Funding arb · Price arb /

META

RWAall META markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0065%/8h= +7.1% APRpaid last 24h +0.033%

Price spread now: Phoenix against Bybit−0.001%75s7-day average −0.020% · you buy dearer than you sell

Net, funding: paid 7d − costs−$1as 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−$360.359% of the position

Long on Bybit Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.348%+$35 on $10k

Price spread, last 3 days (all we have)−0.153%−$15 · spread now −0.001%, 7d avg −0.020%

Together, before fees+0.196%+$20 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.020%, so right now this pair is about funding alone: +$2 a day on $10k at the current rate. The two prices were read 75 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit METAUSDT	741.29	0	get 0.0000% / 8h	1h 24m	$7.5M	$13.9M	100x
Short	Phoenix META	741.28	0.0065	get 0.0008% / 1h	24m 13s	$291K	$791K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now −0.001%Rate

Funding earned: $13.61
Price spread: −0.001% → −0.020%: $1.86
Slippage, 4 orders: −$17.94
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$20.47
Costs to cover: 0.359%
Break-even: 17.5 days

Slippage from Bybit: live order book, 4 min ago; Phoenix: live order book, 59 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, 4 min ago	0.27 bp	9.4 bp −$9	17.3 bp −$173	doesn't fit	doesn't fit
Sell Phoenix live order book, 59 min ago	2.16 bp	8.2 bp −$8	14.5 bp −$145	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	741.36	+0.009%	$328K	$1.1M	20x	as long as short
Nado META-PERP	−0.0085%	1h	741.28	−0.002%	$395K	$317K	20x	as long as short
Aster METAUSDT	0.0000%	8h	741.76	+0.063%	$458K	$536K	20x	as long as short
Extended META_24_5-USD	0.0000%	1h	741.22	−0.010%	$548K	$1.5M	17x	as long as short
Binance METAUSDT	0.0000%	8h	741.37	+0.011%	$27.0M	$178.0M	20x	as long as short
Bybit METAUSDTlong	0.0000%	8h	741.29	long leg	$7.5M	$13.9M	100x
OKX META-USDT-SWAP	0.0000%	8h	741.46	+0.023%	$6.0M	$13.2M	20x	as long as short
Gate META_USDT	0.0000%	8h	740.96	−0.045%	$343K	$5.5M	100x	as long as short
Bitget METAUSDT	0.0000%	8h	741.25	−0.005%	$5.8M	$11.0M	100x	as long as short
Variational Omni META	0.0000%	8h	741.24	−0.006%	$1.6M	$2.6M	—	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	741.30	+0.001%	$12K	$506K	10x	as long as short
SunX META-USDT	0.0000%	8h	741.51	+0.030%	$1K	$9.5M	20x	as long as short
HTX META-USDT	0.0000%	8h	741.09	−0.027%	$107K	$287K	30x	as long as short
Phemex METAUSDT	0.0000%	4h	741.30	+0.001%	$2.0M	$7K	10x	as long as short
QFEX META-USD	+0.0003%	1h	741.18	−0.015%	$2.2M	$14.2M	10x	as long as short
Lighter RH META	+0.0032%	1h	741.54	+0.034%	$749K	$3.2M	20x	as long as short
Arcus META-USD	+0.0040%	1h	740.87	−0.057%	$111K	$481K	10x	as long as short
Vest META-USD-PERP	+0.0046%	1h	741.75	+0.062%	—	$9K	25x	as long as short
Lighter META	+0.0048%	1h	741.50	+0.028%	$862K	$2.5M	20x	as long as short
Popdex METAUSDT	+0.0048%	1h	741.36	+0.009%	$178K	$201K	20x	as long as short
Polymarket Perps META-USD	+0.0050%	1h	741.39	+0.013%	$542K	$840K	10x	as long as short
SoDEX META-USD	+0.0050%	1h	741.36	+0.009%	$24K	$3K	10x	as long as short
Paradex META-USD-PERP	+0.0050%	8h	741.14	−0.020%	—	—	5x	as long as short
Ondo Perps META-USD.P	+0.0050%	1h	741.22	−0.009%	$639K	$4.1M	10x	as long as short
Aftermath Perps METAUSD	+0.0053%	1h	741.86	+0.076%	$49K	$66K	10x	as long as short
Coinbase International META-PERP-INTX	+0.0064%	1h	740.91	−0.051%	$606K	$7.4M	10x	as long as short
Phoenix METAshort	+0.0065%	1h	741.28	−0.001%	$291K	$791K	20x
Hotstuff META-PERP	+0.0072%	1h	741.49	+0.027%	$33K	$105	20x	as long as short
tradeXYZ xyz:META	+0.0097%	1h	741.37	+0.011%	$68.6M	$120.9M	20x	as long as short
KuCoin METAUSDTM	+0.0100%	8h	741.17	−0.016%	$1.6M	$364K	20x	as long as short
ApeX Omni METAUSDT	+0.0100%	1h	741.02	−0.036%	$166K	$73K	50x	as long as short
Orderly PERP_META_USDC_mythos	+0.0100%	8h	741.30	+0.001%	$1K	$24	10x	as long as short
Aevo META-PERP	+0.0104%	1h	741.17	−0.016%	$267	—	10x	as long as short
Deribit META_USDC-PERPETUAL	+0.0168%	1h	741.40	+0.015%	$30K	$256K	10x	as long as short
Injective META/USDC PERP	+0.0220%	1h	741.16	−0.018%	$169K	$46K	30x	as long as short
edgeX METAUSDC	+0.0566%	4h	741.12	−0.022%	$62K	$332K	10x	as long as short