Funding arb · Price arb /

META

RWAall META markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0220%/8h= −24.1% APRpaid last 24h −0.065%

Price spread now: Phemex against Injective−0.351%7-day average −0.261% · you buy dearer than you sell

Net, funding: paid 7d − costs−$198as in the Funding arb table

Net, price: spread back to 7d avg − costs−$160as in the Price arb table

costs, in and out, $10k−$1511.515% of the position

Long on Injective Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.461%−$46 on $10k

Price spread, last 4 days (all we have)+0.312%+$31 · spread now −0.351%, 7d avg −0.261%

Together, before fees−0.149%−$15 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$7 a day on $10k at the current rate, and Phemex is 0.090% cheaper against Injective than usual: you would sell low and buy high (−$9 if the spread goes back to its 7-day average of −0.261%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Injective META/USDC PERP	745.90	0.0220	pay 0.0028% / 1h	24m 24s	$172K	$46K	30x
Short	Phemex METAUSDT	743.28	0	get 0.0000% / 4h	2h 24m	$2.0M	$8K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Injective. 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 InjectivebpFee PhemexbpOrdersPrice spread, now −0.351%Rate

Funding earned: −$46.2
Price spread: −0.351% → −0.261%: −$9.04
Slippage, 4 orders: −$139.44
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$206.69
Costs to cover: 1.515%
Break-even: never at this rate

Slippage from Injective: live order book, 24 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 Injective live order book, 24 min ago	19.96 bp	20.0 bp −$20	9885.4 bp −$98.9K	doesn't fit	doesn't fit
Sell Phemex live order book, 4 min ago	2.36 bp	46.6 bp −$47	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	744.02	−0.252%	$331K	$1.1M	20x	as long as short
Aster METAUSDT	0.0000%	8h	744.45	−0.194%	$479K	$589K	20x	as long as short
Extended META_24_5-USD	0.0000%	1h	743.56	−0.313%	$544K	$2.6M	17x	as long as short
Binance METAUSDT	0.0000%	8h	743.75	−0.289%	$27.7M	$182.7M	20x	as long as short
Bybit METAUSDT	0.0000%	8h	743.86	−0.273%	$7.3M	$15.1M	100x	as long as short
OKX META-USDT-SWAP	0.0000%	8h	743.84	−0.276%	$6.0M	$12.4M	20x	as long as short
Gate META_USDT	0.0000%	8h	743.24	−0.357%	$440K	$5.9M	100x	as long as short
Bitget METAUSDT	0.0000%	8h	743.89	−0.269%	$5.6M	$12.1M	100x	as long as short
Variational Omni META	0.0000%	8h	743.94	−0.262%	$2.4M	$3.2M	—	as long as short
GRVT META_USDT_Perp	0.0000%	8h	743.10	−0.375%	$12K	$442K	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	743.94	−0.263%	$782	$8.4M	20x	as long as short
Deribit META_USDC-PERPETUAL	0.0000%	1h	743.40	−0.335%	$31K	$264K	10x	as long as short
HTX META-USDT	0.0000%	8h	743.79	−0.283%	$106K	$306K	30x	as long as short
Phemex METAUSDTshort	0.0000%	4h	743.28	−0.351%	$2.0M	$8K	10x
Nado META-PERP	+0.0020%	1h	743.68	−0.297%	$481K	$558K	20x	as long as short
Lighter RH META	+0.0032%	1h	744.02	−0.252%	$769K	$2.9M	20x	as long as short
Arcus META-USD	+0.0040%	1h	743.21	−0.361%	$110K	$331K	10x	as long as short
Vest META-USD-PERP	+0.0046%	1h	744.16	−0.233%	—	$11K	25x	as long as short
QFEX META-USD	+0.0046%	1h	743.69	−0.296%	$2.2M	$13.8M	10x	as long as short
Popdex METAUSDT	+0.0048%	1h	743.72	−0.292%	$178K	$200K	20x	as long as short
Polymarket Perps META-USD	+0.0050%	1h	743.38	−0.338%	$585K	$564K	10x	as long as short
SoDEX META-USD	+0.0050%	1h	743.72	−0.292%	$24K	$3K	10x	as long as short
Ondo Perps META-USD.P	+0.0050%	1h	743.52	−0.319%	$736K	$4.9M	10x	as long as short
Paradex META-USD-PERP	+0.0075%	8h	743.78	−0.285%	—	—	5x	as long as short
Aftermath Perps METAUSD	+0.0085%	1h	744.33	−0.211%	$51K	$81K	10x	as long as short
KuCoin METAUSDTM	+0.0100%	8h	743.73	−0.291%	$1.6M	$646K	20x	as long as short
ApeX Omni METAUSDT	+0.0100%	1h	743.02	−0.386%	$166K	$72K	50x	as long as short
Orderly PERP_META_USDC_mythos	+0.0100%	8h	743.78	−0.284%	$1K	$24	10x	as long as short
Aevo META-PERP	+0.0104%	1h	743.65	−0.302%	$268	—	10x	as long as short
Coinbase International META-PERP-INTX	+0.0128%	1h	743.58	−0.311%	$655K	$7.8M	10x	as long as short
edgeX METAUSDC	+0.0212%	4h	743.26	−0.354%	$62K	$339K	10x	as long as short
Injective META/USDC PERPlong	+0.0220%	1h	745.90	long leg	$172K	$46K	30x
Lighter META	+0.0312%	1h	744.16	−0.233%	$1.0M	$2.6M	20x	as long as short
Hotstuff META-PERP	+0.0360%	1h	744.14	−0.236%	$33K	$105	20x	as long as short
tradeXYZ xyz:META	+0.0438%	1h	743.96	−0.260%	$74.7M	$124.8M	20x	as long as short
Phoenix META	+0.0685%	1h	744.15	−0.235%	$795K	$1.4M	20x	as long as short