Funding arb · Price arb /

META

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0040%/8h= −4.4% APRpaid last 24h −0.056%

Price spread now: OKX against Arcus+0.147%7-day average +0.019% · 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−$28as in the Price arb table

costs, in and out, $10k−$410.405% of the position

Long on Arcus Short on OKX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.130%−$13 on $10k

Price spread, last 4 days (all we have)−0.136%−$14 · spread now +0.147%, 7d avg +0.019%

Together, before fees−0.267%−$27 on $10k · with fees, hour by hour

The price spread pays, funding is against you. OKX is 0.128% dearer against Arcus than usual: you sell high and buy low (spread +0.147% now, against its 7-day average of +0.019%): +$13 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 11 days. At the pace of the last 4 days (−0.130% in total) that is about 3.4 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Arcus META-USD	740.08	0.0040	pay 0.0005% / 1h	59m 37s	$110K	$330K	10x
Short	OKX META-USDT-SWAP	741.17	0	get 0.0000% / 8h	5h 59m	$5.9M	$13.3M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX against Arcus. 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 ArcusbpFee OKXbpOrdersPrice spread, now +0.147%Rate

Funding earned: −$8.46
Price spread: +0.147% → +0.019%: $12.82
Slippage, 4 orders: −$26.02
Fee Arcus: 2.25 bp × 2 orders: −$4.5
Fee OKX: 5 bp × 2 orders: −$10
Net: −$36.15
Costs to cover: 0.405%
Break-even: never at this rate

Slippage from Arcus: live order book, 4 min ago; OKX: live order book, 4 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 Arcus live order book, 4 min ago	3.17 bp	6.6 bp −$7	11.5 bp −$115	doesn't fit	doesn't fit
Sell OKX live order book, 4 min ago	0.07 bp	9.7 bp −$10	16.4 bp −$164	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
Nado META-PERP	−0.0112%	1h	740.17	+0.012%	$478K	$548K	20x	as long as short
Aster METAUSDT	0.0000%	8h	740.70	+0.084%	$466K	$549K	20x	as long as short
Extended META_24_5-USD	0.0000%	1h	740.69	+0.082%	$548K	$2.7M	17x	as long as short
Binance METAUSDT	0.0000%	8h	740.70	+0.083%	$27.3M	$178.8M	20x	as long as short
Bybit METAUSDT	0.0000%	8h	740.64	+0.076%	$7.5M	$13.7M	100x	as long as short
OKX META-USDT-SWAPshort	0.0000%	8h	741.17	+0.147%	$5.9M	$13.3M	20x
Gate META_USDT	0.0000%	8h	740.38	+0.041%	$355K	$5.6M	100x	as long as short
Bitget METAUSDT	0.0000%	8h	740.77	+0.093%	$5.5M	$11.3M	100x	as long as short
Variational Omni META	0.0000%	8h	740.45	+0.049%	$2.3M	$3.1M	—	as long as short
GRVT META_USDT_Perp	0.0000%	8h	740.44	+0.049%	$12K	$431K	10x	as long as short

Show all 35 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX META-USDT	0.0000%	8h	740.39	+0.042%	$1K	$9.1M	20x	as long as short
Deribit META_USDC-PERPETUAL	0.0000%	1h	739.75	−0.045%	$31K	$244K	10x	as long as short
HTX META-USDT	0.0000%	8h	740.31	+0.031%	$105K	$295K	30x	as long as short
Phemex METAUSDT	0.0000%	4h	740.49	+0.055%	$2.0M	$8K	10x	as long as short
QFEX META-USD	+0.0025%	1h	740.94	+0.116%	$2.1M	$13.7M	10x	as long as short
Lighter RH META	+0.0032%	1h	740.50	+0.057%	$761K	$3.0M	20x	as long as short
Arcus META-USDlong	+0.0040%	1h	740.08	long leg	$110K	$330K	10x
Vest META-USD-PERP	+0.0046%	1h	740.65	+0.077%	—	$11K	25x	as long as short
Popdex METAUSDT	+0.0048%	1h	740.59	+0.069%	$176K	$197K	20x	as long as short
Polymarket Perps META-USD	+0.0050%	1h	740.36	+0.038%	$558K	$547K	10x	as long as short
SoDEX META-USD	+0.0050%	1h	740.34	+0.035%	$24K	$3K	10x	as long as short
Ondo Perps META-USD.P	+0.0050%	1h	740.11	+0.004%	$697K	$4.2M	10x	as long as short
Paradex META-USD-PERP	+0.0055%	8h	740.72	+0.087%	—	—	5x	as long as short
edgeX METAUSDC	+0.0060%	4h	740.31	+0.031%	$62K	$336K	10x	as long as short
Aftermath Perps METAUSD	+0.0070%	1h	740.91	+0.112%	$49K	$82K	10x	as long as short
KuCoin METAUSDTM	+0.0100%	8h	740.59	+0.069%	$1.6M	$498K	20x	as long as short
ApeX Omni METAUSDT	+0.0100%	1h	739.82	−0.035%	$166K	$71K	50x	as long as short
Orderly PERP_META_USDC_mythos	+0.0100%	8h	740.37	+0.039%	$1K	$24	10x	as long as short
Aevo META-PERP	+0.0104%	1h	740.15	+0.009%	$266	—	10x	as long as short
Coinbase International META-PERP-INTX	+0.0104%	1h	740.66	+0.078%	$609K	$7.1M	10x	as long as short
Lighter META	+0.0144%	1h	740.48	+0.054%	$860K	$2.4M	20x	as long as short
Hotstuff META-PERP	+0.0144%	1h	741.06	+0.132%	$33K	$105	20x	as long as short
Injective META/USDC PERP	+0.0220%	1h	742.35	+0.307%	$171K	$48K	30x	as long as short
Phoenix META	+0.0313%	1h	741.07	+0.134%	$469K	$1.1M	20x	as long as short
tradeXYZ xyz:META	+0.0352%	1h	740.43	+0.047%	$68.3M	$119.7M	20x	as long as short