Funding arb · Price arb /

META

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0573%/8h= +62.7% APRpaid last 24h —

Price spread now: Phoenix against Paradex+0.096%46s7-day average — · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Paradex Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropParadex: Active · farm boardneeds both histories

Both sides work for this trade now. Funding pays +$17 a day on $10k at the current rate, and Phoenix is 0.096% dearer against Paradex than usual: you sell high and buy low: +$10 more if the spread goes back to zero (this spread has no 7-day history yet). The two prices were read 46 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	Paradex META-USD-PERP	746.73	0.0060	pay 0.0060% / 8h	3h 14m	—	—	5x
Short	Phoenix META	747.45	0.0633	get 0.0079% / 1h	14m 28s	$798K	$1.4M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Paradex. 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 ParadexbpFee PhoenixbpOrdersPrice spread, now +0.096%Rate

Funding earned: $120.32
Price spread: +0.096% → 0.000%: $9.62
Slippage, 4 orders: no order book: not counted
Fee Paradex: 2 bp × 2 orders: −$4
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $118.94
Costs to cover: 0.110%
Break-even: 0.1 days

Slippage unknown: Paradex: no order-book sample; Phoenix: live order book, 4 min ago. Net counts fees only.

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 Paradex no order-book sample	—	—	—	—	—
Sell Phoenix live order book, 4 min ago	2.41 bp	8.9 bp −$9	17.4 bp −$174	doesn't fit	doesn't fit

Paradex: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	746.68	−0.007%	$331K	$1.1M	20x	as long as short
Nado META-PERP	0.0000%	1h	746.62	−0.016%	$483K	$554K	20x	as long as short
Aster METAUSDT	0.0000%	8h	746.67	−0.008%	$492K	$577K	20x	as long as short
Extended META_24_5-USD	0.0000%	1h	746.66	−0.010%	$554K	$2.7M	17x	as long as short
Binance METAUSDT	0.0000%	8h	747.16	+0.058%	$28.5M	$182.3M	20x	as long as short
Bybit METAUSDT	0.0000%	8h	747.25	+0.069%	$7.5M	$14.5M	100x	as long as short
OKX META-USDT-SWAP	0.0000%	8h	747.01	+0.037%	$6.0M	$13.2M	20x	as long as short
Gate META_USDT	0.0000%	8h	746.48	−0.034%	$380K	$5.8M	100x	as long as short
Variational Omni META	0.0000%	8h	746.53	−0.026%	$2.4M	$3.2M	—	as long as short
GRVT META_USDT_Perp	0.0000%	8h	746.37	−0.048%	$13K	$452K	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	746.73	0.000%	$995	$8.9M	20x	as long as short
Deribit META_USDC-PERPETUAL	0.0000%	1h	746.27	−0.062%	$31K	$247K	10x	as long as short
HTX META-USDT	0.0000%	8h	746.19	−0.073%	$106K	$303K	30x	as long as short
Phemex METAUSDT	0.0000%	4h	746.59	−0.019%	$2.0M	$8K	10x	as long as short
Lighter RH META	+0.0032%	1h	747.11	+0.051%	$783K	$2.9M	20x	as long as short
Bitget METAUSDT	+0.0032%	8h	747.02	+0.039%	$5.5M	$11.8M	100x	as long as short
Arcus META-USD	+0.0040%	1h	746.15	−0.078%	$111K	$330K	10x	as long as short
Vest META-USD-PERP	+0.0046%	1h	747.11	+0.051%	—	$10K	25x	as long as short
Polymarket Perps META-USD	+0.0050%	1h	747.06	+0.044%	$588K	$565K	10x	as long as short
SoDEX META-USD	+0.0050%	1h	746.59	−0.019%	$25K	$3K	10x	as long as short
Ondo Perps META-USD.P	+0.0050%	1h	746.37	−0.048%	$787K	$4.6M	10x	as long as short
QFEX META-USD	+0.0058%	1h	747.01	+0.037%	$2.2M	$13.7M	10x	as long as short
Paradex META-USD-PERPlong	+0.0060%	8h	746.73	long leg	—	—	5x
Aftermath Perps METAUSD	+0.0083%	1h	746.83	+0.014%	$52K	$82K	10x	as long as short
edgeX METAUSDC	+0.0085%	4h	746.26	−0.063%	$62K	$339K	10x	as long as short
Popdex METAUSDT	+0.0096%	1h	747.19	+0.061%	$180K	$200K	20x	as long as short
KuCoin METAUSDTM	+0.0100%	8h	746.71	−0.003%	$1.6M	$618K	20x	as long as short
ApeX Omni METAUSDT	+0.0100%	1h	745.61	−0.150%	$167K	$71K	50x	as long as short
Orderly PERP_META_USDC_mythos	+0.0100%	8h	746.44	−0.039%	$1K	$24	10x	as long as short
Aevo META-PERP	+0.0104%	1h	746.43	−0.041%	$269	—	10x	as long as short
Coinbase International META-PERP-INTX	+0.0128%	1h	745.72	−0.135%	$638K	$7.5M	10x	as long as short
Injective META/USDC PERP	+0.0220%	1h	748.48	+0.234%	$173K	$48K	30x	as long as short
Hotstuff META-PERP	+0.0240%	1h	746.74	+0.001%	$33K	$105	20x	as long as short
Lighter META	+0.0272%	1h	746.98	+0.033%	$867K	$2.4M	20x	as long as short
tradeXYZ xyz:META	+0.0323%	1h	747.07	+0.045%	$71.0M	$121.3M	20x	as long as short
Phoenix METAshort	+0.0633%	1h	747.45	+0.096%	$798K	$1.4M	20x