Funding arb · Price arb /

META

RWAall META markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.073%

Price spread now: Phemex against Extended+0.024%7-day average +0.053% · you sell dearer than you buy

Net, funding: paid 7d − costs−$119as in the Funding arb table

Net, price: spread back to 7d avg − costs−$107as in the Price arb table

costs, in and out, $10k−$1041.038% of the position

Long on Extended Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.155%−$15 on $10k

Price spread, last 4 days (all we have)+0.100%+$10 · spread now +0.024%, 7d avg +0.053%

Together, before fees−0.055%+ Points / potential airdropExtended: Active · farm board−$5 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 0.030% cheaper against Extended than usual: you would sell low and buy high, −$3 on $10k if it goes back to its 7-day average of +0.053%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Extended META_24_5-USD	745.13	0	get 0.0000% / 1h	41m 21s	$552K	$2.6M	17x
Short	Phemex METAUSDT	745.31	0	get 0.0000% / 4h	1h 41m	$2.0M	$8K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Extended. 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 ExtendedbpFee PhemexbpOrdersPrice spread, now +0.024%Rate

Funding earned: $0
Price spread: +0.024% → +0.053%: −$2.99
Slippage, 4 orders: −$86.83
Fee Extended: 2.5 bp × 2 orders: −$5
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$106.82
Costs to cover: 1.038%
Break-even: never at this rate

Slippage from Extended: live order book, 2 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 Extended live order book, 2 min ago	0.34 bp	5.5 bp −$6	41.1 bp −$411	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	745.33	+0.026%	$334K	$1.1M	20x	as long as short
Nado META-PERP	−0.0023%	1h	745.00	−0.017%	$482K	$559K	20x	as long as short
Aster METAUSDT	0.0000%	8h	745.60	+0.062%	$479K	$593K	20x	as long as short
Extended META_24_5-USDlong	0.0000%	1h	745.13	long leg	$552K	$2.6M	17x
Binance METAUSDT	0.0000%	8h	745.31	+0.023%	$25.3M	$187.6M	20x	as long as short
Bybit METAUSDT	0.0000%	8h	745.19	+0.007%	$7.3M	$15.2M	100x	as long as short
OKX META-USDT-SWAP	0.0000%	8h	745.38	+0.033%	$6.1M	$12.7M	20x	as long as short
Gate META_USDT	0.0000%	8h	744.66	−0.064%	$457K	$6.1M	100x	as long as short
Bitget METAUSDT	0.0000%	8h	745.33	+0.026%	$5.5M	$12.2M	100x	as long as short
Variational Omni META	0.0000%	8h	745.37	+0.032%	$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	+0.040%	$13K	$438K	10x	as long as short
SunX META-USDT	0.0000%	8h	745.17	+0.005%	$563	$8.2M	20x	as long as short
Deribit META_USDC-PERPETUAL	0.0000%	1h	744.90	−0.031%	$34K	$274K	10x	as long as short
HTX META-USDT	0.0000%	8h	745.03	−0.014%	$106K	$307K	30x	as long as short
Phemex METAUSDTshort	0.0000%	4h	745.31	+0.024%	$2.0M	$8K	10x
QFEX META-USD	+0.0031%	1h	745.16	+0.003%	$2.2M	$13.9M	10x	as long as short
Lighter RH META	+0.0032%	1h	745.64	+0.068%	$787K	$2.9M	20x	as long as short
Arcus META-USD	+0.0040%	1h	744.98	−0.021%	$109K	$333K	10x	as long as short
Vest META-USD-PERP	+0.0046%	1h	745.62	+0.065%	—	$12K	25x	as long as short
Popdex METAUSDT	+0.0048%	1h	745.33	+0.026%	$177K	$205K	20x	as long as short
Polymarket Perps META-USD	+0.0050%	1h	744.87	−0.035%	$586K	$564K	10x	as long as short
SoDEX META-USD	+0.0050%	1h	745.35	+0.029%	$25K	$3K	10x	as long as short
Ondo Perps META-USD.P	+0.0050%	1h	744.94	−0.026%	$711K	$5.2M	10x	as long as short
Paradex META-USD-PERP	+0.0064%	8h	745.15	+0.002%	—	—	5x	as long as short
Aftermath Perps METAUSD	+0.0086%	1h	746.39	+0.168%	$52K	$81K	10x	as long as short
KuCoin METAUSDTM	+0.0100%	8h	745.37	+0.032%	$1.6M	$672K	20x	as long as short
ApeX Omni METAUSDT	+0.0100%	1h	744.66	−0.064%	$167K	$72K	50x	as long as short
Orderly PERP_META_USDC_mythos	+0.0100%	8h	745.38	+0.033%	$1K	$24	10x	as long as short
Aevo META-PERP	+0.0104%	1h	745.17	+0.005%	$268	—	10x	as long as short
Coinbase International META-PERP-INTX	+0.0104%	1h	745.43	+0.040%	$650K	$7.9M	10x	as long as short
Injective META/USDC PERP	+0.0220%	1h	748.64	+0.470%	$173K	$46K	30x	as long as short
Lighter META	+0.0392%	1h	745.76	+0.084%	$1.1M	$2.7M	20x	as long as short
Hotstuff META-PERP	+0.0408%	1h	745.69	+0.075%	$33K	$105	20x	as long as short
tradeXYZ xyz:META	+0.0535%	1h	745.72	+0.079%	$77.0M	$127.2M	20x	as long as short
Phoenix META	+0.0739%	1h	746.48	+0.181%	$797K	$1.5M	20x	as long as short
edgeX METAUSDC	+0.0795%	4h	745.37	+0.031%	$62K	$345K	10x	as long as short