Funding arb · Price arb /

META

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0050%/8h= +5.5% APRpaid last 24h +0.015%

Price spread now: SoDEX against Phemex+0.023%7-day average — · you sell dearer than you buy

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

Long on Phemex Short on SoDEX

What this pair did over the last

the charts below follow

Funding, last 3 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

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and SoDEX is 0.023% dearer against Phemex than usual: you sell high and buy low: +$2 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex METAUSDT	742.20	0	get 0.0000% / 4h	1h 30m	$2.0M	$8K	10x
Short	SoDEX META-USD	742.37	0.0050	get 0.0006% / 1h	30m 21s	$24K	$3K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SoDEX 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 SoDEXbpOrdersPrice spread, now +0.023%Rate

Funding earned: $10.5
Price spread: +0.023% → 0.000%: $2.29
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee SoDEX: 4 bp × 2 orders: −$8
Net: −$7.21
Costs to cover: 0.200%
Break-even: 11.8 days

Slippage unknown: Phemex: live order book, 3 min ago; SoDEX: 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, 3 min ago	2.63 bp	40.9 bp −$41	doesn't fit	doesn't fit	doesn't fit
Sell SoDEX no order-book sample	—	—	—	—	—

SoDEX: 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
BloFin META-USDT	−0.0120%	8h	742.00	−0.027%	$328K	$1.1M	20x	as long as short
Nado META-PERP	−0.0033%	1h	741.90	−0.040%	$480K	$550K	20x	as long as short
Aster METAUSDT	0.0000%	8h	741.95	−0.034%	$467K	$549K	20x	as long as short
Extended META_24_5-USD	0.0000%	1h	742.09	−0.015%	$548K	$2.7M	17x	as long as short
Binance METAUSDT	0.0000%	8h	742.32	+0.017%	$27.4M	$179.0M	20x	as long as short
Bybit METAUSDT	0.0000%	8h	742.07	−0.018%	$7.5M	$13.7M	100x	as long as short
OKX META-USDT-SWAP	0.0000%	8h	742.50	+0.040%	$6.0M	$13.4M	20x	as long as short
Gate META_USDT	0.0000%	8h	741.92	−0.038%	$346K	$5.6M	100x	as long as short
Bitget METAUSDT	0.0000%	8h	742.36	+0.022%	$5.5M	$11.5M	100x	as long as short
Variational Omni META	0.0000%	8h	742.15	−0.007%	$2.3M	$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	741.50	−0.095%	$12K	$431K	10x	as long as short
SunX META-USDT	0.0000%	8h	742.51	+0.042%	$999	$9.1M	20x	as long as short
Deribit META_USDC-PERPETUAL	0.0000%	1h	741.74	−0.062%	$31K	$245K	10x	as long as short
HTX META-USDT	0.0000%	8h	742.21	+0.001%	$106K	$296K	30x	as long as short
Phemex METAUSDTlong	0.0000%	4h	742.20	long leg	$2.0M	$8K	10x
Lighter RH META	+0.0032%	1h	742.51	+0.042%	$765K	$3.0M	20x	as long as short
QFEX META-USD	+0.0032%	1h	742.01	−0.026%	$2.1M	$13.7M	10x	as long as short
Arcus META-USD	+0.0040%	1h	741.31	−0.120%	$110K	$330K	10x	as long as short
Vest META-USD-PERP	+0.0046%	1h	742.16	−0.005%	—	$10K	25x	as long as short
Popdex METAUSDT	+0.0048%	1h	742.30	+0.013%	$178K	$199K	20x	as long as short
Polymarket Perps META-USD	+0.0050%	1h	742.04	−0.022%	$559K	$539K	10x	as long as short
SoDEX META-USDshort	+0.0050%	1h	742.37	+0.023%	$24K	$3K	10x
Ondo Perps META-USD.P	+0.0050%	1h	741.38	−0.110%	$703K	$4.2M	10x	as long as short
Paradex META-USD-PERP	+0.0058%	8h	742.06	−0.019%	—	—	5x	as long as short
Aftermath Perps METAUSD	+0.0077%	1h	742.21	+0.001%	$50K	$82K	10x	as long as short
Coinbase International META-PERP-INTX	+0.0096%	1h	741.64	−0.075%	$628K	$7.1M	10x	as long as short
KuCoin METAUSDTM	+0.0100%	8h	742.01	−0.026%	$1.6M	$515K	20x	as long as short
ApeX Omni METAUSDT	+0.0100%	1h	740.62	−0.213%	$166K	$71K	50x	as long as short
Orderly PERP_META_USDC_mythos	+0.0100%	8h	742.22	+0.003%	$1K	$24	10x	as long as short
Aevo META-PERP	+0.0104%	1h	742.14	−0.008%	$267	—	10x	as long as short
Injective META/USDC PERP	+0.0220%	1h	741.40	−0.108%	$171K	$48K	30x	as long as short
Hotstuff META-PERP	+0.0248%	1h	742.01	−0.026%	$33K	$105	20x	as long as short
Lighter META	+0.0256%	1h	742.43	+0.031%	$862K	$2.4M	20x	as long as short
tradeXYZ xyz:META	+0.0339%	1h	742.34	+0.019%	$69.3M	$120.1M	20x	as long as short
Phoenix META	+0.0496%	1h	742.27	+0.009%	$534K	$1.1M	20x	as long as short
edgeX METAUSDC	+0.0680%	4h	741.29	−0.123%	$62K	$337K	10x	as long as short