Funding arb · Price arb /

META

RWAall META markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0433%/8h= +47.4% APRpaid last 24h +0.064%

Price spread now: Phoenix against BloFin+0.096%586s7-day average −0.028% · you sell dearer than you buy

Net, funding: paid 7d − costs+$24as 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−$310.310% of the position

Long on BloFin Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.549%+$55 on $10k

Price spread, last 3 days (all we have)−0.230%−$23 · spread now +0.096%, 7d avg −0.028%

Together, before fees+0.319%+$32 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$13 a day on $10k at the current rate, and Phoenix is 0.124% dearer against BloFin than usual: you sell high and buy low: +$12 more if the spread goes back to its 7-day average of −0.028%. The two prices were read 586 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	BloFin META-USDT	739.99	−0.0120	get 0.0120% / 8h	6h 39m	$327K	$1.1M	20x
Short	Phoenix META	740.70	0.0313	get 0.0039% / 1h	39m 06s	$386K	$1.1M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against BloFin. 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 BloFinbpFee PhoenixbpOrdersPrice spread, now +0.096%Rate

Funding earned: $90.93
Price spread: +0.096% → −0.028%: $12.43
Slippage, 4 orders: −$12.02
Fee BloFin: 6 bp × 2 orders: −$12
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $72.34
Costs to cover: 0.310%
Break-even: 1.4 days

Slippage from BloFin: live order book, 13 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 BloFin live order book, 13 min ago	0.74 bp	7.0 bp −$7	12.4 bp −$124	doesn't fit	doesn't fit
Sell Phoenix live order book, 3 min ago	2.03 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
Deribit META_USDC-PERPETUAL	−0.0210%	1h	739.42	−0.077%	$31K	$244K	10x	as long as short
Nado META-PERP	−0.0148%	1h	739.74	−0.033%	$478K	$547K	20x	as long as short
BloFin META-USDTlong	−0.0120%	8h	739.99	long leg	$327K	$1.1M	20x
Aster METAUSDT	0.0000%	8h	740.69	+0.094%	$466K	$549K	20x	as long as short
Extended META_24_5-USD	0.0000%	1h	739.82	−0.023%	$550K	$2.7M	17x	as long as short
Binance METAUSDT	0.0000%	8h	739.99	0.000%	$27.4M	$179.3M	20x	as long as short
Bybit METAUSDT	0.0000%	8h	740.03	+0.005%	$7.5M	$13.8M	100x	as long as short
OKX META-USDT-SWAP	0.0000%	8h	739.88	−0.015%	$5.9M	$13.2M	20x	as long as short
Gate META_USDT	0.0000%	8h	739.67	−0.043%	$351K	$5.6M	100x	as long as short
Bitget METAUSDT	0.0000%	8h	739.92	−0.009%	$5.5M	$11.3M	100x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni META	0.0000%	8h	739.73	−0.035%	$2.3M	$3.1M	—	as long as short
GRVT META_USDT_Perp	0.0000%	8h	739.92	−0.009%	$12K	$435K	10x	as long as short
SunX META-USDT	0.0000%	8h	739.97	−0.003%	$825	$9.2M	20x	as long as short
HTX META-USDT	0.0000%	8h	740.35	+0.049%	$105K	$296K	30x	as long as short
Phemex METAUSDT	0.0000%	4h	740.05	+0.008%	$2.0M	$8K	10x	as long as short
QFEX META-USD	+0.0025%	1h	739.88	−0.015%	$2.2M	$14.0M	10x	as long as short
Lighter RH META	+0.0032%	1h	740.29	+0.041%	$750K	$3.0M	20x	as long as short
Arcus META-USD	+0.0040%	1h	739.52	−0.064%	$110K	$330K	10x	as long as short
Vest META-USD-PERP	+0.0046%	1h	740.33	+0.046%	—	$11K	25x	as long as short
Popdex METAUSDT	+0.0048%	1h	739.93	−0.008%	$176K	$197K	20x	as long as short
Polymarket Perps META-USD	+0.0050%	1h	739.78	−0.028%	$557K	$855K	10x	as long as short
SoDEX META-USD	+0.0050%	1h	739.92	−0.009%	$24K	$3K	10x	as long as short
Ondo Perps META-USD.P	+0.0050%	1h	739.23	−0.103%	$697K	$4.3M	10x	as long as short
Paradex META-USD-PERP	+0.0056%	8h	739.73	−0.035%	—	—	5x	as long as short
Aftermath Perps METAUSD	+0.0069%	1h	740.51	+0.070%	$49K	$80K	10x	as long as short
Lighter META	+0.0096%	1h	740.19	+0.027%	$855K	$2.4M	20x	as long as short
KuCoin METAUSDTM	+0.0100%	8h	740.06	+0.009%	$1.6M	$471K	20x	as long as short
ApeX Omni METAUSDT	+0.0100%	1h	739.34	−0.088%	$166K	$71K	50x	as long as short
Orderly PERP_META_USDC_mythos	+0.0100%	8h	739.99	0.000%	$1K	$24	10x	as long as short
Aevo META-PERP	+0.0104%	1h	739.82	−0.023%	$266	—	10x	as long as short
Coinbase International META-PERP-INTX	+0.0104%	1h	739.45	−0.073%	$609K	$7.2M	10x	as long as short
Hotstuff META-PERP	+0.0112%	1h	739.99	0.000%	$33K	$105	20x	as long as short
Injective META/USDC PERP	+0.0220%	1h	739.58	−0.055%	$170K	$48K	30x	as long as short
tradeXYZ xyz:META	+0.0247%	1h	740.12	+0.018%	$68.3M	$120.3M	20x	as long as short
Phoenix METAshort	+0.0313%	1h	740.70	+0.096%	$386K	$1.1M	20x
edgeX METAUSDC	+0.0992%	4h	740.02	+0.004%	$62K	$334K	10x	as long as short