Funding arb · Price arb /

META

RWAall META markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0313%/8h= −34.3% APRpaid last 24h −0.060%

Price spread now: Aster against Phoenix+0.004%7-day average +0.094% · you sell dearer than you buy

Net, funding: paid 7d − costs−$203as in the Funding arb table

Net, price: spread back to 7d avg − costs−$176as in the Price arb table

costs, in and out, $10k−$1671.669% of the position

Long on Phoenix Short on Aster

What this pair did over the last

the charts below follow

Funding, last 7 days−0.366%−$37 on $10k

Price spread, last 4 days (all we have)+0.455%+$45 · spread now +0.004%, 7d avg +0.094%

Together, before fees+0.089%+ Points / potential airdropAster: Stage 5 · farm board+$9 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$9 a day on $10k at the current rate, and Aster is 0.090% cheaper against Phoenix than usual: you would sell low and buy high (−$9 if the spread goes back to its 7-day average of +0.094%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix META	741.60	0.0313	pay 0.0039% / 1h	55m 10s	$482K	$1.1M	20x
Short	Aster METAUSDT	741.63	0	get 0.0000% / 8h	5h 55m	$466K	$549K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aster against Phoenix. 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 PhoenixbpFee AsterbpOrdersPrice spread, now +0.004%Rate

Funding earned: −$65.73
Price spread: +0.004% → +0.094%: −$9.02
Slippage, 4 orders: −$151.85
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Aster: 4 bp × 2 orders: −$8
Net: −$241.61
Costs to cover: 1.669%
Break-even: never at this rate

Slippage from Phoenix: live order book, 8 min ago; Aster: live order book, 7 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 Phoenix live order book, 8 min ago	2.43 bp	8.9 bp −$9	17.5 bp −$175	doesn't fit	doesn't fit
Sell Aster live order book, 7 min ago	9.99 bp	20.9 bp −$21	doesn't fit	doesn't fit	doesn't fit

META on 35 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
Nado META-PERP	−0.0072%	1h	741.35	−0.034%	$479K	$549K	20x	as long as short
Aster METAUSDTshort	0.0000%	8h	741.63	+0.004%	$466K	$549K	20x
Extended META_24_5-USD	0.0000%	1h	741.61	+0.001%	$548K	$2.7M	17x	as long as short
Binance METAUSDT	0.0000%	8h	741.78	+0.024%	$27.4M	$178.9M	20x	as long as short
Bybit METAUSDT	0.0000%	8h	741.73	+0.018%	$7.5M	$13.7M	100x	as long as short
OKX META-USDT-SWAP	0.0000%	8h	741.70	+0.013%	$5.9M	$13.3M	20x	as long as short
Gate META_USDT	0.0000%	8h	741.54	−0.008%	$355K	$5.6M	100x	as long as short
Bitget METAUSDT	0.0000%	8h	741.82	+0.030%	$5.4M	$11.3M	100x	as long as short
Variational Omni META	0.0000%	8h	741.87	+0.037%	$2.3M	$3.1M	—	as long as short
GRVT META_USDT_Perp	0.0000%	8h	742.09	+0.066%	$12K	$430K	10x	as long as short

Show all 35 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX META-USDT	0.0000%	8h	741.62	+0.003%	$1K	$9.1M	20x	as long as short
Deribit META_USDC-PERPETUAL	0.0000%	1h	741.36	−0.032%	$31K	$245K	10x	as long as short
HTX META-USDT	0.0000%	8h	741.50	−0.013%	$106K	$296K	30x	as long as short
Phemex METAUSDT	0.0000%	4h	742.09	+0.066%	$2.0M	$8K	10x	as long as short
Lighter RH META	+0.0032%	1h	741.92	+0.043%	$763K	$3.0M	20x	as long as short
QFEX META-USD	+0.0032%	1h	741.55	−0.007%	$2.1M	$13.7M	10x	as long as short
Arcus META-USD	+0.0040%	1h	741.12	−0.065%	$110K	$330K	10x	as long as short
Vest META-USD-PERP	+0.0046%	1h	741.92	+0.043%	—	$10K	25x	as long as short
Popdex METAUSDT	+0.0048%	1h	741.79	+0.026%	$177K	$197K	20x	as long as short
Polymarket Perps META-USD	+0.0050%	1h	741.54	−0.008%	$559K	$548K	10x	as long as short
SoDEX META-USD	+0.0050%	1h	741.67	+0.009%	$24K	$3K	10x	as long as short
Ondo Perps META-USD.P	+0.0050%	1h	741.34	−0.035%	$703K	$4.2M	10x	as long as short
Paradex META-USD-PERP	+0.0056%	8h	741.61	+0.002%	—	—	5x	as long as short
Aftermath Perps METAUSD	+0.0070%	1h	741.96	+0.049%	$49K	$81K	10x	as long as short
edgeX METAUSDC	+0.0083%	4h	741.83	+0.031%	$62K	$334K	10x	as long as short
Coinbase International META-PERP-INTX	+0.0096%	1h	740.37	−0.166%	$610K	$7.1M	10x	as long as short
KuCoin METAUSDTM	+0.0100%	8h	741.59	−0.001%	$1.6M	$502K	20x	as long as short
ApeX Omni METAUSDT	+0.0100%	1h	741.40	−0.027%	$166K	$71K	50x	as long as short
Orderly PERP_META_USDC_mythos	+0.0100%	8h	741.87	+0.036%	$1K	$24	10x	as long as short
Aevo META-PERP	+0.0104%	1h	741.63	+0.004%	$267	—	10x	as long as short
Hotstuff META-PERP	+0.0168%	1h	741.87	+0.036%	$33K	$105	20x	as long as short
Lighter META	+0.0208%	1h	741.90	+0.040%	$861K	$2.4M	20x	as long as short
Injective META/USDC PERP	+0.0220%	1h	740.66	−0.127%	$171K	$48K	30x	as long as short
tradeXYZ xyz:META	+0.0300%	1h	741.83	+0.031%	$68.5M	$119.8M	20x	as long as short
Phoenix METAlong	+0.0313%	1h	741.60	long leg	$482K	$1.1M	20x