Funding arb · Price arb /

META

RWAall META markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0313%/8h= +34.3% APRpaid last 24h +0.029%

Price spread now: Phoenix against Binance+0.105%7-day average +0.001% · you sell dearer than you buy

Net, funding: paid 7d − costs+$12as in the Funding arb table

Net, price: spread back to 7d avg − costs−$18as in the Price arb table

costs, in and out, $10k−$290.289% of the position

Long on Binance Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.411%+$41 on $10k

Price spread, last 2 days (all we have)−0.114%−$11 · spread now +0.105%, 7d avg +0.001%

Together, before fees+0.297%+$30 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$9 a day on $10k at the current rate, and Phoenix is 0.104% dearer against Binance than usual: you sell high and buy low: +$10 more if the spread goes back to its 7-day average of +0.001%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance METAUSDT	740.07	0	get 0.0000% / 8h	6h 19m	$27.3M	$179.2M	20x
Short	Phoenix META	740.85	0.0313	get 0.0039% / 1h	19m 31s	$429K	$1.1M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Binance. 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 BinancebpFee PhoenixbpOrdersPrice spread, now +0.105%Rate

Funding earned: $65.73
Price spread: +0.105% → +0.001%: $10.45
Slippage, 4 orders: −$11.92
Fee Binance: 5 bp × 2 orders: −$10
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $47.26
Costs to cover: 0.289%
Break-even: 2.0 days

Slippage from Binance: live order book, 9 min ago; Phoenix: live order book, 4 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 Binance live order book, 9 min ago	0.07 bp	6.4 bp −$6	13.4 bp −$134	48.2 bp −$4,825	doesn't fit
Sell Phoenix live order book, 4 min ago	2.02 bp	8.0 bp −$8	15.1 bp −$151	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	−0.0122%	1h	739.71	−0.049%	$478K	$549K	20x	as long as short
Aster METAUSDT	0.0000%	8h	740.51	+0.059%	$466K	$549K	20x	as long as short
Extended META_24_5-USD	0.0000%	1h	739.88	−0.025%	$550K	$2.7M	17x	as long as short
Binance METAUSDTlong	0.0000%	8h	740.07	long leg	$27.3M	$179.2M	20x
Bybit METAUSDT	0.0000%	8h	740.10	+0.004%	$7.5M	$13.8M	100x	as long as short
OKX META-USDT-SWAP	0.0000%	8h	739.73	−0.046%	$5.9M	$13.3M	20x	as long as short
Gate META_USDT	0.0000%	8h	740.01	−0.008%	$352K	$5.6M	100x	as long as short
Bitget METAUSDT	0.0000%	8h	740.28	+0.028%	$5.5M	$11.4M	100x	as long as short
Variational Omni META	0.0000%	8h	740.21	+0.019%	$2.3M	$3.1M	—	as long as short
GRVT META_USDT_Perp	0.0000%	8h	740.46	+0.053%	$12K	$433K	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-USDT	0.0000%	8h	740.08	+0.001%	$608	$9.2M	20x	as long as short
Deribit META_USDC-PERPETUAL	0.0000%	1h	739.73	−0.046%	$31K	$244K	10x	as long as short
HTX META-USDT	0.0000%	8h	740.01	−0.008%	$105K	$296K	30x	as long as short
Phemex METAUSDT	0.0000%	4h	740.79	+0.097%	$2.0M	$8K	10x	as long as short
QFEX META-USD	+0.0025%	1h	740.14	+0.009%	$2.2M	$14.0M	10x	as long as short
Lighter RH META	+0.0032%	1h	740.30	+0.031%	$750K	$3.0M	20x	as long as short
Arcus META-USD	+0.0040%	1h	739.88	−0.026%	$110K	$330K	10x	as long as short
Vest META-USD-PERP	+0.0046%	1h	740.45	+0.051%	—	$11K	25x	as long as short
Popdex METAUSDT	+0.0048%	1h	740.09	+0.003%	$176K	$197K	20x	as long as short
Polymarket Perps META-USD	+0.0050%	1h	740.04	−0.004%	$557K	$847K	10x	as long as short
SoDEX META-USD	+0.0050%	1h	740.21	+0.019%	$24K	$3K	10x	as long as short
Ondo Perps META-USD.P	+0.0050%	1h	739.99	−0.011%	$697K	$4.3M	10x	as long as short
Paradex META-USD-PERP	+0.0057%	8h	739.96	−0.015%	—	—	5x	as long as short
Aftermath Perps METAUSD	+0.0070%	1h	740.89	+0.110%	$49K	$80K	10x	as long as short
KuCoin METAUSDTM	+0.0100%	8h	740.31	+0.032%	$1.6M	$485K	20x	as long as short
ApeX Omni METAUSDT	+0.0100%	1h	739.56	−0.069%	$166K	$71K	50x	as long as short
Orderly PERP_META_USDC_mythos	+0.0100%	8h	740.10	+0.004%	$1K	$24	10x	as long as short
Aevo META-PERP	+0.0104%	1h	740.06	−0.001%	$266	—	10x	as long as short
Coinbase International META-PERP-INTX	+0.0104%	1h	740.66	+0.080%	$609K	$7.2M	10x	as long as short
Lighter META	+0.0128%	1h	740.25	+0.024%	$860K	$2.4M	20x	as long as short
Hotstuff META-PERP	+0.0136%	1h	740.23	+0.022%	$33K	$105	20x	as long as short
Injective META/USDC PERP	+0.0220%	1h	742.42	+0.318%	$171K	$48K	30x	as long as short
tradeXYZ xyz:META	+0.0247%	1h	740.14	+0.009%	$68.3M	$120.0M	20x	as long as short
Phoenix METAshort	+0.0313%	1h	740.85	+0.105%	$429K	$1.1M	20x
edgeX METAUSDC	+0.0939%	4h	740.24	+0.023%	$62K	$335K	10x	as long as short