Funding arb · Price arb /

META

RWAall META markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0491%/8h= −53.8% APRpaid last 24h −0.033%

Price spread now: KuCoin against Phoenix−0.160%7-day average −0.053% · you buy dearer than you sell

Net, funding: paid 7d − costs−$106as in the Funding arb table

Net, price: spread back to 7d avg − costs−$101as in the Price arb table

costs, in and out, $10k−$900.902% of the position

Long on Phoenix Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.158%−$16 on $10k

Price spread, last 7 days+0.102%+$10 · spread now −0.160%, 7d avg −0.053%

Together, before fees−0.056%−$6 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$15 a day on $10k at the current rate, and KuCoin is 0.107% cheaper against Phoenix than usual: you would sell low and buy high (−$11 if the spread goes back to its 7-day average of −0.053%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.158% in total (about -8.2% 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	744.70	0.0591	pay 0.0074% / 1h	16m 55s	$696K	$1.2M	20x
Short	KuCoin METAUSDTM	743.51	0.0100	get 0.0100% / 8h	4h 16m	$1.6M	$550K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now −0.160%Rate

Funding earned: −$103.09
Price spread: −0.160% → −0.053%: −$10.71
Slippage, 4 orders: −$71.2
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$203.99
Costs to cover: 0.902%
Break-even: never at this rate

Slippage from Phoenix: live order book, 1 min ago; KuCoin: live order book, 4 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	2.42 bp	8.9 bp −$9	17.5 bp −$175	doesn't fit	doesn't fit
Sell KuCoin live order book, 4 min ago	3.84 bp	48.7 bp −$49	doesn't fit	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	743.99	−0.095%	$329K	$1.1M	20x	as long as short
Nado META-PERP	−0.0021%	1h	743.37	−0.179%	$481K	$553K	20x	as long as short
Aster METAUSDT	0.0000%	8h	743.43	−0.170%	$468K	$553K	20x	as long as short
Extended META_24_5-USD	0.0000%	1h	743.71	−0.133%	$550K	$2.7M	17x	as long as short
Binance METAUSDT	0.0000%	8h	743.91	−0.106%	$28.0M	$181.6M	20x	as long as short
Bybit METAUSDT	0.0000%	8h	744.11	−0.079%	$7.6M	$14.1M	100x	as long as short
OKX META-USDT-SWAP	0.0000%	8h	743.96	−0.099%	$6.0M	$13.6M	20x	as long as short
Gate META_USDT	0.0000%	8h	743.33	−0.184%	$365K	$5.7M	100x	as long as short
Bitget METAUSDT	0.0000%	8h	743.90	−0.107%	$5.4M	$11.7M	100x	as long as short
Variational Omni META	0.0000%	8h	742.78	−0.258%	$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	744.09	−0.082%	$13K	$440K	10x	as long as short
SunX META-USDT	0.0000%	8h	743.81	−0.120%	$1K	$9.1M	20x	as long as short
HTX META-USDT	0.0000%	8h	743.74	−0.129%	$106K	$296K	30x	as long as short
Phemex METAUSDT	0.0000%	4h	743.46	−0.167%	$2.0M	$8K	10x	as long as short
Deribit META_USDC-PERPETUAL	+0.0019%	1h	743.52	−0.158%	$31K	$246K	10x	as long as short
Lighter RH META	+0.0032%	1h	744.00	−0.094%	$772K	$3.0M	20x	as long as short
QFEX META-USD	+0.0036%	1h	743.79	−0.122%	$2.2M	$13.8M	10x	as long as short
Arcus META-USD	+0.0040%	1h	743.16	−0.207%	$110K	$330K	10x	as long as short
Vest META-USD-PERP	+0.0046%	1h	744.02	−0.091%	—	$10K	25x	as long as short
Popdex METAUSDT	+0.0048%	1h	743.94	−0.102%	$179K	$199K	20x	as long as short
Polymarket Perps META-USD	+0.0050%	1h	743.48	−0.164%	$585K	$565K	10x	as long as short
SoDEX META-USD	+0.0050%	1h	743.86	−0.113%	$24K	$3K	10x	as long as short
Ondo Perps META-USD.P	+0.0050%	1h	743.27	−0.192%	$765K	$4.5M	10x	as long as short
Paradex META-USD-PERP	+0.0069%	8h	743.80	−0.121%	—	—	5x	as long as short
Aftermath Perps METAUSD	+0.0080%	1h	743.65	−0.142%	$52K	$82K	10x	as long as short
KuCoin METAUSDTMshort	+0.0100%	8h	743.51	−0.160%	$1.6M	$550K	20x
ApeX Omni METAUSDT	+0.0100%	1h	743.15	−0.208%	$166K	$71K	50x	as long as short
Orderly PERP_META_USDC_mythos	+0.0100%	8h	743.91	−0.106%	$1K	$24	10x	as long as short
Aevo META-PERP	+0.0104%	1h	743.75	−0.127%	$268	—	10x	as long as short
Coinbase International META-PERP-INTX	+0.0104%	1h	743.78	−0.124%	$626K	$7.2M	10x	as long as short
edgeX METAUSDC	+0.0104%	4h	743.84	−0.116%	$62K	$337K	10x	as long as short
Hotstuff META-PERP	+0.0160%	1h	743.79	−0.122%	$33K	$105	20x	as long as short
Injective META/USDC PERP	+0.0220%	1h	742.66	−0.274%	$171K	$48K	30x	as long as short
Lighter META	+0.0248%	1h	744.01	−0.093%	$864K	$2.5M	20x	as long as short
tradeXYZ xyz:META	+0.0271%	1h	743.81	−0.120%	$69.5M	$120.5M	20x	as long as short
Phoenix METAlong	+0.0591%	1h	744.70	long leg	$696K	$1.2M	20x