Funding arb · Price arb /

META

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC+0.0085%/8h= +9.3% APRpaid last 24h +0.002%

Price spread now: Nado against Phemex−0.077%7-day average −0.056% · 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−$118as in the Price arb table

costs, in and out, $10k−$1161.157% of the position

Long on Phemex Short on Nado

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.072%−$7 on $10k

Price spread, last 4 days (all we have)−0.362%−$36 · spread now −0.077%, 7d avg −0.056%

Together, before fees−0.434%+ Points / potential airdropNado: Active · farm board−$43 on $10k · with fees, hour by hour

Funding pays, the price is against you. Nado is 0.021% cheaper against Phemex than usual: you would sell low and buy high (spread −0.077% now, against its 7-day average of −0.056%). If the spread goes back, that is −$2 on $10k: about 20 hours of funding at the current rate (+$3 a day). Mind the row above: over the last 4 days funding on this pair cost −0.072%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex METAUSDT	745.52	0	get 0.0000% / 4h	2h 56m	$2.0M	$8K	10x
Short	Nado META-PERP	744.95	0.0085	get 0.0011% / 1h	56m 38s	$479K	$559K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Nado 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 NadobpOrdersPrice spread, now −0.077%Rate

Funding earned: $17.75
Price spread: −0.077% → −0.056%: −$2.13
Slippage, 4 orders: −$96.68
Fee Phemex: 6 bp × 2 orders: −$12
Fee Nado: 3.5 bp × 2 orders: −$7
Net: −$100.05
Costs to cover: 1.157%
Break-even: 46.4 days

Slippage from Phemex: live order book, 2 min ago; Nado: live order book, 36 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	1.68 bp	46.1 bp −$46	doesn't fit	doesn't fit	doesn't fit
Sell Nado live order book, 36 min ago	0.74 bp	12.1 bp −$12	22.6 bp −$226	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	745.62	+0.013%	$335K	$1.1M	20x	as long as short
Aster METAUSDT	0.0000%	8h	745.12	−0.053%	$490K	$623K	20x	as long as short
Extended META_24_5-USD	0.0000%	1h	745.34	−0.024%	$546K	$3.3M	17x	as long as short
Binance METAUSDT	0.0000%	8h	745.66	+0.019%	$25.9M	$191.8M	20x	as long as short
Bybit METAUSDT	0.0000%	8h	745.58	+0.008%	$7.7M	$15.9M	100x	as long as short
OKX META-USDT-SWAP	0.0000%	8h	745.59	+0.009%	$6.1M	$13.0M	20x	as long as short
Gate META_USDT	0.0000%	8h	745.15	−0.050%	$448K	$6.4M	100x	as long as short
Bitget METAUSDT	0.0000%	8h	745.35	−0.023%	$5.8M	$12.3M	100x	as long as short
Variational Omni META	0.0000%	8h	744.66	−0.116%	$2.5M	$3.0M	—	as long as short
GRVT META_USDT_Perp	0.0000%	8h	744.78	−0.099%	$12K	$438K	10x	as long as short

Show all 37 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX META-USDT	0.0000%	8h	745.24	−0.038%	$719	$7.6M	20x	as long as short
HTX META-USDT	0.0000%	8h	745.44	−0.011%	$108K	$300K	30x	as long as short
Phemex METAUSDTlong	0.0000%	4h	745.52	long leg	$2.0M	$8K	10x
Deribit META_USDC-PERPETUAL	+0.0019%	1h	745.05	−0.063%	$36K	$269K	10x	as long as short
Lighter RH META	+0.0032%	1h	745.75	+0.031%	$812K	$2.8M	20x	as long as short
Arcus META-USD	+0.0040%	1h	745.16	−0.048%	$111K	$321K	10x	as long as short
QFEX META-USD	+0.0041%	1h	745.61	+0.012%	$2.2M	$14.1M	10x	as long as short
Vest META-USD-PERP	+0.0046%	1h	745.80	+0.038%	—	$12K	25x	as long as short
Popdex METAUSDT	+0.0048%	1h	745.63	+0.015%	$179K	$204K	20x	as long as short
Polymarket Perps META-USD	+0.0050%	1h	745.48	−0.005%	$567K	$609K	10x	as long as short
SoDEX META-USD	+0.0050%	1h	745.53	+0.001%	$25K	$3K	10x	as long as short
Ondo Perps META-USD.P	+0.0050%	1h	744.75	−0.103%	$741K	$5.0M	10x	as long as short
Paradex META-USD-PERP	+0.0064%	8h	745.41	−0.014%	—	—	5x	as long as short
Aftermath Perps METAUSD	+0.0078%	1h	745.93	+0.056%	$51K	$91K	10x	as long as short
Nado META-PERPshort	+0.0085%	1h	744.95	−0.077%	$479K	$559K	20x
Coinbase International META-PERP-INTX	+0.0096%	1h	744.97	−0.074%	$642K	$7.8M	10x	as long as short
Pacifica META	+0.0100%	1h	745.62	+0.013%	$608	$2K	10x	as long as short
KuCoin METAUSDTM	+0.0100%	8h	745.28	−0.032%	$1.6M	$801K	20x	as long as short
ApeX Omni METAUSDT	+0.0100%	1h	743.70	−0.244%	$167K	$71K	50x	as long as short
Orderly PERP_META_USDC_mythos	+0.0100%	8h	745.60	+0.011%	$1K	$24	10x	as long as short
Aevo META-PERP	+0.0104%	1h	745.45	−0.010%	$268	—	10x	as long as short
Hotstuff META-PERP	+0.0216%	1h	745.54	+0.003%	$33K	$105	20x	as long as short
Injective META/USDC PERP	+0.0220%	1h	746.33	+0.109%	$176K	$52K	30x	as long as short
Lighter META	+0.0280%	1h	745.84	+0.043%	$1.2M	$2.6M	20x	as long as short
tradeXYZ xyz:META	+0.0324%	1h	745.63	+0.015%	$86.4M	$134.7M	20x	as long as short
edgeX METAUSDC	+0.0330%	4h	745.61	+0.012%	$63K	$346K	10x	as long as short
Phoenix META	+0.0791%	1h	745.86	+0.046%	$796K	$1.5M	20x	as long as short