Funding arb · Price arb /

META

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0040%/8h= +4.4% APRpaid last 24h +0.064%

Price spread now: Arcus against Phemex−0.066%7-day average −0.056% · you buy dearer than you sell

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

Net, price: spread back to 7d avg − costs−$103as in the Price arb table

costs, in and out, $10k−$1021.024% of the position

Long on Phemex Short on Arcus

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.138%+$14 on $10k

Price spread, last 3 days (all we have)−0.045%−$4 · spread now −0.066%, 7d avg −0.056%

Together, before fees+0.093%+$9 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.056%, so right now this pair is about funding alone: +$1 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex METAUSDT	740.23	0	get 0.0000% / 4h	2h 15m	$2.0M	$8K	10x
Short	Arcus META-USD	739.74	0.0040	get 0.0005% / 1h	15m 03s	$110K	$330K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Arcus against Phemex. 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 PhemexbpFee ArcusbpOrdersPrice spread, now −0.066%Rate

Funding earned: $8.46
Price spread: −0.066% → −0.056%: −$1
Slippage, 4 orders: −$85.93
Fee Phemex: 6 bp × 2 orders: −$12
Fee Arcus: 2.25 bp × 2 orders: −$4.5
Net: −$94.96
Costs to cover: 1.024%
Break-even: 85.6 days

Slippage from Phemex: live order book, 3 min ago; Arcus: live order book, 54 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 Phemex live order book, 3 min ago	0.74 bp	46.4 bp −$46	doesn't fit	doesn't fit	doesn't fit
Sell Arcus live order book, 54 min ago	2.84 bp	12.5 bp −$12	14.8 bp −$148	doesn't fit	doesn't fit

META on 35 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
Nado META-PERP	−0.0120%	1h	739.73	−0.067%	$478K	$549K	20x	as long as short
Aster METAUSDT	0.0000%	8h	740.66	+0.058%	$466K	$549K	20x	as long as short
Extended META_24_5-USD	0.0000%	1h	739.94	−0.039%	$550K	$2.7M	17x	as long as short
Binance METAUSDT	0.0000%	8h	740.12	−0.015%	$27.3M	$179.2M	20x	as long as short
Bybit METAUSDT	0.0000%	8h	739.90	−0.045%	$7.5M	$13.8M	100x	as long as short
OKX META-USDT-SWAP	0.0000%	8h	740.25	+0.003%	$5.9M	$13.3M	20x	as long as short
Gate META_USDT	0.0000%	8h	739.77	−0.062%	$352K	$5.6M	100x	as long as short
Bitget METAUSDT	0.0000%	8h	740.28	+0.007%	$5.5M	$11.3M	100x	as long as short
Variational Omni META	0.0000%	8h	740.06	−0.023%	$2.3M	$3.1M	—	as long as short
GRVT META_USDT_Perp	0.0000%	8h	740.16	−0.010%	$12K	$433K	10x	as long as short

Show all 35 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX META-USDT	0.0000%	8h	739.93	−0.041%	$959	$9.2M	20x	as long as short
Deribit META_USDC-PERPETUAL	0.0000%	1h	739.59	−0.086%	$31K	$244K	10x	as long as short
HTX META-USDT	0.0000%	8h	740.12	−0.015%	$105K	$296K	30x	as long as short
Phemex METAUSDTlong	0.0000%	4h	740.23	long leg	$2.0M	$8K	10x
QFEX META-USD	+0.0025%	1h	740.05	−0.024%	$2.2M	$13.9M	10x	as long as short
Lighter RH META	+0.0032%	1h	740.35	+0.016%	$750K	$3.0M	20x	as long as short
Arcus META-USDshort	+0.0040%	1h	739.74	−0.066%	$110K	$330K	10x
Vest META-USD-PERP	+0.0046%	1h	740.31	+0.011%	—	$11K	25x	as long as short
Popdex METAUSDT	+0.0048%	1h	740.12	−0.015%	$176K	$197K	20x	as long as short
Polymarket Perps META-USD	+0.0050%	1h	739.86	−0.050%	$557K	$701K	10x	as long as short
SoDEX META-USD	+0.0050%	1h	740.08	−0.020%	$24K	$3K	10x	as long as short
Ondo Perps META-USD.P	+0.0050%	1h	739.55	−0.092%	$697K	$4.3M	10x	as long as short
Paradex META-USD-PERP	+0.0056%	8h	739.89	−0.045%	—	—	5x	as long as short
Aftermath Perps METAUSD	+0.0071%	1h	740.89	+0.089%	$49K	$80K	10x	as long as short
KuCoin METAUSDTM	+0.0100%	8h	740.16	−0.009%	$1.6M	$487K	20x	as long as short
ApeX Omni METAUSDT	+0.0100%	1h	739.74	−0.066%	$166K	$71K	50x	as long as short
Orderly PERP_META_USDC_mythos	+0.0100%	8h	740.05	−0.024%	$1K	$24	10x	as long as short
Aevo META-PERP	+0.0104%	1h	739.96	−0.037%	$266	—	10x	as long as short
Coinbase International META-PERP-INTX	+0.0104%	1h	740.66	+0.058%	$609K	$7.2M	10x	as long as short
Lighter META	+0.0136%	1h	740.27	+0.005%	$860K	$2.4M	20x	as long as short
Hotstuff META-PERP	+0.0136%	1h	740.13	−0.014%	$33K	$105	20x	as long as short
Injective META/USDC PERP	+0.0220%	1h	742.42	+0.296%	$171K	$48K	30x	as long as short
tradeXYZ xyz:META	+0.0245%	1h	740.09	−0.019%	$68.3M	$120.0M	20x	as long as short
Phoenix META	+0.0313%	1h	740.85	+0.084%	$438K	$1.1M	20x	as long as short
edgeX METAUSDC	+0.0949%	4h	739.98	−0.034%	$62K	$336K	10x	as long as short