Funding arb · Price arb /

META

RWAall META markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h +0.030%

Price spread now: KuCoin against Phemex−0.003%50s7-day average −0.065% · you buy dearer than you sell

Net, funding: paid 7d − costs−$695as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$7167.165% of the position

Long on Phemex Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.210%+$21 on $10k

Price spread, last 3 days (all we have)−0.136%−$14 · spread now −0.003%, 7d avg −0.065%

Together, before fees+0.074%+$7 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and KuCoin is 0.063% dearer against Phemex than usual: you sell high and buy low: +$6 more if the spread goes back to its 7-day average of −0.065%. The two prices were read 50 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	Phemex METAUSDT	740.05	0	get 0.0000% / 4h	2h 37m	$2.0M	$8K	10x
Short	KuCoin METAUSDTM	740.03	0.0100	get 0.0100% / 8h	6h 37m	$1.6M	$472K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now −0.003%Rate

Funding earned: $21
Price spread: −0.003% → −0.065%: $6.28
Slippage, 4 orders: −$692.48
Fee Phemex: 6 bp × 2 orders: −$12
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$689.2
Costs to cover: 7.165%
Break-even: 236.7 days

Slippage from Phemex: live order book, 1 min ago; KuCoin: live order book, 3 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	1.82 bp	43.9 bp −$44	doesn't fit	doesn't fit	doesn't fit
Sell KuCoin live order book, 3 min ago	3.65 bp	585.2 bp −$585	doesn't fit	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	−0.0196%	1h	739.27	−0.105%	$31K	$244K	10x	as long as short
Nado META-PERP	−0.0147%	1h	739.87	−0.025%	$478K	$546K	20x	as long as short
BloFin META-USDT	−0.0120%	8h	739.99	−0.008%	$327K	$1.1M	20x	as long as short
Aster METAUSDT	0.0000%	8h	740.71	+0.090%	$466K	$549K	20x	as long as short
Extended META_24_5-USD	0.0000%	1h	739.85	−0.027%	$550K	$2.7M	17x	as long as short
Binance METAUSDT	0.0000%	8h	739.98	−0.010%	$27.3M	$179.2M	20x	as long as short
Bybit METAUSDT	0.0000%	8h	739.83	−0.030%	$7.5M	$13.8M	100x	as long as short
OKX META-USDT-SWAP	0.0000%	8h	739.83	−0.030%	$5.9M	$13.2M	20x	as long as short
Gate META_USDT	0.0000%	8h	739.60	−0.061%	$351K	$5.6M	100x	as long as short
Bitget METAUSDT	0.0000%	8h	740.09	+0.005%	$5.5M	$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	739.73	−0.043%	$2.3M	$3.1M	—	as long as short
GRVT META_USDT_Perp	0.0000%	8h	739.97	−0.010%	$12K	$435K	10x	as long as short
SunX META-USDT	0.0000%	8h	740.05	0.000%	$683	$9.2M	20x	as long as short
HTX META-USDT	0.0000%	8h	739.65	−0.054%	$105K	$296K	30x	as long as short
Phemex METAUSDTlong	0.0000%	4h	740.05	long leg	$2.0M	$8K	10x
QFEX META-USD	+0.0025%	1h	739.88	−0.023%	$2.2M	$14.0M	10x	as long as short
Lighter RH META	+0.0032%	1h	740.32	+0.036%	$750K	$3.0M	20x	as long as short
Arcus META-USD	+0.0040%	1h	739.54	−0.069%	$110K	$330K	10x	as long as short
Vest META-USD-PERP	+0.0046%	1h	740.34	+0.039%	—	$11K	25x	as long as short
Popdex METAUSDT	+0.0048%	1h	740.04	−0.001%	$176K	$197K	20x	as long as short
Polymarket Perps META-USD	+0.0050%	1h	739.80	−0.034%	$557K	$855K	10x	as long as short
SoDEX META-USD	+0.0050%	1h	739.93	−0.016%	$24K	$3K	10x	as long as short
Ondo Perps META-USD.P	+0.0050%	1h	739.23	−0.111%	$697K	$4.3M	10x	as long as short
Paradex META-USD-PERP	+0.0056%	8h	739.88	−0.023%	—	—	5x	as long as short
Aftermath Perps METAUSD	+0.0068%	1h	740.55	+0.067%	$49K	$80K	10x	as long as short
Lighter META	+0.0096%	1h	740.20	+0.020%	$855K	$2.4M	20x	as long as short
KuCoin METAUSDTMshort	+0.0100%	8h	740.03	−0.003%	$1.6M	$472K	20x
ApeX Omni METAUSDT	+0.0100%	1h	739.68	−0.050%	$166K	$71K	50x	as long as short
Orderly PERP_META_USDC_mythos	+0.0100%	8h	739.92	−0.018%	$1K	$24	10x	as long as short
Aevo META-PERP	+0.0104%	1h	739.65	−0.054%	$266	—	10x	as long as short
Coinbase International META-PERP-INTX	+0.0104%	1h	739.45	−0.081%	$609K	$7.2M	10x	as long as short
Hotstuff META-PERP	+0.0112%	1h	740.10	+0.007%	$33K	$105	20x	as long as short
edgeX METAUSDC	+0.0168%	4h	739.75	−0.041%	$62K	$335K	10x	as long as short
Injective META/USDC PERP	+0.0220%	1h	739.58	−0.064%	$170K	$48K	30x	as long as short
tradeXYZ xyz:META	+0.0244%	1h	740.16	+0.015%	$68.3M	$120.3M	20x	as long as short
Phoenix META	+0.0313%	1h	740.68	+0.085%	$390K	$1.1M	20x	as long as short