Funding arb · Price arb /

META

RWAall META markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0032%/8h= −3.5% APRpaid last 24h −0.017%

Price spread now: Phemex against Lighter RH+0.082%7-day average +0.021% · 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−$89as in the Price arb table

costs, in and out, $10k−$960.955% of the position

Long on Lighter RH Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.077%−$8 on $10k

Price spread, last 4 days (all we have)+0.364%+$36 · spread now +0.082%, 7d avg +0.021%

Together, before fees+0.287%+ Points / potential airdropLighter RH: Points live · farm board+$29 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Phemex is 0.062% dearer against Lighter RH than usual: you sell high and buy low (spread +0.082% now, against its 7-day average of +0.021%): +$6 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 6.4 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter RH META	741.28	0.0032	pay 0.0004% / 1h	46m 28s	$763K	$3.0M	20x
Short	Phemex METAUSDT	741.89	0	get 0.0000% / 4h	1h 46m	$2.0M	$8K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Lighter RH. 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 Lighter RHbpFee PhemexbpOrdersPrice spread, now +0.082%Rate

Funding earned: −$6.72
Price spread: +0.082% → +0.021%: $6.17
Slippage, 4 orders: −$83.54
Fee Lighter RH: 0 bp × 2 orders: $0
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$96.09
Costs to cover: 0.955%
Break-even: never at this rate

Slippage from Lighter RH: 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 Lighter RH live order book, 2 min ago	1.21 bp	2.4 bp −$2	5.1 bp −$51	46.9 bp −$4,686	doesn't fit
Sell Phemex live order book, 2 min ago	2.02 bp	43.1 bp −$43	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	741.19	−0.012%	—	$1.1M	20x	as long as short
Nado META-PERP	−0.0032%	1h	740.59	−0.093%	$479K	$549K	20x	as long as short
Aster METAUSDT	0.0000%	8h	741.40	+0.017%	$466K	$549K	20x	as long as short
Extended META_24_5-USD	0.0000%	1h	741.02	−0.035%	$549K	$2.7M	17x	as long as short
Binance METAUSDT	0.0000%	8h	741.34	+0.008%	$27.3M	$178.9M	20x	as long as short
Bybit METAUSDT	0.0000%	8h	741.20	−0.011%	$7.5M	$13.7M	100x	as long as short
OKX META-USDT-SWAP	0.0000%	8h	741.14	−0.019%	$5.9M	$13.3M	20x	as long as short
Gate META_USDT	0.0000%	8h	740.86	−0.057%	$345K	$5.6M	100x	as long as short
Bitget METAUSDT	0.0000%	8h	741.13	−0.020%	$5.4M	$11.4M	100x	as long as short
Variational Omni META	0.0000%	8h	741.74	+0.062%	$2.3M	$3.1M	—	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	741.92	+0.087%	$13K	$432K	10x	as long as short
SunX META-USDT	0.0000%	8h	741.03	−0.034%	$979	$9.1M	20x	as long as short
HTX META-USDT	0.0000%	8h	740.94	−0.046%	$106K	$296K	30x	as long as short
Phemex METAUSDTshort	0.0000%	4h	741.89	+0.082%	$2.0M	$8K	10x
Lighter RH METAlong	+0.0032%	1h	741.28	long leg	$763K	$3.0M	20x
QFEX META-USD	+0.0032%	1h	741.10	−0.024%	$2.1M	$13.7M	10x	as long as short
Arcus META-USD	+0.0040%	1h	740.94	−0.046%	$110K	$330K	10x	as long as short
Vest META-USD-PERP	+0.0046%	1h	741.65	+0.050%	—	$10K	25x	as long as short
Popdex METAUSDT	+0.0048%	1h	741.20	−0.011%	$178K	$199K	20x	as long as short
Polymarket Perps META-USD	+0.0050%	1h	741.21	−0.009%	$558K	$548K	10x	as long as short
SoDEX META-USD	+0.0050%	1h	741.00	−0.038%	$24K	$3K	10x	as long as short
Ondo Perps META-USD.P	+0.0050%	1h	740.41	−0.117%	$702K	$4.2M	10x	as long as short
Paradex META-USD-PERP	+0.0059%	8h	740.91	−0.050%	—	—	5x	as long as short
Aftermath Perps METAUSD	+0.0074%	1h	741.82	+0.073%	$50K	$82K	10x	as long as short
Coinbase International META-PERP-INTX	+0.0096%	1h	741.82	+0.073%	$610K	$7.1M	10x	as long as short
KuCoin METAUSDTM	+0.0100%	8h	741.49	+0.028%	$1.6M	$507K	20x	as long as short
ApeX Omni METAUSDT	+0.0100%	1h	740.56	−0.097%	$166K	$71K	50x	as long as short
Orderly PERP_META_USDC_mythos	+0.0100%	8h	741.37	+0.012%	$1K	$24	10x	as long as short
Aevo META-PERP	+0.0104%	1h	741.20	−0.010%	$267	—	10x	as long as short
Deribit META_USDC-PERPETUAL	+0.0182%	1h	740.88	−0.054%	$31K	$245K	10x	as long as short
Injective META/USDC PERP	+0.0220%	1h	743.34	+0.278%	$171K	$48K	30x	as long as short
Lighter META	+0.0256%	1h	741.25	−0.004%	$860K	$2.4M	20x	as long as short
Hotstuff META-PERP	+0.0264%	1h	741.30	+0.003%	$33K	$105	20x	as long as short
tradeXYZ xyz:META	+0.0356%	1h	741.50	+0.030%	$69.0M	$120.0M	20x	as long as short
edgeX METAUSDC	+0.0423%	4h	741.61	+0.044%	$62K	$336K	10x	as long as short
Phoenix META	+0.0496%	1h	742.78	+0.202%	$500K	$1.1M	20x	as long as short