Funding arb · Price arb /

META

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h +0.030%

Price spread now: Orderly against Phemex−0.016%7-day average — · you buy dearer than you sell

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

Long on Phemex Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

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

Together, before fees—needs both histories

The price spread sits at zero (this spread has no 7-day history yet), so right now this pair is about funding alone: +$3 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	744.44	0	get 0.0000% / 4h	46m 27s	$2.0M	$8K	10x
Short	Orderly PERP_META_USDC_mythos	744.32	0.0100	get 0.0100% / 8h	46m 27s	$1K	$24	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now −0.016%Rate

Funding earned: $21
Price spread: −0.016% → 0.000%: −$1.61
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee Orderly: 3 bp × 2 orders: −$6
Net: $1.39
Costs to cover: 0.180%
Break-even: 6.5 days

Slippage unknown: Phemex: live order book, 2 min ago; Orderly: no order-book sample. 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 Phemex live order book, 2 min ago	2.35 bp	42.4 bp −$42	doesn't fit	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: 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 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	744.45	+0.001%	$332K	$1.1M	20x	as long as short
Aster METAUSDT	0.0000%	8h	745.76	+0.177%	$479K	$593K	20x	as long as short
Extended META_24_5-USD	0.0000%	1h	744.31	−0.018%	$549K	$2.9M	17x	as long as short
Binance METAUSDT	0.0000%	8h	744.51	+0.009%	$25.2M	$188.5M	20x	as long as short
Bybit METAUSDT	0.0000%	8h	744.24	−0.027%	$7.5M	$15.3M	100x	as long as short
OKX META-USDT-SWAP	0.0000%	8h	744.29	−0.020%	$6.0M	$12.7M	20x	as long as short
Gate META_USDT	0.0000%	8h	743.96	−0.064%	$465K	$6.2M	100x	as long as short
Bitget METAUSDT	0.0000%	8h	744.49	+0.007%	$5.5M	$12.3M	100x	as long as short
Variational Omni META	0.0000%	8h	744.33	−0.015%	$2.4M	$3.1M	—	as long as short
GRVT META_USDT_Perp	0.0000%	8h	744.62	+0.025%	$12K	$438K	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	744.32	−0.016%	$1K	$8.1M	20x	as long as short
Deribit META_USDC-PERPETUAL	0.0000%	1h	743.95	−0.066%	$34K	$275K	10x	as long as short
HTX META-USDT	0.0000%	8h	744.46	+0.003%	$107K	$310K	30x	as long as short
Phemex METAUSDTlong	0.0000%	4h	744.44	long leg	$2.0M	$8K	10x
QFEX META-USD	+0.0031%	1h	744.29	−0.020%	$2.2M	$13.9M	10x	as long as short
Arcus META-USD	+0.0040%	1h	744.11	−0.044%	$112K	$339K	10x	as long as short
Vest META-USD-PERP	+0.0046%	1h	744.83	+0.052%	—	$12K	25x	as long as short
Polymarket Perps META-USD	+0.0050%	1h	744.36	−0.011%	$564K	$621K	10x	as long as short
SoDEX META-USD	+0.0050%	1h	744.14	−0.040%	$25K	$3K	10x	as long as short
Ondo Perps META-USD.P	+0.0050%	1h	743.71	−0.098%	$728K	$5.1M	10x	as long as short
edgeX METAUSDC	+0.0051%	4h	744.65	+0.028%	$62K	$344K	10x	as long as short
Paradex META-USD-PERP	+0.0055%	8h	744.40	−0.006%	—	—	5x	as long as short
Nado META-PERP	+0.0065%	1h	744.19	−0.033%	$480K	$560K	20x	as long as short
Lighter RH META	+0.0072%	1h	744.82	+0.051%	$788K	$3.1M	20x	as long as short
Aftermath Perps METAUSD	+0.0086%	1h	745.00	+0.075%	$46K	$88K	10x	as long as short
Pacifica META	+0.0100%	1h	744.46	+0.003%	$13	$106	10x	as long as short
KuCoin METAUSDTM	+0.0100%	8h	744.71	+0.036%	$1.6M	$709K	20x	as long as short
ApeX Omni METAUSDT	+0.0100%	1h	743.39	−0.141%	$167K	$71K	50x	as long as short
Orderly PERP_META_USDC_mythosshort	+0.0100%	8h	744.32	−0.016%	$1K	$24	10x
Aevo META-PERP	+0.0104%	1h	744.22	−0.029%	$268	—	10x	as long as short
Coinbase International META-PERP-INTX	+0.0104%	1h	744.65	+0.028%	$654K	$7.9M	10x	as long as short
Popdex METAUSDT	+0.0120%	1h	744.52	+0.011%	$177K	$203K	20x	as long as short
Injective META/USDC PERP	+0.0220%	1h	746.51	+0.278%	$172K	$46K	30x	as long as short
Hotstuff META-PERP	+0.0432%	1h	744.46	+0.003%	$33K	$105	20x	as long as short
Lighter META	+0.0512%	1h	745.09	+0.087%	$1.1M	$2.9M	20x	as long as short
tradeXYZ xyz:META	+0.0553%	1h	744.98	+0.073%	$80.6M	$129.3M	20x	as long as short
Phoenix META	+0.0750%	1h	745.49	+0.141%	$796K	$1.5M	20x	as long as short