Funding arb · Price arb /

META

RWAall META markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0739%/8h= −80.9% APRpaid last 24h −0.050%

Price spread now: Bybit against Phoenix−0.178%7-day average −0.011% · you buy dearer than you sell

Net, funding: paid 7d − costs−$65as in the Funding arb table

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

costs, in and out, $10k−$290.293% of the position

Long on Phoenix Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.356%−$36 on $10k

Price spread, last 7 days+0.068%+$7 · spread now −0.178%, 7d avg −0.011%

Together, before fees−0.288%−$29 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 Bybit is 0.167% cheaper against Phoenix than usual: you would sell low and buy high (−$17 if the spread goes back to its 7-day average of −0.011%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.356% in total (about -18.5% 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	746.85	0.0739	pay 0.0092% / 1h	59m 26s	$797K	$1.5M	20x
Short	Bybit METAUSDT	745.52	0	get 0.0000% / 8h	59m 26s	$7.4M	$15.4M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.178%Rate

Funding earned: −$155.16
Price spread: −0.178% → −0.011%: −$16.74
Slippage, 4 orders: −$11.31
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$201.21
Costs to cover: 0.293%
Break-even: never at this rate

Slippage from Phoenix: live order book, 4 min ago; Bybit: live order book, 4 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, 4 min ago	0.34 bp	5.7 bp −$6	16.8 bp −$168	doesn't fit	doesn't fit
Sell Bybit live order book, 4 min ago	1.54 bp	9.0 bp −$9	16.7 bp −$167	doesn't fit	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	745.84	−0.135%	$332K	$1.1M	20x	as long as short
Aster METAUSDT	0.0000%	8h	745.87	−0.132%	$480K	$593K	20x	as long as short
Extended META_24_5-USD	0.0000%	1h	745.95	−0.120%	$548K	$1.8M	17x	as long as short
Binance METAUSDT	0.0000%	8h	745.89	−0.129%	$24.9M	$188.2M	20x	as long as short
Bybit METAUSDTshort	0.0000%	8h	745.52	−0.178%	$7.4M	$15.4M	100x
OKX META-USDT-SWAP	0.0000%	8h	745.98	−0.116%	$6.0M	$12.7M	20x	as long as short
Gate META_USDT	0.0000%	8h	745.38	−0.197%	$463K	$6.2M	100x	as long as short
Bitget METAUSDT	0.0000%	8h	745.98	−0.116%	$5.6M	$12.4M	100x	as long as short
Variational Omni META	0.0000%	8h	745.62	−0.164%	$2.4M	$3.1M	—	as long as short
GRVT META_USDT_Perp	0.0000%	8h	745.71	−0.153%	$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	745.91	−0.126%	$973	$8.1M	20x	as long as short
Deribit META_USDC-PERPETUAL	0.0000%	1h	745.95	−0.121%	$34K	$275K	10x	as long as short
HTX META-USDT	0.0000%	8h	745.80	−0.141%	$106K	$309K	30x	as long as short
Phemex METAUSDT	0.0000%	4h	745.99	−0.115%	$2.0M	$8K	10x	as long as short
QFEX META-USD	+0.0031%	1h	745.84	−0.135%	$2.2M	$13.8M	10x	as long as short
Lighter RH META	+0.0032%	1h	746.35	−0.067%	$786K	$3.1M	20x	as long as short
Arcus META-USD	+0.0040%	1h	745.48	−0.183%	$112K	$339K	10x	as long as short
Vest META-USD-PERP	+0.0046%	1h	746.27	−0.078%	—	$12K	25x	as long as short
Polymarket Perps META-USD	+0.0050%	1h	745.45	−0.187%	$565K	$597K	10x	as long as short
SoDEX META-USD	+0.0050%	1h	745.88	−0.130%	$25K	$3K	10x	as long as short
Ondo Perps META-USD.P	+0.0050%	1h	745.61	−0.166%	$696K	$5.1M	10x	as long as short
Paradex META-USD-PERP	+0.0056%	8h	745.84	−0.135%	—	—	5x	as long as short
Aftermath Perps METAUSD	+0.0087%	1h	746.46	−0.052%	$53K	$81K	10x	as long as short
KuCoin METAUSDTM	+0.0100%	8h	745.62	−0.165%	$1.6M	$702K	20x	as long as short
ApeX Omni METAUSDT	+0.0100%	1h	745.11	−0.233%	$167K	$71K	50x	as long as short
Orderly PERP_META_USDC_mythos	+0.0100%	8h	745.90	−0.127%	$1K	$24	10x	as long as short
Aevo META-PERP	+0.0104%	1h	746.05	−0.107%	$269	—	10x	as long as short
Coinbase International META-PERP-INTX	+0.0104%	1h	745.25	−0.214%	$649K	$7.9M	10x	as long as short
Nado META-PERP	+0.0124%	1h	745.56	−0.173%	$481K	$559K	20x	as long as short
Popdex METAUSDT	+0.0144%	1h	745.82	−0.138%	$177K	$203K	20x	as long as short
Injective META/USDC PERP	+0.0220%	1h	747.19	+0.046%	$172K	$46K	30x	as long as short
Hotstuff META-PERP	+0.0288%	1h	746.46	−0.052%	$33K	$105	20x	as long as short
Lighter META	+0.0392%	1h	746.54	−0.042%	$1.1M	$2.8M	20x	as long as short
tradeXYZ xyz:META	+0.0516%	1h	746.10	−0.100%	$78.7M	$128.4M	20x	as long as short
Phoenix METAlong	+0.0739%	1h	746.85	long leg	$797K	$1.5M	20x
Pacifica META	+0.0800%	1h	745.49	−0.182%	$13	$106	10x	as long as short
edgeX METAUSDC	+0.0835%	4h	745.64	−0.162%	$62K	$345K	10x	as long as short