Funding arb · Price arb /

META

RWAall META markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0496%/8h= −54.4% APRpaid last 24h −0.053%

Price spread now: OKX against Phoenix−0.087%7-day average +0.005% · 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−$45as in the Price arb table

costs, in and out, $10k−$350.354% of the position

Long on Phoenix Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.358%−$36 on $10k

Price spread, last 7 days+0.012%+$1 · spread now −0.087%, 7d avg +0.005%

Together, before fees−0.346%−$35 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$15 a day on $10k at the current rate, and OKX is 0.093% cheaper against Phoenix than usual: you would sell low and buy high (−$9 if the spread goes back to its 7-day average of +0.005%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix META	743.64	0.0496	pay 0.0062% / 1h	3m 14s	$596K	$1.1M	20x
Short	OKX META-USDT-SWAP	742.99	0	get 0.0000% / 8h	5h 03m	$6.0M	$13.4M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.087%Rate

Funding earned: −$104.24
Price spread: −0.087% → +0.005%: −$9.26
Slippage, 4 orders: −$18.39
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee OKX: 5 bp × 2 orders: −$10
Net: −$148.89
Costs to cover: 0.354%
Break-even: never at this rate

Slippage from Phoenix: live order book, 5 min ago; OKX: 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	2.15 bp	8.3 bp −$8	16.1 bp −$161	doesn't fit	doesn't fit
Sell OKX live order book, 5 min ago	0.20 bp	8.2 bp −$8	18.8 bp −$188	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	742.81	−0.112%	$330K	$1.1M	20x	as long as short
Nado META-PERP	−0.0030%	1h	742.59	−0.142%	$480K	$550K	20x	as long as short
Aster METAUSDT	0.0000%	8h	742.47	−0.157%	$467K	$550K	20x	as long as short
Extended META_24_5-USD	0.0000%	1h	742.73	−0.123%	$548K	$2.7M	17x	as long as short
Binance METAUSDT	0.0000%	8h	742.94	−0.094%	$27.4M	$179.5M	20x	as long as short
Bybit METAUSDT	0.0000%	8h	742.79	−0.114%	$7.5M	$13.8M	100x	as long as short
OKX META-USDT-SWAPshort	0.0000%	8h	742.99	−0.087%	$6.0M	$13.4M	20x
Gate META_USDT	0.0000%	8h	742.59	−0.141%	$362K	$5.7M	100x	as long as short
Bitget METAUSDT	0.0000%	8h	742.96	−0.091%	$5.5M	$11.5M	100x	as long as short
Variational Omni META	0.0000%	8h	742.77	−0.117%	$2.4M	$3.1M	—	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT META_USDT_Perp	0.0000%	8h	742.91	−0.098%	$12K	$435K	10x	as long as short
SunX META-USDT	0.0000%	8h	743.01	−0.085%	$1K	$9.1M	20x	as long as short
Deribit META_USDC-PERPETUAL	0.0000%	1h	742.41	−0.165%	$31K	$245K	10x	as long as short
HTX META-USDT	0.0000%	8h	742.79	−0.114%	$106K	$296K	30x	as long as short
Phemex METAUSDT	0.0000%	4h	742.94	−0.094%	$2.0M	$8K	10x	as long as short
Lighter RH META	+0.0032%	1h	743.10	−0.073%	$768K	$3.0M	20x	as long as short
QFEX META-USD	+0.0032%	1h	742.67	−0.130%	$2.1M	$13.6M	10x	as long as short
Arcus META-USD	+0.0040%	1h	742.22	−0.191%	$110K	$330K	10x	as long as short
Vest META-USD-PERP	+0.0046%	1h	743.06	−0.078%	—	$10K	25x	as long as short
Popdex METAUSDT	+0.0048%	1h	743.06	−0.078%	$179K	$199K	20x	as long as short
Polymarket Perps META-USD	+0.0050%	1h	742.71	−0.125%	$560K	$540K	10x	as long as short
SoDEX META-USD	+0.0050%	1h	743.02	−0.083%	$24K	$3K	10x	as long as short
Ondo Perps META-USD.P	+0.0050%	1h	742.16	−0.199%	$721K	$4.3M	10x	as long as short
Paradex META-USD-PERP	+0.0064%	8h	742.68	−0.129%	—	—	5x	as long as short
Aftermath Perps METAUSD	+0.0078%	1h	743.08	−0.076%	$50K	$82K	10x	as long as short
Coinbase International META-PERP-INTX	+0.0096%	1h	742.87	−0.104%	$613K	$7.2M	10x	as long as short
KuCoin METAUSDTM	+0.0100%	8h	742.77	−0.117%	$1.6M	$528K	20x	as long as short
ApeX Omni METAUSDT	+0.0100%	1h	742.51	−0.152%	$166K	$71K	50x	as long as short
Orderly PERP_META_USDC_mythos	+0.0100%	8h	742.79	−0.114%	$1K	$24	10x	as long as short
Aevo META-PERP	+0.0104%	1h	742.63	−0.136%	$267	—	10x	as long as short
edgeX METAUSDC	+0.0188%	4h	742.88	−0.102%	$62K	$337K	10x	as long as short
Injective META/USDC PERP	+0.0220%	1h	742.07	−0.211%	$171K	$48K	30x	as long as short
Hotstuff META-PERP	+0.0232%	1h	742.91	−0.098%	$33K	$105	20x	as long as short
Lighter META	+0.0256%	1h	743.08	−0.075%	$862K	$2.4M	20x	as long as short
tradeXYZ xyz:META	+0.0329%	1h	742.89	−0.101%	$69.4M	$120.2M	20x	as long as short
Phoenix METAlong	+0.0496%	1h	743.64	long leg	$596K	$1.1M	20x