Funding arb · Price arb /

META

RWAall META markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0313%/8h= −34.3% APRpaid last 24h −0.060%

Price spread now: Phemex against Phoenix−0.082%73s7-day average +0.043% · you buy dearer than you sell

Net, funding: paid 7d − costs−$136as 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−$1000.998% of the position

Long on Phoenix Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.366%−$37 on $10k

Price spread, last 3 days (all we have)+0.228%+$23 · spread now −0.082%, 7d avg +0.043%

Together, before fees−0.138%−$14 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$9 a day on $10k at the current rate, and Phemex is 0.126% cheaper against Phoenix than usual: you would sell low and buy high (−$13 if the spread goes back to its 7-day average of +0.043%). Swap the legs. The two prices were read 73 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	741.05	0.0313	pay 0.0039% / 1h	3m 37s	$460K	$1.1M	20x
Short	Phemex METAUSDT	740.44	0	get 0.0000% / 4h	2h 03m	$2.0M	$8K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now −0.082%Rate

Funding earned: −$65.73
Price spread: −0.082% → +0.043%: −$12.57
Slippage, 4 orders: −$80.8
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$178.1
Costs to cover: 0.998%
Break-even: never at this rate

Slippage from Phoenix: live order book, 4 min ago; Phemex: live order book, 5 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	2.02 bp	8.0 bp −$8	15.1 bp −$151	doesn't fit	doesn't fit
Sell Phemex live order book, 5 min ago	0.81 bp	37.8 bp −$38	doesn't fit	doesn't fit	doesn't fit

META on 35 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
Nado META-PERP	−0.0114%	1h	740.17	−0.119%	$478K	$549K	20x	as long as short
Aster METAUSDT	0.0000%	8h	740.80	−0.033%	$466K	$549K	20x	as long as short
Extended META_24_5-USD	0.0000%	1h	740.29	−0.102%	$547K	$2.7M	17x	as long as short
Binance METAUSDT	0.0000%	8h	740.34	−0.096%	$27.3M	$178.8M	20x	as long as short
Bybit METAUSDT	0.0000%	8h	740.35	−0.094%	$7.5M	$13.7M	100x	as long as short
OKX META-USDT-SWAP	0.0000%	8h	740.44	−0.082%	$5.9M	$13.3M	20x	as long as short
Gate META_USDT	0.0000%	8h	740.11	−0.127%	$354K	$5.6M	100x	as long as short
Bitget METAUSDT	0.0000%	8h	740.42	−0.085%	$5.5M	$11.3M	100x	as long as short
Variational Omni META	0.0000%	8h	740.47	−0.079%	$2.3M	$3.1M	—	as long as short
GRVT META_USDT_Perp	0.0000%	8h	740.46	−0.080%	$12K	$432K	10x	as long as short

Show all 35 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX META-USDT	0.0000%	8h	740.31	−0.100%	$890	$9.1M	20x	as long as short
Deribit META_USDC-PERPETUAL	0.0000%	1h	739.90	−0.155%	$31K	$244K	10x	as long as short
HTX META-USDT	0.0000%	8h	740.19	−0.116%	$105K	$296K	30x	as long as short
Phemex METAUSDTshort	0.0000%	4h	740.44	−0.082%	$2.0M	$8K	10x
QFEX META-USD	+0.0025%	1h	740.40	−0.088%	$2.2M	$13.7M	10x	as long as short
Lighter RH META	+0.0032%	1h	740.60	−0.061%	$761K	$3.0M	20x	as long as short
Arcus META-USD	+0.0040%	1h	740.00	−0.142%	$110K	$330K	10x	as long as short
Vest META-USD-PERP	+0.0046%	1h	740.58	−0.063%	—	$11K	25x	as long as short
Popdex METAUSDT	+0.0048%	1h	740.43	−0.084%	$176K	$197K	20x	as long as short
Polymarket Perps META-USD	+0.0050%	1h	740.22	−0.112%	$558K	$547K	10x	as long as short
SoDEX META-USD	+0.0050%	1h	740.44	−0.082%	$24K	$3K	10x	as long as short
Ondo Perps META-USD.P	+0.0050%	1h	739.94	−0.150%	$697K	$4.2M	10x	as long as short
Paradex META-USD-PERP	+0.0055%	8h	740.35	−0.095%	—	—	5x	as long as short
Aftermath Perps METAUSD	+0.0070%	1h	740.87	−0.025%	$49K	$82K	10x	as long as short
KuCoin METAUSDTM	+0.0100%	8h	740.48	−0.077%	$1.6M	$496K	20x	as long as short
ApeX Omni METAUSDT	+0.0100%	1h	739.73	−0.178%	$166K	$71K	50x	as long as short
Orderly PERP_META_USDC_mythos	+0.0100%	8h	740.46	−0.080%	$1K	$24	10x	as long as short
Aevo META-PERP	+0.0104%	1h	740.27	−0.105%	$266	—	10x	as long as short
Coinbase International META-PERP-INTX	+0.0104%	1h	740.66	−0.053%	$609K	$7.1M	10x	as long as short
Hotstuff META-PERP	+0.0128%	1h	740.44	−0.082%	$33K	$105	20x	as long as short
Lighter META	+0.0144%	1h	740.58	−0.063%	$860K	$2.4M	20x	as long as short
Injective META/USDC PERP	+0.0220%	1h	742.18	+0.152%	$171K	$48K	30x	as long as short
tradeXYZ xyz:META	+0.0241%	1h	740.44	−0.082%	$68.3M	$119.7M	20x	as long as short
Phoenix METAlong	+0.0313%	1h	741.05	long leg	$460K	$1.1M	20x
edgeX METAUSDC	+0.0925%	4h	740.30	−0.101%	$62K	$335K	10x	as long as short