Funding arb · Price arb /

META

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0591%/8h= −64.7% APRpaid last 24h −0.062%

Price spread now: Gate against Phoenix−0.139%92s7-day average −0.041% · you buy dearer than you sell

Net, funding: paid 7d − costs−$87as 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−$510.508% of the position

Long on Phoenix Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days−0.367%−$37 on $10k

Price spread, last 7 days+0.049%+$5 · spread now −0.139%, 7d avg −0.041%

Together, before fees−0.318%−$32 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$18 a day on $10k at the current rate, and Gate is 0.097% cheaper against Phoenix than usual: you would sell low and buy high (−$10 if the spread goes back to its 7-day average of −0.041%). Swap the legs. The two prices were read 92 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.367% in total (about -19.1% 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	743.61	0.0591	pay 0.0074% / 1h	49m 49s	$622K	$1.2M	20x
Short	Gate META_USDT	742.58	0	get 0.0000% / 8h	4h 49m	$362K	$5.7M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now −0.139%Rate

Funding earned: −$124.09
Price spread: −0.139% → −0.041%: −$9.71
Slippage, 4 orders: −$28.76
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$184.56
Costs to cover: 0.508%
Break-even: never at this rate

Slippage from Phoenix: live order book, 8 min ago; Gate: live order book, 3 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, 8 min ago	2.29 bp	8.5 bp −$9	16.4 bp −$164	doesn't fit	doesn't fit
Sell Gate live order book, 3 min ago	5.25 bp	14.6 bp −$15	43.0 bp −$430	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	742.96	−0.087%	$330K	$1.1M	20x	as long as short
Nado META-PERP	−0.0054%	1h	742.50	−0.149%	$480K	$552K	20x	as long as short
Aster METAUSDT	0.0000%	8h	742.65	−0.130%	$466K	$551K	20x	as long as short
Extended META_24_5-USD	0.0000%	1h	742.89	−0.097%	$548K	$2.7M	17x	as long as short
Binance METAUSDT	0.0000%	8h	743.09	−0.070%	$27.5M	$180.2M	20x	as long as short
Bybit METAUSDT	0.0000%	8h	742.93	−0.091%	$7.5M	$13.9M	100x	as long as short
OKX META-USDT-SWAP	0.0000%	8h	743.03	−0.078%	$6.0M	$13.5M	20x	as long as short
Gate META_USDTshort	0.0000%	8h	742.58	−0.139%	$362K	$5.7M	100x
Bitget METAUSDT	0.0000%	8h	743.01	−0.081%	$5.4M	$11.6M	100x	as long as short
Variational Omni META	0.0000%	8h	742.77	−0.114%	$2.4M	$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	742.93	−0.091%	$12K	$434K	10x	as long as short
SunX META-USDT	0.0000%	8h	743.08	−0.071%	$948	$9.1M	20x	as long as short
Deribit META_USDC-PERPETUAL	0.0000%	1h	742.29	−0.178%	$31K	$245K	10x	as long as short
HTX META-USDT	0.0000%	8h	742.80	−0.109%	$106K	$296K	30x	as long as short
Phemex METAUSDT	0.0000%	4h	743.10	−0.069%	$2.0M	$8K	10x	as long as short
Lighter RH META	+0.0032%	1h	743.12	−0.066%	$766K	$3.0M	20x	as long as short
QFEX META-USD	+0.0036%	1h	742.70	−0.122%	$2.1M	$13.7M	10x	as long as short
Arcus META-USD	+0.0040%	1h	742.59	−0.137%	$110K	$330K	10x	as long as short
Vest META-USD-PERP	+0.0046%	1h	743.12	−0.066%	—	$10K	25x	as long as short
Popdex METAUSDT	+0.0048%	1h	742.86	−0.101%	$179K	$199K	20x	as long as short
Polymarket Perps META-USD	+0.0050%	1h	742.64	−0.130%	$559K	$540K	10x	as long as short
SoDEX META-USD	+0.0050%	1h	742.89	−0.097%	$24K	$3K	10x	as long as short
Ondo Perps META-USD.P	+0.0050%	1h	742.05	−0.210%	$711K	$4.3M	10x	as long as short
Paradex META-USD-PERP	+0.0061%	8h	742.69	−0.124%	—	—	5x	as long as short
Aftermath Perps METAUSD	+0.0078%	1h	743.58	−0.004%	$50K	$81K	10x	as long as short
KuCoin METAUSDTM	+0.0100%	8h	743.12	−0.066%	$1.6M	$532K	20x	as long as short
ApeX Omni METAUSDT	+0.0100%	1h	742.29	−0.178%	$166K	$71K	50x	as long as short
Orderly PERP_META_USDC_mythos	+0.0100%	8h	742.88	−0.098%	$1K	$24	10x	as long as short
Aevo META-PERP	+0.0104%	1h	742.74	−0.117%	$267	—	10x	as long as short
Coinbase International META-PERP-INTX	+0.0104%	1h	742.67	−0.126%	$615K	$7.2M	10x	as long as short
Hotstuff META-PERP	+0.0128%	1h	742.90	−0.095%	$33K	$105	20x	as long as short
Lighter META	+0.0216%	1h	743.06	−0.074%	$857K	$2.4M	20x	as long as short
Injective META/USDC PERP	+0.0220%	1h	744.79	+0.159%	$172K	$48K	30x	as long as short
tradeXYZ xyz:META	+0.0263%	1h	743.12	−0.066%	$69.5M	$120.3M	20x	as long as short
edgeX METAUSDC	+0.0357%	4h	742.74	−0.117%	$62K	$336K	10x	as long as short
Phoenix METAlong	+0.0591%	1h	743.61	long leg	$622K	$1.2M	20x