Funding arb · Price arb /

META

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC+0.0232%/8h= +25.4% APRpaid last 24h +0.027%

Price spread now: Hotstuff against Phemex−0.034%7-day average — · you buy dearer than you sell

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

Long on Phemex Short on Hotstuff

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

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

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

Funding pays, the price is against you. Hotstuff is 0.034% cheaper against Phemex than usual: you would sell low and buy high (spread −0.034% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$3 on $10k: about 12 hours of funding at the current rate (+$7 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex METAUSDT	741.24	0	get 0.0000% / 4h	3h 31m	$2.0M	$7K	10x
Short	Hotstuff META-PERP	740.99	0.0232	get 0.0029% / 1h	31m 08s	$33K	$105	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hotstuff 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 HotstuffbpOrdersPrice spread, now −0.034%Rate

Funding earned: $48.72
Price spread: −0.034% → 0.000%: −$3.37
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee Hotstuff: 2.5 bp × 2 orders: −$5
Net: $28.35
Costs to cover: 0.170%
Break-even: 2.9 days

Slippage unknown: Phemex: live order book, 3 min ago; Hotstuff: no order-book sample. 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 Phemex live order book, 3 min ago	2.23 bp	36.1 bp −$36	doesn't fit	doesn't fit	doesn't fit
Sell Hotstuff no order-book sample	—	—	—	—	—

Hotstuff: 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	740.86	−0.051%	$330K	$1.1M	20x	as long as short
Aster METAUSDT	0.0000%	8h	741.70	+0.062%	$456K	$534K	20x	as long as short
Extended META_24_5-USD	0.0000%	1h	740.86	−0.051%	$552K	$1.5M	17x	as long as short
Binance METAUSDT	0.0000%	8h	740.82	−0.057%	$27.3M	$175.1M	20x	as long as short
Bybit METAUSDT	0.0000%	8h	741.12	−0.016%	$7.6M	$13.7M	100x	as long as short
OKX META-USDT-SWAP	0.0000%	8h	740.94	−0.040%	$6.1M	$13.1M	20x	as long as short
Gate META_USDT	0.0000%	8h	740.64	−0.081%	$324K	$5.3M	100x	as long as short
Bitget METAUSDT	0.0000%	8h	740.83	−0.055%	$6.1M	$10.4M	100x	as long as short
Variational Omni META	0.0000%	8h	741.36	+0.016%	$1.7M	$2.4M	—	as long as short
GRVT META_USDT_Perp	0.0000%	8h	741.13	−0.015%	$12K	$547K	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	740.88	−0.049%	$811	$9.5M	20x	as long as short
Deribit META_USDC-PERPETUAL	0.0000%	1h	740.73	−0.069%	$30K	$255K	10x	as long as short
HTX META-USDT	0.0000%	8h	740.70	−0.073%	$105K	$282K	30x	as long as short
Phemex METAUSDTlong	0.0000%	4h	741.24	long leg	$2.0M	$7K	10x
Nado META-PERP	+0.0024%	1h	740.77	−0.064%	$349K	$286K	20x	as long as short
Lighter RH META	+0.0032%	1h	741.18	−0.008%	$737K	$3.2M	20x	as long as short
Phoenix META	+0.0032%	1h	741.08	−0.022%	$303K	$774K	20x	as long as short
QFEX META-USD	+0.0037%	1h	741.09	−0.020%	$2.2M	$14.1M	10x	as long as short
Vest META-USD-PERP	+0.0046%	1h	741.38	+0.019%	—	$9K	25x	as long as short
Popdex METAUSDT	+0.0048%	1h	740.95	−0.039%	$177K	$200K	20x	as long as short
Polymarket Perps META-USD	+0.0050%	1h	740.92	−0.043%	$540K	$836K	10x	as long as short
SoDEX META-USD	+0.0050%	1h	740.94	−0.040%	$24K	$3K	10x	as long as short
Ondo Perps META-USD.P	+0.0050%	1h	740.50	−0.100%	$717K	$3.8M	10x	as long as short
Paradex META-USD-PERP	+0.0053%	8h	740.94	−0.040%	—	—	5x	as long as short
Aftermath Perps METAUSD	+0.0061%	1h	741.75	+0.068%	$37K	$52K	10x	as long as short
Coinbase International META-PERP-INTX	+0.0072%	1h	741.13	−0.015%	$618K	$7.3M	10x	as long as short
KuCoin METAUSDTM	+0.0100%	8h	740.81	−0.058%	$1.6M	$316K	20x	as long as short
ApeX Omni METAUSDT	+0.0100%	1h	740.61	−0.085%	$166K	$73K	50x	as long as short
Orderly PERP_META_USDC_mythos	+0.0100%	8h	741.05	−0.026%	$1K	$24	10x	as long as short
Aevo META-PERP	+0.0104%	1h	740.96	−0.038%	$267	—	10x	as long as short
tradeXYZ xyz:META	+0.0188%	1h	740.94	−0.040%	$69.4M	$118.9M	20x	as long as short
Lighter META	+0.0216%	1h	741.24	0.000%	$861K	$2.6M	20x	as long as short
Injective META/USDC PERP	+0.0220%	1h	740.49	−0.101%	$171K	$47K	30x	as long as short
Arcus META-USD	+0.0224%	1h	740.79	−0.061%	$263K	$313K	10x	as long as short
Hotstuff META-PERPshort	+0.0232%	1h	740.99	−0.034%	$33K	$105	20x
edgeX METAUSDC	+0.0423%	4h	741.06	−0.024%	$62K	$328K	10x	as long as short