Funding arb · Price arb /

META

RWAall META markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h −0.030%

Price spread now: Phemex against KuCoin+0.050%7-day average +0.065% · you sell dearer than you buy

Net, funding: paid 7d − costs−$192as in the Funding arb table

Net, price: spread back to 7d avg − costs−$172as in the Price arb table

costs, in and out, $10k−$1711.707% of the position

Long on KuCoin Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.210%−$21 on $10k

Price spread, last 4 days (all we have)+0.422%+$42 · spread now +0.050%, 7d avg +0.065%

Together, before fees+0.212%+$21 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.065%, so right now this pair is about funding alone: −$3 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin METAUSDTM	742.10	0.0100	pay 0.0100% / 8h	5h 24m	$1.6M	$519K	20x
Short	Phemex METAUSDT	742.47	0	get 0.0000% / 4h	1h 24m	$2.0M	$8K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against KuCoin. 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 KuCoinbpFee PhemexbpOrdersPrice spread, now +0.050%Rate

Funding earned: −$21
Price spread: +0.050% → +0.065%: −$1.55
Slippage, 4 orders: −$146.72
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$193.27
Costs to cover: 1.707%
Break-even: never at this rate

Slippage from KuCoin: live order book, 2 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 KuCoin live order book, 2 min ago	5.19 bp	29.0 bp −$29	doesn't fit	doesn't fit	doesn't fit
Sell Phemex live order book, 4 min ago	1.21 bp	36.4 bp −$36	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	742.08	−0.003%	$328K	$1.1M	20x	as long as short
Nado META-PERP	−0.0021%	1h	741.38	−0.097%	$479K	$550K	20x	as long as short
Aster METAUSDT	0.0000%	8h	741.79	−0.042%	$467K	$549K	20x	as long as short
Extended META_24_5-USD	0.0000%	1h	741.76	−0.046%	$548K	$2.7M	17x	as long as short
Binance METAUSDT	0.0000%	8h	741.96	−0.018%	$27.4M	$179.2M	20x	as long as short
Bybit METAUSDT	0.0000%	8h	741.89	−0.028%	$7.5M	$13.8M	100x	as long as short
OKX META-USDT-SWAP	0.0000%	8h	741.81	−0.039%	$6.0M	$13.4M	20x	as long as short
Gate META_USDT	0.0000%	8h	741.60	−0.067%	$345K	$5.6M	100x	as long as short
Bitget METAUSDT	0.0000%	8h	741.89	−0.028%	$5.5M	$11.5M	100x	as long as short
Variational Omni META	0.0000%	8h	742.17	+0.010%	$2.4M	$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	742.19	+0.013%	$12K	$431K	10x	as long as short
SunX META-USDT	0.0000%	8h	742.07	−0.004%	$1K	$9.1M	20x	as long as short
HTX META-USDT	0.0000%	8h	741.79	−0.042%	$106K	$296K	30x	as long as short
Phemex METAUSDTshort	0.0000%	4h	742.47	+0.050%	$2.0M	$8K	10x
Lighter RH META	+0.0032%	1h	742.15	+0.007%	$764K	$3.0M	20x	as long as short
QFEX META-USD	+0.0032%	1h	741.66	−0.059%	$2.1M	$13.7M	10x	as long as short
Arcus META-USD	+0.0040%	1h	741.62	−0.065%	$110K	$330K	10x	as long as short
Vest META-USD-PERP	+0.0046%	1h	741.94	−0.022%	—	$10K	25x	as long as short
Deribit META_USDC-PERPETUAL	+0.0047%	1h	741.53	−0.077%	$31K	$245K	10x	as long as short
Popdex METAUSDT	+0.0048%	1h	741.81	−0.039%	$178K	$199K	20x	as long as short
Polymarket Perps META-USD	+0.0050%	1h	741.66	−0.059%	$559K	$540K	10x	as long as short
SoDEX META-USD	+0.0050%	1h	741.90	−0.027%	$24K	$3K	10x	as long as short
Ondo Perps META-USD.P	+0.0050%	1h	741.36	−0.100%	$721K	$4.2M	10x	as long as short
Paradex META-USD-PERP	+0.0067%	8h	741.58	−0.070%	—	—	5x	as long as short
Aftermath Perps METAUSD	+0.0078%	1h	742.53	+0.058%	$50K	$82K	10x	as long as short
Coinbase International META-PERP-INTX	+0.0096%	1h	741.78	−0.043%	$618K	$7.2M	10x	as long as short
KuCoin METAUSDTMlong	+0.0100%	8h	742.10	long leg	$1.6M	$519K	20x
ApeX Omni METAUSDT	+0.0100%	1h	741.39	−0.096%	$166K	$71K	50x	as long as short
Orderly PERP_META_USDC_mythos	+0.0100%	8h	741.85	−0.034%	$1K	$24	10x	as long as short
Aevo META-PERP	+0.0104%	1h	741.63	−0.063%	$267	—	10x	as long as short
Injective META/USDC PERP	+0.0220%	1h	744.80	+0.364%	$172K	$48K	30x	as long as short
Hotstuff META-PERP	+0.0256%	1h	741.85	−0.034%	$33K	$105	20x	as long as short
Lighter META	+0.0264%	1h	742.11	+0.001%	$861K	$2.4M	20x	as long as short
tradeXYZ xyz:META	+0.0349%	1h	742.04	−0.008%	$69.2M	$120.1M	20x	as long as short
edgeX METAUSDC	+0.0462%	4h	742.01	−0.012%	$62K	$335K	10x	as long as short
Phoenix META	+0.0496%	1h	743.31	+0.163%	$548K	$1.1M	20x	as long as short