Funding arb · Price arb /

META

RWAall META markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.011%

Price spread now: Deribit against Phemex−0.043%7-day average −0.088% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$98as in the Price arb table

costs, in and out, $10k−$1031.026% of the position

Long on Phemex Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)+0.021%+$2 on $10k

Price spread, last 4 days (all we have)−0.011%−$1 · spread now −0.043%, 7d avg −0.088%

Together, before fees+0.010%+$1 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: Deribit is 0.045% dearer against Phemex than usual: you sell high and buy low, +$4 on $10k if it goes back to its 7-day average of −0.088%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex METAUSDT	746.59	0	get 0.0000% / 4h	3h 15m	$2.0M	$8K	10x
Short	Deribit META_USDC-PERPETUAL	746.27	0	get 0.0000% / 1h	15m 13s	$31K	$247K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now −0.043%Rate

Funding earned: $0
Price spread: −0.043% → −0.088%: $4.47
Slippage, 4 orders: −$83.63
Fee Phemex: 6 bp × 2 orders: −$12
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$98.16
Costs to cover: 1.026%
Break-even: never at this rate

Slippage from Phemex: live order book, 3 min ago; Deribit: live order book, 38 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, 3 min ago	1.00 bp	47.4 bp −$47	doesn't fit	doesn't fit	doesn't fit
Sell Deribit live order book, 38 min ago	0.07 bp	3.6 bp −$4	5.7 bp −$57	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	746.68	+0.012%	$331K	$1.1M	20x	as long as short
Nado META-PERP	−0.0001%	1h	746.17	−0.056%	$482K	$554K	20x	as long as short
Aster METAUSDT	0.0000%	8h	746.67	+0.011%	$492K	$577K	20x	as long as short
Extended META_24_5-USD	0.0000%	1h	746.49	−0.013%	$554K	$2.7M	17x	as long as short
Binance METAUSDT	0.0000%	8h	746.64	+0.007%	$28.5M	$182.4M	20x	as long as short
Bybit METAUSDT	0.0000%	8h	746.74	+0.020%	$7.5M	$14.5M	100x	as long as short
OKX META-USDT-SWAP	0.0000%	8h	746.65	+0.008%	$6.0M	$13.2M	20x	as long as short
Gate META_USDT	0.0000%	8h	746.08	−0.068%	$380K	$5.8M	100x	as long as short
Variational Omni META	0.0000%	8h	746.53	−0.007%	$2.4M	$3.2M	—	as long as short
GRVT META_USDT_Perp	0.0000%	8h	746.37	−0.029%	$13K	$452K	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	746.73	+0.019%	$995	$8.9M	20x	as long as short
Deribit META_USDC-PERPETUALshort	0.0000%	1h	746.27	−0.043%	$31K	$247K	10x
HTX META-USDT	0.0000%	8h	746.19	−0.054%	$106K	$303K	30x	as long as short
Phemex METAUSDTlong	0.0000%	4h	746.59	long leg	$2.0M	$8K	10x
Bitget METAUSDT	+0.0028%	8h	746.65	+0.008%	$5.5M	$11.8M	100x	as long as short
Lighter RH META	+0.0032%	1h	746.81	+0.029%	$783K	$2.9M	20x	as long as short
Arcus META-USD	+0.0040%	1h	745.99	−0.080%	$111K	$330K	10x	as long as short
Vest META-USD-PERP	+0.0046%	1h	746.70	+0.015%	—	$10K	25x	as long as short
Polymarket Perps META-USD	+0.0050%	1h	746.28	−0.042%	$587K	$565K	10x	as long as short
SoDEX META-USD	+0.0050%	1h	746.59	0.000%	$25K	$3K	10x	as long as short
Ondo Perps META-USD.P	+0.0050%	1h	745.39	−0.161%	$787K	$4.6M	10x	as long as short
QFEX META-USD	+0.0058%	1h	746.44	−0.020%	$2.2M	$13.8M	10x	as long as short
Paradex META-USD-PERP	+0.0059%	8h	746.47	−0.016%	—	—	5x	as long as short
Aftermath Perps METAUSD	+0.0083%	1h	746.83	+0.033%	$52K	$82K	10x	as long as short
edgeX METAUSDC	+0.0085%	4h	746.26	−0.044%	$62K	$339K	10x	as long as short
Popdex METAUSDT	+0.0096%	1h	746.72	+0.017%	$180K	$199K	20x	as long as short
KuCoin METAUSDTM	+0.0100%	8h	746.67	+0.011%	$1.6M	$618K	20x	as long as short
ApeX Omni METAUSDT	+0.0100%	1h	745.61	−0.131%	$167K	$71K	50x	as long as short
Orderly PERP_META_USDC_mythos	+0.0100%	8h	746.44	−0.020%	$1K	$24	10x	as long as short
Aevo META-PERP	+0.0104%	1h	746.43	−0.022%	$269	—	10x	as long as short
Coinbase International META-PERP-INTX	+0.0128%	1h	745.72	−0.117%	$638K	$7.5M	10x	as long as short
Injective META/USDC PERP	+0.0220%	1h	748.48	+0.253%	$173K	$48K	30x	as long as short
Hotstuff META-PERP	+0.0240%	1h	746.74	+0.020%	$33K	$105	20x	as long as short
Lighter META	+0.0272%	1h	746.76	+0.023%	$867K	$2.4M	20x	as long as short
tradeXYZ xyz:META	+0.0321%	1h	746.81	+0.029%	$71.0M	$121.3M	20x	as long as short
Phoenix META	+0.0633%	1h	747.45	+0.115%	$798K	$1.4M	20x	as long as short