Funding arb · Price arb /

META

RWAall META markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.025%

Price spread now: Bybit against Phemex−0.018%7-day average −0.032% · you buy dearer than you sell

Net, funding: paid 7d − costs−$101as in the Funding arb table

Net, price: spread back to 7d avg − costs−$102as in the Price arb table

costs, in and out, $10k−$1031.031% of the position

Long on Phemex Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.025%+$3 on $10k

Price spread, last 3 days (all we have)−0.067%−$7 · spread now −0.018%, 7d avg −0.032%

Together, before fees−0.042%−$4 on $10k · with fees, hour by hour

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex METAUSDT	740.72	0	get 0.0000% / 4h	3h 02m	$2.0M	$8K	10x
Short	Bybit METAUSDT	740.59	0	get 0.0000% / 8h	7h 02m	$7.5M	$14.0M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Phemex. 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 PhemexbpFee BybitbpOrdersPrice spread, now −0.018%Rate

Funding earned: $0
Price spread: −0.018% → −0.032%: $1.42
Slippage, 4 orders: −$80.14
Fee Phemex: 6 bp × 2 orders: −$12
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$101.72
Costs to cover: 1.031%
Break-even: never at this rate

Slippage from Phemex: live order book, 1 min ago; Bybit: 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 Phemex live order book, 1 min ago	3.17 bp	44.6 bp −$45	doesn't fit	doesn't fit	doesn't fit
Sell Bybit live order book, 1 min ago	2.16 bp	10.5 bp −$11	18.3 bp −$183	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
Deribit META_USDC-PERPETUAL	−0.0142%	1h	739.98	−0.100%	$30K	$246K	10x	as long as short
BloFin META-USDT	−0.0120%	8h	740.77	+0.007%	$326K	$1.1M	20x	as long as short
Nado META-PERP	−0.0098%	1h	740.42	−0.040%	$490K	$523K	20x	as long as short
Aster METAUSDT	0.0000%	8h	740.38	−0.046%	$466K	$549K	20x	as long as short
Extended META_24_5-USD	0.0000%	1h	740.24	−0.064%	$550K	$2.7M	17x	as long as short
Binance METAUSDT	0.0000%	8h	740.39	−0.045%	$27.4M	$179.9M	20x	as long as short
Bybit METAUSDTshort	0.0000%	8h	740.59	−0.018%	$7.5M	$14.0M	100x
OKX META-USDT-SWAP	0.0000%	8h	740.25	−0.063%	$6.0M	$13.3M	20x	as long as short
Gate META_USDT	0.0000%	8h	740.31	−0.055%	$351K	$5.7M	100x	as long as short
Bitget METAUSDT	0.0000%	8h	740.42	−0.041%	$5.6M	$11.3M	100x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni META	0.0000%	8h	740.83	+0.015%	$2.4M	$3.3M	—	as long as short
GRVT META_USDT_Perp	0.0000%	8h	740.87	+0.021%	$13K	$453K	10x	as long as short
SunX META-USDT	0.0000%	8h	740.67	−0.007%	$821	$9.3M	20x	as long as short
HTX META-USDT	0.0000%	8h	740.20	−0.070%	$105K	$295K	30x	as long as short
Phemex METAUSDTlong	0.0000%	4h	740.72	long leg	$2.0M	$8K	10x
Lighter RH META	+0.0032%	1h	740.67	−0.007%	$753K	$3.2M	20x	as long as short
Vest META-USD-PERP	+0.0046%	1h	740.87	+0.020%	—	$11K	25x	as long as short
Popdex METAUSDT	+0.0048%	1h	740.43	−0.039%	$176K	$197K	20x	as long as short
Polymarket Perps META-USD	+0.0050%	1h	740.25	−0.063%	$558K	$857K	10x	as long as short
SoDEX META-USD	+0.0050%	1h	740.41	−0.042%	$24K	$3K	10x	as long as short
Ondo Perps META-USD.P	+0.0050%	1h	739.97	−0.101%	$686K	$4.4M	10x	as long as short
QFEX META-USD	+0.0055%	1h	740.20	−0.070%	$2.2M	$14.1M	10x	as long as short
Paradex META-USD-PERP	+0.0060%	8h	740.50	−0.029%	—	—	5x	as long as short
Arcus META-USD	+0.0063%	1h	740.15	−0.077%	$110K	$331K	10x	as long as short
Aftermath Perps METAUSD	+0.0068%	1h	741.04	+0.044%	$48K	$80K	10x	as long as short
Hotstuff META-PERP	+0.0088%	1h	740.56	−0.022%	$33K	$105	20x	as long as short
KuCoin METAUSDTM	+0.0100%	8h	740.73	+0.001%	$1.6M	$454K	20x	as long as short
ApeX Omni METAUSDT	+0.0100%	1h	740.31	−0.055%	$166K	$71K	50x	as long as short
Orderly PERP_META_USDC_mythos	+0.0100%	8h	740.43	−0.039%	$1K	$24	10x	as long as short
Aevo META-PERP	+0.0104%	1h	740.27	−0.061%	$266	—	10x	as long as short
Coinbase International META-PERP-INTX	+0.0144%	1h	740.19	−0.072%	$610K	$7.4M	10x	as long as short
tradeXYZ xyz:META	+0.0164%	1h	740.51	−0.028%	$67.9M	$121.1M	20x	as long as short
Lighter META	+0.0192%	1h	740.62	−0.014%	$857K	$2.5M	20x	as long as short
Injective META/USDC PERP	+0.0220%	1h	741.98	+0.170%	$171K	$48K	30x	as long as short
Phoenix META	+0.0259%	1h	741.55	+0.112%	$335K	$930K	20x	as long as short
edgeX METAUSDC	+0.0394%	4h	740.15	−0.077%	$62K	$335K	10x	as long as short