Funding arb · Price arb /

META

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0220%/8h= +24.1% APRpaid last 24h +0.065%

Price spread now: Injective against Phemex−0.146%7-day average +0.260% · you buy dearer than you sell

Net, funding: paid 7d − costs−$99as in the Funding arb table

Net, price: spread back to 7d avg − costs−$185as in the Price arb table

costs, in and out, $10k−$1451.447% of the position

Long on Phemex Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days+0.461%+$46 on $10k

Price spread, last 4 days (all we have)+0.187%+$19 · spread now −0.146%, 7d avg +0.260%

Together, before fees+0.648%+$65 on $10k · with fees, hour by hour

Funding pays, the price is against you. Injective is 0.406% cheaper against Phemex than usual: you would sell low and buy high (spread −0.146% now, against its 7-day average of +0.260%). If the spread goes back, that is −$41 on $10k: about 6.2 days of funding at the current rate (+$7 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex METAUSDT	745.17	0	get 0.0000% / 4h	3h 44m	$2.0M	$8K	10x
Short	Injective META/USDC PERP	744.08	0.0220	get 0.0028% / 1h	44m 37s	$172K	$48K	30x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective 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 InjectivebpOrdersPrice spread, now −0.146%Rate

Funding earned: $46.2
Price spread: −0.146% → +0.260%: −$40.62
Slippage, 4 orders: −$132.7
Fee Phemex: 6 bp × 2 orders: −$12
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$139.14
Costs to cover: 1.447%
Break-even: 28.1 days

Slippage from Phemex: live order book, 4 min ago; Injective: live order book, 9 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, 4 min ago	1.48 bp	44.8 bp −$45	doesn't fit	doesn't fit	doesn't fit
Sell Injective live order book, 9 min ago	17.58 bp	33.9 bp −$34	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	745.26	+0.012%	$329K	$1.1M	20x	as long as short
Nado META-PERP	−0.0017%	1h	744.72	−0.061%	$481K	$553K	20x	as long as short
Aster METAUSDT	0.0000%	8h	744.70	−0.064%	$469K	$554K	20x	as long as short
Extended META_24_5-USD	0.0000%	1h	745.11	−0.009%	$550K	$2.7M	17x	as long as short
Binance METAUSDT	0.0000%	8h	745.35	+0.024%	$28.4M	$182.9M	20x	as long as short
Bybit METAUSDT	0.0000%	8h	745.09	−0.011%	$7.5M	$14.5M	100x	as long as short
OKX META-USDT-SWAP	0.0000%	8h	745.08	−0.012%	$6.0M	$13.6M	20x	as long as short
Gate META_USDT	0.0000%	8h	744.51	−0.089%	$364K	$5.8M	100x	as long as short
Bitget METAUSDT	0.0000%	8h	745.29	+0.016%	$5.4M	$11.8M	100x	as long as short
Variational Omni META	0.0000%	8h	744.99	−0.024%	$2.4M	$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	743.99	−0.158%	$12K	$450K	10x	as long as short
SunX META-USDT	0.0000%	8h	745.06	−0.015%	$781	$9.0M	20x	as long as short
Deribit META_USDC-PERPETUAL	0.0000%	1h	744.71	−0.062%	$31K	$246K	10x	as long as short
HTX META-USDT	0.0000%	8h	744.99	−0.024%	$106K	$302K	30x	as long as short
Phemex METAUSDTlong	0.0000%	4h	745.17	long leg	$2.0M	$8K	10x
Lighter RH META	+0.0032%	1h	745.46	+0.039%	$782K	$2.9M	20x	as long as short
Arcus META-USD	+0.0040%	1h	744.55	−0.083%	$111K	$330K	10x	as long as short
Vest META-USD-PERP	+0.0046%	1h	745.16	−0.001%	—	$10K	25x	as long as short
Popdex METAUSDT	+0.0048%	1h	745.31	+0.019%	$179K	$199K	20x	as long as short
Polymarket Perps META-USD	+0.0050%	1h	744.75	−0.056%	$586K	$565K	10x	as long as short
SoDEX META-USD	+0.0050%	1h	745.07	−0.013%	$25K	$3K	10x	as long as short
Ondo Perps META-USD.P	+0.0050%	1h	744.20	−0.130%	$801K	$4.6M	10x	as long as short
QFEX META-USD	+0.0058%	1h	745.14	−0.004%	$2.2M	$13.7M	10x	as long as short
Aftermath Perps METAUSD	+0.0084%	1h	745.31	+0.019%	$52K	$82K	10x	as long as short
Paradex META-USD-PERP	+0.0095%	8h	745.15	−0.003%	—	—	5x	as long as short
KuCoin METAUSDTM	+0.0100%	8h	744.80	−0.050%	$1.6M	$602K	20x	as long as short
ApeX Omni METAUSDT	+0.0100%	1h	744.16	−0.136%	$167K	$71K	50x	as long as short
Orderly PERP_META_USDC_mythos	+0.0100%	8h	745.25	+0.011%	$1K	$24	10x	as long as short
Aevo META-PERP	+0.0104%	1h	745.02	−0.021%	$268	—	10x	as long as short
Coinbase International META-PERP-INTX	+0.0128%	1h	744.02	−0.154%	$617K	$7.4M	10x	as long as short
Injective META/USDC PERPshort	+0.0220%	1h	744.08	−0.146%	$172K	$48K	30x
Hotstuff META-PERP	+0.0232%	1h	745.33	+0.021%	$33K	$105	20x	as long as short
Lighter META	+0.0248%	1h	745.44	+0.036%	$864K	$2.4M	20x	as long as short
tradeXYZ xyz:META	+0.0337%	1h	745.39	+0.030%	$70.1M	$121.0M	20x	as long as short
Phoenix META	+0.0633%	1h	746.12	+0.127%	$768K	$1.4M	20x	as long as short
edgeX METAUSDC	+0.0979%	4h	744.81	−0.048%	$62K	$339K	10x	as long as short