Funding arb · Price arb /

META

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC−0.0050%/8h= −5.5% APRpaid last 24h −0.015%

Price spread now: Phemex against Ondo Perps+0.005%7-day average +0.113% · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Ondo Perps Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.119%−$12 on $10k

Price spread, last 4 days (all we have)+0.504%+$50 · spread now +0.005%, 7d avg +0.113%

Together, before fees+0.385%+ Points / potential airdropOndo Perps: Active · farm board+$38 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Phemex is 0.108% cheaper against Ondo Perps than usual: you would sell low and buy high (−$11 if the spread goes back to its 7-day average of +0.113%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Ondo Perps META-USD.P	744.75	0.0050	pay 0.0006% / 1h	55m 06s	$741K	$5.0M	10x
Short	Phemex METAUSDT	744.79	0	get 0.0000% / 4h	2h 55m	$2.0M	$8K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Ondo Perps. 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 Ondo PerpsbpFee PhemexbpOrdersPrice spread, now +0.005%Rate

Funding earned: −$10.58
Price spread: +0.005% → +0.113%: −$10.76
Slippage, 4 orders: no order book: not counted
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$38.34
Costs to cover: 0.170%
Break-even: never at this rate

Slippage unknown: Ondo Perps: no order-book sample; Phemex: live order book, 3 min ago. Net counts fees only.

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 Ondo Perps no order-book sample	—	—	—	—	—
Sell Phemex live order book, 3 min ago	1.68 bp	48.4 bp −$48	doesn't fit	doesn't fit	doesn't fit

Ondo Perps: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	744.57	−0.024%	$334K	$1.1M	20x	as long as short
Aster METAUSDT	0.0000%	8h	745.12	+0.050%	$490K	$628K	20x	as long as short
Extended META_24_5-USD	0.0000%	1h	744.29	−0.061%	$546K	$3.3M	17x	as long as short
Binance METAUSDT	0.0000%	8h	744.79	+0.005%	$25.9M	$192.3M	20x	as long as short
Bybit METAUSDT	0.0000%	8h	744.99	+0.032%	$7.7M	$15.9M	100x	as long as short
OKX META-USDT-SWAP	0.0000%	8h	744.73	−0.003%	$6.1M	$13.0M	20x	as long as short
Gate META_USDT	0.0000%	8h	744.33	−0.056%	$447K	$6.4M	100x	as long as short
Bitget METAUSDT	0.0000%	8h	744.61	−0.019%	$5.7M	$12.3M	100x	as long as short
Variational Omni META	0.0000%	8h	745.38	+0.085%	$2.5M	$3.0M	—	as long as short
GRVT META_USDT_Perp	0.0000%	8h	745.62	+0.117%	$12K	$438K	10x	as long as short

Show all 37 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX META-USDT	0.0000%	8h	745.39	+0.086%	$786	$7.6M	20x	as long as short
Deribit META_USDC-PERPETUAL	0.0000%	1h	744.10	−0.087%	$36K	$269K	10x	as long as short
HTX META-USDT	0.0000%	8h	744.59	−0.021%	$108K	$300K	30x	as long as short
Phemex METAUSDTshort	0.0000%	4h	744.79	+0.005%	$2.0M	$8K	10x
Lighter RH META	+0.0032%	1h	744.73	−0.003%	$812K	$2.8M	20x	as long as short
Arcus META-USD	+0.0040%	1h	744.83	+0.011%	$111K	$315K	10x	as long as short
QFEX META-USD	+0.0041%	1h	745.04	+0.039%	$2.2M	$14.1M	10x	as long as short
Vest META-USD-PERP	+0.0046%	1h	744.90	+0.020%	—	$12K	25x	as long as short
Popdex METAUSDT	+0.0048%	1h	745.16	+0.055%	$179K	$205K	20x	as long as short
Polymarket Perps META-USD	+0.0050%	1h	744.83	+0.011%	$566K	$609K	10x	as long as short
SoDEX META-USD	+0.0050%	1h	744.62	−0.017%	$25K	$3K	10x	as long as short
Ondo Perps META-USD.Plong	+0.0050%	1h	744.75	long leg	$741K	$5.0M	10x
Paradex META-USD-PERP	+0.0063%	8h	744.99	+0.033%	—	—	5x	as long as short
Nado META-PERP	+0.0076%	1h	744.05	−0.094%	$478K	$559K	20x	as long as short
Aftermath Perps METAUSD	+0.0078%	1h	745.11	+0.049%	$51K	$91K	10x	as long as short
Coinbase International META-PERP-INTX	+0.0096%	1h	744.98	+0.031%	$641K	$7.8M	10x	as long as short
Pacifica META	+0.0100%	1h	745.35	+0.081%	$608	$2K	10x	as long as short
KuCoin METAUSDTM	+0.0100%	8h	744.99	+0.032%	$1.6M	$804K	20x	as long as short
ApeX Omni METAUSDT	+0.0100%	1h	744.91	+0.021%	$167K	$71K	50x	as long as short
Orderly PERP_META_USDC_mythos	+0.0100%	8h	744.55	−0.027%	$1K	$24	10x	as long as short
Aevo META-PERP	+0.0104%	1h	744.44	−0.042%	$268	—	10x	as long as short
Injective META/USDC PERP	+0.0220%	1h	746.33	+0.212%	$176K	$52K	30x	as long as short
Lighter META	+0.0272%	1h	745.00	+0.034%	$1.2M	$2.6M	20x	as long as short
Hotstuff META-PERP	+0.0280%	1h	745.33	+0.078%	$33K	$105	20x	as long as short
tradeXYZ xyz:META	+0.0357%	1h	745.11	+0.048%	$86.4M	$134.8M	20x	as long as short
edgeX METAUSDC	+0.0473%	4h	745.31	+0.076%	$63K	$346K	10x	as long as short
Phoenix META	+0.0791%	1h	746.65	+0.255%	$797K	$1.5M	20x	as long as short