Funding arb · Price arb /

META

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0346%/8h= +37.8% APRpaid last 24h +0.059%

Price spread now: Phoenix against Phemex−0.084%73s7-day average −0.045% · you buy dearer than you sell

Net, funding: paid 7d − costs−$68as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$1041.045% of the position

Long on Phemex Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.367%+$37 on $10k

Price spread, last 3 days (all we have)−0.066%−$7 · spread now −0.084%, 7d avg −0.045%

Together, before fees+0.301%+$30 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phoenix is 0.039% cheaper against Phemex than usual: you would sell low and buy high (spread −0.084% now, against its 7-day average of −0.045%). If the spread goes back, that is −$4 on $10k: about 9 hours of funding at the current rate (+$10 a day). The two prices were read 73 seconds apart, so part of this spread may be the market moving, not a spread.

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 48m	$2.0M	$7K	10x
Short	Phoenix META	740.16	0.0259	get 0.0032% / 1h	48m 14s	$277K	$930K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now −0.084%Rate

Funding earned: $72.57
Price spread: −0.084% → −0.045%: −$3.87
Slippage, 4 orders: −$85.46
Fee Phemex: 6 bp × 2 orders: −$12
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$35.75
Costs to cover: 1.045%
Break-even: 10.4 days

Slippage from Phemex: live order book, 5 min ago; Phoenix: live order book, 25 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	1.89 bp	47.2 bp −$47	doesn't fit	doesn't fit	doesn't fit
Sell Phoenix live order book, 25 min ago	2.02 bp	8.1 bp −$8	15.3 bp −$153	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	+0.021%	$463K	$546K	20x	as long as short
Extended META_24_5-USD	0.0000%	1h	740.20	−0.079%	$549K	$1.8M	17x	as long as short
Binance METAUSDT	0.0000%	8h	740.35	−0.058%	$27.4M	$178.9M	20x	as long as short
Bybit METAUSDT	0.0000%	8h	740.17	−0.082%	$7.5M	$13.8M	100x	as long as short
OKX META-USDT-SWAP	0.0000%	8h	740.20	−0.078%	$6.0M	$13.2M	20x	as long as short
Gate META_USDT	0.0000%	8h	739.86	−0.124%	$357K	$5.6M	100x	as long as short
Bitget METAUSDT	0.0000%	8h	740.21	−0.077%	$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	740.48	−0.040%	$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	740.32	−0.062%	$178K	$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	739.58	−0.162%	$735K	$4.3M	10x	as long as short
QFEX META-USD	+0.0055%	1h	740.26	−0.070%	$2.2M	$14.2M	10x	as long as short
Arcus META-USD	+0.0063%	1h	739.77	−0.136%	$110K	$331K	10x	as long as short
Paradex META-USD-PERP	+0.0069%	8h	740.15	−0.085%	—	—	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	740.17	−0.082%	$33K	$105	20x	as long as short
KuCoin METAUSDTM	+0.0100%	8h	740.42	−0.049%	$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	740.12	−0.089%	$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	740.59	−0.026%	$856K	$2.4M	20x	as long as short
Phoenix METAshort	+0.0259%	1h	740.16	−0.084%	$277K	$930K	20x
Deribit META_USDC-PERPETUAL	+0.0453%	1h	740.52	−0.035%	$30K	$253K	10x	as long as short
edgeX METAUSDC	+0.0474%	4h	740.08	−0.095%	$62K	$333K	10x	as long as short