Funding arb · Price arb /

META

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC−0.0050%/8h= −5.5% APRpaid last 24h −0.015%

Price spread now: Phemex against SoDEX+0.078%7-day average — · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on SoDEX Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

The price spread pays, funding is against you. Phemex is 0.078% dearer against SoDEX than usual: you sell high and buy low (spread +0.078% now, against zero (this spread has no 7-day history yet)): +$8 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 5.2 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SoDEX META-USD	740.75	0.0050	pay 0.0006% / 1h	43m 46s	$24K	$3K	10x
Short	Phemex METAUSDT	741.33	0	get 0.0000% / 4h	1h 43m	$2.0M	$8K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against SoDEX. 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 SoDEXbpFee PhemexbpOrdersPrice spread, now +0.078%Rate

Funding earned: −$10.5
Price spread: +0.078% → 0.000%: $7.83
Slippage, 4 orders: no order book: not counted
Fee SoDEX: 4 bp × 2 orders: −$8
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$22.67
Costs to cover: 0.200%
Break-even: never at this rate

Slippage unknown: SoDEX: no order-book sample; Phemex: live order book, 3 min ago. Net counts fees only.

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 SoDEX no order-book sample	—	—	—	—	—
Sell Phemex live order book, 3 min ago	1.01 bp	35.9 bp −$36	doesn't fit	doesn't fit	doesn't fit

SoDEX: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	739.96	−0.107%	$33K	$105	20x	as long as short
BloFin META-USDT	−0.0120%	8h	740.88	+0.018%	$338K	$1.1M	20x	as long as short
Aster METAUSDT	0.0000%	8h	741.00	+0.034%	$492K	$628K	20x	as long as short
Extended META_24_5-USD	0.0000%	1h	740.83	+0.011%	$545K	$3.3M	17x	as long as short
Binance METAUSDT	0.0000%	8h	741.08	+0.045%	$25.8M	$192.6M	20x	as long as short
Bybit METAUSDT	0.0000%	8h	740.70	−0.007%	$7.5M	$16.1M	100x	as long as short
OKX META-USDT-SWAP	0.0000%	8h	741.25	+0.067%	$6.0M	$12.9M	20x	as long as short
Gate META_USDT	0.0000%	8h	740.65	−0.013%	$457K	$6.3M	100x	as long as short
Bitget METAUSDT	0.0000%	8h	740.89	+0.019%	$5.7M	$12.3M	100x	as long as short
Variational Omni META	0.0000%	8h	740.35	−0.055%	$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	+0.040%	$12K	$431K	10x	as long as short
SunX META-USDT	0.0000%	8h	740.95	+0.027%	$1K	$7.3M	20x	as long as short
Deribit META_USDC-PERPETUAL	0.0000%	1h	740.48	−0.036%	$36K	$257K	10x	as long as short
HTX META-USDT	0.0000%	8h	740.62	−0.018%	$107K	$299K	30x	as long as short
Phemex METAUSDTshort	0.0000%	4h	741.33	+0.078%	$2.0M	$8K	10x
Lighter RH META	+0.0032%	1h	741.29	+0.073%	$870K	$2.8M	20x	as long as short
QFEX META-USD	+0.0038%	1h	740.52	−0.031%	$2.2M	$14.0M	10x	as long as short
Arcus META-USD	+0.0040%	1h	740.40	−0.047%	$111K	$284K	10x	as long as short
Vest META-USD-PERP	+0.0046%	1h	741.03	+0.038%	—	$11K	25x	as long as short
Polymarket Perps META-USD	+0.0050%	1h	740.40	−0.047%	$558K	$612K	10x	as long as short
SoDEX META-USDlong	+0.0050%	1h	740.75	long leg	$24K	$3K	10x
Ondo Perps META-USD.P	+0.0050%	1h	739.72	−0.139%	$713K	$5.0M	10x	as long as short
Paradex META-USD-PERP	+0.0053%	8h	740.54	−0.028%	—	—	5x	as long as short
Coinbase International META-PERP-INTX	+0.0064%	1h	740.14	−0.082%	$648K	$7.6M	10x	as long as short
Aftermath Perps METAUSD	+0.0074%	1h	741.09	+0.046%	$53K	$86K	10x	as long as short
Popdex METAUSDT	+0.0080%	1h	740.78	+0.004%	$178K	$201K	20x	as long as short
Pacifica META	+0.0100%	1h	740.26	−0.066%	$604	$2K	10x	as long as short
KuCoin METAUSDTM	+0.0100%	8h	741.07	+0.043%	$1.6M	$884K	20x	as long as short
ApeX Omni METAUSDT	+0.0100%	1h	740.35	−0.054%	$166K	$71K	50x	as long as short
Orderly PERP_META_USDC_mythos	+0.0100%	8h	740.74	−0.001%	$1K	$24	10x	as long as short
Aevo META-PERP	+0.0104%	1h	740.53	−0.030%	$267	—	10x	as long as short
Nado META-PERP	+0.0110%	1h	740.37	−0.052%	$475K	$552K	20x	as long as short
Injective META/USDC PERP	+0.0220%	1h	743.75	+0.405%	$168K	$61K	30x	as long as short
tradeXYZ xyz:META	+0.0285%	1h	740.99	+0.032%	$86.0M	$135.5M	20x	as long as short
Lighter META	+0.0352%	1h	741.23	+0.065%	$1.2M	$2.7M	20x	as long as short
edgeX METAUSDC	+0.0604%	4h	740.81	+0.008%	$62K	$350K	10x	as long as short
Phoenix META	+0.0613%	1h	741.71	+0.130%	$792K	$1.5M	20x	as long as short