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 −0.068%

Price spread now: OKX against Phoenix−0.174%76s7-day average +0.004% · you buy dearer than you sell

Net, funding: paid 7d − costs−$67as 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−$300.299% of the position

Long on Phoenix Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.373%−$37 on $10k

Price spread, last 7 days+0.099%+$10 · spread now −0.174%, 7d avg +0.004%

Together, before fees−0.274%−$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 OKX is 0.178% cheaper against Phoenix than usual: you would sell low and buy high (−$18 if the spread goes back to its 7-day average of +0.004%). Swap the legs. The two prices were read 76 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 -0.373% in total (about -19.5% 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	746.48	0.0739	pay 0.0092% / 1h	40m 12s	$797K	$1.5M	20x
Short	OKX META-USDT-SWAP	745.18	0	get 0.0000% / 8h	1h 40m	$6.0M	$12.7M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.174%Rate

Funding earned: −$155.16
Price spread: −0.174% → +0.004%: −$17.84
Slippage, 4 orders: −$12.87
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee OKX: 5 bp × 2 orders: −$10
Net: −$202.86
Costs to cover: 0.299%
Break-even: never at this rate

Slippage from Phoenix: live order book, 8 min ago; OKX: 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 Phoenix live order book, 8 min ago	2.41 bp	8.7 bp −$9	17.1 bp −$171	doesn't fit	doesn't fit
Sell OKX live order book, 3 min ago	0.07 bp	6.0 bp −$6	14.6 bp −$146	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	745.33	−0.154%	$334K	$1.1M	20x	as long as short
Nado META-PERP	−0.0020%	1h	744.87	−0.215%	$482K	$559K	20x	as long as short
Aster METAUSDT	0.0000%	8h	745.64	−0.113%	$479K	$593K	20x	as long as short
Extended META_24_5-USD	0.0000%	1h	745.03	−0.195%	$552K	$2.6M	17x	as long as short
Binance METAUSDT	0.0000%	8h	745.16	−0.177%	$25.3M	$187.6M	20x	as long as short
Bybit METAUSDT	0.0000%	8h	744.90	−0.212%	$7.3M	$15.2M	100x	as long as short
OKX META-USDT-SWAPshort	0.0000%	8h	745.18	−0.174%	$6.0M	$12.7M	20x
Gate META_USDT	0.0000%	8h	744.66	−0.244%	$457K	$6.1M	100x	as long as short
Bitget METAUSDT	0.0000%	8h	745.19	−0.173%	$5.5M	$12.2M	100x	as long as short
Variational Omni META	0.0000%	8h	745.20	−0.171%	$2.4M	$3.3M	—	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	745.43	−0.141%	$13K	$438K	10x	as long as short
SunX META-USDT	0.0000%	8h	745.05	−0.192%	$563	$8.2M	20x	as long as short
Deribit META_USDC-PERPETUAL	0.0000%	1h	744.77	−0.229%	$34K	$274K	10x	as long as short
HTX META-USDT	0.0000%	8h	744.91	−0.210%	$106K	$307K	30x	as long as short
Phemex METAUSDT	0.0000%	4h	745.27	−0.162%	$2.0M	$8K	10x	as long as short
QFEX META-USD	+0.0031%	1h	744.98	−0.201%	$2.2M	$13.9M	10x	as long as short
Lighter RH META	+0.0032%	1h	745.45	−0.138%	$787K	$2.9M	20x	as long as short
Arcus META-USD	+0.0040%	1h	744.94	−0.206%	$109K	$333K	10x	as long as short
Vest META-USD-PERP	+0.0046%	1h	745.59	−0.119%	—	$12K	25x	as long as short
Popdex METAUSDT	+0.0048%	1h	745.19	−0.173%	$177K	$203K	20x	as long as short
Polymarket Perps META-USD	+0.0050%	1h	744.87	−0.216%	$586K	$564K	10x	as long as short
SoDEX META-USD	+0.0050%	1h	745.14	−0.180%	$25K	$3K	10x	as long as short
Ondo Perps META-USD.P	+0.0050%	1h	744.94	−0.206%	$711K	$5.2M	10x	as long as short
Paradex META-USD-PERP	+0.0064%	8h	745.09	−0.186%	—	—	5x	as long as short
Aftermath Perps METAUSD	+0.0087%	1h	746.39	−0.013%	$52K	$81K	10x	as long as short
KuCoin METAUSDTM	+0.0100%	8h	745.30	−0.158%	$1.6M	$673K	20x	as long as short
ApeX Omni METAUSDT	+0.0100%	1h	744.66	−0.244%	$167K	$72K	50x	as long as short
Orderly PERP_META_USDC_mythos	+0.0100%	8h	745.25	−0.165%	$1K	$24	10x	as long as short
Aevo META-PERP	+0.0104%	1h	745.07	−0.189%	$268	—	10x	as long as short
Coinbase International META-PERP-INTX	+0.0104%	1h	745.43	−0.141%	$650K	$7.9M	10x	as long as short
Injective META/USDC PERP	+0.0220%	1h	748.64	+0.289%	$173K	$46K	30x	as long as short
Lighter META	+0.0384%	1h	745.57	−0.122%	$1.1M	$2.7M	20x	as long as short
Hotstuff META-PERP	+0.0400%	1h	745.60	−0.118%	$33K	$105	20x	as long as short
tradeXYZ xyz:META	+0.0531%	1h	745.66	−0.110%	$77.1M	$127.2M	20x	as long as short
Phoenix METAlong	+0.0739%	1h	746.48	long leg	$797K	$1.5M	20x
edgeX METAUSDC	+0.0795%	4h	745.37	−0.149%	$62K	$345K	10x	as long as short