Funding arb · Price arb /

META

RWAall META markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0238%/8h= +26.1% APRpaid last 24h +0.052%

Price spread now: tradeXYZ against Phemex−0.137%7-day average −0.056% · you buy dearer than you sell

Net, funding: paid 7d − costs−$101as in the Funding arb table

Net, price: spread back to 7d avg − costs−$127as in the Price arb table

costs, in and out, $10k−$1181.184% of the position

Long on Phemex Short on tradeXYZ

What this pair did over the last

the charts below follow

Funding, last 7 days+0.174%+$17 on $10k

Price spread, last 3 days (all we have)−0.027%−$3 · spread now −0.137%, 7d avg −0.056%

Together, before fees+0.147%+ Points / potential airdroptradeXYZ: Active · farm board+$15 on $10k · with fees, hour by hour

Funding pays, the price is against you. tradeXYZ is 0.082% cheaper against Phemex than usual: you would sell low and buy high (spread −0.137% now, against its 7-day average of −0.056%). If the spread goes back, that is −$8 on $10k: about 27 hours of funding at the current rate (+$7 a day). At the pace of the last 7 days (+0.174% in total) that is about 3.3 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex METAUSDT	743.29	0	get 0.0000% / 4h	36m 02s	$2.0M	$7K	10x
Short	tradeXYZ xyz:META	742.27	0.0238	get 0.0030% / 1h	36m 02s	$67.6M	$122.3M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

tradeXYZ 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 tradeXYZbpOrdersPrice spread, now −0.137%Rate

Funding earned: $50.03
Price spread: −0.137% → −0.056%: −$8.17
Slippage, 4 orders: −$88.39
Fee Phemex: 6 bp × 2 orders: −$12
Fee tradeXYZ: 9 bp × 2 orders: −$18
Net: −$76.52
Costs to cover: 1.184%
Break-even: 17.7 days

Slippage from Phemex: live order book, 2 min ago; tradeXYZ: live order book, 4 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, 2 min ago	0.88 bp	53.2 bp −$53	doesn't fit	doesn't fit	doesn't fit
Sell tradeXYZ live order book, 4 min ago	0.07 bp	9.4 bp −$9	9.8 bp −$98	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
BloFin META-USDT	−0.0120%	8h	742.75	−0.073%	$329K	$1.1M	20x	as long as short
Nado META-PERP	−0.0066%	1h	742.43	−0.116%	$390K	$329K	20x	as long as short
Aster METAUSDT	0.0000%	8h	742.64	−0.087%	$458K	$537K	20x	as long as short
Extended META_24_5-USD	0.0000%	1h	742.19	−0.148%	$549K	$1.6M	17x	as long as short
Binance METAUSDT	0.0000%	8h	742.34	−0.128%	$27.3M	$179.6M	20x	as long as short
Bybit METAUSDT	0.0000%	8h	742.23	−0.143%	$7.5M	$14.0M	100x	as long as short
OKX META-USDT-SWAP	0.0000%	8h	742.39	−0.121%	$6.0M	$13.2M	20x	as long as short
Gate META_USDT	0.0000%	8h	742.12	−0.157%	$346K	$5.5M	100x	as long as short
Bitget METAUSDT	0.0000%	8h	742.24	−0.141%	$5.6M	$11.4M	100x	as long as short
Variational Omni META	0.0000%	8h	742.68	−0.082%	$2.3M	$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	743.64	+0.047%	$12K	$486K	10x	as long as short
SunX META-USDT	0.0000%	8h	742.49	−0.108%	$1K	$9.5M	20x	as long as short
HTX META-USDT	0.0000%	8h	742.31	−0.132%	$107K	$285K	30x	as long as short
Phemex METAUSDTlong	0.0000%	4h	743.29	long leg	$2.0M	$7K	10x
QFEX META-USD	+0.0027%	1h	742.43	−0.116%	$2.2M	$14.3M	10x	as long as short
Lighter RH META	+0.0032%	1h	742.53	−0.102%	$756K	$3.2M	20x	as long as short
Arcus META-USD	+0.0040%	1h	742.28	−0.136%	$110K	$469K	10x	as long as short
Vest META-USD-PERP	+0.0046%	1h	742.85	−0.059%	—	$11K	25x	as long as short
Deribit META_USDC-PERPETUAL	+0.0047%	1h	742.13	−0.156%	$30K	$257K	10x	as long as short
Popdex METAUSDT	+0.0048%	1h	742.53	−0.102%	$178K	$209K	20x	as long as short
Polymarket Perps META-USD	+0.0050%	1h	742.44	−0.114%	$542K	$841K	10x	as long as short
SoDEX META-USD	+0.0050%	1h	742.49	−0.108%	$24K	$3K	10x	as long as short
Ondo Perps META-USD.P	+0.0050%	1h	742.12	−0.157%	$762K	$4.3M	10x	as long as short
Paradex META-USD-PERP	+0.0051%	8h	742.59	−0.094%	—	—	5x	as long as short
Aftermath Perps METAUSD	+0.0063%	1h	743.22	−0.010%	$50K	$76K	10x	as long as short
Coinbase International META-PERP-INTX	+0.0096%	1h	743.28	−0.001%	$610K	$7.4M	10x	as long as short
KuCoin METAUSDTM	+0.0100%	8h	742.26	−0.139%	$1.6M	$381K	20x	as long as short
ApeX Omni METAUSDT	+0.0100%	1h	742.97	−0.043%	$166K	$74K	50x	as long as short
Orderly PERP_META_USDC_mythos	+0.0100%	8h	742.62	−0.090%	$1K	$24	10x	as long as short
Aevo META-PERP	+0.0104%	1h	742.45	−0.112%	$267	—	10x	as long as short
Phoenix META	+0.0129%	1h	743.01	−0.038%	$292K	$797K	20x	as long as short
Lighter META	+0.0136%	1h	742.50	−0.106%	$859K	$2.6M	20x	as long as short
Hotstuff META-PERP	+0.0152%	1h	742.91	−0.051%	$33K	$105	20x	as long as short
edgeX METAUSDC	+0.0169%	4h	743.39	+0.013%	$62K	$331K	10x	as long as short
Injective META/USDC PERP	+0.0220%	1h	745.83	+0.342%	$170K	$46K	30x	as long as short
tradeXYZ xyz:METAshort	+0.0238%	1h	742.27	−0.137%	$67.6M	$122.3M	20x