Funding arb · Price arb /

META

RWAall META markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: Phemex against Bybit+0.008%7-day average +0.032% · you sell dearer than you buy

Net, funding: paid 7d − costs−$113as in the Funding arb table

Net, price: spread back to 7d avg − costs−$113as in the Price arb table

costs, in and out, $10k−$1101.104% of the position

Long on Bybit Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.025%−$3 on $10k

Price spread, last 4 days (all we have)+0.363%+$36 · spread now +0.008%, 7d avg +0.032%

Together, before fees+0.337%+$34 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Phemex is 0.024% cheaper against Bybit than usual: you would sell low and buy high, −$2 on $10k if it goes back to its 7-day average of +0.032%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit METAUSDT	743.57	0	get 0.0000% / 8h	7h 37m	$7.4M	$15.5M	100x
Short	Phemex METAUSDT	743.63	0	get 0.0000% / 4h	3h 37m	$2.0M	$8K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Bybit. 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 BybitbpFee PhemexbpOrdersPrice spread, now +0.008%Rate

Funding earned: $0
Price spread: +0.008% → +0.032%: −$2.39
Slippage, 4 orders: −$87.44
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$112.83
Costs to cover: 1.104%
Break-even: never at this rate

Slippage from Bybit: live order book, 1 min ago; Phemex: live order book, 1 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 Bybit live order book, 1 min ago	2.15 bp	10.0 bp −$10	15.6 bp −$156	doesn't fit	doesn't fit
Sell Phemex live order book, 1 min ago	0.81 bp	45.8 bp −$46	doesn't fit	doesn't fit	doesn't fit

META on 37 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	743.56	−0.001%	$334K	$1.1M	20x	as long as short
Nado META-PERP	−0.0015%	1h	742.93	−0.085%	$479K	$560K	20x	as long as short
Aster METAUSDT	0.0000%	8h	743.62	+0.006%	$487K	$603K	20x	as long as short
Extended META_24_5-USD	0.0000%	1h	743.29	−0.037%	$547K	$3.4M	17x	as long as short
Binance METAUSDT	0.0000%	8h	743.50	−0.009%	$25.8M	$191.1M	20x	as long as short
Bybit METAUSDTlong	0.0000%	8h	743.57	long leg	$7.4M	$15.5M	100x
OKX META-USDT-SWAP	0.0000%	8h	743.49	−0.011%	$6.0M	$12.8M	20x	as long as short
Gate META_USDT	0.0000%	8h	743.01	−0.075%	$474K	$6.3M	100x	as long as short
Bitget METAUSDT	0.0000%	8h	743.36	−0.028%	$5.7M	$12.3M	100x	as long as short
Variational Omni META	0.0000%	8h	742.98	−0.079%	$2.5M	$3.0M	—	as long as short

Show all 37 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT META_USDT_Perp	0.0000%	8h	743.50	−0.009%	$12K	$438K	10x	as long as short
SunX META-USDT	0.0000%	8h	743.30	−0.036%	$919	$7.8M	20x	as long as short
Deribit META_USDC-PERPETUAL	0.0000%	1h	742.97	−0.081%	$48K	$280K	10x	as long as short
HTX META-USDT	0.0000%	8h	743.35	−0.030%	$108K	$312K	30x	as long as short
Phemex METAUSDTshort	0.0000%	4h	743.63	+0.008%	$2.0M	$8K	10x
Lighter RH META	+0.0032%	1h	743.53	−0.005%	$793K	$2.9M	20x	as long as short
QFEX META-USD	+0.0036%	1h	743.38	−0.026%	$2.2M	$14.1M	10x	as long as short
Arcus META-USD	+0.0040%	1h	743.13	−0.059%	$112K	$337K	10x	as long as short
Vest META-USD-PERP	+0.0046%	1h	743.69	+0.016%	—	$12K	25x	as long as short
Popdex METAUSDT	+0.0048%	1h	743.49	−0.011%	$180K	$204K	20x	as long as short
Polymarket Perps META-USD	+0.0050%	1h	742.74	−0.112%	$565K	$619K	10x	as long as short
SoDEX META-USD	+0.0050%	1h	743.25	−0.043%	$24K	$3K	10x	as long as short
Ondo Perps META-USD.P	+0.0050%	1h	742.83	−0.100%	$722K	$5.0M	10x	as long as short
Paradex META-USD-PERP	+0.0056%	8h	743.22	−0.047%	—	—	5x	as long as short
edgeX METAUSDC	+0.0079%	4h	743.33	−0.033%	$63K	$346K	10x	as long as short
Aftermath Perps METAUSD	+0.0081%	1h	743.97	+0.054%	$51K	$93K	10x	as long as short
Pacifica META	+0.0100%	1h	742.83	−0.100%	$625	$1K	10x	as long as short
KuCoin METAUSDTM	+0.0100%	8h	743.40	−0.023%	$1.6M	$762K	20x	as long as short
ApeX Omni METAUSDT	+0.0100%	1h	742.85	−0.097%	$166K	$71K	50x	as long as short
Orderly PERP_META_USDC_mythos	+0.0100%	8h	743.03	−0.073%	$1K	$24	10x	as long as short
Aevo META-PERP	+0.0104%	1h	742.85	−0.096%	$267	—	10x	as long as short
Coinbase International META-PERP-INTX	+0.0120%	1h	743.34	−0.031%	$639K	$8.0M	10x	as long as short
Injective META/USDC PERP	+0.0220%	1h	745.70	+0.286%	$176K	$52K	30x	as long as short
Lighter META	+0.0288%	1h	743.71	+0.019%	$1.2M	$2.9M	20x	as long as short
Hotstuff META-PERP	+0.0288%	1h	743.49	−0.011%	$33K	$105	20x	as long as short
tradeXYZ xyz:META	+0.0295%	1h	743.56	−0.001%	$84.3M	$132.7M	20x	as long as short
Phoenix META	+0.0791%	1h	744.37	+0.108%	$795K	$1.5M	20x	as long as short