Funding arb · Price arb /

META

RWAall META markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0791%/8h= +86.6% APRpaid last 24h +0.083%

Price spread now: Phoenix against OKX−0.012%7-day average −0.003% · you buy dearer than you sell

Net, funding: paid 7d − costs+$3as in the Funding arb table

Net, price: spread back to 7d avg − costs−$36as in the Price arb table

costs, in and out, $10k−$350.350% of the position

Long on OKX Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.384%+$38 on $10k

Price spread, last 7 days+0.071%+$7 · spread now −0.012%, 7d avg −0.003%

Together, before fees+0.454%+$45 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.003%, so right now this pair is about funding alone: +$24 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.384% in total (about 20.0% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX META-USDT-SWAP	744.04	0	get 0.0000% / 8h	7h 17m	$6.0M	$12.9M	20x
Short	Phoenix META	743.95	0.0791	get 0.0099% / 1h	17m 01s	$794K	$1.5M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now −0.012%Rate

Funding earned: $166.12
Price spread: −0.012% → −0.003%: −$0.89
Slippage, 4 orders: −$17.97
Fee OKX: 5 bp × 2 orders: −$10
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $130.26
Costs to cover: 0.350%
Break-even: 1.5 days

Slippage from OKX: live order book, 1 min ago; Phoenix: 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 OKX live order book, 1 min ago	0.61 bp	9.1 bp −$9	23.5 bp −$235	doesn't fit	doesn't fit
Sell Phoenix live order book, 1 min ago	2.15 bp	8.2 bp −$8	15.7 bp −$157	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	743.79	−0.034%	$336K	$1.1M	20x	as long as short
Nado META-PERP	0.0000%	1h	743.21	−0.111%	$478K	$560K	20x	as long as short
Aster METAUSDT	0.0000%	8h	744.00	−0.005%	$479K	$620K	20x	as long as short
Extended META_24_5-USD	0.0000%	1h	743.62	−0.056%	$544K	$3.4M	17x	as long as short
Binance METAUSDT	0.0000%	8h	743.90	−0.019%	$25.9M	$191.5M	20x	as long as short
Bybit METAUSDT	0.0000%	8h	744.02	−0.003%	$7.5M	$15.6M	100x	as long as short
OKX META-USDT-SWAPlong	0.0000%	8h	744.04	long leg	$6.0M	$12.9M	20x
Gate META_USDT	0.0000%	8h	743.29	−0.101%	$472K	$6.4M	100x	as long as short
Bitget METAUSDT	0.0000%	8h	743.92	−0.016%	$5.7M	$12.2M	100x	as long as short
Variational Omni META	0.0000%	8h	743.23	−0.109%	$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	742.98	−0.142%	$12K	$437K	10x	as long as short
SunX META-USDT	0.0000%	8h	743.98	−0.008%	$1K	$7.7M	20x	as long as short
Deribit META_USDC-PERPETUAL	0.0000%	1h	743.72	−0.043%	$36K	$270K	10x	as long as short
HTX META-USDT	0.0000%	8h	743.69	−0.047%	$107K	$300K	30x	as long as short
Phemex METAUSDT	0.0000%	4h	743.55	−0.066%	$2.0M	$8K	10x	as long as short
Lighter RH META	+0.0032%	1h	744.00	−0.005%	$795K	$3.0M	20x	as long as short
QFEX META-USD	+0.0036%	1h	743.97	−0.009%	$2.2M	$14.1M	10x	as long as short
Arcus META-USD	+0.0040%	1h	743.47	−0.077%	$112K	$337K	10x	as long as short
Vest META-USD-PERP	+0.0046%	1h	744.02	−0.003%	—	$12K	25x	as long as short
Popdex METAUSDT	+0.0048%	1h	743.93	−0.015%	$180K	$205K	20x	as long as short
Polymarket Perps META-USD	+0.0050%	1h	743.68	−0.048%	$566K	$619K	10x	as long as short
SoDEX META-USD	+0.0050%	1h	743.48	−0.075%	$24K	$3K	10x	as long as short
Ondo Perps META-USD.P	+0.0050%	1h	742.56	−0.199%	$741K	$5.0M	10x	as long as short
Paradex META-USD-PERP	+0.0054%	8h	743.65	−0.053%	—	—	5x	as long as short
Aftermath Perps METAUSD	+0.0076%	1h	743.54	−0.067%	$51K	$92K	10x	as long as short
Pacifica META	+0.0100%	1h	743.06	−0.132%	$611	$2K	10x	as long as short
KuCoin METAUSDTM	+0.0100%	8h	743.63	−0.055%	$1.6M	$781K	20x	as long as short
ApeX Omni METAUSDT	+0.0100%	1h	742.75	−0.173%	$166K	$71K	50x	as long as short
Orderly PERP_META_USDC_mythos	+0.0100%	8h	743.61	−0.058%	$1K	$24	10x	as long as short
Aevo META-PERP	+0.0104%	1h	743.43	−0.081%	$268	—	10x	as long as short
Coinbase International META-PERP-INTX	+0.0120%	1h	743.28	−0.102%	$639K	$8.0M	10x	as long as short
Injective META/USDC PERP	+0.0220%	1h	744.78	+0.099%	$176K	$52K	30x	as long as short
Hotstuff META-PERP	+0.0232%	1h	743.25	−0.106%	$33K	$105	20x	as long as short
Lighter META	+0.0296%	1h	744.17	+0.017%	$1.2M	$2.9M	20x	as long as short
tradeXYZ xyz:META	+0.0297%	1h	743.88	−0.022%	$85.5M	$134.0M	20x	as long as short
edgeX METAUSDC	+0.0762%	4h	742.87	−0.158%	$63K	$348K	10x	as long as short
Phoenix METAshort	+0.0791%	1h	743.95	−0.012%	$794K	$1.5M	20x