Funding arb · Price arb /

META

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0050%/8h= +5.5% APRpaid last 24h +0.034%

Price spread now: Polymarket Perps against Phemex−0.094%7-day average −0.045% · you buy dearer than you sell

Net, funding: paid 7d − costs−$90as in the Funding arb table

Net, price: spread back to 7d avg − costs−$108as in the Price arb table

costs, in and out, $10k−$1031.030% of the position

Long on Phemex Short on Polymarket Perps

What this pair did over the last

the charts below follow

Funding, last 7 days+0.134%+$13 on $10k

Price spread, last 4 days (all we have)−0.060%−$6 · spread now −0.094%, 7d avg −0.045%

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

Funding pays, the price is against you. Polymarket Perps is 0.049% cheaper against Phemex than usual: you would sell low and buy high (spread −0.094% now, against its 7-day average of −0.045%). If the spread goes back, that is −$5 on $10k: about 3.3 days of funding at the current rate (+$2 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex METAUSDT	748.07	0	get 0.0000% / 4h	3h 06m	$2.0M	$8K	10x
Short	Polymarket Perps META-USD	747.37	0.0050	get 0.0006% / 1h	6m 40s	$588K	$565K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Polymarket 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 Polymarket PerpsbpOrdersPrice spread, now −0.094%Rate

Funding earned: $10.5
Price spread: −0.094% → −0.045%: −$4.9
Slippage, 4 orders: −$82.98
Fee Phemex: 6 bp × 2 orders: −$12
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Net: −$97.38
Costs to cover: 1.030%
Break-even: 71.9 days

Slippage from Phemex: live order book, 2 min ago; Polymarket Perps: live order book, 46 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	0.40 bp	35.4 bp −$35	doesn't fit	doesn't fit	doesn't fit
Sell Polymarket Perps live order book, 46 min ago	2.22 bp	8.2 bp −$8	9.1 bp −$91	10.0 bp −$996	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
BloFin META-USDT	−0.0120%	8h	748.02	−0.007%	$331K	$1.1M	20x	as long as short
Nado META-PERP	−0.0002%	1h	747.45	−0.082%	$483K	$556K	20x	as long as short
Aster METAUSDT	0.0000%	8h	747.45	−0.082%	$493K	$577K	20x	as long as short
Extended META_24_5-USD	0.0000%	1h	747.80	−0.037%	$548K	$2.7M	17x	as long as short
Binance METAUSDT	0.0000%	8h	747.90	−0.023%	$28.5M	$182.5M	20x	as long as short
Bybit METAUSDT	0.0000%	8h	748.10	+0.004%	$7.5M	$14.6M	100x	as long as short
OKX META-USDT-SWAP	0.0000%	8h	747.99	−0.011%	$6.0M	$13.0M	20x	as long as short
Gate META_USDT	0.0000%	8h	747.31	−0.102%	$428K	$5.9M	100x	as long as short
Variational Omni META	0.0000%	8h	748.56	+0.065%	$2.4M	$3.2M	—	as long as short
GRVT META_USDT_Perp	0.0000%	8h	747.65	−0.056%	$12K	$448K	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	747.78	−0.039%	$621	$8.8M	20x	as long as short
Deribit META_USDC-PERPETUAL	0.0000%	1h	747.37	−0.094%	$31K	$252K	10x	as long as short
HTX META-USDT	0.0000%	8h	747.74	−0.044%	$107K	$304K	30x	as long as short
Phemex METAUSDTlong	0.0000%	4h	748.07	long leg	$2.0M	$8K	10x
Lighter RH META	+0.0032%	1h	748.12	+0.007%	$771K	$3.0M	20x	as long as short
Arcus META-USD	+0.0040%	1h	747.41	−0.088%	$111K	$331K	10x	as long as short
Vest META-USD-PERP	+0.0046%	1h	747.79	−0.037%	—	$11K	25x	as long as short
Polymarket Perps META-USDshort	+0.0050%	1h	747.37	−0.094%	$588K	$565K	10x
SoDEX META-USD	+0.0050%	1h	747.84	−0.031%	$25K	$3K	10x	as long as short
Ondo Perps META-USD.P	+0.0050%	1h	747.09	−0.131%	$770K	$4.6M	10x	as long as short
QFEX META-USD	+0.0058%	1h	747.45	−0.083%	$2.2M	$13.8M	10x	as long as short
Paradex META-USD-PERP	+0.0062%	8h	747.78	−0.039%	—	—	5x	as long as short
Aftermath Perps METAUSD	+0.0084%	1h	748.25	+0.024%	$52K	$82K	10x	as long as short
Bitget METAUSDT	+0.0093%	8h	747.95	−0.016%	$5.5M	$11.9M	100x	as long as short
Popdex METAUSDT	+0.0096%	1h	747.91	−0.021%	$180K	$199K	20x	as long as short
KuCoin METAUSDTM	+0.0100%	8h	747.79	−0.037%	$1.6M	$623K	20x	as long as short
ApeX Omni METAUSDT	+0.0100%	1h	747.06	−0.135%	$167K	$71K	50x	as long as short
Orderly PERP_META_USDC_mythos	+0.0100%	8h	747.78	−0.039%	$1K	$24	10x	as long as short
Aevo META-PERP	+0.0104%	1h	747.64	−0.058%	$269	—	10x	as long as short
Coinbase International META-PERP-INTX	+0.0128%	1h	747.35	−0.096%	$667K	$7.6M	10x	as long as short
Injective META/USDC PERP	+0.0220%	1h	747.19	−0.118%	$172K	$48K	30x	as long as short
Hotstuff META-PERP	+0.0248%	1h	748.02	−0.007%	$33K	$105	20x	as long as short
Lighter META	+0.0280%	1h	748.07	0.000%	$906K	$2.5M	20x	as long as short
tradeXYZ xyz:META	+0.0342%	1h	748.08	+0.001%	$72.0M	$121.7M	20x	as long as short
Phoenix META	+0.0633%	1h	749.25	+0.158%	$800K	$1.4M	20x	as long as short
edgeX METAUSDC	+0.0974%	4h	747.99	−0.010%	$62K	$338K	10x	as long as short