Funding arb · Price arb /

META

RWAall META markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0750%/8h= −82.1% APRpaid last 24h −0.058%

Price spread now: GRVT against Phoenix−0.038%7-day average +0.010% · you buy dearer than you sell

Net, funding: paid 7d − costs−$70as in the Funding arb table

Net, price: spread back to 7d avg − costs−$38as in the Price arb table

costs, in and out, $10k−$340.336% of the position

Long on Phoenix Short on GRVT

What this pair did over the last

the charts below follow

Funding, last 7 days−0.363%−$36 on $10k

Price spread, last 4 days (all we have)+0.400%+$40 · spread now −0.038%, 7d avg +0.010%

Together, before fees+0.037%+ Points / potential airdropGRVT: Active · farm board+$4 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$22 a day on $10k at the current rate, and GRVT is 0.048% cheaper against Phoenix than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of +0.010%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.363% in total (about -18.9% 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	745.87	0.0750	pay 0.0094% / 1h	54m 52s	$796K	$1.5M	20x
Short	GRVT META_USDT_Perp	745.59	0	get 0.0000% / 8h	7h 54m	$12K	$438K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GRVT 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 GRVTbpOrdersPrice spread, now −0.038%Rate

Funding earned: −$157.4
Price spread: −0.038% → +0.010%: −$4.75
Slippage, 4 orders: −$17.57
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee GRVT: 4.5 bp × 2 orders: −$9
Net: −$195.73
Costs to cover: 0.336%
Break-even: never at this rate

Slippage from Phoenix: live order book, 4 min ago; GRVT: live order book, 43 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, 4 min ago	2.41 bp	8.9 bp −$9	17.3 bp −$173	doesn't fit	doesn't fit
Sell GRVT live order book, 43 min ago	0.94 bp	7.4 bp −$7	10.1 bp −$101	doesn't fit	doesn't fit

META on 37 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	744.39	−0.198%	$335K	$1.1M	20x	as long as short
Nado META-PERP	−0.0041%	1h	744.12	−0.235%	$480K	$561K	20x	as long as short
Aster METAUSDT	0.0000%	8h	745.30	−0.077%	$483K	$597K	20x	as long as short
Extended META_24_5-USD	0.0000%	1h	744.84	−0.138%	$547K	$3.4M	17x	as long as short
Binance METAUSDT	0.0000%	8h	745.22	−0.087%	$25.6M	$190.2M	20x	as long as short
Bybit METAUSDT	0.0000%	8h	745.02	−0.114%	$7.5M	$15.4M	100x	as long as short
OKX META-USDT-SWAP	0.0000%	8h	745.40	−0.063%	$6.0M	$12.7M	20x	as long as short
Gate META_USDT	0.0000%	8h	744.56	−0.176%	$472K	$6.2M	100x	as long as short
Bitget METAUSDT	0.0000%	8h	744.81	−0.142%	$5.7M	$12.4M	100x	as long as short
Variational Omni META	0.0000%	8h	744.33	−0.207%	$2.5M	$3.2M	—	as long as short

Show all 37 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT META_USDT_Perpshort	0.0000%	8h	745.59	−0.038%	$12K	$438K	10x
SunX META-USDT	0.0000%	8h	744.63	−0.166%	$885	$8.0M	20x	as long as short
Deribit META_USDC-PERPETUAL	0.0000%	1h	744.27	−0.215%	$53K	$291K	10x	as long as short
HTX META-USDT	0.0000%	8h	744.52	−0.181%	$108K	$312K	30x	as long as short
Phemex METAUSDT	0.0000%	4h	745.46	−0.055%	$2.0M	$8K	10x	as long as short
Lighter RH META	+0.0032%	1h	745.12	−0.101%	$794K	$2.9M	20x	as long as short
QFEX META-USD	+0.0036%	1h	744.49	−0.185%	$2.2M	$14.1M	10x	as long as short
Arcus META-USD	+0.0040%	1h	744.09	−0.239%	$112K	$337K	10x	as long as short
Vest META-USD-PERP	+0.0046%	1h	745.00	−0.117%	—	$12K	25x	as long as short
Popdex METAUSDT	+0.0048%	1h	744.38	−0.200%	$177K	$199K	20x	as long as short
Polymarket Perps META-USD	+0.0050%	1h	743.98	−0.253%	$566K	$619K	10x	as long as short
SoDEX META-USD	+0.0050%	1h	744.48	−0.186%	$24K	$3K	10x	as long as short
Ondo Perps META-USD.P	+0.0050%	1h	743.96	−0.256%	$714K	$5.1M	10x	as long as short
Paradex META-USD-PERP	+0.0057%	8h	744.20	−0.223%	—	—	5x	as long as short
Aftermath Perps METAUSD	+0.0087%	1h	745.40	−0.063%	$49K	$90K	10x	as long as short
Pacifica META	+0.0100%	1h	744.53	−0.180%	$631	$1K	10x	as long as short
KuCoin METAUSDTM	+0.0100%	8h	745.17	−0.094%	$1.6M	$739K	20x	as long as short
ApeX Omni METAUSDT	+0.0100%	1h	745.02	−0.114%	$167K	$71K	50x	as long as short
Orderly PERP_META_USDC_mythos	+0.0100%	8h	744.96	−0.122%	$1K	$24	10x	as long as short
Aevo META-PERP	+0.0104%	1h	744.92	−0.127%	$268	—	10x	as long as short
Coinbase International META-PERP-INTX	+0.0120%	1h	744.44	−0.192%	$652K	$8.0M	10x	as long as short
Injective META/USDC PERP	+0.0220%	1h	746.31	+0.059%	$176K	$52K	30x	as long as short
Lighter META	+0.0248%	1h	745.26	−0.082%	$1.2M	$2.9M	20x	as long as short
tradeXYZ xyz:META	+0.0333%	1h	745.09	−0.105%	$84.4M	$133.2M	20x	as long as short
Hotstuff META-PERP	+0.0552%	1h	745.43	−0.059%	$33K	$105	20x	as long as short
Phoenix METAlong	+0.0750%	1h	745.87	long leg	$796K	$1.5M	20x
edgeX METAUSDC	+0.0993%	4h	745.47	−0.054%	$62K	$344K	10x	as long as short