Funding arb · Price arb /

META

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC−0.0038%/8h= −4.2% APRpaid last 24h −0.010%

Price spread now: Phemex against QFEX+0.197%7-day average +0.029% · 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−$84as in the Price arb table

costs, in and out, $10k−$1011.006% of the position

Long on QFEX Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.022%−$2 on $10k

Price spread, last 4 days (all we have)−0.042%−$4 · spread now +0.197%, 7d avg +0.029%

Together, before fees−0.065%−$6 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Phemex is 0.169% dearer against QFEX than usual: you sell high and buy low (spread +0.197% now, against its 7-day average of +0.029%): +$17 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 15 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	QFEX META-USD	739.75	0.0038	pay 0.0005% / 1h	59m 00s	$2.2M	$13.9M	10x
Short	Phemex METAUSDT	741.21	0	get 0.0000% / 4h	59m 00s	$2.0M	$9K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against QFEX. 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 QFEXbpFee PhemexbpOrdersPrice spread, now +0.197%Rate

Funding earned: −$8.05
Price spread: +0.197% → +0.029%: $16.86
Slippage, 4 orders: −$78.62
Fee QFEX: 5 bp × 2 orders: −$10
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$91.8
Costs to cover: 1.006%
Break-even: never at this rate

Slippage from QFEX: live order book, 8 min ago; Phemex: live order book, 2 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 QFEX live order book, 8 min ago	2.03 bp	7.0 bp −$7	7.7 bp −$77	19.2 bp −$1,919	doesn't fit
Sell Phemex live order book, 2 min ago	1.76 bp	46.1 bp −$46	doesn't fit	doesn't fit	doesn't fit

META on 37 exchanges

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	−0.1600%	1h	739.96	+0.028%	$33K	$105	20x	as long as short
BloFin META-USDT	−0.0120%	8h	742.00	+0.304%	$338K	$1.1M	20x	as long as short
Aster METAUSDT	0.0000%	8h	742.00	+0.304%	$493K	$629K	20x	as long as short
Extended META_24_5-USD	0.0000%	1h	741.73	+0.268%	$547K	$3.3M	17x	as long as short
Binance METAUSDT	0.0000%	8h	741.73	+0.268%	$25.4M	$191.4M	20x	as long as short
Bybit METAUSDT	0.0000%	8h	742.02	+0.307%	$7.5M	$16.2M	100x	as long as short
OKX META-USDT-SWAP	0.0000%	8h	741.93	+0.295%	$6.1M	$13.1M	20x	as long as short
Gate META_USDT	0.0000%	8h	742.22	+0.334%	$471K	$6.2M	100x	as long as short
Bitget METAUSDT	0.0000%	8h	742.39	+0.357%	$5.8M	$12.1M	100x	as long as short
Variational Omni META	0.0000%	8h	740.11	+0.049%	$2.6M	$3.2M	—	as long as short

Show all 37 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT META_USDT_Perp	0.0000%	8h	740.22	+0.063%	$12K	$423K	10x	as long as short
SunX META-USDT	0.0000%	8h	740.31	+0.076%	$825	$6.8M	20x	as long as short
HTX META-USDT	0.0000%	8h	740.30	+0.074%	$106K	$309K	30x	as long as short
Phemex METAUSDTshort	0.0000%	4h	741.21	+0.197%	$2.0M	$9K	10x
Lighter RH META	+0.0032%	1h	740.87	+0.151%	$857K	$2.8M	20x	as long as short
QFEX META-USDlong	+0.0038%	1h	739.75	long leg	$2.2M	$13.9M	10x
Nado META-PERP	+0.0040%	1h	739.68	−0.010%	$474K	$535K	20x	as long as short
Arcus META-USD	+0.0040%	1h	739.51	−0.032%	$111K	$291K	10x	as long as short
Vest META-USD-PERP	+0.0046%	1h	740.32	+0.077%	—	$11K	25x	as long as short
Popdex METAUSDT	+0.0048%	1h	739.99	+0.032%	$178K	$199K	20x	as long as short
Polymarket Perps META-USD	+0.0050%	1h	740.02	+0.036%	$558K	$590K	10x	as long as short
Ondo Perps META-USD.P	+0.0050%	1h	739.44	−0.042%	$753K	$5.1M	10x	as long as short
Paradex META-USD-PERP	+0.0068%	8h	740.00	+0.034%	—	—	5x	as long as short
SoDEX META-USD	+0.0078%	1h	740.31	+0.076%	$24K	$3K	10x	as long as short
Aftermath Perps METAUSD	+0.0079%	1h	740.72	+0.131%	$53K	$86K	10x	as long as short
Coinbase International META-PERP-INTX	+0.0088%	1h	739.76	+0.001%	$645K	$7.2M	10x	as long as short
Pacifica META	+0.0100%	1h	739.47	−0.037%	$612	$3K	10x	as long as short
KuCoin METAUSDTM	+0.0100%	8h	741.52	+0.239%	$1.6M	$927K	20x	as long as short
ApeX Omni METAUSDT	+0.0100%	1h	739.22	−0.072%	$166K	$71K	50x	as long as short
Orderly PERP_META_USDC_mythos	+0.0100%	8h	740.08	+0.045%	$1K	$338	10x	as long as short
Aevo META-PERP	+0.0104%	1h	740.40	+0.088%	$267	—	10x	as long as short
Deribit META_USDC-PERPETUAL	+0.0115%	1h	739.89	+0.019%	$36K	$207K	10x	as long as short
Injective META/USDC PERP	+0.0220%	1h	741.41	+0.224%	$167K	$61K	30x	as long as short
Lighter META	+0.0288%	1h	742.09	+0.316%	$1.2M	$2.5M	20x	as long as short
tradeXYZ xyz:META	+0.0334%	1h	741.78	+0.274%	$87.1M	$136.1M	20x	as long as short
edgeX METAUSDC	+0.0560%	4h	740.10	+0.047%	$62K	$351K	10x	as long as short
Phoenix META	+0.0613%	1h	740.77	+0.138%	$791K	$1.5M	20x	as long as short