Funding arb · Price arb /

META

RWAall META markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0048%/8h= +5.3% APRpaid last 24h +0.037%

Price spread now: Popdex against Phemex−0.132%7-day average −0.025% · 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−$1071.070% of the position

Long on Phemex Short on Popdex

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.074%+$7 on $10k

Price spread, last 3 days (all we have)+0.026%+$3 · spread now −0.132%, 7d avg −0.025%

Together, before fees+0.101%+$10 on $10k · with fees, hour by hour

Funding pays, the price is against you. Popdex is 0.107% cheaper against Phemex than usual: you would sell low and buy high (spread −0.132% now, against its 7-day average of −0.025%). If the spread goes back, that is −$11 on $10k: about 7.4 days of funding at the current rate (+$1 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex METAUSDT	743.51	0	get 0.0000% / 4h	36m 25s	$2.0M	$7K	10x
Short	Popdex METAUSDT	742.53	0.0048	get 0.0006% / 1h	36m 25s	$178K	$209K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Popdex 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 PopdexbpOrdersPrice spread, now −0.132%Rate

Funding earned: $10.08
Price spread: −0.132% → −0.025%: −$10.66
Slippage, 4 orders: −$88.59
Fee Phemex: 6 bp × 2 orders: −$12
Fee Popdex: 3.2 bp × 2 orders: −$6.4
Net: −$107.57
Costs to cover: 1.070%
Break-even: 81.7 days

Slippage from Phemex: live order book, 2 min ago; Popdex: live order book, 42 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	0.88 bp	53.2 bp −$53	doesn't fit	doesn't fit	doesn't fit
Sell Popdex live order book, 42 min ago	0.34 bp	3.8 bp −$4	7.1 bp −$71	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
BloFin META-USDT	−0.0120%	8h	742.75	−0.102%	$329K	$1.1M	20x	as long as short
Nado META-PERP	−0.0066%	1h	742.43	−0.145%	$390K	$329K	20x	as long as short
Aster METAUSDT	0.0000%	8h	742.64	−0.117%	$458K	$537K	20x	as long as short
Extended META_24_5-USD	0.0000%	1h	742.34	−0.157%	$549K	$1.6M	17x	as long as short
Binance METAUSDT	0.0000%	8h	742.47	−0.140%	$27.3M	$179.6M	20x	as long as short
Bybit METAUSDT	0.0000%	8h	742.42	−0.147%	$7.5M	$14.0M	100x	as long as short
OKX META-USDT-SWAP	0.0000%	8h	742.49	−0.137%	$6.0M	$13.2M	20x	as long as short
Gate META_USDT	0.0000%	8h	742.25	−0.169%	$346K	$5.5M	100x	as long as short
Bitget METAUSDT	0.0000%	8h	742.31	−0.161%	$5.6M	$11.4M	100x	as long as short
Variational Omni META	0.0000%	8h	742.68	−0.112%	$2.3M	$3.2M	—	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT META_USDT_Perp	0.0000%	8h	743.64	+0.017%	$12K	$486K	10x	as long as short
SunX META-USDT	0.0000%	8h	742.49	−0.137%	$1K	$9.5M	20x	as long as short
HTX META-USDT	0.0000%	8h	742.41	−0.148%	$107K	$285K	30x	as long as short
Phemex METAUSDTlong	0.0000%	4h	743.51	long leg	$2.0M	$7K	10x
QFEX META-USD	+0.0027%	1h	742.43	−0.145%	$2.2M	$14.3M	10x	as long as short
Lighter RH META	+0.0032%	1h	742.99	−0.070%	$756K	$3.2M	20x	as long as short
Arcus META-USD	+0.0040%	1h	742.28	−0.165%	$110K	$469K	10x	as long as short
Vest META-USD-PERP	+0.0046%	1h	742.85	−0.089%	—	$11K	25x	as long as short
Deribit META_USDC-PERPETUAL	+0.0047%	1h	742.13	−0.186%	$30K	$257K	10x	as long as short
Popdex METAUSDTshort	+0.0048%	1h	742.53	−0.132%	$178K	$209K	20x
Polymarket Perps META-USD	+0.0050%	1h	742.44	−0.144%	$542K	$841K	10x	as long as short
SoDEX META-USD	+0.0050%	1h	742.49	−0.137%	$24K	$3K	10x	as long as short
Ondo Perps META-USD.P	+0.0050%	1h	742.12	−0.187%	$762K	$4.3M	10x	as long as short
Paradex META-USD-PERP	+0.0051%	8h	742.59	−0.124%	—	—	5x	as long as short
Aftermath Perps METAUSD	+0.0063%	1h	743.22	−0.039%	$50K	$76K	10x	as long as short
Coinbase International META-PERP-INTX	+0.0096%	1h	743.28	−0.031%	$610K	$7.4M	10x	as long as short
KuCoin METAUSDTM	+0.0100%	8h	742.49	−0.137%	$1.6M	$381K	20x	as long as short
ApeX Omni METAUSDT	+0.0100%	1h	742.97	−0.073%	$166K	$74K	50x	as long as short
Orderly PERP_META_USDC_mythos	+0.0100%	8h	742.62	−0.120%	$1K	$24	10x	as long as short
Aevo META-PERP	+0.0104%	1h	742.45	−0.142%	$267	—	10x	as long as short
Phoenix META	+0.0129%	1h	743.01	−0.067%	$292K	$797K	20x	as long as short
Lighter META	+0.0136%	1h	742.96	−0.074%	$859K	$2.6M	20x	as long as short
Hotstuff META-PERP	+0.0152%	1h	742.91	−0.081%	$33K	$105	20x	as long as short
edgeX METAUSDC	+0.0169%	4h	743.39	−0.017%	$62K	$331K	10x	as long as short
Injective META/USDC PERP	+0.0220%	1h	745.83	+0.312%	$170K	$46K	30x	as long as short
tradeXYZ xyz:META	+0.0236%	1h	742.53	−0.132%	$67.6M	$122.3M	20x	as long as short