Funding arb · Price arb /

META

RWAall META markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0685%/8h= −75.0% APRpaid last 24h −0.041%

Price spread now: Binance against Phoenix−0.166%7-day average +0.014% · you buy dearer than you sell

Net, funding: paid 7d − costs−$66as in the Funding arb table

Net, price: spread back to 7d avg − costs−$42as in the Price arb table

costs, in and out, $10k−$240.240% of the position

Long on Phoenix Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days−0.421%−$42 on $10k

Price spread, last 7 days+0.112%+$11 · spread now −0.166%, 7d avg +0.014%

Together, before fees−0.309%−$31 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$21 a day on $10k at the current rate, and Binance is 0.181% cheaper against Phoenix than usual: you would sell low and buy high (−$18 if the spread goes back to its 7-day average of +0.014%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.421% in total (about -21.9% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix META	744.89	0.0685	pay 0.0086% / 1h	17m 08s	$795K	$1.4M	20x
Short	Binance METAUSDT	743.65	0	get 0.0000% / 8h	2h 17m	$27.6M	$182.8M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Phoenix. 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 PhoenixbpFee BinancebpOrdersPrice spread, now −0.166%Rate

Funding earned: −$143.79
Price spread: −0.166% → +0.014%: −$18.08
Slippage, 4 orders: −$7.04
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Binance: 5 bp × 2 orders: −$10
Net: −$185.91
Costs to cover: 0.240%
Break-even: never at this rate

Slippage from Phoenix: live order book, 1 min ago; Binance: live order book, 11 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 Phoenix live order book, 1 min ago	0.27 bp	5.6 bp −$6	16.5 bp −$165	doesn't fit	doesn't fit
Sell Binance live order book, 11 min ago	0.07 bp	5.7 bp −$6	11.9 bp −$119	39.3 bp −$3,931	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	743.79	−0.148%	$330K	$1.1M	20x	as long as short
Aster METAUSDT	0.0000%	8h	744.14	−0.101%	$479K	$589K	20x	as long as short
Extended META_24_5-USD	0.0000%	1h	743.45	−0.193%	$544K	$2.6M	17x	as long as short
Binance METAUSDTshort	0.0000%	8h	743.65	−0.166%	$27.6M	$182.8M	20x
Bybit METAUSDT	0.0000%	8h	743.55	−0.180%	$7.3M	$15.1M	100x	as long as short
OKX META-USDT-SWAP	0.0000%	8h	743.74	−0.154%	$6.0M	$12.4M	20x	as long as short
Gate META_USDT	0.0000%	8h	743.23	−0.223%	$439K	$5.9M	100x	as long as short
Bitget METAUSDT	0.0000%	8h	743.66	−0.165%	$5.6M	$12.1M	100x	as long as short
Variational Omni META	0.0000%	8h	743.58	−0.176%	$2.4M	$3.2M	—	as long as short
GRVT META_USDT_Perp	0.0000%	8h	743.82	−0.144%	$12K	$443K	10x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX META-USDT	0.0000%	8h	743.79	−0.148%	$840	$8.4M	20x	as long as short
Deribit META_USDC-PERPETUAL	0.0000%	1h	743.33	−0.209%	$31K	$264K	10x	as long as short
HTX META-USDT	0.0000%	8h	743.50	−0.187%	$106K	$306K	30x	as long as short
Phemex METAUSDT	0.0000%	4h	743.89	−0.134%	$2.0M	$8K	10x	as long as short
Nado META-PERP	+0.0015%	1h	743.15	−0.233%	$480K	$558K	20x	as long as short
Lighter RH META	+0.0032%	1h	743.95	−0.126%	$760K	$3.0M	20x	as long as short
Arcus META-USD	+0.0040%	1h	743.44	−0.195%	$109K	$331K	10x	as long as short
Vest META-USD-PERP	+0.0046%	1h	744.05	−0.113%	—	$11K	25x	as long as short
QFEX META-USD	+0.0046%	1h	743.66	−0.165%	$2.2M	$13.8M	10x	as long as short
Popdex METAUSDT	+0.0048%	1h	743.70	−0.160%	$178K	$200K	20x	as long as short
Polymarket Perps META-USD	+0.0050%	1h	743.41	−0.199%	$585K	$562K	10x	as long as short
SoDEX META-USD	+0.0050%	1h	743.66	−0.165%	$24K	$3K	10x	as long as short
Ondo Perps META-USD.P	+0.0050%	1h	743.32	−0.211%	$740K	$4.9M	10x	as long as short
Paradex META-USD-PERP	+0.0072%	8h	743.41	−0.198%	—	—	5x	as long as short
Aftermath Perps METAUSD	+0.0085%	1h	744.45	−0.059%	$52K	$81K	10x	as long as short
KuCoin METAUSDTM	+0.0100%	8h	743.72	−0.157%	$1.6M	$650K	20x	as long as short
ApeX Omni METAUSDT	+0.0100%	1h	743.01	−0.252%	$166K	$72K	50x	as long as short
Orderly PERP_META_USDC_mythos	+0.0100%	8h	743.69	−0.161%	$1K	$24	10x	as long as short
Aevo META-PERP	+0.0104%	1h	743.50	−0.187%	$268	—	10x	as long as short
Coinbase International META-PERP-INTX	+0.0128%	1h	743.58	−0.176%	$655K	$7.8M	10x	as long as short
edgeX METAUSDC	+0.0187%	4h	743.65	−0.167%	$62K	$340K	10x	as long as short
Injective META/USDC PERP	+0.0220%	1h	746.01	+0.150%	$172K	$46K	30x	as long as short
Lighter META	+0.0304%	1h	743.99	−0.121%	$1.0M	$2.6M	20x	as long as short
Hotstuff META-PERP	+0.0360%	1h	743.84	−0.141%	$33K	$105	20x	as long as short
tradeXYZ xyz:META	+0.0447%	1h	743.99	−0.121%	$75.2M	$125.3M	20x	as long as short
Phoenix METAlong	+0.0685%	1h	744.89	long leg	$795K	$1.4M	20x