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 −0.080%

Price spread now: SunX against Phoenix−0.214%51s7-day average +0.023% · you buy dearer than you sell

Net, funding: paid 7d − costs−$123as 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−$850.847% of the position

Long on Phoenix Short on SunX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.386%−$39 on $10k

Price spread, last 4 days (all we have)+0.356%+$36 · spread now −0.214%, 7d avg +0.023%

Together, before fees−0.030%−$3 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 SunX is 0.237% cheaper against Phoenix than usual: you would sell low and buy high (−$24 if the spread goes back to its 7-day average of +0.023%). Swap the legs. The two prices were read 51 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.386% in total (about -20.1% 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	746.46	0.0750	pay 0.0094% / 1h	51m 18s	$797K	$1.5M	20x
Short	SunX META-USDT	744.86	0	get 0.0000% / 8h	51m 18s	$947	$8.1M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX 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 SunXbpOrdersPrice spread, now −0.214%Rate

Funding earned: −$157.4
Price spread: −0.214% → +0.023%: −$23.7
Slippage, 4 orders: −$69.71
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee SunX: 4 bp × 2 orders: −$8
Net: −$265.81
Costs to cover: 0.847%
Break-even: never at this rate

Slippage from Phoenix: live order book, 2 min ago; SunX: live order book, 8 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, 2 min ago	2.95 bp	10.1 bp −$10	20.6 bp −$206	doesn't fit	doesn't fit
Sell SunX live order book, 8 min ago	28.21 bp	32.2 bp −$32	61.8 bp −$618	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	745.06	−0.188%	$332K	$1.1M	20x	as long as short
Aster METAUSDT	0.0000%	8h	745.49	−0.130%	$479K	$593K	20x	as long as short
Extended META_24_5-USD	0.0000%	1h	744.52	−0.260%	$547K	$2.3M	17x	as long as short
Binance METAUSDT	0.0000%	8h	744.61	−0.248%	$25.1M	$188.5M	20x	as long as short
Bybit METAUSDT	0.0000%	8h	744.51	−0.261%	$7.5M	$15.4M	100x	as long as short
OKX META-USDT-SWAP	0.0000%	8h	744.73	−0.232%	$6.0M	$12.7M	20x	as long as short
Gate META_USDT	0.0000%	8h	744.22	−0.300%	$465K	$6.2M	100x	as long as short
Bitget METAUSDT	0.0000%	8h	744.64	−0.244%	$5.5M	$12.4M	100x	as long as short
Variational Omni META	0.0000%	8h	745.61	−0.114%	$2.4M	$3.1M	—	as long as short
GRVT META_USDT_Perp	0.0000%	8h	745.24	−0.164%	$13K	$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-USDTshort	0.0000%	8h	744.86	−0.214%	$947	$8.1M	20x
Deribit META_USDC-PERPETUAL	0.0000%	1h	744.41	−0.275%	$34K	$275K	10x	as long as short
HTX META-USDT	0.0000%	8h	744.63	−0.245%	$106K	$309K	30x	as long as short
Phemex METAUSDT	0.0000%	4h	745.56	−0.121%	$2.0M	$8K	10x	as long as short
QFEX META-USD	+0.0031%	1h	744.50	−0.263%	$2.2M	$13.9M	10x	as long as short
Arcus META-USD	+0.0040%	1h	744.83	−0.218%	$112K	$339K	10x	as long as short
Vest META-USD-PERP	+0.0046%	1h	744.87	−0.213%	—	$12K	25x	as long as short
Polymarket Perps META-USD	+0.0050%	1h	744.46	−0.268%	$564K	$597K	10x	as long as short
SoDEX META-USD	+0.0050%	1h	744.76	−0.228%	$25K	$3K	10x	as long as short
Ondo Perps META-USD.P	+0.0050%	1h	744.17	−0.307%	$728K	$5.1M	10x	as long as short
Paradex META-USD-PERP	+0.0055%	8h	744.46	−0.268%	—	—	5x	as long as short
Lighter RH META	+0.0072%	1h	744.97	−0.200%	$787K	$3.1M	20x	as long as short
Nado META-PERP	+0.0077%	1h	744.22	−0.300%	$480K	$560K	20x	as long as short
Aftermath Perps METAUSD	+0.0087%	1h	745.53	−0.125%	$52K	$81K	10x	as long as short
Pacifica META	+0.0100%	1h	744.84	−0.218%	$13	$106	10x	as long as short
KuCoin METAUSDTM	+0.0100%	8h	744.74	−0.230%	$1.6M	$707K	20x	as long as short
ApeX Omni METAUSDT	+0.0100%	1h	744.40	−0.276%	$167K	$71K	50x	as long as short
Orderly PERP_META_USDC_mythos	+0.0100%	8h	744.58	−0.252%	$1K	$24	10x	as long as short
Aevo META-PERP	+0.0104%	1h	744.45	−0.270%	$268	—	10x	as long as short
Coinbase International META-PERP-INTX	+0.0104%	1h	744.65	−0.242%	$654K	$7.9M	10x	as long as short
Popdex METAUSDT	+0.0120%	1h	744.74	−0.230%	$177K	$203K	20x	as long as short
Injective META/USDC PERP	+0.0220%	1h	748.52	+0.276%	$173K	$46K	30x	as long as short
edgeX METAUSDC	+0.0274%	4h	745.01	−0.194%	$62K	$344K	10x	as long as short
Hotstuff META-PERP	+0.0352%	1h	745.35	−0.149%	$33K	$105	20x	as long as short
Lighter META	+0.0488%	1h	745.18	−0.171%	$1.1M	$2.9M	20x	as long as short
tradeXYZ xyz:META	+0.0547%	1h	744.99	−0.197%	$80.5M	$129.1M	20x	as long as short
Phoenix METAlong	+0.0750%	1h	746.46	long leg	$797K	$1.5M	20x