Funding arb · Price arb /

META

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0104%/8h= −11.4% APRpaid last 24h −0.023%

Price spread now: Phemex against Coinbase International+0.068%7-day average +0.131% · you sell dearer than you buy

Net, funding: paid 7d − costs−$103as in the Funding arb table

Net, price: spread back to 7d avg − costs−$115as in the Price arb table

costs, in and out, $10k−$1091.091% of the position

Long on Coinbase International Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days+0.063%+$6 on $10k

Price spread, last 4 days (all we have)+0.029%+$3 · spread now +0.068%, 7d avg +0.131%

Together, before fees+0.092%+$9 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Phemex is 0.063% cheaper against Coinbase International than usual: you would sell low and buy high (−$6 if the spread goes back to its 7-day average of +0.131%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.063%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International META-PERP-INTX	745.43	0.0104	pay 0.0013% / 1h	41m 26s	$650K	$7.9M	10x
Short	Phemex METAUSDT	745.94	0	get 0.0000% / 4h	1h 41m	$2.0M	$8K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Coinbase International. 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 Coinbase InternationalbpFee PhemexbpOrdersPrice spread, now +0.068%Rate

Funding earned: −$21.84
Price spread: +0.068% → +0.131%: −$6.3
Slippage, 4 orders: −$87.09
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$137.22
Costs to cover: 1.091%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 3 min ago; Phemex: live order book, 2 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 Coinbase International live order book, 3 min ago	2.15 bp	8.4 bp −$8	11.0 bp −$110	doesn't fit	doesn't fit
Sell Phemex live order book, 2 min ago	0.74 bp	43.9 bp −$44	doesn't fit	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	745.38	−0.007%	$334K	$1.1M	20x	as long as short
Nado META-PERP	−0.0023%	1h	745.00	−0.057%	$482K	$559K	20x	as long as short
Aster METAUSDT	0.0000%	8h	745.59	+0.022%	$479K	$593K	20x	as long as short
Extended META_24_5-USD	0.0000%	1h	745.08	−0.047%	$552K	$2.6M	17x	as long as short
Binance METAUSDT	0.0000%	8h	745.28	−0.020%	$25.3M	$187.6M	20x	as long as short
Bybit METAUSDT	0.0000%	8h	745.19	−0.032%	$7.3M	$15.2M	100x	as long as short
OKX META-USDT-SWAP	0.0000%	8h	745.38	−0.007%	$6.1M	$12.7M	20x	as long as short
Gate META_USDT	0.0000%	8h	744.71	−0.097%	$457K	$6.1M	100x	as long as short
Bitget METAUSDT	0.0000%	8h	745.33	−0.013%	$5.5M	$12.2M	100x	as long as short
Variational Omni META	0.0000%	8h	745.37	−0.007%	$2.4M	$3.3M	—	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT META_USDT_Perp	0.0000%	8h	745.43	0.000%	$13K	$438K	10x	as long as short
SunX META-USDT	0.0000%	8h	745.21	−0.030%	$624	$8.2M	20x	as long as short
Deribit META_USDC-PERPETUAL	0.0000%	1h	745.02	−0.055%	$34K	$274K	10x	as long as short
HTX META-USDT	0.0000%	8h	745.14	−0.039%	$106K	$307K	30x	as long as short
Phemex METAUSDTshort	0.0000%	4h	745.94	+0.068%	$2.0M	$8K	10x
QFEX META-USD	+0.0031%	1h	745.16	−0.036%	$2.2M	$13.9M	10x	as long as short
Lighter RH META	+0.0040%	1h	745.62	+0.025%	$787K	$2.9M	20x	as long as short
Arcus META-USD	+0.0040%	1h	744.98	−0.060%	$109K	$333K	10x	as long as short
Vest META-USD-PERP	+0.0046%	1h	745.62	+0.025%	—	$12K	25x	as long as short
Popdex METAUSDT	+0.0048%	1h	745.33	−0.013%	$177K	$205K	20x	as long as short
Polymarket Perps META-USD	+0.0050%	1h	744.87	−0.075%	$586K	$564K	10x	as long as short
SoDEX META-USD	+0.0050%	1h	745.34	−0.012%	$25K	$3K	10x	as long as short
Ondo Perps META-USD.P	+0.0050%	1h	744.94	−0.066%	$711K	$5.2M	10x	as long as short
Paradex META-USD-PERP	+0.0064%	8h	745.15	−0.038%	—	—	5x	as long as short
Aftermath Perps METAUSD	+0.0086%	1h	746.39	+0.128%	$52K	$81K	10x	as long as short
KuCoin METAUSDTM	+0.0100%	8h	745.37	−0.008%	$1.6M	$672K	20x	as long as short
ApeX Omni METAUSDT	+0.0100%	1h	744.66	−0.103%	$167K	$72K	50x	as long as short
Orderly PERP_META_USDC_mythos	+0.0100%	8h	745.42	−0.001%	$1K	$24	10x	as long as short
Aevo META-PERP	+0.0104%	1h	745.21	−0.030%	$268	—	10x	as long as short
Coinbase International META-PERP-INTXlong	+0.0104%	1h	745.43	long leg	$650K	$7.9M	10x
Injective META/USDC PERP	+0.0220%	1h	748.64	+0.431%	$173K	$46K	30x	as long as short
Lighter META	+0.0392%	1h	745.79	+0.048%	$1.1M	$2.7M	20x	as long as short
Hotstuff META-PERP	+0.0408%	1h	745.69	+0.035%	$33K	$105	20x	as long as short
tradeXYZ xyz:META	+0.0535%	1h	745.72	+0.039%	$77.0M	$127.2M	20x	as long as short
Phoenix META	+0.0739%	1h	746.48	+0.141%	$797K	$1.5M	20x	as long as short
edgeX METAUSDC	+0.0795%	4h	745.37	−0.008%	$62K	$345K	10x	as long as short