Funding arb · Price arb /

META

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0524%/8h= −57.4% APRpaid last 24h −0.057%

Price spread now: Phemex against tradeXYZ−0.030%48s7-day average +0.053% · you buy dearer than you sell

Net, funding: paid 7d − costs−$132as 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−$1121.122% of the position

Long on tradeXYZ Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.196%−$20 on $10k

Price spread, last 4 days (all we have)+0.175%+$18 · spread now −0.030%, 7d avg +0.053%

Together, before fees−0.021%+ Points / potential airdroptradeXYZ: Active · farm board−$2 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$16 a day on $10k at the current rate, and Phemex is 0.083% cheaper against tradeXYZ than usual: you would sell low and buy high (−$8 if the spread goes back to its 7-day average of +0.053%). Swap the legs. The two prices were read 48 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.196% in total (about -10.2% 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	tradeXYZ xyz:META	745.49	0.0524	pay 0.0066% / 1h	39m 22s	$77.1M	$127.2M	20x
Short	Phemex METAUSDT	745.27	0	get 0.0000% / 4h	1h 39m	$2.0M	$8K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against tradeXYZ. 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 tradeXYZbpFee PhemexbpOrdersPrice spread, now −0.030%Rate

Funding earned: −$110.08
Price spread: −0.030% → +0.053%: −$8.25
Slippage, 4 orders: −$82.15
Fee tradeXYZ: 9 bp × 2 orders: −$18
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$230.48
Costs to cover: 1.122%
Break-even: never at this rate

Slippage from tradeXYZ: live order book, 10 min ago; Phemex: live order book, 4 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 tradeXYZ live order book, 10 min ago	0.27 bp	9.4 bp −$9	11.2 bp −$112	doesn't fit	doesn't fit
Sell Phemex live order book, 4 min ago	0.74 bp	43.9 bp −$44	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	745.33	−0.021%	$334K	$1.1M	20x	as long as short
Deribit META_USDC-PERPETUAL	−0.0112%	1h	744.55	−0.126%	$34K	$274K	10x	as long as short
Nado META-PERP	−0.0021%	1h	744.87	−0.083%	$482K	$559K	20x	as long as short
Aster METAUSDT	0.0000%	8h	745.66	+0.023%	$479K	$593K	20x	as long as short
Extended META_24_5-USD	0.0000%	1h	744.92	−0.076%	$552K	$2.6M	17x	as long as short
Binance METAUSDT	0.0000%	8h	745.05	−0.059%	$25.2M	$187.6M	20x	as long as short
Bybit METAUSDT	0.0000%	8h	744.90	−0.079%	$7.3M	$15.2M	100x	as long as short
OKX META-USDT-SWAP	0.0000%	8h	745.08	−0.055%	$6.0M	$12.7M	20x	as long as short
Gate META_USDT	0.0000%	8h	744.71	−0.105%	$458K	$6.1M	100x	as long as short
Bitget METAUSDT	0.0000%	8h	745.00	−0.066%	$5.5M	$12.3M	100x	as long as short

Show all 37 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni META	0.0000%	8h	745.20	−0.038%	$2.4M	$3.3M	—	as long as short
GRVT META_USDT_Perp	0.0000%	8h	745.38	−0.015%	$13K	$438K	10x	as long as short
SunX META-USDT	0.0000%	8h	744.87	−0.083%	$740	$8.2M	20x	as long as short
HTX META-USDT	0.0000%	8h	744.91	−0.078%	$106K	$307K	30x	as long as short
Phemex METAUSDTshort	0.0000%	4h	745.27	−0.030%	$2.0M	$8K	10x
QFEX META-USD	+0.0031%	1h	744.89	−0.080%	$2.2M	$13.9M	10x	as long as short
Lighter RH META	+0.0032%	1h	745.41	−0.011%	$787K	$2.9M	20x	as long as short
Arcus META-USD	+0.0040%	1h	744.87	−0.083%	$109K	$333K	10x	as long as short
Vest META-USD-PERP	+0.0046%	1h	745.56	+0.009%	—	$12K	25x	as long as short
Popdex METAUSDT	+0.0048%	1h	745.10	−0.052%	$177K	$203K	20x	as long as short
Polymarket Perps META-USD	+0.0050%	1h	744.80	−0.093%	$586K	$564K	10x	as long as short
SoDEX META-USD	+0.0050%	1h	745.08	−0.055%	$25K	$3K	10x	as long as short
Ondo Perps META-USD.P	+0.0050%	1h	744.44	−0.141%	$711K	$5.2M	10x	as long as short
Paradex META-USD-PERP	+0.0063%	8h	745.05	−0.059%	—	—	5x	as long as short
Aftermath Perps METAUSD	+0.0087%	1h	745.93	+0.060%	$52K	$81K	10x	as long as short
KuCoin METAUSDTM	+0.0100%	8h	745.25	−0.032%	$1.6M	$675K	20x	as long as short
ApeX Omni METAUSDT	+0.0100%	1h	744.58	−0.122%	$167K	$72K	50x	as long as short
Orderly PERP_META_USDC_mythos	+0.0100%	8h	745.08	−0.055%	$1K	$24	10x	as long as short
Aevo META-PERP	+0.0104%	1h	744.97	−0.069%	$268	—	10x	as long as short
Coinbase International META-PERP-INTX	+0.0104%	1h	745.43	−0.008%	$650K	$7.9M	10x	as long as short
Injective META/USDC PERP	+0.0220%	1h	748.64	+0.423%	$173K	$46K	30x	as long as short
Lighter META	+0.0384%	1h	745.55	+0.008%	$1.1M	$2.7M	20x	as long as short
Hotstuff META-PERP	+0.0400%	1h	745.54	+0.007%	$33K	$105	20x	as long as short
tradeXYZ xyz:METAlong	+0.0524%	1h	745.49	long leg	$77.1M	$127.2M	20x
Phoenix META	+0.0739%	1h	746.43	+0.126%	$797K	$1.5M	20x	as long as short
edgeX METAUSDC	+0.0790%	4h	745.22	−0.036%	$62K	$342K	10x	as long as short
Pacifica META	+0.0800%	1h	744.88	−0.082%	—	—	—	as long as short