Funding arb · Price arb /

META

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0220%/8h= +24.1% APRpaid last 24h +0.065%

Price spread now: Injective against Phemex+0.176%7-day average +0.259% · you sell dearer than you buy

Net, funding: paid 7d − costs−$91as in the Funding arb table

Net, price: spread back to 7d avg − costs−$145as in the Price arb table

costs, in and out, $10k−$1371.372% of the position

Long on Phemex Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days+0.461%+$46 on $10k

Price spread, last 4 days (all we have)−0.161%−$16 · spread now +0.176%, 7d avg +0.259%

Together, before fees+0.300%+$30 on $10k · with fees, hour by hour

Funding pays, the price is against you. Injective is 0.083% cheaper against Phemex than usual: you would sell low and buy high (spread +0.176% now, against its 7-day average of +0.259%). If the spread goes back, that is −$8 on $10k: about 30 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	743.47	0	get 0.0000% / 4h	3h 21m	$2.0M	$8K	10x
Short	Injective META/USDC PERP	744.78	0.0220	get 0.0028% / 1h	21m 10s	$176K	$52K	30x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective 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 InjectivebpOrdersPrice spread, now +0.176%Rate

Funding earned: $46.2
Price spread: +0.176% → +0.259%: −$8.33
Slippage, 4 orders: −$125.15
Fee Phemex: 6 bp × 2 orders: −$12
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$99.3
Costs to cover: 1.372%
Break-even: 22.0 days

Slippage from Phemex: live order book, 2 min ago; Injective: live order book, 13 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, 2 min ago	1.48 bp	48.0 bp −$48	doesn't fit	doesn't fit	doesn't fit
Sell Injective live order book, 13 min ago	17.79 bp	33.9 bp −$34	doesn't fit	doesn't fit	doesn't fit

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	743.30	−0.023%	$337K	$1.1M	20x	as long as short
Nado META-PERP	0.0000%	1h	742.85	−0.083%	$478K	$560K	20x	as long as short
Aster METAUSDT	0.0000%	8h	743.31	−0.022%	$487K	$620K	20x	as long as short
Extended META_24_5-USD	0.0000%	1h	743.08	−0.052%	$544K	$3.4M	17x	as long as short
Binance METAUSDT	0.0000%	8h	743.31	−0.022%	$25.9M	$191.3M	20x	as long as short
Bybit METAUSDT	0.0000%	8h	743.18	−0.039%	$7.5M	$15.6M	100x	as long as short
OKX META-USDT-SWAP	0.0000%	8h	743.15	−0.043%	$6.0M	$12.8M	20x	as long as short
Gate META_USDT	0.0000%	8h	742.70	−0.104%	$486K	$6.3M	100x	as long as short
Bitget METAUSDT	0.0000%	8h	743.16	−0.042%	$5.7M	$12.2M	100x	as long as short
Variational Omni META	0.0000%	8h	741.77	−0.229%	$2.5M	$3.0M	—	as long as short

Show all 37 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT META_USDT_Perp	0.0000%	8h	742.85	−0.084%	$12K	$437K	10x	as long as short
SunX META-USDT	0.0000%	8h	743.15	−0.043%	$787	$7.7M	20x	as long as short
Deribit META_USDC-PERPETUAL	0.0000%	1h	743.01	−0.062%	$36K	$270K	10x	as long as short
HTX META-USDT	0.0000%	8h	743.06	−0.055%	$107K	$300K	30x	as long as short
Phemex METAUSDTlong	0.0000%	4h	743.47	long leg	$2.0M	$8K	10x
Lighter RH META	+0.0032%	1h	743.41	−0.008%	$794K	$3.0M	20x	as long as short
QFEX META-USD	+0.0036%	1h	743.03	−0.059%	$2.2M	$14.1M	10x	as long as short
Arcus META-USD	+0.0040%	1h	742.81	−0.089%	$112K	$337K	10x	as long as short
Vest META-USD-PERP	+0.0046%	1h	743.42	−0.007%	—	$12K	25x	as long as short
Popdex METAUSDT	+0.0048%	1h	743.15	−0.043%	$180K	$205K	20x	as long as short
Polymarket Perps META-USD	+0.0050%	1h	742.96	−0.069%	$565K	$619K	10x	as long as short
SoDEX META-USD	+0.0050%	1h	743.27	−0.027%	$24K	$3K	10x	as long as short
Ondo Perps META-USD.P	+0.0050%	1h	742.41	−0.143%	$741K	$5.0M	10x	as long as short
Paradex META-USD-PERP	+0.0054%	8h	743.07	−0.054%	—	—	5x	as long as short
Aftermath Perps METAUSD	+0.0077%	1h	743.53	+0.008%	$51K	$93K	10x	as long as short
Pacifica META	+0.0100%	1h	743.16	−0.042%	$606	$2K	10x	as long as short
KuCoin METAUSDTM	+0.0100%	8h	743.10	−0.050%	$1.6M	$777K	20x	as long as short
ApeX Omni METAUSDT	+0.0100%	1h	742.56	−0.122%	$166K	$71K	50x	as long as short
Orderly PERP_META_USDC_mythos	+0.0100%	8h	743.28	−0.026%	$1K	$24	10x	as long as short
Aevo META-PERP	+0.0104%	1h	743.04	−0.057%	$267	—	10x	as long as short
Coinbase International META-PERP-INTX	+0.0120%	1h	742.26	−0.163%	$628K	$7.9M	10x	as long as short
Injective META/USDC PERPshort	+0.0220%	1h	744.78	+0.176%	$176K	$52K	30x
Hotstuff META-PERP	+0.0256%	1h	743.14	−0.044%	$33K	$105	20x	as long as short
Lighter META	+0.0296%	1h	743.59	+0.016%	$1.2M	$2.9M	20x	as long as short
tradeXYZ xyz:META	+0.0309%	1h	743.29	−0.024%	$85.2M	$133.7M	20x	as long as short
Phoenix META	+0.0791%	1h	743.95	+0.065%	$794K	$1.5M	20x	as long as short
edgeX METAUSDC	+0.0992%	4h	742.56	−0.123%	$62K	$347K	10x	as long as short