-USD	+0.0050%	1h	740.08	−0.026%	$557K	$855K	10x	as long as short
SoDEX META-USD	+0.0050%	1h	740.13	−0.019%	$24K	$3K	10x	as long as short
Ondo Perps META-USD.P	+0.0050%	1h	739.46	−0.109%	$692K	$4.3M	10x	as long as short
Paradex META-USD-PERP	+0.0057%	8h	739.98	−0.040%	—	—	5x	as long as short
Aftermath Perps METAUSD	+0.0068%	1h	740.79	+0.070%	$49K	$80K	10x	as long as short
KuCoin METAUSDTM	+0.0100%	8h	740.14	−0.018%	$1.6M	$465K	20x	as long as short
ApeX Omni METAUSDT	+0.0100%	1h	739.43	−0.113%	$166K	$71K	50x	as long as short
Orderly PERP_META_USDC_mythos	+0.0100%	8h	740.17	−0.014%	$1K	$24	10x	as long as short
Aevo META-PERP	+0.0104%	1h	739.92	−0.047%	$266	—	10x	as long as short
Coinbase International META-PERP-INTX	+0.0104%	1h	740.05	−0.030%	$610K	$7.3M	10x	as long as short
Lighter META	+0.0112%	1h	740.11	−0.022%	$856K	$2.4M	20x	as long as short
Hotstuff META-PERP	+0.0120%	1h	740.34	+0.009%	$33K	$105	20x	as long as short
Injective META/USDC PERP	+0.0220%	1h	742.52	+0.304%	$171K	$48K	30x	as long as short
tradeXYZ xyz:META	+0.0260%	1h	740.22	−0.007%	$68.3M	$120.4M	20x	as long as short
Phoenix META	+0.0313%	1h	740.77	+0.068%	$373K	$1.1M	20x	as long as short
edgeX METAUSDC	+0.0828%	4h	739.94	−0.044%	$62K	$336K	10x	as long as short