Funding arb · Price arb /

META

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0750%/8h= −82.1% APRpaid last 24h −0.049%

Price spread now: Binance against Phoenix−0.165%7-day average +0.014% · you buy dearer than you sell

Net, funding: paid 7d − costs−$71as in the Funding arb table

Net, price: spread back to 7d avg − costs−$46as in the Price arb table

costs, in and out, $10k−$280.279% of the position

Long on Phoenix Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days−0.431%−$43 on $10k

Price spread, last 7 days+0.112%+$11 · spread now −0.165%, 7d avg +0.014%

Together, before fees−0.319%−$32 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$22 a day on $10k at the current rate, and Binance is 0.179% cheaper against Phoenix than usual: you would sell low and buy high (−$18 if the spread goes back to its 7-day average of +0.014%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.431% in total (about -22.5% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix META	746.69	0.0750	pay 0.0094% / 1h	37m 09s	$797K	$1.5M	20x
Short	Binance METAUSDT	745.46	0	get 0.0000% / 8h	37m 09s	$25.1M	$188.5M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance 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 BinancebpOrdersPrice spread, now −0.165%Rate

Funding earned: −$157.4
Price spread: −0.165% → +0.014%: −$17.85
Slippage, 4 orders: −$10.92
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Binance: 5 bp × 2 orders: −$10
Net: −$203.17
Costs to cover: 0.279%
Break-even: never at this rate

Slippage from Phoenix: live order book, 6 min ago; Binance: live order book, 6 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, 6 min ago	2.14 bp	8.3 bp −$8	15.8 bp −$158	doesn't fit	doesn't fit
Sell Binance live order book, 6 min ago	0.20 bp	5.3 bp −$5	9.9 bp −$99	38.0 bp −$3,803	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	745.50	−0.159%	$331K	$1.1M	20x	as long as short
Aster METAUSDT	0.0000%	8h	744.87	−0.244%	$479K	$593K	20x	as long as short
Extended META_24_5-USD	0.0000%	1h	745.12	−0.210%	$548K	$3.4M	17x	as long as short
Binance METAUSDTshort	0.0000%	8h	745.46	−0.165%	$25.1M	$188.5M	20x
Bybit METAUSDT	0.0000%	8h	745.36	−0.178%	$7.5M	$15.3M	100x	as long as short
OKX META-USDT-SWAP	0.0000%	8h	745.49	−0.161%	$6.0M	$12.7M	20x	as long as short
Gate META_USDT	0.0000%	8h	744.76	−0.258%	$469K	$6.2M	100x	as long as short
Bitget METAUSDT	0.0000%	8h	745.33	−0.182%	$5.5M	$12.3M	100x	as long as short
Variational Omni META	0.0000%	8h	745.36	−0.178%	$2.4M	$3.1M	—	as long as short
GRVT META_USDT_Perp	0.0000%	8h	745.58	−0.149%	$12K	$436K	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	745.49	−0.161%	$811	$8.1M	20x	as long as short
HTX META-USDT	0.0000%	8h	745.10	−0.213%	$107K	$312K	30x	as long as short
Phemex METAUSDT	0.0000%	4h	745.40	−0.173%	$2.0M	$8K	10x	as long as short
Deribit META_USDC-PERPETUAL	+0.0005%	1h	744.72	−0.264%	$34K	$275K	10x	as long as short
QFEX META-USD	+0.0031%	1h	745.25	−0.193%	$2.2M	$13.9M	10x	as long as short
Nado META-PERP	+0.0032%	1h	744.71	−0.266%	$480K	$560K	20x	as long as short
Lighter RH META	+0.0032%	1h	745.39	−0.174%	$789K	$3.1M	20x	as long as short
Arcus META-USD	+0.0040%	1h	745.04	−0.221%	$112K	$339K	10x	as long as short
Vest META-USD-PERP	+0.0046%	1h	745.59	−0.147%	—	$12K	25x	as long as short
Polymarket Perps META-USD	+0.0050%	1h	745.04	−0.221%	$565K	$621K	10x	as long as short
SoDEX META-USD	+0.0050%	1h	745.32	−0.183%	$25K	$3K	10x	as long as short
Ondo Perps META-USD.P	+0.0050%	1h	745.22	−0.197%	$729K	$5.1M	10x	as long as short
Paradex META-USD-PERP	+0.0054%	8h	745.11	−0.211%	—	—	5x	as long as short
Popdex METAUSDT	+0.0056%	1h	745.41	−0.171%	$177K	$202K	20x	as long as short
Aftermath Perps METAUSD	+0.0087%	1h	746.24	−0.061%	$48K	$89K	10x	as long as short
Pacifica META	+0.0100%	1h	745.49	−0.160%	$25	$189	10x	as long as short
KuCoin METAUSDTM	+0.0100%	8h	745.21	−0.198%	$1.6M	$716K	20x	as long as short
ApeX Omni METAUSDT	+0.0100%	1h	744.72	−0.264%	$167K	$71K	50x	as long as short
Orderly PERP_META_USDC_mythos	+0.0100%	8h	745.28	−0.189%	$1K	$24	10x	as long as short
Aevo META-PERP	+0.0104%	1h	745.12	−0.210%	$268	—	10x	as long as short
Coinbase International META-PERP-INTX	+0.0104%	1h	745.36	−0.178%	$644K	$7.9M	10x	as long as short
Injective META/USDC PERP	+0.0220%	1h	746.51	−0.024%	$172K	$46K	30x	as long as short
Hotstuff META-PERP	+0.0448%	1h	745.70	−0.133%	$33K	$105	20x	as long as short
Lighter META	+0.0464%	1h	745.59	−0.147%	$1.1M	$2.9M	20x	as long as short
tradeXYZ xyz:META	+0.0558%	1h	745.90	−0.106%	$81.2M	$129.7M	20x	as long as short
Phoenix METAlong	+0.0750%	1h	746.69	long leg	$797K	$1.5M	20x
edgeX METAUSDC	+0.0984%	4h	745.38	−0.176%	$62K	$344K	10x	as long as short