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 −0.068%

Price spread now: Bitget against Phoenix−0.134%7-day average +0.008% · you buy dearer than you sell

Net, funding: paid 7d − costs−$76as in the Funding arb table

Net, price: spread back to 7d avg − costs−$53as in the Price arb table

costs, in and out, $10k−$390.387% of the position

Long on Phoenix Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days−0.372%−$37 on $10k

Price spread, last 7 days+0.065%+$7 · spread now −0.134%, 7d avg +0.008%

Together, before fees−0.306%−$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 Bitget is 0.142% cheaper against Phoenix than usual: you would sell low and buy high (−$14 if the spread goes back to its 7-day average of +0.008%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.372% in total (about -19.4% 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	744.83	0.0685	pay 0.0086% / 1h	22m 42s	$795K	$1.4M	20x
Short	Bitget METAUSDT	743.83	0	get 0.0000% / 8h	2h 22m	$5.6M	$12.1M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget 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 BitgetbpOrdersPrice spread, now −0.134%Rate

Funding earned: −$143.79
Price spread: −0.134% → +0.008%: −$14.23
Slippage, 4 orders: −$19.69
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$196.7
Costs to cover: 0.387%
Break-even: never at this rate

Slippage from Phoenix: live order book, 6 min ago; Bitget: live order book, 1 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, 6 min ago	2.42 bp	9.0 bp −$9	17.7 bp −$177	doesn't fit	doesn't fit
Sell Bitget live order book, 1 min ago	0.40 bp	10.9 bp −$11	21.4 bp −$214	40.1 bp −$4,013	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	743.88	−0.128%	$331K	$1.1M	20x	as long as short
Aster METAUSDT	0.0000%	8h	743.96	−0.116%	$479K	$589K	20x	as long as short
Extended META_24_5-USD	0.0000%	1h	743.51	−0.177%	$544K	$2.6M	17x	as long as short
Binance METAUSDT	0.0000%	8h	743.73	−0.148%	$27.6M	$182.7M	20x	as long as short
Bybit METAUSDT	0.0000%	8h	743.50	−0.179%	$7.3M	$15.1M	100x	as long as short
OKX META-USDT-SWAP	0.0000%	8h	744.02	−0.109%	$6.0M	$12.5M	20x	as long as short
Gate META_USDT	0.0000%	8h	743.23	−0.215%	$440K	$5.9M	100x	as long as short
Bitget METAUSDTshort	0.0000%	8h	743.83	−0.134%	$5.6M	$12.1M	100x
Variational Omni META	0.0000%	8h	743.94	−0.119%	$2.4M	$3.2M	—	as long as short
GRVT META_USDT_Perp	0.0000%	8h	743.85	−0.132%	$12K	$441K	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	743.98	−0.114%	$945	$8.4M	20x	as long as short
Deribit META_USDC-PERPETUAL	0.0000%	1h	743.25	−0.212%	$31K	$264K	10x	as long as short
HTX META-USDT	0.0000%	8h	743.50	−0.179%	$106K	$306K	30x	as long as short
Phemex METAUSDT	0.0000%	4h	743.32	−0.203%	$2.0M	$8K	10x	as long as short
Nado META-PERP	+0.0015%	1h	743.64	−0.159%	$481K	$558K	20x	as long as short
Lighter RH META	+0.0032%	1h	743.81	−0.137%	$768K	$2.9M	20x	as long as short
Arcus META-USD	+0.0040%	1h	743.22	−0.216%	$109K	$331K	10x	as long as short
Vest META-USD-PERP	+0.0046%	1h	744.13	−0.094%	—	$11K	25x	as long as short
QFEX META-USD	+0.0046%	1h	743.59	−0.166%	$2.2M	$13.8M	10x	as long as short
Popdex METAUSDT	+0.0048%	1h	743.80	−0.138%	$178K	$200K	20x	as long as short
Polymarket Perps META-USD	+0.0050%	1h	743.26	−0.211%	$585K	$564K	10x	as long as short
SoDEX META-USD	+0.0050%	1h	743.79	−0.140%	$24K	$3K	10x	as long as short
Ondo Perps META-USD.P	+0.0050%	1h	743.24	−0.213%	$736K	$4.9M	10x	as long as short
Paradex META-USD-PERP	+0.0075%	8h	743.72	−0.149%	—	—	5x	as long as short
Aftermath Perps METAUSD	+0.0085%	1h	744.32	−0.068%	$51K	$81K	10x	as long as short
KuCoin METAUSDTM	+0.0100%	8h	743.61	−0.164%	$1.6M	$646K	20x	as long as short
ApeX Omni METAUSDT	+0.0100%	1h	743.02	−0.243%	$166K	$72K	50x	as long as short
Orderly PERP_META_USDC_mythos	+0.0100%	8h	743.68	−0.154%	$1K	$24	10x	as long as short
Aevo META-PERP	+0.0104%	1h	743.55	−0.171%	$268	—	10x	as long as short
Coinbase International META-PERP-INTX	+0.0128%	1h	743.58	−0.168%	$655K	$7.8M	10x	as long as short
edgeX METAUSDC	+0.0212%	4h	743.26	−0.211%	$62K	$339K	10x	as long as short
Injective META/USDC PERP	+0.0220%	1h	745.90	+0.144%	$172K	$46K	30x	as long as short
Lighter META	+0.0304%	1h	743.91	−0.124%	$1.0M	$2.6M	20x	as long as short
Hotstuff META-PERP	+0.0360%	1h	744.13	−0.094%	$33K	$105	20x	as long as short
tradeXYZ xyz:META	+0.0438%	1h	743.98	−0.114%	$74.9M	$124.9M	20x	as long as short
Phoenix METAlong	+0.0685%	1h	744.83	long leg	$795K	$1.4M	20x