Funding arb · Price arb /

META

RWAall META markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0259%/8h= −28.4% APRpaid last 24h −0.033%

Price spread now: Bybit against Phoenix−0.043%45s7-day average +0.018% · you buy dearer than you sell

Net, funding: paid 7d − costs−$68as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$340.342% of the position

Long on Phoenix Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.342%−$34 on $10k

Price spread, last 3 days (all we have)+0.167%+$17 · spread now −0.043%, 7d avg +0.018%

Together, before fees−0.175%−$17 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$8 a day on $10k at the current rate, and Bybit is 0.062% cheaper against Phoenix than usual: you would sell low and buy high (−$6 if the spread goes back to its 7-day average of +0.018%). Swap the legs. The two prices were read 45 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix META	740.56	0.0259	pay 0.0032% / 1h	12m 43s	$313K	$930K	20x
Short	Bybit METAUSDT	740.24	0	get 0.0000% / 8h	7h 12m	$7.6M	$14.0M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.043%Rate

Funding earned: −$54.45
Price spread: −0.043% → +0.018%: −$6.16
Slippage, 4 orders: −$16.15
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$94.76
Costs to cover: 0.342%
Break-even: never at this rate

Slippage from Phoenix: live order book, 60 min ago; Bybit: live order book, 6 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, 60 min ago	2.02 bp	8.1 bp −$8	15.3 bp −$153	doesn't fit	doesn't fit
Sell Bybit live order book, 6 min ago	1.08 bp	8.3 bp −$8	21.7 bp −$217	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
Deribit META_USDC-PERPETUAL	−0.0236%	1h	739.70	−0.116%	$30K	$246K	10x	as long as short
BloFin META-USDT	−0.0120%	8h	740.27	−0.039%	$326K	$1.1M	20x	as long as short
Nado META-PERP	−0.0067%	1h	740.11	−0.061%	$463K	$457K	20x	as long as short
Aster METAUSDT	0.0000%	8h	740.14	−0.057%	$466K	$549K	20x	as long as short
Extended META_24_5-USD	0.0000%	1h	739.90	−0.089%	$550K	$2.7M	17x	as long as short
Binance METAUSDT	0.0000%	8h	740.22	−0.046%	$27.4M	$179.7M	20x	as long as short
Bybit METAUSDTshort	0.0000%	8h	740.24	−0.043%	$7.6M	$14.0M	100x
OKX META-USDT-SWAP	0.0000%	8h	740.17	−0.053%	$6.0M	$13.2M	20x	as long as short
Gate META_USDT	0.0000%	8h	739.96	−0.081%	$349K	$5.6M	100x	as long as short
Bitget METAUSDT	0.0000%	8h	739.93	−0.085%	$5.6M	$11.1M	100x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni META	0.0000%	8h	740.24	−0.043%	$2.4M	$3.3M	—	as long as short
GRVT META_USDT_Perp	0.0000%	8h	740.31	−0.034%	$12K	$459K	10x	as long as short
SunX META-USDT	0.0000%	8h	740.60	+0.005%	$995	$9.3M	20x	as long as short
HTX META-USDT	0.0000%	8h	740.08	−0.065%	$105K	$295K	30x	as long as short
Phemex METAUSDT	0.0000%	4h	740.59	+0.004%	$2.0M	$8K	10x	as long as short
Lighter RH META	+0.0032%	1h	740.44	−0.016%	$752K	$3.2M	20x	as long as short
Vest META-USD-PERP	+0.0046%	1h	740.61	+0.007%	—	$11K	25x	as long as short
Popdex METAUSDT	+0.0048%	1h	739.96	−0.081%	$177K	$194K	20x	as long as short
Polymarket Perps META-USD	+0.0050%	1h	740.18	−0.051%	$558K	$857K	10x	as long as short
SoDEX META-USD	+0.0050%	1h	740.21	−0.047%	$24K	$3K	10x	as long as short
Ondo Perps META-USD.P	+0.0050%	1h	739.52	−0.140%	$673K	$4.4M	10x	as long as short
QFEX META-USD	+0.0055%	1h	739.78	−0.105%	$2.2M	$14.2M	10x	as long as short
Paradex META-USD-PERP	+0.0061%	8h	739.82	−0.100%	—	—	5x	as long as short
Arcus META-USD	+0.0063%	1h	739.76	−0.108%	$110K	$331K	10x	as long as short
Aftermath Perps METAUSD	+0.0069%	1h	740.60	+0.006%	$48K	$80K	10x	as long as short
KuCoin METAUSDTM	+0.0100%	8h	740.19	−0.050%	$1.6M	$446K	20x	as long as short
ApeX Omni METAUSDT	+0.0100%	1h	739.88	−0.092%	$166K	$71K	50x	as long as short
Orderly PERP_META_USDC_mythos	+0.0100%	8h	740.30	−0.035%	$1K	$24	10x	as long as short
Aevo META-PERP	+0.0104%	1h	740.09	−0.063%	$266	—	10x	as long as short
Coinbase International META-PERP-INTX	+0.0144%	1h	739.80	−0.103%	$614K	$7.3M	10x	as long as short
tradeXYZ xyz:META	+0.0163%	1h	740.21	−0.047%	$67.7M	$121.8M	20x	as long as short
Hotstuff META-PERP	+0.0200%	1h	740.21	−0.047%	$33K	$105	20x	as long as short
Lighter META	+0.0208%	1h	740.38	−0.024%	$852K	$2.5M	20x	as long as short
Injective META/USDC PERP	+0.0220%	1h	741.98	+0.192%	$171K	$48K	30x	as long as short
Phoenix METAlong	+0.0259%	1h	740.56	long leg	$313K	$930K	20x
edgeX METAUSDC	+0.0833%	4h	740.25	−0.042%	$62K	$336K	10x	as long as short