Funding arb · Price arb /

META

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.026%

Price spread now: Variational Omni against Phemex−0.114%7-day average −0.037% · you buy dearer than you sell

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

Long on Phemex Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.028%+$3 on $10k

Price spread, last 4 days (all we have)+0.025%+$3 · spread now −0.114%, 7d avg −0.037%

Together, before fees+0.053%+ Points / potential airdropVariational Omni: Active · farm board+$5 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Variational Omni is 0.077% cheaper against Phemex than usual: you would sell low and buy high, −$8 on $10k if it goes back to its 7-day average of −0.037%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex METAUSDT	745.18	0	get 0.0000% / 4h	50m 08s	$2.0M	$8K	10x
Short	Variational Omni META	744.33	0	get 0.0000% / 8h	50m 08s	$2.4M	$3.1M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni 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 Variational OmnibpOrdersPrice spread, now −0.114%Rate

Funding earned: $0
Price spread: −0.114% → −0.037%: −$7.74
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$19.74
Costs to cover: 0.120%
Break-even: never at this rate

Slippage unknown: Phemex: live order book, 3 min ago; Variational Omni: RFQ quote, 4 min ago. 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, 3 min ago	2.95 bp	49.7 bp −$50	doesn't fit	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 4 min ago	2.45 bp	doesn't fit	14.0 bp −$140	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	744.62	−0.075%	$332K	$1.1M	20x	as long as short
Aster METAUSDT	0.0000%	8h	745.56	+0.051%	$479K	$593K	20x	as long as short
Extended META_24_5-USD	0.0000%	1h	744.19	−0.133%	$547K	$2.5M	17x	as long as short
Binance METAUSDT	0.0000%	8h	744.43	−0.101%	$25.1M	$188.5M	20x	as long as short
Bybit METAUSDT	0.0000%	8h	744.32	−0.115%	$7.5M	$15.4M	100x	as long as short
OKX META-USDT-SWAP	0.0000%	8h	744.51	−0.090%	$6.0M	$12.7M	20x	as long as short
Gate META_USDT	0.0000%	8h	744.00	−0.158%	$465K	$6.2M	100x	as long as short
Bitget METAUSDT	0.0000%	8h	744.38	−0.107%	$5.5M	$12.4M	100x	as long as short
Variational Omni METAshort	0.0000%	8h	744.33	−0.114%	$2.4M	$3.1M	—
GRVT META_USDT_Perp	0.0000%	8h	745.24	+0.008%	$13K	$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	744.52	−0.089%	$1K	$8.1M	20x	as long as short
Deribit META_USDC-PERPETUAL	0.0000%	1h	743.81	−0.184%	$34K	$275K	10x	as long as short
HTX META-USDT	0.0000%	8h	744.27	−0.122%	$106K	$309K	30x	as long as short
Phemex METAUSDTlong	0.0000%	4h	745.18	long leg	$2.0M	$8K	10x
QFEX META-USD	+0.0031%	1h	744.25	−0.125%	$2.2M	$13.9M	10x	as long as short
Arcus META-USD	+0.0040%	1h	744.61	−0.076%	$112K	$339K	10x	as long as short
Vest META-USD-PERP	+0.0046%	1h	744.63	−0.074%	—	$12K	25x	as long as short
Polymarket Perps META-USD	+0.0050%	1h	743.94	−0.166%	$564K	$597K	10x	as long as short
SoDEX META-USD	+0.0050%	1h	744.36	−0.110%	$25K	$3K	10x	as long as short
Ondo Perps META-USD.P	+0.0050%	1h	743.78	−0.188%	$728K	$5.1M	10x	as long as short
Paradex META-USD-PERP	+0.0055%	8h	744.20	−0.131%	—	—	5x	as long as short
Lighter RH META	+0.0072%	1h	744.61	−0.076%	$788K	$3.1M	20x	as long as short
Nado META-PERP	+0.0076%	1h	743.91	−0.170%	$479K	$560K	20x	as long as short
Aftermath Perps METAUSD	+0.0086%	1h	745.19	+0.001%	$52K	$81K	10x	as long as short
Pacifica META	+0.0100%	1h	744.47	−0.095%	$13	$106	10x	as long as short
KuCoin METAUSDTM	+0.0100%	8h	744.45	−0.098%	$1.6M	$707K	20x	as long as short
ApeX Omni METAUSDT	+0.0100%	1h	744.40	−0.105%	$167K	$71K	50x	as long as short
Orderly PERP_META_USDC_mythos	+0.0100%	8h	744.32	−0.115%	$1K	$24	10x	as long as short
Aevo META-PERP	+0.0104%	1h	744.26	−0.123%	$268	—	10x	as long as short
Coinbase International META-PERP-INTX	+0.0104%	1h	744.65	−0.071%	$654K	$7.9M	10x	as long as short
Popdex METAUSDT	+0.0120%	1h	744.44	−0.099%	$177K	$203K	20x	as long as short
Injective META/USDC PERP	+0.0220%	1h	748.52	+0.448%	$173K	$46K	30x	as long as short
edgeX METAUSDC	+0.0274%	4h	745.01	−0.022%	$62K	$344K	10x	as long as short
Hotstuff META-PERP	+0.0360%	1h	744.75	−0.058%	$33K	$105	20x	as long as short
Lighter META	+0.0496%	1h	744.82	−0.048%	$1.1M	$2.9M	20x	as long as short
tradeXYZ xyz:META	+0.0551%	1h	744.75	−0.058%	$80.5M	$129.2M	20x	as long as short
Phoenix META	+0.0750%	1h	746.46	+0.172%	$797K	$1.5M	20x	as long as short