Funding arb · Price arb /

META

RWAall META markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.008%

Price spread now: Phemex against OKX+0.137%7-day average +0.035% · 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−$108as in the Price arb table

costs, in and out, $10k−$1181.178% of the position

Long on OKX Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.008%−$1 on $10k

Price spread, last 3 days (all we have)−0.029%−$3 · spread now +0.137%, 7d avg +0.035%

Together, before fees−0.036%−$4 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 0.102% dearer against OKX than usual: you sell high and buy low, +$10 on $10k if it goes back to its 7-day average of +0.035%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX META-USDT-SWAP	742.49	0	get 0.0000% / 8h	36m 27s	$6.0M	$13.2M	20x
Short	Phemex METAUSDT	743.51	0	get 0.0000% / 4h	36m 27s	$2.0M	$7K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against OKX. 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 OKXbpFee PhemexbpOrdersPrice spread, now +0.137%Rate

Funding earned: $0
Price spread: +0.137% → +0.035%: $10.19
Slippage, 4 orders: −$95.81
Fee OKX: 5 bp × 2 orders: −$10
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$107.62
Costs to cover: 1.178%
Break-even: never at this rate

Slippage from OKX: 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 OKX live order book, 2 min ago	0.34 bp	9.5 bp −$9	22.1 bp −$221	doesn't fit	doesn't fit
Sell Phemex live order book, 2 min ago	0.88 bp	46.1 bp −$46	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	742.75	+0.035%	$329K	$1.1M	20x	as long as short
Nado META-PERP	−0.0066%	1h	742.43	−0.008%	$390K	$329K	20x	as long as short
Aster METAUSDT	0.0000%	8h	742.64	+0.021%	$458K	$537K	20x	as long as short
Extended META_24_5-USD	0.0000%	1h	742.63	+0.019%	$549K	$1.6M	17x	as long as short
Binance METAUSDT	0.0000%	8h	742.53	+0.005%	$27.4M	$179.6M	20x	as long as short
Bybit METAUSDT	0.0000%	8h	742.48	−0.001%	$7.5M	$14.0M	100x	as long as short
OKX META-USDT-SWAPlong	0.0000%	8h	742.49	long leg	$6.0M	$13.2M	20x
Gate META_USDT	0.0000%	8h	742.29	−0.027%	$346K	$5.5M	100x	as long as short
Bitget METAUSDT	0.0000%	8h	742.53	+0.005%	$5.6M	$11.4M	100x	as long as short
Variational Omni META	0.0000%	8h	743.32	+0.112%	$2.3M	$3.2M	—	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	743.64	+0.155%	$12K	$486K	10x	as long as short
SunX META-USDT	0.0000%	8h	742.62	+0.018%	$1K	$9.5M	20x	as long as short
HTX META-USDT	0.0000%	8h	742.41	−0.011%	$107K	$285K	30x	as long as short
Phemex METAUSDTshort	0.0000%	4h	743.51	+0.137%	$2.0M	$7K	10x
Deribit META_USDC-PERPETUAL	+0.0019%	1h	742.58	+0.012%	$30K	$257K	10x	as long as short
QFEX META-USD	+0.0027%	1h	742.43	−0.008%	$2.2M	$14.3M	10x	as long as short
Lighter RH META	+0.0032%	1h	742.99	+0.067%	$756K	$3.2M	20x	as long as short
Arcus META-USD	+0.0040%	1h	742.28	−0.028%	$110K	$469K	10x	as long as short
Vest META-USD-PERP	+0.0046%	1h	742.85	+0.048%	—	$11K	25x	as long as short
Popdex METAUSDT	+0.0048%	1h	742.53	+0.005%	$178K	$209K	20x	as long as short
Polymarket Perps META-USD	+0.0050%	1h	742.44	−0.007%	$542K	$841K	10x	as long as short
SoDEX META-USD	+0.0050%	1h	742.68	+0.026%	$24K	$3K	10x	as long as short
Ondo Perps META-USD.P	+0.0050%	1h	742.12	−0.050%	$762K	$4.3M	10x	as long as short
Paradex META-USD-PERP	+0.0051%	8h	742.59	+0.013%	—	—	5x	as long as short
Aftermath Perps METAUSD	+0.0063%	1h	743.67	+0.159%	$50K	$76K	10x	as long as short
Coinbase International META-PERP-INTX	+0.0096%	1h	743.28	+0.106%	$610K	$7.4M	10x	as long as short
KuCoin METAUSDTM	+0.0100%	8h	742.74	+0.034%	$1.6M	$381K	20x	as long as short
ApeX Omni METAUSDT	+0.0100%	1h	742.97	+0.065%	$166K	$74K	50x	as long as short
Orderly PERP_META_USDC_mythos	+0.0100%	8h	742.87	+0.051%	$1K	$24	10x	as long as short
Aevo META-PERP	+0.0104%	1h	742.70	+0.028%	$267	—	10x	as long as short
Phoenix META	+0.0129%	1h	743.01	+0.070%	$292K	$797K	20x	as long as short
Lighter META	+0.0136%	1h	742.96	+0.063%	$859K	$2.6M	20x	as long as short
Hotstuff META-PERP	+0.0152%	1h	742.91	+0.057%	$33K	$105	20x	as long as short
edgeX METAUSDC	+0.0169%	4h	743.39	+0.121%	$62K	$331K	10x	as long as short
Injective META/USDC PERP	+0.0220%	1h	745.83	+0.450%	$170K	$46K	30x	as long as short
tradeXYZ xyz:META	+0.0235%	1h	742.86	+0.050%	$67.6M	$122.3M	20x	as long as short