Funding arb · Price arb /

META

RWAall META markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0048%/8h= −5.3% APRpaid last 24h −0.027%

Price spread now: Phemex against Popdex0.000%7-day average +0.025% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$114as in the Price arb table

costs, in and out, $10k−$1111.111% of the position

Long on Popdex Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.079%−$8 on $10k

Price spread, last 4 days (all we have)+0.105%+$11 · spread now 0.000%, 7d avg +0.025%

Together, before fees+0.026%+$3 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Phemex is 0.025% cheaper against Popdex than usual: you would sell low and buy high (−$2 if the spread goes back to its 7-day average of +0.025%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Popdex METAUSDT	743.16	0.0048	pay 0.0006% / 1h	29m 51s	$178K	$200K	20x
Short	Phemex METAUSDT	743.16	0	get 0.0000% / 4h	2h 29m	$2.0M	$8K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Popdex. 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 PopdexbpFee PhemexbpOrdersPrice spread, now 0.000%Rate

Funding earned: −$10.08
Price spread: 0.000% → +0.025%: −$2.47
Slippage, 4 orders: −$92.68
Fee Popdex: 3.2 bp × 2 orders: −$6.4
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$123.63
Costs to cover: 1.111%
Break-even: never at this rate

Slippage from Popdex: live order book, 19 min ago; Phemex: live order book, 3 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 Popdex live order book, 19 min ago	0.40 bp	3.6 bp −$4	6.3 bp −$63	doesn't fit	doesn't fit
Sell Phemex live order book, 3 min ago	0.74 bp	48.9 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	742.71	−0.061%	$332K	$1.1M	20x	as long as short
Aster METAUSDT	0.0000%	8h	744.27	+0.149%	$479K	$589K	20x	as long as short
Extended META_24_5-USD	0.0000%	1h	743.24	+0.010%	$544K	$2.7M	17x	as long as short
Binance METAUSDT	0.0000%	8h	743.43	+0.036%	$28.0M	$182.6M	20x	as long as short
Bybit METAUSDT	0.0000%	8h	743.20	+0.005%	$7.3M	$15.1M	100x	as long as short
OKX META-USDT-SWAP	0.0000%	8h	743.41	+0.034%	$6.0M	$12.5M	20x	as long as short
Gate META_USDT	0.0000%	8h	742.97	−0.026%	$439K	$5.9M	100x	as long as short
Bitget METAUSDT	0.0000%	8h	743.71	+0.074%	$5.6M	$12.1M	100x	as long as short
Variational Omni META	0.0000%	8h	742.59	−0.077%	$2.4M	$3.2M	—	as long as short
GRVT META_USDT_Perp	0.0000%	8h	743.02	−0.018%	$13K	$443K	10x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX META-USDT	0.0000%	8h	743.39	+0.031%	$824	$8.4M	20x	as long as short
Deribit META_USDC-PERPETUAL	0.0000%	1h	742.87	−0.039%	$31K	$264K	10x	as long as short
HTX META-USDT	0.0000%	8h	743.29	+0.017%	$106K	$306K	30x	as long as short
Phemex METAUSDTshort	0.0000%	4h	743.16	0.000%	$2.0M	$8K	10x
Lighter RH META	+0.0032%	1h	743.53	+0.050%	$768K	$2.9M	20x	as long as short
Nado META-PERP	+0.0034%	1h	742.70	−0.062%	$480K	$557K	20x	as long as short
Arcus META-USD	+0.0040%	1h	742.58	−0.078%	$110K	$332K	10x	as long as short
Vest META-USD-PERP	+0.0046%	1h	743.43	+0.036%	—	$11K	25x	as long as short
QFEX META-USD	+0.0046%	1h	743.01	−0.020%	$2.2M	$13.8M	10x	as long as short
Popdex METAUSDTlong	+0.0048%	1h	743.16	long leg	$178K	$200K	20x
Polymarket Perps META-USD	+0.0050%	1h	742.59	−0.077%	$584K	$564K	10x	as long as short
SoDEX META-USD	+0.0050%	1h	743.02	−0.019%	$24K	$3K	10x	as long as short
Ondo Perps META-USD.P	+0.0050%	1h	742.52	−0.086%	$729K	$4.8M	10x	as long as short
Paradex META-USD-PERP	+0.0079%	8h	742.86	−0.040%	—	—	5x	as long as short
Aftermath Perps METAUSD	+0.0086%	1h	743.57	+0.055%	$51K	$81K	10x	as long as short
KuCoin METAUSDTM	+0.0100%	8h	743.27	+0.015%	$1.6M	$642K	20x	as long as short
ApeX Omni METAUSDT	+0.0100%	1h	742.46	−0.094%	$166K	$72K	50x	as long as short
Orderly PERP_META_USDC_mythos	+0.0100%	8h	743.23	+0.009%	$1K	$24	10x	as long as short
Aevo META-PERP	+0.0104%	1h	743.12	−0.006%	$268	—	10x	as long as short
Coinbase International META-PERP-INTX	+0.0128%	1h	742.03	−0.152%	$659K	$7.7M	10x	as long as short
Injective META/USDC PERP	+0.0220%	1h	745.90	+0.369%	$172K	$46K	30x	as long as short
Lighter META	+0.0336%	1h	743.60	+0.059%	$1.0M	$2.6M	20x	as long as short
Hotstuff META-PERP	+0.0368%	1h	743.18	+0.003%	$33K	$105	20x	as long as short
tradeXYZ xyz:META	+0.0448%	1h	743.64	+0.065%	$74.4M	$124.7M	20x	as long as short
Phoenix META	+0.0685%	1h	744.26	+0.148%	$795K	$1.4M	20x	as long as short
edgeX METAUSDC	+0.0917%	4h	743.12	−0.005%	$62K	$340K	10x	as long as short