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 +0.068%

Price spread now: Phoenix against Bitget+0.079%79s7-day average −0.008% · you sell dearer than you buy

Net, funding: paid 7d − costs−$1as 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−$380.378% of the position

Long on Bitget Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.372%+$37 on $10k

Price spread, last 7 days−0.011%−$1 · spread now +0.079%, 7d avg −0.008%

Together, before fees+0.361%+$36 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$21 a day on $10k at the current rate, and Phoenix is 0.087% dearer against Bitget than usual: you sell high and buy low: +$9 more if the spread goes back to its 7-day average of −0.008%. The two prices were read 79 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.372% in total (about 19.4% 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	Bitget METAUSDT	743.67	0	get 0.0000% / 8h	2h 30m	$5.6M	$12.1M	100x
Short	Phoenix META	744.26	0.0685	get 0.0086% / 1h	30m 09s	$795K	$1.4M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Bitget. 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 BitgetbpFee PhoenixbpOrdersPrice spread, now +0.079%Rate

Funding earned: $143.79
Price spread: +0.079% → −0.008%: $8.73
Slippage, 4 orders: −$18.78
Fee Bitget: 6 bp × 2 orders: −$12
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $114.74
Costs to cover: 0.378%
Break-even: 1.4 days

Slippage from Bitget: live order book, 3 min ago; Phoenix: 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 Bitget live order book, 3 min ago	0.54 bp	10.4 bp −$10	20.7 bp −$207	46.5 bp −$4,650	doesn't fit
Sell Phoenix live order book, 3 min ago	2.96 bp	10.2 bp −$10	20.6 bp −$206	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	742.71	−0.129%	$332K	$1.1M	20x	as long as short
Aster METAUSDT	0.0000%	8h	744.26	+0.079%	$479K	$589K	20x	as long as short
Extended META_24_5-USD	0.0000%	1h	743.13	−0.073%	$544K	$2.7M	17x	as long as short
Binance METAUSDT	0.0000%	8h	743.42	−0.034%	$28.0M	$182.6M	20x	as long as short
Bybit METAUSDT	0.0000%	8h	743.19	−0.065%	$7.3M	$15.1M	100x	as long as short
OKX META-USDT-SWAP	0.0000%	8h	743.53	−0.019%	$6.0M	$12.5M	20x	as long as short
Gate META_USDT	0.0000%	8h	742.74	−0.125%	$439K	$5.9M	100x	as long as short
Bitget METAUSDTlong	0.0000%	8h	743.67	long leg	$5.6M	$12.1M	100x
Variational Omni META	0.0000%	8h	742.59	−0.145%	$2.4M	$3.2M	—	as long as short
GRVT META_USDT_Perp	0.0000%	8h	743.02	−0.087%	$13K	$443K	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	743.39	−0.038%	$824	$8.4M	20x	as long as short
Deribit META_USDC-PERPETUAL	0.0000%	1h	742.87	−0.108%	$31K	$264K	10x	as long as short
HTX META-USDT	0.0000%	8h	743.29	−0.051%	$106K	$306K	30x	as long as short
Phemex METAUSDT	0.0000%	4h	743.16	−0.069%	$2.0M	$8K	10x	as long as short
Lighter RH META	+0.0032%	1h	743.53	−0.019%	$768K	$2.9M	20x	as long as short
Nado META-PERP	+0.0034%	1h	742.70	−0.130%	$480K	$557K	20x	as long as short
Arcus META-USD	+0.0040%	1h	742.58	−0.147%	$110K	$332K	10x	as long as short
Vest META-USD-PERP	+0.0046%	1h	743.43	−0.032%	—	$11K	25x	as long as short
QFEX META-USD	+0.0046%	1h	743.01	−0.089%	$2.2M	$13.8M	10x	as long as short
Popdex METAUSDT	+0.0048%	1h	743.16	−0.069%	$178K	$200K	20x	as long as short
Polymarket Perps META-USD	+0.0050%	1h	742.59	−0.145%	$584K	$564K	10x	as long as short
SoDEX META-USD	+0.0050%	1h	743.02	−0.087%	$24K	$3K	10x	as long as short
Ondo Perps META-USD.P	+0.0050%	1h	742.52	−0.155%	$729K	$4.8M	10x	as long as short
Paradex META-USD-PERP	+0.0079%	8h	742.86	−0.108%	—	—	5x	as long as short
Aftermath Perps METAUSD	+0.0086%	1h	743.57	−0.014%	$51K	$81K	10x	as long as short
KuCoin METAUSDTM	+0.0100%	8h	743.27	−0.054%	$1.6M	$642K	20x	as long as short
ApeX Omni METAUSDT	+0.0100%	1h	742.46	−0.163%	$166K	$72K	50x	as long as short
Orderly PERP_META_USDC_mythos	+0.0100%	8h	743.23	−0.059%	$1K	$24	10x	as long as short
Aevo META-PERP	+0.0104%	1h	743.12	−0.075%	$268	—	10x	as long as short
Coinbase International META-PERP-INTX	+0.0128%	1h	742.03	−0.221%	$659K	$7.7M	10x	as long as short
Injective META/USDC PERP	+0.0220%	1h	745.90	+0.300%	$172K	$46K	30x	as long as short
Lighter META	+0.0336%	1h	743.60	−0.009%	$1.0M	$2.6M	20x	as long as short
Hotstuff META-PERP	+0.0368%	1h	743.18	−0.066%	$33K	$105	20x	as long as short
tradeXYZ xyz:META	+0.0448%	1h	743.64	−0.004%	$74.4M	$124.7M	20x	as long as short
Phoenix METAshort	+0.0685%	1h	744.26	+0.079%	$795K	$1.4M	20x
edgeX METAUSDC	+0.0917%	4h	743.12	−0.074%	$62K	$340K	10x	as long as short