Funding arb · Price arb /

META

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0036%/8h= +4.0% APRpaid last 24h +0.012%

Price spread now: QFEX against Phemex−0.081%7-day average −0.028% · 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−$112as in the Price arb table

costs, in and out, $10k−$1071.067% of the position

Long on Phemex Short on QFEX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.019%+$2 on $10k

Price spread, last 4 days (all we have)−0.120%−$12 · spread now −0.081%, 7d avg −0.028%

Together, before fees−0.101%−$10 on $10k · with fees, hour by hour

Funding pays, the price is against you. QFEX is 0.053% cheaper against Phemex than usual: you would sell low and buy high (spread −0.081% now, against its 7-day average of −0.028%). If the spread goes back, that is −$5 on $10k: about 4.9 days of funding at the current rate (+$1 a day). At the pace of the last 4 days (+0.019% in total) that is about 10 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex METAUSDT	744.06	0	get 0.0000% / 4h	5m 49s	$2.0M	$8K	10x
Short	QFEX META-USD	743.46	0.0036	get 0.0005% / 1h	5m 49s	$2.2M	$13.7M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

QFEX 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 QFEXbpOrdersPrice spread, now −0.081%Rate

Funding earned: $7.59
Price spread: −0.081% → −0.028%: −$5.31
Slippage, 4 orders: −$84.69
Fee Phemex: 6 bp × 2 orders: −$12
Fee QFEX: 5 bp × 2 orders: −$10
Net: −$104.4
Costs to cover: 1.067%
Break-even: 103.2 days

Slippage from Phemex: live order book, 3 min ago; QFEX: live order book, 3 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, 3 min ago	1.14 bp	51.1 bp −$51	doesn't fit	doesn't fit	doesn't fit
Sell QFEX live order book, 3 min ago	1.82 bp	6.8 bp −$7	7.5 bp −$75	17.2 bp −$1,723	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	743.85	−0.028%	$329K	$1.1M	20x	as long as short
Nado META-PERP	0.0000%	1h	742.80	−0.170%	$480K	$553K	20x	as long as short
Aster METAUSDT	0.0000%	8h	743.17	−0.119%	$468K	$553K	20x	as long as short
Extended META_24_5-USD	0.0000%	1h	743.37	−0.093%	$550K	$2.7M	17x	as long as short
Binance METAUSDT	0.0000%	8h	743.62	−0.059%	$28.4M	$182.5M	20x	as long as short
Bybit METAUSDT	0.0000%	8h	743.79	−0.036%	$7.7M	$14.1M	100x	as long as short
OKX META-USDT-SWAP	0.0000%	8h	743.38	−0.091%	$6.0M	$13.5M	20x	as long as short
Gate META_USDT	0.0000%	8h	743.00	−0.142%	$365K	$5.8M	100x	as long as short
Bitget METAUSDT	0.0000%	8h	743.50	−0.075%	$5.4M	$11.7M	100x	as long as short
Variational Omni META	0.0000%	8h	743.51	−0.073%	$2.4M	$3.1M	—	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	744.40	+0.045%	$12K	$445K	10x	as long as short
SunX META-USDT	0.0000%	8h	743.53	−0.071%	$1K	$9.1M	20x	as long as short
HTX META-USDT	0.0000%	8h	743.33	−0.098%	$106K	$296K	30x	as long as short
Phemex METAUSDTlong	0.0000%	4h	744.06	long leg	$2.0M	$8K	10x
Lighter RH META	+0.0032%	1h	743.69	−0.050%	$778K	$3.1M	20x	as long as short
QFEX META-USDshort	+0.0036%	1h	743.46	−0.081%	$2.2M	$13.7M	10x
Arcus META-USD	+0.0040%	1h	743.47	−0.079%	$110K	$330K	10x	as long as short
Vest META-USD-PERP	+0.0046%	1h	743.52	−0.073%	—	$10K	25x	as long as short
Polymarket Perps META-USD	+0.0050%	1h	743.25	−0.109%	$585K	$565K	10x	as long as short
SoDEX META-USD	+0.0050%	1h	743.50	−0.075%	$24K	$3K	10x	as long as short
Ondo Perps META-USD.P	+0.0050%	1h	742.84	−0.164%	$819K	$4.6M	10x	as long as short
Aftermath Perps METAUSD	+0.0083%	1h	744.12	+0.008%	$52K	$82K	10x	as long as short
Popdex METAUSDT	+0.0088%	1h	743.65	−0.055%	$179K	$199K	20x	as long as short
Paradex META-USD-PERP	+0.0099%	8h	743.37	−0.092%	—	—	5x	as long as short
KuCoin METAUSDTM	+0.0100%	8h	743.60	−0.062%	$1.6M	$556K	20x	as long as short
ApeX Omni METAUSDT	+0.0100%	1h	743.28	−0.105%	$166K	$71K	50x	as long as short
Orderly PERP_META_USDC_mythos	+0.0100%	8h	743.29	−0.103%	$1K	$24	10x	as long as short
Aevo META-PERP	+0.0104%	1h	743.39	−0.090%	$268	—	10x	as long as short
Coinbase International META-PERP-INTX	+0.0104%	1h	743.76	−0.040%	$615K	$7.3M	10x	as long as short
Hotstuff META-PERP	+0.0192%	1h	743.42	−0.086%	$33K	$105	20x	as long as short
Injective META/USDC PERP	+0.0220%	1h	746.14	+0.280%	$172K	$48K	30x	as long as short
Lighter META	+0.0296%	1h	743.75	−0.042%	$865K	$2.5M	20x	as long as short
tradeXYZ xyz:META	+0.0300%	1h	743.50	−0.075%	$69.6M	$120.7M	20x	as long as short
Deribit META_USDC-PERPETUAL	+0.0329%	1h	743.03	−0.138%	$31K	$246K	10x	as long as short
Phoenix META	+0.0591%	1h	744.96	+0.121%	$718K	$1.2M	20x	as long as short
edgeX METAUSDC	+0.0902%	4h	744.26	+0.027%	$62K	$336K	10x	as long as short