Funding arb · Price arb /

META

RWAall META markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 20:00 UTC0.0000%/8hpaid last 24h −0.025%

Price spread now: Phemex against Bybit+0.131%7-day average +0.032% · you sell dearer than you buy

Net, funding: paid 7d − costs−$109as in the Funding arb table

Net, price: spread back to 7d avg − costs−$97as in the Price arb table

costs, in and out, $10k−$1071.068% of the position

Long on Bybit Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.025%−$3 on $10k

Price spread, last 3 days (all we have)−0.056%−$6 · spread now +0.131%, 7d avg +0.032%

Together, before fees−0.081%−$8 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Phemex is 0.099% dearer against Bybit than usual: you sell high and buy low, +$10 on $10k if it goes back to its 7-day average of +0.032%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit METAUSDT	750.71	0	get 0.0000% / 8h	4h 21m	$8.1M	$12.8M	100x
Short	Phemex METAUSDT	751.69	0	get 0.0000% / 4h	21m 41s	$2.0M	$7K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Bybit. 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 BybitbpFee PhemexbpOrdersPrice spread, now +0.131%Rate

Funding earned: $0
Price spread: +0.131% → +0.032%: $9.88
Slippage, 4 orders: −$83.8
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$96.91
Costs to cover: 1.068%
Break-even: never at this rate

Slippage from Bybit: live order book, 1 min ago; Phemex: live order book, 1 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 Bybit live order book, 1 min ago	1.13 bp	10.7 bp −$11	21.3 bp −$213	doesn't fit	doesn't fit
Sell Phemex live order book, 1 min ago	2.73 bp	41.1 bp −$41	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
Hotstuff META-PERP	−0.0144%	1h	751.25	+0.072%	$34K	$105	20x	as long as short
BloFin META-USDT	−0.0120%	8h	751.70	+0.132%	$337K	$1.1M	20x	as long as short
Phoenix META	−0.0021%	1h	746.59	−0.549%	$315K	$622K	20x	as long as short
Nado META-PERP	−0.0001%	1h	750.67	−0.005%	$402K	$227K	20x	as long as short
Aster METAUSDT	0.0000%	8h	750.93	+0.029%	$462K	$450K	20x	as long as short
Extended META_24_5-USD	0.0000%	1h	750.77	+0.008%	$561K	$1.5M	17x	as long as short
Binance METAUSDT	0.0000%	8h	749.94	−0.103%	$28.1M	$164.8M	20x	as long as short
Bybit METAUSDTlong	0.0000%	8h	750.71	long leg	$8.1M	$12.8M	100x
OKX META-USDT-SWAP	0.0000%	8h	750.78	+0.009%	$6.1M	$12.7M	20x	as long as short
Gate META_USDT	0.0000%	8h	751.16	+0.060%	$338K	$5.0M	100x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget METAUSDT	0.0000%	8h	750.18	−0.071%	$6.0M	$9.8M	100x	as long as short
Variational Omni META	0.0000%	8h	749.56	−0.154%	$1.6M	$2.3M	—	as long as short
GRVT META_USDT_Perp	0.0000%	8h	750.02	−0.092%	$13K	$528K	10x	as long as short
SunX META-USDT	0.0000%	8h	751.30	+0.079%	$782	$9.4M	20x	as long as short
HTX META-USDT	0.0000%	8h	751.15	+0.059%	$107K	$283K	30x	as long as short
Phemex METAUSDTshort	0.0000%	4h	751.69	+0.131%	$2.0M	$7K	10x
QFEX META-USD	+0.0012%	1h	751.09	+0.051%	$2.3M	$13.5M	10x	as long as short
Lighter META	+0.0032%	1h	750.10	−0.081%	$877K	$2.6M	20x	as long as short
Lighter RH META	+0.0032%	1h	750.11	−0.080%	$741K	$3.2M	20x	as long as short
Vest META-USD-PERP	+0.0046%	1h	751.86	+0.153%	—	$9K	25x	as long as short
Popdex METAUSDT	+0.0048%	1h	751.19	+0.064%	$176K	$194K	20x	as long as short
Coinbase International META-PERP-INTX	+0.0048%	1h	751.10	+0.052%	$651K	$6.9M	10x	as long as short
tradeXYZ xyz:META	+0.0050%	1h	749.93	−0.104%	$72.1M	$111.4M	20x	as long as short
Polymarket Perps META-USD	+0.0050%	1h	751.12	+0.055%	$547K	$836K	10x	as long as short
SoDEX META-USD	+0.0050%	1h	751.37	+0.088%	$25K	$3K	10x	as long as short
Ondo Perps META-USD.P	+0.0050%	1h	750.64	−0.009%	$689K	$3.8M	10x	as long as short
Paradex META-USD-PERP	+0.0052%	8h	751.15	+0.058%	—	—	5x	as long as short
KuCoin METAUSDTM	+0.0100%	8h	751.21	+0.067%	$1.6M	$301K	20x	as long as short
ApeX Omni METAUSDT	+0.0100%	1h	749.92	−0.105%	$168K	$71K	50x	as long as short
Orderly PERP_META_USDC_mythos	+0.0100%	8h	751.29	+0.077%	$1K	$24	10x	as long as short
Aevo META-PERP	+0.0104%	1h	751.17	+0.062%	$270	—	10x	as long as short
Arcus META-USD	+0.0128%	1h	751.05	+0.045%	$267K	$311K	10x	as long as short
Injective META/USDC PERP	+0.0220%	1h	752.38	+0.222%	$171K	$43K	30x	as long as short
Deribit META_USDC-PERPETUAL	+0.0269%	1h	751.27	+0.075%	$28K	$259K	10x	as long as short
Aftermath Perps METAUSD	+0.0337%	1h	750.16	−0.073%	$42K	$49K	10x	as long as short
edgeX METAUSDC	+0.0728%	4h	749.99	−0.096%	$63K	$328K	10x	as long as short