Funding arb · Price arb /

META

RWAall META markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0159%/8h= −17.4% APRpaid last 24h −0.029%

Price spread now: KuCoin against Phoenix−0.036%108s7-day average −0.016% · you buy dearer than you sell

Net, funding: paid 7d − costs−$120as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$1041.045% of the position

Long on Phoenix Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.157%−$16 on $10k

Price spread, last 3 days (all we have)+0.108%+$11 · spread now −0.036%, 7d avg −0.016%

Together, before fees−0.050%−$5 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$5 a day on $10k at the current rate, and KuCoin is 0.021% cheaper against Phoenix than usual: you would sell low and buy high (−$2 if the spread goes back to its 7-day average of −0.016%). Swap the legs. The two prices were read 108 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix META	740.01	0.0259	pay 0.0032% / 1h	21m 48s	$291K	$930K	20x
Short	KuCoin METAUSDTM	739.74	0.0100	get 0.0100% / 8h	7h 21m	$1.6M	$437K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now −0.036%Rate

Funding earned: −$33.45
Price spread: −0.036% → −0.016%: −$2.09
Slippage, 4 orders: −$85.48
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$140.02
Costs to cover: 1.045%
Break-even: never at this rate

Slippage from Phoenix: live order book, 51 min ago; KuCoin: 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, 51 min ago	2.02 bp	8.1 bp −$8	15.3 bp −$153	doesn't fit	doesn't fit
Sell KuCoin live order book, 4 min ago	4.66 bp	49.5 bp −$50	doesn't fit	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	739.51	−0.068%	$328K	$1.1M	20x	as long as short
Deribit META_USDC-PERPETUAL	−0.0088%	1h	738.97	−0.141%	$30K	$246K	10x	as long as short
Nado META-PERP	−0.0025%	1h	739.29	−0.097%	$421K	$394K	20x	as long as short
Aster METAUSDT	0.0000%	8h	739.76	−0.034%	$466K	$549K	20x	as long as short
Extended META_24_5-USD	0.0000%	1h	739.44	−0.077%	$550K	$2.7M	17x	as long as short
Binance METAUSDT	0.0000%	8h	739.71	−0.041%	$27.4M	$179.4M	20x	as long as short
Bybit METAUSDT	0.0000%	8h	739.95	−0.008%	$7.6M	$14.0M	100x	as long as short
OKX META-USDT-SWAP	0.0000%	8h	739.61	−0.054%	$6.0M	$13.3M	20x	as long as short
Gate META_USDT	0.0000%	8h	739.19	−0.111%	$352K	$5.6M	100x	as long as short
Bitget METAUSDT	0.0000%	8h	739.60	−0.055%	$5.6M	$11.1M	100x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni META	0.0000%	8h	739.24	−0.104%	$2.3M	$3.3M	—	as long as short
GRVT META_USDT_Perp	0.0000%	8h	739.70	−0.042%	$12K	$461K	10x	as long as short
SunX META-USDT	0.0000%	8h	739.87	−0.019%	$968	$9.3M	20x	as long as short
HTX META-USDT	0.0000%	8h	739.34	−0.091%	$104K	$295K	30x	as long as short
Phemex METAUSDT	0.0000%	4h	739.80	−0.028%	$2.0M	$8K	10x	as long as short
Lighter RH META	+0.0032%	1h	739.87	−0.019%	$750K	$3.2M	20x	as long as short
Vest META-USD-PERP	+0.0046%	1h	739.89	−0.016%	—	$11K	25x	as long as short
Popdex METAUSDT	+0.0048%	1h	739.55	−0.062%	$177K	$195K	20x	as long as short
Polymarket Perps META-USD	+0.0050%	1h	739.33	−0.092%	$557K	$857K	10x	as long as short
SoDEX META-USD	+0.0050%	1h	739.55	−0.062%	$24K	$3K	10x	as long as short
Ondo Perps META-USD.P	+0.0050%	1h	738.91	−0.149%	$673K	$4.4M	10x	as long as short
QFEX META-USD	+0.0055%	1h	739.56	−0.061%	$2.2M	$14.2M	10x	as long as short
Arcus META-USD	+0.0063%	1h	739.13	−0.119%	$110K	$331K	10x	as long as short
Paradex META-USD-PERP	+0.0064%	8h	739.54	−0.063%	—	—	5x	as long as short
Aftermath Perps METAUSD	+0.0070%	1h	740.27	+0.035%	$48K	$80K	10x	as long as short
Hotstuff META-PERP	+0.0080%	1h	739.54	−0.064%	$33K	$105	20x	as long as short
KuCoin METAUSDTMshort	+0.0100%	8h	739.74	−0.036%	$1.6M	$437K	20x
ApeX Omni METAUSDT	+0.0100%	1h	739.16	−0.115%	$166K	$72K	50x	as long as short
Orderly PERP_META_USDC_mythos	+0.0100%	8h	739.61	−0.054%	$1K	$24	10x	as long as short
Aevo META-PERP	+0.0104%	1h	739.40	−0.083%	$266	—	10x	as long as short
Coinbase International META-PERP-INTX	+0.0144%	1h	739.31	−0.095%	$613K	$7.3M	10x	as long as short
tradeXYZ xyz:META	+0.0167%	1h	739.72	−0.039%	$67.5M	$121.5M	20x	as long as short
Injective META/USDC PERP	+0.0220%	1h	741.54	+0.207%	$171K	$48K	30x	as long as short
Lighter META	+0.0224%	1h	739.88	−0.018%	$851K	$2.5M	20x	as long as short
Phoenix METAlong	+0.0259%	1h	740.01	long leg	$291K	$930K	20x
edgeX METAUSDC	+0.0648%	4h	739.65	−0.049%	$62K	$334K	10x	as long as short