Funding arb · Price arb /

META

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC−0.0097%/8h= −10.6% APRpaid last 24h 0.000%

Price spread now: Phemex against Nado+0.112%7-day average +0.056% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$96as in the Price arb table

costs, in and out, $10k−$1021.021% of the position

Long on Nado Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.071%+$7 on $10k

Price spread, last 4 days (all we have)+0.071%+$7 · spread now +0.112%, 7d avg +0.056%

Together, before fees+0.142%+ Points / potential airdropNado: Active · farm board+$14 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Phemex is 0.056% dearer against Nado than usual: you sell high and buy low (spread +0.112% now, against its 7-day average of +0.056%): +$6 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 46 hours. Mind the row above: over the last 4 days funding on this pair paid +0.071%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Nado META-PERP	739.00	0.0097	pay 0.0012% / 1h	55m 33s	$474K	$536K	20x
Short	Phemex METAUSDT	739.83	0	get 0.0000% / 4h	55m 33s	$2.0M	$9K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Nado. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 NadobpFee PhemexbpOrdersPrice spread, now +0.112%Rate

Funding earned: −$20.4
Price spread: +0.112% → +0.056%: $5.57
Slippage, 4 orders: −$83.06
Fee Nado: 3.5 bp × 2 orders: −$7
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$116.89
Costs to cover: 1.021%
Break-even: never at this rate

Slippage from Nado: live order book, 51 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 Nado live order book, 51 min ago	0.54 bp	10.3 bp −$10	38.1 bp −$381	doesn't fit	doesn't fit
Sell Phemex live order book, 1 min ago	1.42 bp	37.3 bp −$37	doesn't fit	doesn't fit	doesn't fit

META on 37 exchanges

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	−0.1600%	1h	740.15	+0.155%	$33K	$105	20x	as long as short
BloFin META-USDT	−0.0120%	8h	740.01	+0.136%	$337K	$1.1M	20x	as long as short
Aster METAUSDT	0.0000%	8h	740.05	+0.141%	$492K	$629K	20x	as long as short
Extended META_24_5-USD	0.0000%	1h	739.38	+0.050%	$547K	$3.3M	17x	as long as short
Binance METAUSDT	0.0000%	8h	739.56	+0.075%	$25.2M	$191.9M	20x	as long as short
Bybit METAUSDT	0.0000%	8h	739.40	+0.054%	$7.5M	$16.3M	100x	as long as short
OKX META-USDT-SWAP	0.0000%	8h	739.42	+0.056%	$6.0M	$13.1M	20x	as long as short
Gate META_USDT	0.0000%	8h	739.14	+0.018%	$470K	$6.3M	100x	as long as short
Bitget METAUSDT	0.0000%	8h	739.64	+0.086%	$5.9M	$12.3M	100x	as long as short
Variational Omni META	0.0000%	8h	739.44	+0.060%	$2.6M	$3.2M	—	as long as short

Show all 37 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT META_USDT_Perp	0.0000%	8h	739.66	+0.089%	$12K	$423K	10x	as long as short
SunX META-USDT	0.0000%	8h	739.84	+0.113%	$653	$6.8M	20x	as long as short
HTX META-USDT	0.0000%	8h	739.46	+0.062%	$108K	$310K	30x	as long as short
Phemex METAUSDTshort	0.0000%	4h	739.83	+0.112%	$2.0M	$9K	10x
Deribit META_USDC-PERPETUAL	+0.0007%	1h	738.95	−0.007%	$36K	$209K	10x	as long as short
Lighter RH META	+0.0032%	1h	739.63	+0.085%	$855K	$2.8M	20x	as long as short
Vest META-USD-PERP	+0.0046%	1h	739.57	+0.077%	—	$11K	25x	as long as short
Popdex METAUSDT	+0.0048%	1h	739.53	+0.071%	$178K	$199K	20x	as long as short
Polymarket Perps META-USD	+0.0050%	1h	739.19	+0.025%	$557K	$590K	10x	as long as short
SoDEX META-USD	+0.0050%	1h	739.53	+0.071%	$24K	$3K	10x	as long as short
Ondo Perps META-USD.P	+0.0050%	1h	738.71	−0.040%	$754K	$5.1M	10x	as long as short
QFEX META-USD	+0.0056%	1h	739.32	+0.043%	$2.2M	$14.0M	10x	as long as short
Paradex META-USD-PERP	+0.0069%	8h	739.16	+0.022%	—	—	5x	as long as short
Aftermath Perps METAUSD	+0.0079%	1h	740.03	+0.139%	$53K	$86K	10x	as long as short
Coinbase International META-PERP-INTX	+0.0088%	1h	739.08	+0.010%	$642K	$7.3M	10x	as long as short
Nado META-PERPlong	+0.0097%	1h	739.00	long leg	$474K	$536K	20x
Pacifica META	+0.0100%	1h	738.93	−0.010%	$612	$3K	10x	as long as short
KuCoin METAUSDTM	+0.0100%	8h	739.55	+0.074%	$1.6M	$932K	20x	as long as short
ApeX Omni METAUSDT	+0.0100%	1h	739.00	0.000%	$166K	$71K	50x	as long as short
Orderly PERP_META_USDC_mythos	+0.0100%	8h	739.49	+0.066%	$1K	$338	10x	as long as short
Aevo META-PERP	+0.0104%	1h	739.36	+0.048%	$266	—	10x	as long as short
Arcus META-USD	+0.0209%	1h	739.20	+0.027%	$111K	$291K	10x	as long as short
Injective META/USDC PERP	+0.0220%	1h	741.41	+0.326%	$167K	$61K	30x	as long as short
tradeXYZ xyz:META	+0.0262%	1h	739.39	+0.052%	$86.9M	$136.2M	20x	as long as short
Lighter META	+0.0344%	1h	739.68	+0.092%	$1.2M	$2.6M	20x	as long as short
Phoenix META	+0.0613%	1h	740.77	+0.239%	$791K	$1.5M	20x	as long as short
edgeX METAUSDC	+0.0808%	4h	739.92	+0.124%	$63K	$349K	10x	as long as short