Funding arb · Price arb /

META

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0739%/8h= −80.9% APRpaid last 24h −0.075%

Price spread now: Gate against Phoenix−0.212%77s7-day average −0.044% · you buy dearer than you sell

Net, funding: paid 7d − costs−$90as 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−$520.518% of the position

Long on Phoenix Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days−0.380%−$38 on $10k

Price spread, last 7 days+0.105%+$11 · spread now −0.212%, 7d avg −0.044%

Together, before fees−0.275%−$27 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$22 a day on $10k at the current rate, and Gate is 0.167% cheaper against Phoenix than usual: you would sell low and buy high (−$17 if the spread goes back to its 7-day average of −0.044%). Swap the legs. The two prices were read 77 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.380% in total (about -19.8% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix META	745.99	0.0739	pay 0.0092% / 1h	12m 01s	$796K	$1.5M	20x
Short	Gate META_USDT	744.41	0	get 0.0000% / 8h	1h 12m	$463K	$6.2M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate against Phoenix. 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 PhoenixbpFee GatebpOrdersPrice spread, now −0.212%Rate

Funding earned: −$155.16
Price spread: −0.212% → −0.044%: −$16.74
Slippage, 4 orders: −$29.84
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$223.73
Costs to cover: 0.518%
Break-even: never at this rate

Slippage from Phoenix: live order book, 1 min ago; Gate: live order book, 1 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 Phoenix live order book, 1 min ago	2.14 bp	8.2 bp −$8	15.7 bp −$157	doesn't fit	doesn't fit
Sell Gate live order book, 1 min ago	4.70 bp	14.2 bp −$14	36.4 bp −$364	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	744.71	−0.172%	$331K	$1.1M	20x	as long as short
Nado META-PERP	−0.0038%	1h	744.66	−0.178%	$480K	$559K	20x	as long as short
Aster METAUSDT	0.0000%	8h	745.31	−0.092%	$479K	$593K	20x	as long as short
Extended META_24_5-USD	0.0000%	1h	744.78	−0.163%	$548K	$1.8M	17x	as long as short
Binance METAUSDT	0.0000%	8h	744.98	−0.135%	$24.9M	$188.0M	20x	as long as short
Bybit METAUSDT	0.0000%	8h	745.10	−0.119%	$7.4M	$15.3M	100x	as long as short
OKX META-USDT-SWAP	0.0000%	8h	745.02	−0.130%	$6.0M	$12.6M	20x	as long as short
Gate META_USDTshort	0.0000%	8h	744.41	−0.212%	$463K	$6.2M	100x
Bitget METAUSDT	0.0000%	8h	744.96	−0.138%	$5.5M	$12.4M	100x	as long as short
Variational Omni META	0.0000%	8h	744.70	−0.172%	$2.4M	$3.3M	—	as long as short

Show all 37 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT META_USDT_Perp	0.0000%	8h	744.77	−0.163%	$13K	$440K	10x	as long as short
SunX META-USDT	0.0000%	8h	744.85	−0.153%	$929	$8.1M	20x	as long as short
Deribit META_USDC-PERPETUAL	0.0000%	1h	744.63	−0.182%	$34K	$274K	10x	as long as short
HTX META-USDT	0.0000%	8h	744.76	−0.165%	$106K	$308K	30x	as long as short
Phemex METAUSDT	0.0000%	4h	744.93	−0.142%	$2.0M	$8K	10x	as long as short
QFEX META-USD	+0.0031%	1h	744.87	−0.150%	$2.2M	$13.8M	10x	as long as short
Lighter RH META	+0.0032%	1h	745.33	−0.088%	$789K	$3.1M	20x	as long as short
Arcus META-USD	+0.0040%	1h	744.67	−0.177%	$112K	$339K	10x	as long as short
Vest META-USD-PERP	+0.0046%	1h	745.41	−0.078%	—	$12K	25x	as long as short
Popdex METAUSDT	+0.0048%	1h	745.03	−0.129%	$177K	$205K	20x	as long as short
Polymarket Perps META-USD	+0.0050%	1h	744.62	−0.184%	$578K	$572K	10x	as long as short
SoDEX META-USD	+0.0050%	1h	744.93	−0.142%	$25K	$3K	10x	as long as short
Ondo Perps META-USD.P	+0.0050%	1h	744.48	−0.202%	$685K	$5.1M	10x	as long as short
Paradex META-USD-PERP	+0.0058%	8h	744.89	−0.147%	—	—	5x	as long as short
Aftermath Perps METAUSD	+0.0086%	1h	745.89	−0.014%	$52K	$81K	10x	as long as short
KuCoin METAUSDTM	+0.0100%	8h	744.98	−0.135%	$1.6M	$691K	20x	as long as short
ApeX Omni METAUSDT	+0.0100%	1h	744.16	−0.245%	$167K	$71K	50x	as long as short
Orderly PERP_META_USDC_mythos	+0.0100%	8h	744.96	−0.138%	$1K	$24	10x	as long as short
Aevo META-PERP	+0.0104%	1h	744.82	−0.157%	$268	—	10x	as long as short
Coinbase International META-PERP-INTX	+0.0104%	1h	744.73	−0.169%	$650K	$7.9M	10x	as long as short
Injective META/USDC PERP	+0.0220%	1h	747.34	+0.181%	$172K	$46K	30x	as long as short
Lighter META	+0.0368%	1h	745.55	−0.059%	$1.1M	$2.7M	20x	as long as short
Hotstuff META-PERP	+0.0376%	1h	745.47	−0.070%	$33K	$105	20x	as long as short
tradeXYZ xyz:META	+0.0488%	1h	745.44	−0.074%	$78.2M	$128.0M	20x	as long as short
Phoenix METAlong	+0.0739%	1h	745.99	long leg	$796K	$1.5M	20x
Pacifica META	+0.0800%	1h	745.08	−0.122%	$16	$103	10x	as long as short
edgeX METAUSDC	+0.0926%	4h	744.82	−0.156%	$62K	$345K	10x	as long as short