Funding arb · Price arb /

META

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0728%/8h= −79.7% APRpaid last 24h —

Price spread now: Paradex against Phoenix−0.295%46s7-day average — · you buy dearer than you sell

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

Long on Phoenix Short on Paradex

What this pair did over the last

the charts below follow

Funding, last 7 days—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropParadex: Active · farm boardneeds both histories

Both sides work against this trade now: funding costs −$22 a day on $10k at the current rate, and Paradex is 0.295% cheaper against Phoenix than usual: you would sell low and buy high (−$30 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 46 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix META	746.65	0.0791	pay 0.0099% / 1h	54m 19s	$797K	$1.5M	20x
Short	Paradex META-USD-PERP	744.45	0.0063	get 0.0063% / 8h	6h 54m	—	—	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Paradex 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 ParadexbpOrdersPrice spread, now −0.295%Rate

Funding earned: −$152.86
Price spread: −0.295% → 0.000%: −$29.53
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Paradex: 2 bp × 2 orders: −$4
Net: −$193.39
Costs to cover: 0.110%
Break-even: never at this rate

Slippage unknown: Phoenix: live order book, 4 min ago; Paradex: no order-book sample. 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 Phoenix live order book, 4 min ago	2.95 bp	10.1 bp −$10	20.6 bp −$206	doesn't fit	doesn't fit
Sell Paradex no order-book sample	—	—	—	—	—

Paradex: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	744.57	−0.279%	$334K	$1.1M	20x	as long as short
Aster METAUSDT	0.0000%	8h	745.20	−0.194%	$490K	$628K	20x	as long as short
Extended META_24_5-USD	0.0000%	1h	744.63	−0.270%	$544K	$3.3M	17x	as long as short
Binance METAUSDT	0.0000%	8h	744.90	−0.234%	$25.9M	$192.3M	20x	as long as short
Bybit METAUSDT	0.0000%	8h	744.92	−0.232%	$7.7M	$15.9M	100x	as long as short
OKX META-USDT-SWAP	0.0000%	8h	745.01	−0.220%	$6.1M	$13.0M	20x	as long as short
Gate META_USDT	0.0000%	8h	744.45	−0.295%	$447K	$6.4M	100x	as long as short
Bitget METAUSDT	0.0000%	8h	744.71	−0.260%	$5.7M	$12.3M	100x	as long as short
Variational Omni META	0.0000%	8h	745.38	−0.170%	$2.5M	$3.0M	—	as long as short
GRVT META_USDT_Perp	0.0000%	8h	745.62	−0.138%	$12K	$438K	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	745.06	−0.213%	$931	$7.6M	20x	as long as short
HTX META-USDT	0.0000%	8h	744.70	−0.261%	$108K	$300K	30x	as long as short
Phemex METAUSDT	0.0000%	4h	744.86	−0.240%	$2.0M	$8K	10x	as long as short
Lighter RH META	+0.0032%	1h	744.95	−0.228%	$815K	$2.8M	20x	as long as short
Arcus META-USD	+0.0040%	1h	744.40	−0.301%	$111K	$315K	10x	as long as short
QFEX META-USD	+0.0041%	1h	744.90	−0.234%	$2.2M	$14.1M	10x	as long as short
Vest META-USD-PERP	+0.0046%	1h	745.20	−0.194%	—	$12K	25x	as long as short
Popdex METAUSDT	+0.0048%	1h	744.92	−0.232%	$179K	$205K	20x	as long as short
Polymarket Perps META-USD	+0.0050%	1h	745.00	−0.221%	$567K	$609K	10x	as long as short
SoDEX META-USD	+0.0050%	1h	744.78	−0.250%	$25K	$3K	10x	as long as short
Ondo Perps META-USD.P	+0.0050%	1h	744.09	−0.343%	$741K	$5.0M	10x	as long as short
Paradex META-USD-PERPshort	+0.0063%	8h	744.45	−0.295%	—	—	5x
Aftermath Perps METAUSD	+0.0078%	1h	745.64	−0.136%	$51K	$91K	10x	as long as short
Nado META-PERP	+0.0088%	1h	744.06	−0.347%	$478K	$559K	20x	as long as short
Coinbase International META-PERP-INTX	+0.0096%	1h	744.98	−0.224%	$641K	$7.8M	10x	as long as short
Pacifica META	+0.0100%	1h	744.91	−0.233%	$608	$2K	10x	as long as short
KuCoin METAUSDTM	+0.0100%	8h	744.95	−0.228%	$1.6M	$804K	20x	as long as short
ApeX Omni METAUSDT	+0.0100%	1h	744.91	−0.233%	$167K	$71K	50x	as long as short
Orderly PERP_META_USDC_mythos	+0.0100%	8h	744.89	−0.236%	$1K	$24	10x	as long as short
Aevo META-PERP	+0.0104%	1h	744.65	−0.268%	$268	—	10x	as long as short
Deribit META_USDC-PERPETUAL	+0.0193%	1h	744.52	−0.285%	$36K	$269K	10x	as long as short
Injective META/USDC PERP	+0.0220%	1h	746.33	−0.043%	$176K	$52K	30x	as long as short
Hotstuff META-PERP	+0.0280%	1h	744.83	−0.244%	$33K	$105	20x	as long as short
Lighter META	+0.0288%	1h	745.10	−0.208%	$1.2M	$2.6M	20x	as long as short
tradeXYZ xyz:META	+0.0375%	1h	745.11	−0.206%	$86.5M	$134.6M	20x	as long as short
edgeX METAUSDC	+0.0473%	4h	745.31	−0.179%	$63K	$346K	10x	as long as short
Phoenix METAlong	+0.0791%	1h	746.65	long leg	$797K	$1.5M	20x