Funding arb · Price arb /

META

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC−0.0038%/8h= −4.2% APRpaid last 24h −0.010%

Price spread now: Phemex against QFEX+0.100%7-day average +0.029% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$94as in the Price arb table

costs, in and out, $10k−$1011.009% of the position

Long on QFEX Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.022%−$2 on $10k

Price spread, last 4 days (all we have)+0.055%+$6 · spread now +0.100%, 7d avg +0.029%

Together, before fees+0.033%+$3 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Phemex is 0.071% dearer against QFEX than usual: you sell high and buy low (spread +0.100% now, against its 7-day average of +0.029%): +$7 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 6.2 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	QFEX META-USD	740.66	0.0038	pay 0.0005% / 1h	45m 20s	$2.2M	$14.0M	10x
Short	Phemex METAUSDT	741.40	0	get 0.0000% / 4h	1h 45m	$2.0M	$8K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against QFEX. 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 QFEXbpFee PhemexbpOrdersPrice spread, now +0.100%Rate

Funding earned: −$8.05
Price spread: +0.100% → +0.029%: $7.12
Slippage, 4 orders: −$78.92
Fee QFEX: 5 bp × 2 orders: −$10
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$101.85
Costs to cover: 1.009%
Break-even: never at this rate

Slippage from QFEX: live order book, 7 min ago; Phemex: live order book, 1 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 QFEX live order book, 7 min ago	1.41 bp	6.4 bp −$6	7.1 bp −$71	doesn't fit	doesn't fit
Sell Phemex live order book, 1 min ago	1.01 bp	35.9 bp −$36	doesn't fit	doesn't fit	doesn't fit

META on 37 exchanges

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
Hotstuff META-PERP	−0.1600%	1h	740.96	+0.041%	$33K	$105	20x	as long as short
BloFin META-USDT	−0.0120%	8h	741.06	+0.054%	$339K	$1.1M	20x	as long as short
Aster METAUSDT	0.0000%	8h	740.88	+0.029%	$492K	$628K	20x	as long as short
Extended META_24_5-USD	0.0000%	1h	740.33	−0.044%	$545K	$3.3M	17x	as long as short
Binance METAUSDT	0.0000%	8h	740.70	+0.005%	$25.8M	$192.6M	20x	as long as short
Bybit METAUSDT	0.0000%	8h	740.41	−0.034%	$7.5M	$16.1M	100x	as long as short
OKX META-USDT-SWAP	0.0000%	8h	741.00	+0.046%	$6.0M	$12.9M	20x	as long as short
Gate META_USDT	0.0000%	8h	740.46	−0.027%	$457K	$6.3M	100x	as long as short
Bitget METAUSDT	0.0000%	8h	740.71	+0.007%	$5.7M	$12.3M	100x	as long as short
Variational Omni META	0.0000%	8h	740.35	−0.042%	$2.5M	$3.0M	—	as long as short

Show all 37 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT META_USDT_Perp	0.0000%	8h	741.05	+0.052%	$12K	$431K	10x	as long as short
SunX META-USDT	0.0000%	8h	740.56	−0.014%	$767	$7.3M	20x	as long as short
Deribit META_USDC-PERPETUAL	0.0000%	1h	740.17	−0.066%	$36K	$257K	10x	as long as short
HTX META-USDT	0.0000%	8h	740.24	−0.057%	$107K	$299K	30x	as long as short
Phemex METAUSDTshort	0.0000%	4h	741.40	+0.100%	$2.0M	$8K	10x
Lighter RH META	+0.0032%	1h	740.98	+0.043%	$866K	$2.8M	20x	as long as short
QFEX META-USDlong	+0.0038%	1h	740.66	long leg	$2.2M	$14.0M	10x
Arcus META-USD	+0.0040%	1h	740.42	−0.032%	$111K	$284K	10x	as long as short
Vest META-USD-PERP	+0.0046%	1h	740.97	+0.042%	—	$11K	25x	as long as short
Polymarket Perps META-USD	+0.0050%	1h	740.50	−0.022%	$558K	$612K	10x	as long as short
SoDEX META-USD	+0.0050%	1h	740.41	−0.034%	$24K	$3K	10x	as long as short
Ondo Perps META-USD.P	+0.0050%	1h	739.72	−0.127%	$713K	$5.0M	10x	as long as short
Paradex META-USD-PERP	+0.0053%	8h	740.45	−0.028%	—	—	5x	as long as short
Coinbase International META-PERP-INTX	+0.0064%	1h	740.32	−0.046%	$652K	$7.7M	10x	as long as short
Aftermath Perps METAUSD	+0.0074%	1h	741.16	+0.068%	$53K	$86K	10x	as long as short
Popdex METAUSDT	+0.0080%	1h	740.80	+0.019%	$178K	$201K	20x	as long as short
Pacifica META	+0.0100%	1h	740.23	−0.058%	$604	$2K	10x	as long as short
KuCoin METAUSDTM	+0.0100%	8h	740.63	−0.004%	$1.6M	$881K	20x	as long as short
ApeX Omni METAUSDT	+0.0100%	1h	740.35	−0.042%	$166K	$71K	50x	as long as short
Orderly PERP_META_USDC_mythos	+0.0100%	8h	740.66	0.000%	$1K	$24	10x	as long as short
Aevo META-PERP	+0.0104%	1h	740.42	−0.032%	$267	—	10x	as long as short
Nado META-PERP	+0.0112%	1h	740.27	−0.053%	$474K	$552K	20x	as long as short
Injective META/USDC PERP	+0.0220%	1h	743.75	+0.417%	$168K	$61K	30x	as long as short
tradeXYZ xyz:META	+0.0285%	1h	740.73	+0.009%	$86.0M	$135.5M	20x	as long as short
Lighter META	+0.0352%	1h	740.98	+0.043%	$1.2M	$2.7M	20x	as long as short
edgeX METAUSDC	+0.0604%	4h	740.81	+0.020%	$62K	$350K	10x	as long as short
Phoenix META	+0.0613%	1h	741.71	+0.142%	$792K	$1.5M	20x	as long as short