Funding arb · Price arb /

META

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0650%/8h= −71.1% APRnext payment −$0.81 per $10,000 · paid last 24h —

Price spread now: Pacifica against Phoenix−0.056%47s7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Phoenix Short on Pacifica

What this pair did over the last

the charts below follow

Funding, last 2 hours (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropPacifica: Active · farm boardneeds both histories

Both sides work against this trade now: funding costs −$19 a day on $10k at the current rate, and Pacifica is 0.056% cheaper against Phoenix than usual: you would sell low and buy high (−$6 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 47 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	748.04	0.0750	pay 0.0094% / 1h	0m 08s	$799K	$1.5M	20x
Short	Pacifica META	747.62	0.0100	get 0.0013% / 1h	0m 08s	$634	$1K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Pacifica 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 PacificabpOrdersPrice spread, now −0.056%Rate

Funding earned: −$136.4
Price spread: −0.056% → 0.000%: −$5.55
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Pacifica: 4 bp × 2 orders: −$8
Net: −$156.95
Costs to cover: 0.150%
Break-even: never at this rate

Slippage unknown: Phoenix: live order book, 3 min ago; Pacifica: no order-book sample. Net counts fees only.

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, 3 min ago	2.27 bp	8.5 bp −$9	16.5 bp −$165	doesn't fit	doesn't fit
Sell Pacifica no order-book sample	—	—	—	—	—

Pacifica: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	747.59	−0.060%	$334K	$1.1M	20x	as long as short
Aster METAUSDT	0.0000%	8h	746.65	−0.186%	$480K	$593K	20x	as long as short
Extended META_24_5-USD	0.0000%	1h	746.86	−0.157%	$547K	$3.4M	17x	as long as short
Binance METAUSDT	0.0000%	8h	747.05	−0.133%	$25.4M	$189.9M	20x	as long as short
Bybit METAUSDT	0.0000%	8h	747.20	−0.112%	$7.6M	$15.5M	100x	as long as short
OKX META-USDT-SWAP	0.0000%	8h	747.16	−0.118%	$6.0M	$12.8M	20x	as long as short
Gate META_USDT	0.0000%	8h	746.68	−0.182%	$475K	$6.3M	100x	as long as short
Bitget METAUSDT	0.0000%	8h	747.21	−0.111%	$5.7M	$12.4M	100x	as long as short
Variational Omni META	0.0000%	8h	747.50	−0.072%	$2.5M	$3.2M	—	as long as short
GRVT META_USDT_Perp	0.0000%	8h	747.20	−0.112%	$12K	$439K	10x	as long as short

Show all 37 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX META-USDT	0.0000%	8h	747.17	−0.116%	$765	$8.0M	20x	as long as short
Deribit META_USDC-PERPETUAL	0.0000%	1h	746.54	−0.201%	$34K	$276K	10x	as long as short
HTX META-USDT	0.0000%	8h	747.39	−0.087%	$108K	$312K	30x	as long as short
Phemex METAUSDT	0.0000%	4h	747.30	−0.099%	$2.0M	$8K	10x	as long as short
Nado META-PERP	+0.0012%	1h	747.29	−0.100%	$482K	$560K	20x	as long as short
QFEX META-USD	+0.0031%	1h	747.09	−0.127%	$2.2M	$14.1M	10x	as long as short
Lighter RH META	+0.0040%	1h	747.27	−0.103%	$797K	$3.1M	20x	as long as short
Arcus META-USD	+0.0040%	1h	746.97	−0.143%	$112K	$338K	10x	as long as short
Vest META-USD-PERP	+0.0046%	1h	747.61	−0.057%	—	$12K	25x	as long as short
Polymarket Perps META-USD	+0.0050%	1h	747.48	−0.075%	$568K	$621K	10x	as long as short
SoDEX META-USD	+0.0050%	1h	747.18	−0.115%	$25K	$3K	10x	as long as short
Ondo Perps META-USD.P	+0.0050%	1h	746.90	−0.152%	$729K	$5.2M	10x	as long as short
Paradex META-USD-PERP	+0.0057%	8h	747.04	−0.134%	—	—	5x	as long as short
Popdex METAUSDT	+0.0080%	1h	747.28	−0.102%	$178K	$202K	20x	as long as short
Aftermath Perps METAUSD	+0.0087%	1h	747.86	−0.024%	$49K	$91K	10x	as long as short
Pacifica METAshort	+0.0100%	1h	747.62	−0.056%	$634	$1K	10x
KuCoin METAUSDTM	+0.0100%	8h	747.16	−0.118%	$1.6M	$734K	20x	as long as short
ApeX Omni METAUSDT	+0.0100%	1h	746.64	−0.187%	$167K	$71K	50x	as long as short
Orderly PERP_META_USDC_mythos	+0.0100%	8h	747.21	−0.111%	$1K	$24	10x	as long as short
Aevo META-PERP	+0.0104%	1h	747.13	−0.122%	$269	—	10x	as long as short
Coinbase International META-PERP-INTX	+0.0104%	1h	746.42	−0.217%	$643K	$8.0M	10x	as long as short
Injective META/USDC PERP	+0.0220%	1h	749.54	+0.201%	$177K	$51K	30x	as long as short
Lighter META	+0.0448%	1h	747.42	−0.083%	$1.1M	$2.9M	20x	as long as short
Hotstuff META-PERP	+0.0472%	1h	747.94	−0.013%	$33K	$105	20x	as long as short
tradeXYZ xyz:META	+0.0563%	1h	747.39	−0.087%	$83.9M	$131.9M	20x	as long as short
Phoenix METAlong	+0.0750%	1h	748.04	long leg	$799K	$1.5M	20x
edgeX METAUSDC	+0.0907%	4h	746.95	−0.146%	$62K	$345K	10x	as long as short