Funding arb · Price arb /

META

RWAall META markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0685%/8h= −75.0% APRpaid last 24h −0.068%

Price spread now: Bitget against Phoenix−0.155%7-day average +0.008% · you buy dearer than you sell

Net, funding: paid 7d − costs−$75as in the Funding arb table

Net, price: spread back to 7d avg − costs−$54as in the Price arb table

costs, in and out, $10k−$380.378% of the position

Long on Phoenix Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days−0.372%−$37 on $10k

Price spread, last 7 days+0.086%+$9 · spread now −0.155%, 7d avg +0.008%

Together, before fees−0.286%−$29 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$21 a day on $10k at the current rate, and Bitget is 0.163% cheaper against Phoenix than usual: you would sell low and buy high (−$16 if the spread goes back to its 7-day average of +0.008%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.372% in total (about -19.4% 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	744.26	0.0685	pay 0.0086% / 1h	28m 48s	$795K	$1.4M	20x
Short	Bitget METAUSDT	743.11	0	get 0.0000% / 8h	2h 28m	$5.6M	$12.1M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget 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 BitgetbpOrdersPrice spread, now −0.155%Rate

Funding earned: −$143.79
Price spread: −0.155% → +0.008%: −$16.25
Slippage, 4 orders: −$18.78
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$197.81
Costs to cover: 0.378%
Break-even: never at this rate

Slippage from Phoenix: live order book, 5 min ago; Bitget: live order book, 5 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, 5 min ago	2.96 bp	10.2 bp −$10	20.6 bp −$206	doesn't fit	doesn't fit
Sell Bitget live order book, 5 min ago	0.54 bp	7.1 bp −$7	21.9 bp −$219	42.2 bp −$4,219	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	743.10	−0.156%	$331K	$1.1M	20x	as long as short
Aster METAUSDT	0.0000%	8h	743.85	−0.056%	$479K	$589K	20x	as long as short
Extended META_24_5-USD	0.0000%	1h	742.67	−0.213%	$544K	$2.7M	17x	as long as short
Binance METAUSDT	0.0000%	8h	742.89	−0.184%	$27.7M	$182.6M	20x	as long as short
Bybit METAUSDT	0.0000%	8h	742.80	−0.196%	$7.3M	$15.1M	100x	as long as short
OKX META-USDT-SWAP	0.0000%	8h	742.92	−0.180%	$6.0M	$12.5M	20x	as long as short
Gate META_USDT	0.0000%	8h	742.35	−0.257%	$439K	$5.9M	100x	as long as short
Bitget METAUSDTshort	0.0000%	8h	743.11	−0.155%	$5.6M	$12.1M	100x
Variational Omni META	0.0000%	8h	742.59	−0.224%	$2.4M	$3.2M	—	as long as short
GRVT META_USDT_Perp	0.0000%	8h	742.91	−0.181%	$12K	$443K	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	743.50	−0.102%	$1K	$8.4M	20x	as long as short
Deribit META_USDC-PERPETUAL	0.0000%	1h	742.64	−0.218%	$31K	$264K	10x	as long as short
HTX META-USDT	0.0000%	8h	742.83	−0.192%	$106K	$306K	30x	as long as short
Phemex METAUSDT	0.0000%	4h	743.16	−0.148%	$2.0M	$8K	10x	as long as short
Lighter RH META	+0.0032%	1h	743.22	−0.140%	$768K	$2.9M	20x	as long as short
Nado META-PERP	+0.0032%	1h	743.07	−0.160%	$480K	$558K	20x	as long as short
Arcus META-USD	+0.0040%	1h	742.70	−0.210%	$110K	$332K	10x	as long as short
Vest META-USD-PERP	+0.0046%	1h	743.66	−0.081%	—	$11K	25x	as long as short
QFEX META-USD	+0.0046%	1h	743.01	−0.168%	$2.2M	$13.8M	10x	as long as short
Popdex METAUSDT	+0.0048%	1h	743.14	−0.150%	$178K	$200K	20x	as long as short
Polymarket Perps META-USD	+0.0050%	1h	742.59	−0.224%	$584K	$564K	10x	as long as short
SoDEX META-USD	+0.0050%	1h	743.08	−0.159%	$24K	$3K	10x	as long as short
Ondo Perps META-USD.P	+0.0050%	1h	742.80	−0.196%	$729K	$4.8M	10x	as long as short
Paradex META-USD-PERP	+0.0078%	8h	743.25	−0.136%	—	—	5x	as long as short
Aftermath Perps METAUSD	+0.0086%	1h	743.78	−0.065%	$51K	$81K	10x	as long as short
KuCoin METAUSDTM	+0.0100%	8h	742.90	−0.183%	$1.6M	$642K	20x	as long as short
ApeX Omni METAUSDT	+0.0100%	1h	742.46	−0.242%	$166K	$72K	50x	as long as short
Orderly PERP_META_USDC_mythos	+0.0100%	8h	742.89	−0.184%	$1K	$24	10x	as long as short
Aevo META-PERP	+0.0104%	1h	742.78	−0.198%	$267	—	10x	as long as short
Coinbase International META-PERP-INTX	+0.0128%	1h	742.03	−0.300%	$659K	$7.7M	10x	as long as short
Injective META/USDC PERP	+0.0220%	1h	745.90	+0.220%	$172K	$46K	30x	as long as short
Lighter META	+0.0336%	1h	743.32	−0.126%	$1.0M	$2.6M	20x	as long as short
Hotstuff META-PERP	+0.0368%	1h	743.58	−0.091%	$33K	$105	20x	as long as short
tradeXYZ xyz:META	+0.0447%	1h	743.44	−0.110%	$74.5M	$124.7M	20x	as long as short
Phoenix METAlong	+0.0685%	1h	744.26	long leg	$795K	$1.4M	20x
edgeX METAUSDC	+0.0917%	4h	743.12	−0.153%	$62K	$340K	10x	as long as short