Funding arb · Price arb /

META

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0791%/8h= −86.6% APRpaid last 24h −0.083%

Price spread now: SunX against Phoenix−0.070%7-day average +0.018% · you buy dearer than you sell

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

Long on Phoenix Short on SunX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.391%−$39 on $10k

Price spread, last 4 days (all we have)+0.579%+$58 · spread now −0.070%, 7d avg +0.018%

Together, before fees+0.188%+$19 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$24 a day on $10k at the current rate, and SunX is 0.088% cheaper against Phoenix than usual: you would sell low and buy high (−$9 if the spread goes back to its 7-day average of +0.018%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.391% in total (about -20.4% 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	744.18	0.0791	pay 0.0099% / 1h	38m 51s	$795K	$1.5M	20x
Short	SunX META-USDT	743.66	0	get 0.0000% / 8h	7h 38m	$723	$7.8M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX 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 SunXbpOrdersPrice spread, now −0.070%Rate

Funding earned: −$166.12
Price spread: −0.070% → +0.018%: −$8.82
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee SunX: 4 bp × 2 orders: −$8
Net: −$189.94
Costs to cover: 0.150%
Break-even: never at this rate

Slippage unknown: Phoenix: live order book, 5 min ago; SunX: live order book, 10 min ago. 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, 5 min ago	2.42 bp	8.8 bp −$9	17.1 bp −$171	doesn't fit	doesn't fit
Sell SunX live order book, 10 min ago	277.29 bp	doesn't fit	doesn't fit	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	743.56	−0.083%	$334K	$1.1M	20x	as long as short
Nado META-PERP	−0.0024%	1h	742.99	−0.159%	$479K	$560K	20x	as long as short
Aster METAUSDT	0.0000%	8h	743.24	−0.127%	$487K	$603K	20x	as long as short
Extended META_24_5-USD	0.0000%	1h	743.14	−0.139%	$547K	$3.4M	17x	as long as short
Binance METAUSDT	0.0000%	8h	743.43	−0.101%	$25.8M	$191.3M	20x	as long as short
Bybit METAUSDT	0.0000%	8h	743.13	−0.141%	$7.4M	$15.6M	100x	as long as short
OKX META-USDT-SWAP	0.0000%	8h	743.51	−0.090%	$6.0M	$12.8M	20x	as long as short
Gate META_USDT	0.0000%	8h	742.97	−0.163%	$473K	$6.3M	100x	as long as short
Bitget METAUSDT	0.0000%	8h	743.57	−0.082%	$5.7M	$12.3M	100x	as long as short
Variational Omni META	0.0000%	8h	742.98	−0.161%	$2.5M	$3.0M	—	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_Perp	0.0000%	8h	743.97	−0.028%	$12K	$443K	10x	as long as short
SunX META-USDTshort	0.0000%	8h	743.66	−0.070%	$723	$7.8M	20x
Deribit META_USDC-PERPETUAL	0.0000%	1h	743.03	−0.155%	$48K	$280K	10x	as long as short
HTX META-USDT	0.0000%	8h	743.33	−0.114%	$108K	$312K	30x	as long as short
Phemex METAUSDT	0.0000%	4h	743.80	−0.051%	$2.0M	$8K	10x	as long as short
Lighter RH META	+0.0032%	1h	743.52	−0.089%	$793K	$2.9M	20x	as long as short
QFEX META-USD	+0.0036%	1h	743.39	−0.106%	$2.2M	$14.1M	10x	as long as short
Arcus META-USD	+0.0040%	1h	743.18	−0.134%	$112K	$337K	10x	as long as short
Vest META-USD-PERP	+0.0046%	1h	743.57	−0.082%	—	$12K	25x	as long as short
Popdex METAUSDT	+0.0048%	1h	743.36	−0.110%	$180K	$205K	20x	as long as short
Polymarket Perps META-USD	+0.0050%	1h	742.80	−0.185%	$565K	$619K	10x	as long as short
SoDEX META-USD	+0.0050%	1h	743.12	−0.142%	$24K	$3K	10x	as long as short
Ondo Perps META-USD.P	+0.0050%	1h	742.46	−0.231%	$722K	$5.0M	10x	as long as short
Paradex META-USD-PERP	+0.0055%	8h	743.07	−0.149%	—	—	5x	as long as short
Aftermath Perps METAUSD	+0.0081%	1h	744.07	−0.014%	$51K	$93K	10x	as long as short
Pacifica META	+0.0100%	1h	742.75	−0.192%	$625	$1K	10x	as long as short
KuCoin METAUSDTM	+0.0100%	8h	743.29	−0.120%	$1.6M	$760K	20x	as long as short
ApeX Omni METAUSDT	+0.0100%	1h	742.96	−0.164%	$166K	$71K	50x	as long as short
Orderly PERP_META_USDC_mythos	+0.0100%	8h	743.07	−0.149%	$1K	$24	10x	as long as short
Aevo META-PERP	+0.0104%	1h	742.87	−0.176%	$267	—	10x	as long as short
Coinbase International META-PERP-INTX	+0.0120%	1h	743.34	−0.113%	$639K	$8.0M	10x	as long as short
Injective META/USDC PERP	+0.0220%	1h	745.70	+0.204%	$176K	$52K	30x	as long as short
Lighter META	+0.0280%	1h	743.70	−0.065%	$1.2M	$2.9M	20x	as long as short
tradeXYZ xyz:META	+0.0285%	1h	743.55	−0.085%	$84.3M	$132.6M	20x	as long as short
Hotstuff META-PERP	+0.0288%	1h	743.06	−0.151%	$33K	$105	20x	as long as short
Phoenix METAlong	+0.0791%	1h	744.18	long leg	$795K	$1.5M	20x
edgeX METAUSDC	+0.0950%	4h	743.04	−0.154%	$63K	$346K	10x	as long as short