Funding arb · Price arb /

META

RWAall META markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0685%/8h= −75.0% APRpaid last 24h −0.072%

Price spread now: Phemex against Phoenix−0.106%7-day average +0.038% · you buy dearer than you sell

Net, funding: paid 7d − costs−$144as in the Funding arb table

Net, price: spread back to 7d avg − costs−$121as in the Price arb table

costs, in and out, $10k−$1061.063% of the position

Long on Phoenix Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.376%−$38 on $10k

Price spread, last 4 days (all we have)+0.267%+$27 · spread now −0.106%, 7d avg +0.038%

Together, before fees−0.109%−$11 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$21 a day on $10k at the current rate, and Phemex is 0.144% cheaper against Phoenix than usual: you would sell low and buy high (−$14 if the spread goes back to its 7-day average of +0.038%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.376% in total (about -19.6% 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	746.70	0.0685	pay 0.0086% / 1h	45m 00s	$797K	$1.4M	20x
Short	Phemex METAUSDT	745.91	0	get 0.0000% / 4h	2h 45m	$2.0M	$8K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now −0.106%Rate

Funding earned: −$143.79
Price spread: −0.106% → +0.038%: −$14.38
Slippage, 4 orders: −$87.35
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$264.51
Costs to cover: 1.063%
Break-even: never at this rate

Slippage from Phoenix: live order book, 8 min ago; Phemex: 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	2.81 bp	9.6 bp −$10	19.2 bp −$192	doesn't fit	doesn't fit
Sell Phemex live order book, 3 min ago	1.34 bp	37.4 bp −$37	doesn't fit	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	745.65	−0.141%	$333K	$1.1M	20x	as long as short
Aster METAUSDT	0.0000%	8h	746.23	−0.063%	$492K	$577K	20x	as long as short
Extended META_24_5-USD	0.0000%	1h	745.54	−0.155%	$547K	$2.7M	17x	as long as short
Binance METAUSDT	0.0000%	8h	745.72	−0.131%	$28.3M	$181.2M	20x	as long as short
Bybit METAUSDT	0.0000%	8h	745.68	−0.137%	$7.4M	$14.9M	100x	as long as short
OKX META-USDT-SWAP	0.0000%	8h	745.77	−0.125%	$6.0M	$12.6M	20x	as long as short
Gate META_USDT	0.0000%	8h	745.11	−0.213%	$434K	$5.9M	100x	as long as short
Variational Omni META	0.0000%	8h	745.64	−0.141%	$2.4M	$3.2M	—	as long as short
GRVT META_USDT_Perp	0.0000%	8h	745.37	−0.178%	$12K	$450K	10x	as long as short
SunX META-USDT	0.0000%	8h	745.81	−0.119%	$823	$8.5M	20x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX META-USDT	0.0000%	8h	745.54	−0.155%	$106K	$305K	30x	as long as short
Phemex METAUSDTshort	0.0000%	4h	745.91	−0.106%	$2.0M	$8K	10x
Arcus META-USD	+0.0040%	1h	745.21	−0.200%	$111K	$331K	10x	as long as short
Vest META-USD-PERP	+0.0046%	1h	745.70	−0.134%	—	$11K	25x	as long as short
QFEX META-USD	+0.0046%	1h	745.62	−0.145%	$2.2M	$13.7M	10x	as long as short
Bitget METAUSDT	+0.0049%	8h	745.76	−0.126%	$5.4M	$11.9M	100x	as long as short
Polymarket Perps META-USD	+0.0050%	1h	745.26	−0.193%	$586K	$564K	10x	as long as short
SoDEX META-USD	+0.0050%	1h	745.62	−0.145%	$25K	$3K	10x	as long as short
Ondo Perps META-USD.P	+0.0050%	1h	745.04	−0.222%	$758K	$4.5M	10x	as long as short
Nado META-PERP	+0.0055%	1h	745.04	−0.222%	$482K	$556K	20x	as long as short
Lighter RH META	+0.0056%	1h	745.79	−0.122%	$770K	$2.9M	20x	as long as short
Deribit META_USDC-PERPETUAL	+0.0072%	1h	745.25	−0.194%	$31K	$256K	10x	as long as short
Paradex META-USD-PERP	+0.0078%	8h	745.43	−0.171%	—	—	5x	as long as short
Aftermath Perps METAUSD	+0.0087%	1h	746.29	−0.055%	$52K	$82K	10x	as long as short
KuCoin METAUSDTM	+0.0100%	8h	745.71	−0.133%	$1.6M	$634K	20x	as long as short
ApeX Omni METAUSDT	+0.0100%	1h	744.41	−0.307%	$167K	$72K	50x	as long as short
Orderly PERP_META_USDC_mythos	+0.0100%	8h	745.59	−0.149%	$1K	$24	10x	as long as short
Aevo META-PERP	+0.0104%	1h	745.47	−0.165%	$268	—	10x	as long as short
Coinbase International META-PERP-INTX	+0.0128%	1h	746.41	−0.039%	$671K	$7.6M	10x	as long as short
Popdex METAUSDT	+0.0136%	1h	745.77	−0.125%	$179K	$199K	20x	as long as short
Injective META/USDC PERP	+0.0220%	1h	748.43	+0.232%	$173K	$46K	30x	as long as short
edgeX METAUSDC	+0.0361%	4h	745.34	−0.182%	$62K	$340K	10x	as long as short
Lighter META	+0.0384%	1h	745.88	−0.110%	$984K	$2.5M	20x	as long as short
Hotstuff META-PERP	+0.0448%	1h	745.82	−0.118%	$33K	$105	20x	as long as short
tradeXYZ xyz:META	+0.0523%	1h	745.81	−0.119%	$72.5M	$122.9M	20x	as long as short
Phoenix METAlong	+0.0685%	1h	746.70	long leg	$797K	$1.4M	20x