Funding arb · Price arb /

META

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0539%/8h= +59.0% APRpaid last 24h +0.020%

Price spread now: Deribit against Phemex−0.035%7-day average −0.087% · 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−$100as in the Price arb table

costs, in and out, $10k−$1051.048% of the position

Long on Phemex Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)+0.026%+$3 on $10k

Price spread, last 3 days (all we have)−0.033%−$3 · spread now −0.035%, 7d avg −0.087%

Together, before fees−0.008%−$1 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$16 a day on $10k at the current rate, and Deribit is 0.052% dearer against Phemex than usual: you sell high and buy low: +$5 more if the spread goes back to its 7-day average of −0.087%.

The current funding rate is far above what this pair has been paying: over the last 5 days it paid 0.026% in total (about 2.0% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex METAUSDT	740.78	−0.0086	get 0.0043% / 4h	3h 47m	$2.0M	$7K	10x
Short	Deribit META_USDC-PERPETUAL	740.52	0.0453	get 0.0057% / 1h	47m 35s	$30K	$253K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now −0.035%Rate

Funding earned: $113.19
Price spread: −0.035% → −0.087%: $5.17
Slippage, 4 orders: −$85.76
Fee Phemex: 6 bp × 2 orders: −$12
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: $13.61
Costs to cover: 1.048%
Break-even: 6.2 days

Slippage from Phemex: live order book, 6 min ago; Deribit: live order book, 26 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, 6 min ago	1.89 bp	47.2 bp −$47	doesn't fit	doesn't fit	doesn't fit
Sell Deribit live order book, 26 min ago	4.72 bp	8.2 bp −$8	12.4 bp −$124	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	740.33	−0.061%	$327K	$1.1M	20x	as long as short
Phemex METAUSDTlong	−0.0086%	4h	740.78	long leg	$2.0M	$7K	10x
Aster METAUSDT	0.0000%	8h	740.94	+0.022%	$463K	$546K	20x	as long as short
Extended META_24_5-USD	0.0000%	1h	739.92	−0.117%	$552K	$1.9M	17x	as long as short
Binance METAUSDT	0.0000%	8h	740.10	−0.092%	$27.4M	$178.9M	20x	as long as short
Bybit METAUSDT	0.0000%	8h	739.84	−0.127%	$7.5M	$13.8M	100x	as long as short
OKX META-USDT-SWAP	0.0000%	8h	740.11	−0.090%	$6.0M	$13.2M	20x	as long as short
Gate META_USDT	0.0000%	8h	739.70	−0.146%	$357K	$5.6M	100x	as long as short
Bitget METAUSDT	0.0000%	8h	740.15	−0.085%	$5.6M	$11.1M	100x	as long as short
Variational Omni META	0.0000%	8h	739.73	−0.142%	$2.3M	$3.2M	—	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	740.20	−0.078%	$12K	$486K	10x	as long as short
SunX META-USDT	0.0000%	8h	740.28	−0.067%	$899	$9.4M	20x	as long as short
HTX META-USDT	0.0000%	8h	740.21	−0.077%	$106K	$292K	30x	as long as short
Nado META-PERP	+0.0025%	1h	739.89	−0.120%	$382K	$335K	20x	as long as short
Lighter RH META	+0.0032%	1h	740.25	−0.072%	$758K	$3.1M	20x	as long as short
Vest META-USD-PERP	+0.0046%	1h	740.50	−0.038%	—	$11K	25x	as long as short
Popdex METAUSDT	+0.0048%	1h	739.88	−0.121%	$177K	$194K	20x	as long as short
Polymarket Perps META-USD	+0.0050%	1h	740.15	−0.085%	$558K	$857K	10x	as long as short
SoDEX META-USD	+0.0050%	1h	740.20	−0.078%	$24K	$3K	10x	as long as short
Ondo Perps META-USD.P	+0.0050%	1h	739.24	−0.208%	$735K	$4.3M	10x	as long as short
QFEX META-USD	+0.0055%	1h	739.96	−0.111%	$2.2M	$14.2M	10x	as long as short
Arcus META-USD	+0.0063%	1h	739.80	−0.132%	$110K	$331K	10x	as long as short
Paradex META-USD-PERP	+0.0068%	8h	739.91	−0.118%	—	—	5x	as long as short
Aftermath Perps METAUSD	+0.0070%	1h	740.61	−0.023%	$50K	$77K	10x	as long as short
Hotstuff META-PERP	+0.0080%	1h	740.15	−0.085%	$33K	$105	20x	as long as short
KuCoin METAUSDTM	+0.0100%	8h	740.33	−0.061%	$1.6M	$415K	20x	as long as short
ApeX Omni METAUSDT	+0.0100%	1h	739.43	−0.182%	$166K	$72K	50x	as long as short
Orderly PERP_META_USDC_mythos	+0.0100%	8h	740.37	−0.055%	$1K	$24	10x	as long as short
Aevo META-PERP	+0.0104%	1h	740.20	−0.078%	$266	—	10x	as long as short
tradeXYZ xyz:META	+0.0109%	1h	740.09	−0.093%	$67.7M	$121.3M	20x	as long as short
Coinbase International META-PERP-INTX	+0.0144%	1h	739.59	−0.161%	$601K	$7.3M	10x	as long as short
Injective META/USDC PERP	+0.0220%	1h	741.93	+0.155%	$169K	$46K	30x	as long as short
Lighter META	+0.0256%	1h	740.34	−0.059%	$856K	$2.4M	20x	as long as short
Phoenix META	+0.0259%	1h	740.16	−0.084%	$277K	$930K	20x	as long as short
edgeX METAUSDC	+0.0367%	4h	740.09	−0.093%	$62K	$334K	10x	as long as short
Deribit META_USDC-PERPETUALshort	+0.0453%	1h	740.52	−0.035%	$30K	$253K	10x