Funding arb · Price arb /

META

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0050%/8h= −5.5% APRpaid last 24h −0.015%

Price spread now: Phemex against SoDEX−0.023%7-day average — · you buy dearer than you sell

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

Long on SoDEX Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

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

Together, before fees—needs both histories

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Phemex is 0.023% cheaper against SoDEX than usual: you would sell low and buy high (−$2 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SoDEX META-USD	742.37	0.0050	pay 0.0006% / 1h	29m 37s	$24K	$3K	10x
Short	Phemex METAUSDT	742.20	0	get 0.0000% / 4h	1h 29m	$2.0M	$8K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against SoDEX. 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 SoDEXbpFee PhemexbpOrdersPrice spread, now −0.023%Rate

Funding earned: −$10.5
Price spread: −0.023% → 0.000%: −$2.29
Slippage, 4 orders: no order book: not counted
Fee SoDEX: 4 bp × 2 orders: −$8
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$32.79
Costs to cover: 0.200%
Break-even: never at this rate

Slippage unknown: SoDEX: no order-book sample; Phemex: live order book, 4 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 SoDEX no order-book sample	—	—	—	—	—
Sell Phemex live order book, 4 min ago	2.63 bp	48.7 bp −$49	doesn't fit	doesn't fit	doesn't fit

SoDEX: 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 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	742.00	−0.050%	$328K	$1.1M	20x	as long as short
Nado META-PERP	−0.0033%	1h	741.90	−0.063%	$480K	$550K	20x	as long as short
Aster METAUSDT	0.0000%	8h	742.06	−0.042%	$467K	$549K	20x	as long as short
Extended META_24_5-USD	0.0000%	1h	742.45	+0.011%	$548K	$2.7M	17x	as long as short
Binance METAUSDT	0.0000%	8h	742.60	+0.031%	$27.4M	$179.1M	20x	as long as short
Bybit METAUSDT	0.0000%	8h	742.46	+0.012%	$7.5M	$13.7M	100x	as long as short
OKX META-USDT-SWAP	0.0000%	8h	742.70	+0.044%	$6.0M	$13.4M	20x	as long as short
Gate META_USDT	0.0000%	8h	742.22	−0.020%	$346K	$5.6M	100x	as long as short
Bitget METAUSDT	0.0000%	8h	742.36	−0.001%	$5.5M	$11.5M	100x	as long as short
Variational Omni META	0.0000%	8h	742.15	−0.030%	$2.3M	$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	742.24	−0.017%	$12K	$431K	10x	as long as short
SunX META-USDT	0.0000%	8h	742.51	+0.019%	$999	$9.1M	20x	as long as short
Deribit META_USDC-PERPETUAL	0.0000%	1h	741.74	−0.085%	$31K	$245K	10x	as long as short
HTX META-USDT	0.0000%	8h	742.21	−0.022%	$106K	$296K	30x	as long as short
Phemex METAUSDTshort	0.0000%	4h	742.20	−0.023%	$2.0M	$8K	10x
Lighter RH META	+0.0032%	1h	742.69	+0.043%	$765K	$3.0M	20x	as long as short
QFEX META-USD	+0.0032%	1h	742.35	−0.003%	$2.1M	$13.7M	10x	as long as short
Arcus META-USD	+0.0040%	1h	741.57	−0.108%	$110K	$330K	10x	as long as short
Vest META-USD-PERP	+0.0046%	1h	742.16	−0.028%	—	$10K	25x	as long as short
Popdex METAUSDT	+0.0048%	1h	742.60	+0.031%	$179K	$199K	20x	as long as short
Polymarket Perps META-USD	+0.0050%	1h	742.04	−0.044%	$559K	$539K	10x	as long as short
SoDEX META-USDlong	+0.0050%	1h	742.37	long leg	$24K	$3K	10x
Ondo Perps META-USD.P	+0.0050%	1h	741.79	−0.078%	$703K	$4.2M	10x	as long as short
Paradex META-USD-PERP	+0.0060%	8h	742.38	+0.001%	—	—	5x	as long as short
Aftermath Perps METAUSD	+0.0077%	1h	742.21	−0.022%	$50K	$82K	10x	as long as short
Coinbase International META-PERP-INTX	+0.0096%	1h	741.64	−0.098%	$628K	$7.1M	10x	as long as short
KuCoin METAUSDTM	+0.0100%	8h	742.19	−0.024%	$1.6M	$515K	20x	as long as short
ApeX Omni METAUSDT	+0.0100%	1h	741.72	−0.088%	$166K	$71K	50x	as long as short
Orderly PERP_META_USDC_mythos	+0.0100%	8h	742.22	−0.020%	$1K	$24	10x	as long as short
Aevo META-PERP	+0.0104%	1h	742.14	−0.031%	$267	—	10x	as long as short
Injective META/USDC PERP	+0.0220%	1h	741.40	−0.131%	$171K	$48K	30x	as long as short
Lighter META	+0.0248%	1h	742.64	+0.036%	$862K	$2.4M	20x	as long as short
Hotstuff META-PERP	+0.0248%	1h	742.60	+0.031%	$33K	$105	20x	as long as short
tradeXYZ xyz:META	+0.0340%	1h	742.57	+0.027%	$69.3M	$120.2M	20x	as long as short
Phoenix META	+0.0496%	1h	742.27	−0.013%	$534K	$1.1M	20x	as long as short
edgeX METAUSDC	+0.0680%	4h	741.29	−0.146%	$62K	$337K	10x	as long as short