Funding arb · Price arb /

META

RWAall META markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0496%/8h= −54.4% APRpaid last 24h −0.060%

Price spread now: SunX against Phoenix−0.125%51s7-day average +0.033% · you buy dearer than you sell

Net, funding: paid 7d − costs−$118as 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−$810.814% of the position

Long on Phoenix Short on SunX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.366%−$37 on $10k

Price spread, last 3 days (all we have)+0.267%+$27 · spread now −0.125%, 7d avg +0.033%

Together, before fees−0.099%−$10 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$15 a day on $10k at the current rate, and SunX is 0.158% cheaper against Phoenix than usual: you would sell low and buy high (−$16 if the spread goes back to its 7-day average of +0.033%). Swap the legs. The two prices were read 51 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	742.71	0.0496	pay 0.0062% / 1h	51m 20s	$491K	$1.1M	20x
Short	SunX META-USDT	741.78	0	get 0.0000% / 8h	5h 51m	$780	$9.1M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX 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 SunXbpOrdersPrice spread, now −0.125%Rate

Funding earned: −$104.24
Price spread: −0.125% → +0.033%: −$15.84
Slippage, 4 orders: −$66.42
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee SunX: 4 bp × 2 orders: −$8
Net: −$201.49
Costs to cover: 0.814%
Break-even: never at this rate

Slippage from Phoenix: live order book, 2 min ago; SunX: live order book, 8 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, 2 min ago	2.29 bp	8.6 bp −$9	16.6 bp −$166	doesn't fit	doesn't fit
Sell SunX live order book, 8 min ago	28.13 bp	32.1 bp −$32	61.7 bp −$617	doesn't fit	doesn't fit

META on 35 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
Nado META-PERP	−0.0062%	1h	741.51	−0.162%	$479K	$549K	20x	as long as short
Aster METAUSDT	0.0000%	8h	741.52	−0.160%	$466K	$549K	20x	as long as short
Extended META_24_5-USD	0.0000%	1h	741.68	−0.138%	$548K	$2.7M	17x	as long as short
Binance METAUSDT	0.0000%	8h	741.89	−0.110%	$27.3M	$178.9M	20x	as long as short
Bybit METAUSDT	0.0000%	8h	741.75	−0.129%	$7.5M	$13.7M	100x	as long as short
OKX META-USDT-SWAP	0.0000%	8h	741.94	−0.104%	$5.9M	$13.3M	20x	as long as short
Gate META_USDT	0.0000%	8h	741.56	−0.155%	$356K	$5.6M	100x	as long as short
Bitget METAUSDT	0.0000%	8h	741.91	−0.108%	$5.4M	$11.3M	100x	as long as short
Variational Omni META	0.0000%	8h	741.87	−0.113%	$2.3M	$3.1M	—	as long as short
GRVT META_USDT_Perp	0.0000%	8h	742.02	−0.093%	$13K	$432K	10x	as long as short

Show all 35 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX META-USDTshort	0.0000%	8h	741.78	−0.125%	$780	$9.1M	20x
Deribit META_USDC-PERPETUAL	0.0000%	1h	741.36	−0.182%	$31K	$245K	10x	as long as short
HTX META-USDT	0.0000%	8h	741.59	−0.151%	$106K	$296K	30x	as long as short
Phemex METAUSDT	0.0000%	4h	742.08	−0.085%	$2.0M	$8K	10x	as long as short
Lighter RH META	+0.0032%	1h	742.05	−0.089%	$763K	$3.0M	20x	as long as short
QFEX META-USD	+0.0032%	1h	741.60	−0.149%	$2.1M	$13.7M	10x	as long as short
Arcus META-USD	+0.0040%	1h	741.38	−0.179%	$110K	$330K	10x	as long as short
Vest META-USD-PERP	+0.0046%	1h	742.05	−0.089%	—	$10K	25x	as long as short
Popdex METAUSDT	+0.0048%	1h	741.88	−0.112%	$178K	$199K	20x	as long as short
Polymarket Perps META-USD	+0.0050%	1h	741.63	−0.145%	$559K	$548K	10x	as long as short
SoDEX META-USD	+0.0050%	1h	741.88	−0.112%	$24K	$3K	10x	as long as short
Ondo Perps META-USD.P	+0.0050%	1h	741.21	−0.202%	$705K	$4.2M	10x	as long as short
Paradex META-USD-PERP	+0.0056%	8h	741.64	−0.144%	—	—	5x	as long as short
Aftermath Perps METAUSD	+0.0072%	1h	742.58	−0.018%	$49K	$81K	10x	as long as short
Coinbase International META-PERP-INTX	+0.0096%	1h	741.82	−0.120%	$610K	$7.1M	10x	as long as short
KuCoin METAUSDTM	+0.0100%	8h	741.94	−0.104%	$1.6M	$504K	20x	as long as short
ApeX Omni METAUSDT	+0.0100%	1h	741.18	−0.206%	$166K	$71K	50x	as long as short
Orderly PERP_META_USDC_mythos	+0.0100%	8h	741.80	−0.123%	$1K	$24	10x	as long as short
Aevo META-PERP	+0.0104%	1h	741.64	−0.144%	$267	—	10x	as long as short
Hotstuff META-PERP	+0.0208%	1h	742.10	−0.082%	$33K	$105	20x	as long as short
Injective META/USDC PERP	+0.0220%	1h	744.36	+0.222%	$172K	$48K	30x	as long as short
Lighter META	+0.0224%	1h	742.06	−0.088%	$861K	$2.4M	20x	as long as short
tradeXYZ xyz:META	+0.0328%	1h	742.02	−0.093%	$68.8M	$119.8M	20x	as long as short
Phoenix METAlong	+0.0496%	1h	742.71	long leg	$491K	$1.1M	20x
edgeX METAUSDC	+0.0529%	4h	741.87	−0.113%	$62K	$335K	10x	as long as short