Funding arb · Price arb /

META

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0608%/8h= +66.6% APRpaid last 24h —

Price spread now: Phoenix against Paradex+0.044%46s7-day average — · you sell dearer than you buy

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

Long on Paradex Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropParadex: Active · farm boardneeds both histories

Both sides work for this trade now. Funding pays +$18 a day on $10k at the current rate, and Phoenix is 0.044% dearer against Paradex than usual: you sell high and buy low: +$4 more if the spread goes back to zero (this spread has no 7-day history yet). The two prices were read 46 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Paradex META-USD-PERP	743.82	0.0076	pay 0.0076% / 8h	2h 25m	—	—	5x
Short	Phoenix META	744.15	0.0685	get 0.0086% / 1h	25m 45s	$795K	$1.4M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Paradex. 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 ParadexbpFee PhoenixbpOrdersPrice spread, now +0.044%Rate

Funding earned: $127.77
Price spread: +0.044% → 0.000%: $4.45
Slippage, 4 orders: no order book: not counted
Fee Paradex: 2 bp × 2 orders: −$4
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $121.22
Costs to cover: 0.110%
Break-even: 0.4 days

Slippage unknown: Paradex: no order-book sample; Phoenix: 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 Paradex no order-book sample	—	—	—	—	—
Sell Phoenix live order book, 3 min ago	2.42 bp	9.0 bp −$9	17.7 bp −$177	doesn't fit	doesn't fit

Paradex: 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 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	743.43	−0.052%	$331K	$1.1M	20x	as long as short
Aster METAUSDT	0.0000%	8h	744.63	+0.109%	$479K	$589K	20x	as long as short
Extended META_24_5-USD	0.0000%	1h	743.84	+0.003%	$544K	$2.7M	17x	as long as short
Binance METAUSDT	0.0000%	8h	744.01	+0.026%	$27.7M	$182.7M	20x	as long as short
Bybit METAUSDT	0.0000%	8h	743.88	+0.008%	$7.3M	$15.1M	100x	as long as short
OKX META-USDT-SWAP	0.0000%	8h	743.98	+0.022%	$6.0M	$12.4M	20x	as long as short
Gate META_USDT	0.0000%	8h	743.41	−0.055%	$440K	$5.9M	100x	as long as short
Bitget METAUSDT	0.0000%	8h	744.34	+0.070%	$5.6M	$12.1M	100x	as long as short
Variational Omni META	0.0000%	8h	743.94	+0.017%	$2.4M	$3.2M	—	as long as short
GRVT META_USDT_Perp	0.0000%	8h	743.10	−0.096%	$12K	$442K	10x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX META-USDT	0.0000%	8h	744.19	+0.050%	$528	$8.4M	20x	as long as short
Deribit META_USDC-PERPETUAL	0.0000%	1h	743.56	−0.035%	$31K	$264K	10x	as long as short
HTX META-USDT	0.0000%	8h	743.69	−0.017%	$106K	$306K	30x	as long as short
Phemex METAUSDT	0.0000%	4h	743.44	−0.051%	$2.0M	$8K	10x	as long as short
Nado META-PERP	+0.0024%	1h	743.68	−0.019%	$481K	$558K	20x	as long as short
Lighter RH META	+0.0032%	1h	744.18	+0.049%	$769K	$2.9M	20x	as long as short
Arcus META-USD	+0.0040%	1h	742.86	−0.129%	$110K	$330K	10x	as long as short
Vest META-USD-PERP	+0.0046%	1h	744.24	+0.057%	—	$11K	25x	as long as short
QFEX META-USD	+0.0046%	1h	743.69	−0.017%	$2.2M	$13.8M	10x	as long as short
Popdex METAUSDT	+0.0048%	1h	743.99	+0.023%	$178K	$200K	20x	as long as short
Polymarket Perps META-USD	+0.0050%	1h	743.74	−0.011%	$585K	$564K	10x	as long as short
SoDEX META-USD	+0.0050%	1h	743.86	+0.005%	$24K	$3K	10x	as long as short
Ondo Perps META-USD.P	+0.0050%	1h	743.14	−0.091%	$736K	$4.9M	10x	as long as short
Paradex META-USD-PERPlong	+0.0076%	8h	743.82	long leg	—	—	5x
Aftermath Perps METAUSD	+0.0085%	1h	743.69	−0.017%	$51K	$81K	10x	as long as short
KuCoin METAUSDTM	+0.0100%	8h	743.73	−0.012%	$1.6M	$644K	20x	as long as short
ApeX Omni METAUSDT	+0.0100%	1h	742.39	−0.192%	$166K	$72K	50x	as long as short
Orderly PERP_META_USDC_mythos	+0.0100%	8h	743.93	+0.015%	$1K	$24	10x	as long as short
Aevo META-PERP	+0.0104%	1h	743.82	0.000%	$268	—	10x	as long as short
Coinbase International META-PERP-INTX	+0.0128%	1h	743.48	−0.046%	$658K	$7.7M	10x	as long as short
edgeX METAUSDC	+0.0135%	4h	743.17	−0.087%	$62K	$341K	10x	as long as short
Injective META/USDC PERP	+0.0220%	1h	745.90	+0.280%	$172K	$46K	30x	as long as short
Lighter META	+0.0320%	1h	744.34	+0.070%	$1.0M	$2.6M	20x	as long as short
Hotstuff META-PERP	+0.0360%	1h	744.00	+0.024%	$33K	$105	20x	as long as short
tradeXYZ xyz:META	+0.0440%	1h	744.38	+0.075%	$74.7M	$124.9M	20x	as long as short
Phoenix METAshort	+0.0685%	1h	744.15	+0.044%	$795K	$1.4M	20x