Funding arb · Price arb /

META

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0043%/8h= +4.7% APRpaid last 24h +0.003%

Price spread now: Nado against Phemex−0.083%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−$122as in the Price arb table

costs, in and out, $10k−$1201.197% of the position

Long on Phemex Short on Nado

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.072%−$7 on $10k

Price spread, last 4 days (all we have)−0.042%−$4 · spread now −0.083%, 7d avg −0.056%

Together, before fees−0.114%+ Points / potential airdropNado: Active · farm board−$11 on $10k · with fees, hour by hour

Funding pays, the price is against you. Nado is 0.027% cheaper against Phemex than usual: you would sell low and buy high (spread −0.083% now, against its 7-day average of −0.056%). If the spread goes back, that is −$3 on $10k: about 2.1 days of funding at the current rate (+$1 a day). Mind the row above: over the last 4 days funding on this pair cost −0.072%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex METAUSDT	745.48	0	get 0.0000% / 4h	33m 34s	$2.0M	$8K	10x
Short	Nado META-PERP	744.86	0.0043	get 0.0005% / 1h	33m 34s	$480K	$560K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Nado 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 NadobpOrdersPrice spread, now −0.083%Rate

Funding earned: $9.05
Price spread: −0.083% → −0.056%: −$2.67
Slippage, 4 orders: −$100.67
Fee Phemex: 6 bp × 2 orders: −$12
Fee Nado: 3.5 bp × 2 orders: −$7
Net: −$113.29
Costs to cover: 1.197%
Break-even: 94.7 days

Slippage from Phemex: live order book, 5 min ago; Nado: live order book, 4 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, 5 min ago	1.95 bp	46.2 bp −$46	doesn't fit	doesn't fit	doesn't fit
Sell Nado live order book, 4 min ago	0.40 bp	10.6 bp −$11	19.3 bp −$193	doesn't fit	doesn't fit

META on 37 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	745.79	+0.042%	$332K	$1.1M	20x	as long as short
Aster METAUSDT	0.0000%	8h	745.18	−0.041%	$479K	$593K	20x	as long as short
Extended META_24_5-USD	0.0000%	1h	745.40	−0.010%	$548K	$3.4M	17x	as long as short
Binance METAUSDT	0.0000%	8h	745.65	+0.023%	$25.1M	$188.4M	20x	as long as short
Bybit METAUSDT	0.0000%	8h	745.60	+0.016%	$7.5M	$15.3M	100x	as long as short
OKX META-USDT-SWAP	0.0000%	8h	745.69	+0.028%	$6.0M	$12.7M	20x	as long as short
Gate META_USDT	0.0000%	8h	745.03	−0.060%	$469K	$6.2M	100x	as long as short
Bitget METAUSDT	0.0000%	8h	745.58	+0.013%	$5.5M	$12.3M	100x	as long as short
Variational Omni META	0.0000%	8h	745.45	−0.004%	$2.4M	$3.1M	—	as long as short
GRVT META_USDT_Perp	0.0000%	8h	745.78	+0.040%	$12K	$436K	10x	as long as short

Show all 37 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX META-USDT	0.0000%	8h	745.35	−0.017%	$966	$8.0M	20x	as long as short
Deribit META_USDC-PERPETUAL	0.0000%	1h	744.85	−0.085%	$34K	$275K	10x	as long as short
HTX META-USDT	0.0000%	8h	745.18	−0.040%	$108K	$312K	30x	as long as short
Phemex METAUSDTlong	0.0000%	4h	745.48	long leg	$2.0M	$8K	10x
QFEX META-USD	+0.0031%	1h	745.39	−0.012%	$2.2M	$14.0M	10x	as long as short
Arcus META-USD	+0.0040%	1h	745.16	−0.043%	$112K	$339K	10x	as long as short
Nado META-PERPshort	+0.0043%	1h	744.86	−0.083%	$480K	$560K	20x
Vest META-USD-PERP	+0.0046%	1h	745.79	+0.042%	—	$12K	25x	as long as short
Polymarket Perps META-USD	+0.0050%	1h	745.31	−0.023%	$565K	$621K	10x	as long as short
SoDEX META-USD	+0.0050%	1h	745.38	−0.013%	$25K	$3K	10x	as long as short
Ondo Perps META-USD.P	+0.0050%	1h	744.94	−0.072%	$729K	$5.1M	10x	as long as short
Paradex META-USD-PERP	+0.0055%	8h	745.54	+0.009%	—	—	5x	as long as short
Lighter RH META	+0.0056%	1h	745.97	+0.066%	$790K	$3.1M	20x	as long as short
Aftermath Perps METAUSD	+0.0087%	1h	746.22	+0.100%	$48K	$90K	10x	as long as short
Popdex METAUSDT	+0.0088%	1h	745.68	+0.027%	$177K	$203K	20x	as long as short
Pacifica META	+0.0100%	1h	745.74	+0.034%	$25	$189	10x	as long as short
KuCoin METAUSDTM	+0.0100%	8h	745.26	−0.030%	$1.6M	$717K	20x	as long as short
ApeX Omni METAUSDT	+0.0100%	1h	744.84	−0.086%	$167K	$71K	50x	as long as short
Orderly PERP_META_USDC_mythos	+0.0100%	8h	745.47	−0.001%	$1K	$24	10x	as long as short
Aevo META-PERP	+0.0104%	1h	745.29	−0.025%	$268	—	10x	as long as short
Coinbase International META-PERP-INTX	+0.0104%	1h	745.33	−0.020%	$645K	$7.9M	10x	as long as short
Injective META/USDC PERP	+0.0220%	1h	747.69	+0.296%	$172K	$46K	30x	as long as short
edgeX METAUSDC	+0.0275%	4h	745.30	−0.024%	$62K	$344K	10x	as long as short
Lighter META	+0.0464%	1h	746.14	+0.089%	$1.1M	$2.9M	20x	as long as short
Hotstuff META-PERP	+0.0472%	1h	746.13	+0.087%	$33K	$105	20x	as long as short
tradeXYZ xyz:META	+0.0574%	1h	746.14	+0.089%	$81.6M	$130.0M	20x	as long as short
Phoenix META	+0.0750%	1h	746.81	+0.178%	$797K	$1.5M	20x	as long as short