Funding arb · Price arb /

META

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 19:00 UTC+0.0015%/8hnext payment +$0.02 per $10,000 · paid last 24h −0.038%

Price spread now: Nado against Phoenix+0.585%7-day average −0.001% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs+$29as in the Price arb table

costs, in and out, $10k−$300.299% of the position

Long on Phoenix Short on Nado

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.143%−$14 on $10k

Price spread, last 3 days (all we have)−0.731%−$73 · spread now +0.585%, 7d avg −0.001%

Together, before fees−0.874%+ Points / potential airdropNado: Active · farm board−$87 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays $0 a day on $10k at the current rate, and Nado is 0.587% dearer against Phoenix than usual: you sell high and buy low: +$59 more if the spread goes back to its 7-day average of −0.001%. Mind the row above: over the last 3 days funding on this pair cost −0.143%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix META	746.59	−0.0021	get 0.0003% / 1h	22m 48s	$315K	$622K	20x
Short	Nado META-PERP	750.96	−0.0006	pay 0.0001% / 1h	22m 48s	$403K	$227K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Nado 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 NadobpOrdersPrice spread, now +0.585%Rate

Funding earned: $3.18
Price spread: +0.585% → −0.001%: $58.65
Slippage, 4 orders: −$15.89
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Nado: 3.5 bp × 2 orders: −$7
Net: $31.94
Costs to cover: 0.299%
Break-even: from the start

Slippage from Phoenix: live order book, 9 min ago; Nado: live order book, 9 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, 9 min ago	2.15 bp	8.3 bp −$8	15.8 bp −$158	doesn't fit	doesn't fit
Sell Nado live order book, 9 min ago	1.68 bp	7.8 bp −$8	17.4 bp −$174	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
Hotstuff META-PERP	−0.0144%	1h	752.11	+0.739%	$34K	$105	20x	as long as short
BloFin META-USDT	−0.0120%	8h	751.70	+0.684%	$337K	$1.1M	20x	as long as short
Phoenix METAlong	−0.0021%	1h	746.59	long leg	$315K	$622K	20x
Nado META-PERPshort	−0.0006%	1h	750.96	+0.585%	$403K	$227K	20x
Aster METAUSDT	0.0000%	8h	751.78	+0.695%	$462K	$449K	20x	as long as short
Extended META_24_5-USD	0.0000%	1h	750.92	+0.580%	$561K	$1.5M	17x	as long as short
Binance METAUSDT	0.0000%	8h	751.41	+0.645%	$28.2M	$164.0M	20x	as long as short
Bybit METAUSDT	0.0000%	8h	751.46	+0.652%	$8.1M	$12.7M	100x	as long as short
OKX META-USDT-SWAP	0.0000%	8h	750.86	+0.572%	$6.1M	$12.7M	20x	as long as short
Gate META_USDT	0.0000%	8h	750.86	+0.572%	$338K	$5.0M	100x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget METAUSDT	0.0000%	8h	750.81	+0.565%	$6.0M	$9.7M	100x	as long as short
Variational Omni META	0.0000%	8h	749.56	+0.397%	$1.6M	$2.3M	—	as long as short
GRVT META_USDT_Perp	0.0000%	8h	750.02	+0.459%	$13K	$528K	10x	as long as short
SunX META-USDT	0.0000%	8h	751.51	+0.659%	$554	$9.4M	20x	as long as short
HTX META-USDT	0.0000%	8h	750.99	+0.589%	$107K	$283K	30x	as long as short
Phemex METAUSDT	0.0000%	4h	752.05	+0.731%	$2.0M	$7K	10x	as long as short
QFEX META-USD	+0.0012%	1h	751.90	+0.711%	$2.3M	$13.4M	10x	as long as short
Lighter META	+0.0032%	1h	751.50	+0.658%	$877K	$2.5M	20x	as long as short
Lighter RH META	+0.0032%	1h	751.69	+0.683%	$742K	$3.2M	20x	as long as short
Vest META-USD-PERP	+0.0046%	1h	752.00	+0.725%	—	$9K	25x	as long as short
Popdex METAUSDT	+0.0048%	1h	752.31	+0.766%	$176K	$194K	20x	as long as short
Coinbase International META-PERP-INTX	+0.0048%	1h	752.09	+0.737%	$640K	$6.8M	10x	as long as short
tradeXYZ xyz:META	+0.0050%	1h	751.29	+0.630%	$72.1M	$111.2M	20x	as long as short
Polymarket Perps META-USD	+0.0050%	1h	751.64	+0.676%	$547K	$836K	10x	as long as short
SoDEX META-USD	+0.0050%	1h	751.28	+0.628%	$25K	$3K	10x	as long as short
Ondo Perps META-USD.P	+0.0050%	1h	751.90	+0.711%	$689K	$3.8M	10x	as long as short
Paradex META-USD-PERP	+0.0051%	8h	752.05	+0.732%	—	—	5x	as long as short
Deribit META_USDC-PERPETUAL	+0.0056%	1h	750.99	+0.589%	$28K	$259K	10x	as long as short
KuCoin METAUSDTM	+0.0100%	8h	750.65	+0.544%	$1.6M	$300K	20x	as long as short
ApeX Omni METAUSDT	+0.0100%	1h	749.92	+0.446%	$168K	$71K	50x	as long as short
Orderly PERP_META_USDC_mythos	+0.0100%	8h	751.11	+0.605%	$1K	$24	10x	as long as short
Aevo META-PERP	+0.0104%	1h	751.21	+0.619%	$270	—	10x	as long as short
Arcus META-USD	+0.0128%	1h	751.02	+0.593%	$267K	$311K	10x	as long as short
Injective META/USDC PERP	+0.0220%	1h	752.38	+0.776%	$171K	$43K	30x	as long as short
Aftermath Perps METAUSD	+0.0332%	1h	749.70	+0.416%	$42K	$49K	10x	as long as short
edgeX METAUSDC	+0.0728%	4h	749.99	+0.455%	$63K	$328K	10x	as long as short