Funding arb · Price arb /

META

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0239%/8h= −26.1% APRpaid last 24h −0.053%

Price spread now: Phemex against tradeXYZ−0.005%7-day average +0.056% · you buy dearer than you sell

Net, funding: paid 7d − costs−$121as in the Funding arb table

Net, price: spread back to 7d avg − costs−$109as in the Price arb table

costs, in and out, $10k−$1031.030% of the position

Long on tradeXYZ Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.178%−$18 on $10k

Price spread, last 3 days (all we have)+0.135%+$14 · spread now −0.005%, 7d avg +0.056%

Together, before fees−0.043%+ Points / potential airdroptradeXYZ: Active · farm board−$4 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$7 a day on $10k at the current rate, and Phemex is 0.061% cheaper against tradeXYZ than usual: you would sell low and buy high (−$6 if the spread goes back to its 7-day average of +0.056%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	tradeXYZ xyz:META	740.27	0.0239	pay 0.0030% / 1h	12m 54s	$68.3M	$120.0M	20x
Short	Phemex METAUSDT	740.23	0	get 0.0000% / 4h	2h 12m	$2.0M	$8K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against tradeXYZ. 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 tradeXYZbpFee PhemexbpOrdersPrice spread, now −0.005%Rate

Funding earned: −$50.13
Price spread: −0.005% → +0.056%: −$6.1
Slippage, 4 orders: −$72.96
Fee tradeXYZ: 9 bp × 2 orders: −$18
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$159.19
Costs to cover: 1.030%
Break-even: never at this rate

Slippage from tradeXYZ: live order book, 7 min ago; Phemex: 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 tradeXYZ live order book, 7 min ago	0.41 bp	9.8 bp −$10	doesn't fit	doesn't fit	doesn't fit
Sell Phemex live order book, 5 min ago	0.74 bp	37.0 bp −$37	doesn't fit	doesn't fit	doesn't fit

META on 35 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
Deribit META_USDC-PERPETUAL	−0.0128%	1h	739.79	−0.065%	$31K	$244K	10x	as long as short
Nado META-PERP	−0.0120%	1h	740.05	−0.030%	$478K	$549K	20x	as long as short
Aster METAUSDT	0.0000%	8h	740.91	+0.086%	$466K	$549K	20x	as long as short
Extended META_24_5-USD	0.0000%	1h	740.15	−0.016%	$550K	$2.7M	17x	as long as short
Binance METAUSDT	0.0000%	8h	740.34	+0.009%	$27.3M	$179.2M	20x	as long as short
Bybit METAUSDT	0.0000%	8h	740.20	−0.009%	$7.5M	$13.8M	100x	as long as short
OKX META-USDT-SWAP	0.0000%	8h	740.13	−0.019%	$5.9M	$13.3M	20x	as long as short
Gate META_USDT	0.0000%	8h	739.97	−0.041%	$352K	$5.6M	100x	as long as short
Bitget METAUSDT	0.0000%	8h	740.28	+0.001%	$5.5M	$11.3M	100x	as long as short
Variational Omni META	0.0000%	8h	740.06	−0.029%	$2.3M	$3.1M	—	as long as short

Show all 35 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT META_USDT_Perp	0.0000%	8h	740.19	−0.011%	$12K	$434K	10x	as long as short
SunX META-USDT	0.0000%	8h	740.13	−0.019%	$879	$9.2M	20x	as long as short
HTX META-USDT	0.0000%	8h	740.05	−0.030%	$105K	$296K	30x	as long as short
Phemex METAUSDTshort	0.0000%	4h	740.23	−0.005%	$2.0M	$8K	10x
QFEX META-USD	+0.0025%	1h	740.22	−0.007%	$2.2M	$13.9M	10x	as long as short
Lighter RH META	+0.0032%	1h	740.54	+0.036%	$750K	$3.0M	20x	as long as short
Arcus META-USD	+0.0040%	1h	739.73	−0.073%	$110K	$330K	10x	as long as short
Vest META-USD-PERP	+0.0046%	1h	740.54	+0.036%	—	$11K	25x	as long as short
Popdex METAUSDT	+0.0048%	1h	740.22	−0.007%	$176K	$197K	20x	as long as short
Polymarket Perps META-USD	+0.0050%	1h	740.20	−0.009%	$558K	$547K	10x	as long as short
SoDEX META-USD	+0.0050%	1h	740.19	−0.011%	$24K	$3K	10x	as long as short
Ondo Perps META-USD.P	+0.0050%	1h	739.36	−0.123%	$697K	$4.3M	10x	as long as short
Paradex META-USD-PERP	+0.0056%	8h	740.12	−0.020%	—	—	5x	as long as short
edgeX METAUSDC	+0.0066%	4h	739.99	−0.038%	$62K	$337K	10x	as long as short
Aftermath Perps METAUSD	+0.0071%	1h	740.82	+0.074%	$49K	$80K	10x	as long as short
KuCoin METAUSDTM	+0.0100%	8h	740.44	+0.023%	$1.6M	$487K	20x	as long as short
ApeX Omni METAUSDT	+0.0100%	1h	739.61	−0.089%	$166K	$71K	50x	as long as short
Orderly PERP_META_USDC_mythos	+0.0100%	8h	740.26	−0.001%	$1K	$24	10x	as long as short
Aevo META-PERP	+0.0104%	1h	740.10	−0.023%	$266	—	10x	as long as short
Coinbase International META-PERP-INTX	+0.0104%	1h	740.66	+0.053%	$609K	$7.2M	10x	as long as short
Lighter META	+0.0136%	1h	740.49	+0.030%	$860K	$2.4M	20x	as long as short
Hotstuff META-PERP	+0.0160%	1h	740.27	0.000%	$33K	$105	20x	as long as short
Injective META/USDC PERP	+0.0220%	1h	739.90	−0.050%	$171K	$48K	30x	as long as short
tradeXYZ xyz:METAlong	+0.0239%	1h	740.27	long leg	$68.3M	$120.0M	20x
Phoenix META	+0.0313%	1h	740.88	+0.082%	$442K	$1.1M	20x	as long as short