Funding arb · Price arb /

META

RWAall META markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0259%/8h= +28.4% APRpaid last 24h +0.059%

Price spread now: Phoenix against Aster−0.044%95s7-day average −0.097% · you buy dearer than you sell

Net, funding: paid 7d − costs−$101as 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−$1381.379% of the position

Long on Aster Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.367%+$37 on $10k

Price spread, last 3 days (all we have)−0.151%−$15 · spread now −0.044%, 7d avg −0.097%

Together, before fees+0.216%+ Points / potential airdropAster: Stage 5 · farm board+$22 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$8 a day on $10k at the current rate, and Phoenix is 0.053% dearer against Aster than usual: you sell high and buy low: +$5 more if the spread goes back to its 7-day average of −0.097%. The two prices were read 95 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	Aster METAUSDT	739.68	0	get 0.0000% / 8h	7h 27m	$466K	$549K	20x
Short	Phoenix META	739.35	0.0259	get 0.0032% / 1h	27m 51s	$277K	$930K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Aster. 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 AsterbpFee PhoenixbpOrdersPrice spread, now −0.044%Rate

Funding earned: $54.45
Price spread: −0.044% → −0.097%: $5.28
Slippage, 4 orders: −$122.86
Fee Aster: 4 bp × 2 orders: −$8
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$78.14
Costs to cover: 1.379%
Break-even: 17.0 days

Slippage from Aster: live order book, 45 min ago; Phoenix: live order book, 45 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 Aster live order book, 45 min ago	9.91 bp	99.0 bp −$99	doesn't fit	doesn't fit	doesn't fit
Sell Phoenix live order book, 45 min ago	2.02 bp	8.1 bp −$8	15.3 bp −$153	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	739.45	−0.031%	$329K	$1.1M	20x	as long as short
Aster METAUSDTlong	0.0000%	8h	739.68	long leg	$466K	$549K	20x
Extended META_24_5-USD	0.0000%	1h	739.26	−0.056%	$550K	$2.7M	17x	as long as short
Binance METAUSDT	0.0000%	8h	739.39	−0.039%	$27.4M	$179.2M	20x	as long as short
Bybit METAUSDT	0.0000%	8h	739.48	−0.027%	$7.6M	$14.0M	100x	as long as short
OKX META-USDT-SWAP	0.0000%	8h	739.49	−0.025%	$6.0M	$13.2M	20x	as long as short
Gate META_USDT	0.0000%	8h	739.23	−0.060%	$352K	$5.6M	100x	as long as short
Bitget METAUSDT	0.0000%	8h	739.34	−0.045%	$5.6M	$11.1M	100x	as long as short
Variational Omni META	0.0000%	8h	739.38	−0.040%	$2.3M	$3.3M	—	as long as short
GRVT META_USDT_Perp	0.0000%	8h	739.41	−0.036%	$12K	$471K	10x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX META-USDT	0.0000%	8h	739.73	+0.007%	$884	$9.3M	20x	as long as short
Deribit META_USDC-PERPETUAL	0.0000%	1h	739.15	−0.071%	$30K	$246K	10x	as long as short
HTX META-USDT	0.0000%	8h	739.22	−0.062%	$104K	$295K	30x	as long as short
Phemex METAUSDT	0.0000%	4h	739.57	−0.014%	$2.0M	$8K	10x	as long as short
Nado META-PERP	+0.0003%	1h	739.23	−0.061%	$393K	$356K	20x	as long as short
Lighter RH META	+0.0032%	1h	739.63	−0.006%	$752K	$3.2M	20x	as long as short
Vest META-USD-PERP	+0.0046%	1h	739.72	+0.006%	—	$11K	25x	as long as short
Popdex METAUSDT	+0.0048%	1h	739.42	−0.035%	$177K	$194K	20x	as long as short
Polymarket Perps META-USD	+0.0050%	1h	739.33	−0.047%	$557K	$857K	10x	as long as short
SoDEX META-USD	+0.0050%	1h	739.42	−0.035%	$24K	$3K	10x	as long as short
Ondo Perps META-USD.P	+0.0050%	1h	738.70	−0.132%	$691K	$4.4M	10x	as long as short
QFEX META-USD	+0.0055%	1h	739.46	−0.029%	$2.2M	$14.2M	10x	as long as short
Arcus META-USD	+0.0063%	1h	738.88	−0.108%	$110K	$331K	10x	as long as short
Paradex META-USD-PERP	+0.0066%	8h	739.37	−0.041%	—	—	5x	as long as short
Aftermath Perps METAUSD	+0.0071%	1h	739.60	−0.010%	$48K	$80K	10x	as long as short
KuCoin METAUSDTM	+0.0100%	8h	739.58	−0.013%	$1.6M	$433K	20x	as long as short
ApeX Omni METAUSDT	+0.0100%	1h	738.62	−0.143%	$165K	$72K	50x	as long as short
Orderly PERP_META_USDC_mythos	+0.0100%	8h	739.48	−0.027%	$1K	$24	10x	as long as short
Aevo META-PERP	+0.0104%	1h	739.34	−0.046%	$266	—	10x	as long as short
Hotstuff META-PERP	+0.0144%	1h	739.45	−0.031%	$33K	$105	20x	as long as short
Coinbase International META-PERP-INTX	+0.0144%	1h	738.49	−0.160%	$604K	$7.3M	10x	as long as short
tradeXYZ xyz:META	+0.0174%	1h	739.36	−0.043%	$67.5M	$121.6M	20x	as long as short
Injective META/USDC PERP	+0.0220%	1h	740.90	+0.165%	$171K	$48K	30x	as long as short
Lighter META	+0.0240%	1h	739.63	−0.006%	$851K	$2.5M	20x	as long as short
Phoenix METAshort	+0.0259%	1h	739.35	−0.044%	$277K	$930K	20x
edgeX METAUSDC	+0.0475%	4h	739.30	−0.051%	$62K	$335K	10x	as long as short