Funding arb · Price arb /

META

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC+0.0050%/8h= +5.5% APRpaid last 24h +0.015%

Price spread now: Ondo Perps against Phemex−0.094%7-day average −0.113% · you buy dearer than you sell

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

Long on Phemex Short on Ondo Perps

What this pair did over the last

the charts below follow

Funding, last 7 days+0.119%+$12 on $10k

Price spread, last 4 days (all we have)−0.415%−$42 · spread now −0.094%, 7d avg −0.113%

Together, before fees−0.296%+ Points / potential airdropOndo Perps: Active · farm board−$30 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.113%, so right now this pair is about funding alone: +$2 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex METAUSDT	745.45	0	get 0.0000% / 4h	2h 55m	$2.0M	$8K	10x
Short	Ondo Perps META-USD.P	744.75	0.0050	get 0.0006% / 1h	55m 26s	$741K	$5.0M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Ondo Perps 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 Ondo PerpsbpOrdersPrice spread, now −0.094%Rate

Funding earned: $10.58
Price spread: −0.094% → −0.113%: $1.9
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Net: −$4.51
Costs to cover: 0.170%
Break-even: 10.0 days

Slippage unknown: Phemex: live order book, 3 min ago; Ondo Perps: 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	1.68 bp	46.1 bp −$46	doesn't fit	doesn't fit	doesn't fit
Sell Ondo Perps no order-book sample	—	—	—	—	—

Ondo Perps: 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 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	+0.023%	$335K	$1.1M	20x	as long as short
Aster METAUSDT	0.0000%	8h	744.92	−0.071%	$490K	$623K	20x	as long as short
Extended META_24_5-USD	0.0000%	1h	744.98	−0.064%	$546K	$3.3M	17x	as long as short
Binance METAUSDT	0.0000%	8h	745.16	−0.039%	$25.9M	$191.8M	20x	as long as short
Bybit METAUSDT	0.0000%	8h	745.45	0.000%	$7.7M	$15.9M	100x	as long as short
OKX META-USDT-SWAP	0.0000%	8h	744.48	−0.130%	$6.1M	$13.0M	20x	as long as short
Gate META_USDT	0.0000%	8h	744.87	−0.078%	$448K	$6.4M	100x	as long as short
Bitget METAUSDT	0.0000%	8h	744.78	−0.090%	$5.7M	$12.3M	100x	as long as short
Variational Omni META	0.0000%	8h	745.38	−0.009%	$2.5M	$3.0M	—	as long as short
GRVT META_USDT_Perp	0.0000%	8h	745.62	+0.023%	$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	745.66	+0.028%	$720	$7.6M	20x	as long as short
Deribit META_USDC-PERPETUAL	0.0000%	1h	745.14	−0.042%	$36K	$269K	10x	as long as short
HTX META-USDT	0.0000%	8h	745.32	−0.017%	$108K	$300K	30x	as long as short
Phemex METAUSDTlong	0.0000%	4h	745.45	long leg	$2.0M	$8K	10x
Lighter RH META	+0.0032%	1h	745.38	−0.009%	$813K	$2.8M	20x	as long as short
Arcus META-USD	+0.0040%	1h	744.83	−0.083%	$111K	$315K	10x	as long as short
QFEX META-USD	+0.0041%	1h	745.04	−0.055%	$2.2M	$14.1M	10x	as long as short
Vest META-USD-PERP	+0.0046%	1h	744.90	−0.074%	—	$12K	25x	as long as short
Popdex METAUSDT	+0.0048%	1h	745.16	−0.039%	$179K	$205K	20x	as long as short
Polymarket Perps META-USD	+0.0050%	1h	744.83	−0.083%	$566K	$609K	10x	as long as short
SoDEX META-USD	+0.0050%	1h	745.46	+0.001%	$25K	$3K	10x	as long as short
Ondo Perps META-USD.Pshort	+0.0050%	1h	744.75	−0.094%	$741K	$5.0M	10x
Paradex META-USD-PERP	+0.0063%	8h	744.99	−0.061%	—	—	5x	as long as short
Nado META-PERP	+0.0076%	1h	744.05	−0.188%	$478K	$559K	20x	as long as short
Aftermath Perps METAUSD	+0.0078%	1h	745.92	+0.062%	$51K	$91K	10x	as long as short
Coinbase International META-PERP-INTX	+0.0096%	1h	744.92	−0.071%	$641K	$7.8M	10x	as long as short
Pacifica META	+0.0100%	1h	745.35	−0.013%	$608	$2K	10x	as long as short
KuCoin METAUSDTM	+0.0100%	8h	745.35	−0.013%	$1.6M	$803K	20x	as long as short
ApeX Omni METAUSDT	+0.0100%	1h	744.91	−0.072%	$167K	$71K	50x	as long as short
Orderly PERP_META_USDC_mythos	+0.0100%	8h	745.59	+0.019%	$1K	$24	10x	as long as short
Aevo META-PERP	+0.0104%	1h	745.40	−0.007%	$268	—	10x	as long as short
Injective META/USDC PERP	+0.0220%	1h	746.33	+0.118%	$176K	$52K	30x	as long as short
Hotstuff META-PERP	+0.0280%	1h	745.33	−0.016%	$33K	$105	20x	as long as short
Lighter META	+0.0288%	1h	745.52	+0.009%	$1.2M	$2.6M	20x	as long as short
tradeXYZ xyz:META	+0.0343%	1h	745.37	−0.011%	$86.4M	$134.8M	20x	as long as short
edgeX METAUSDC	+0.0473%	4h	745.31	−0.018%	$63K	$346K	10x	as long as short
Phoenix META	+0.0791%	1h	746.65	+0.161%	$797K	$1.5M	20x	as long as short