Funding arb · Price arb /

META

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0123%/8h= +13.5% APRpaid last 24h +0.026%

Price spread now: QFEX against BloFin−0.005%7-day average −0.013% · you buy dearer than you sell

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

Net, price: spread back to 7d avg − costs−$26as in the Price arb table

costs, in and out, $10k−$270.270% of the position

Long on BloFin Short on QFEX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.151%+$15 on $10k

Price spread, last 3 days (all we have)−0.148%−$15 · spread now −0.005%, 7d avg −0.013%

Together, before fees+0.003%$0 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.013%, so right now this pair is about funding alone: +$4 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin META-USDT	741.24	−0.0120	get 0.0120% / 8h	1h 14m	$327K	$1.1M	20x
Short	QFEX META-USD	741.20	0.0003	get 0.0000% / 1h	14m 32s	$2.2M	$14.3M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

QFEX against BloFin. 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 BloFinbpFee QFEXbpOrdersPrice spread, now −0.005%Rate

Funding earned: $25.89
Price spread: −0.005% → −0.013%: $0.72
Slippage, 4 orders: −$5.04
Fee BloFin: 6 bp × 2 orders: −$12
Fee QFEX: 5 bp × 2 orders: −$10
Net: −$0.43
Costs to cover: 0.270%
Break-even: 7.1 days

Slippage from BloFin: live order book, 3 min ago; QFEX: 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 BloFin live order book, 3 min ago	0.34 bp	7.0 bp −$7	9.3 bp −$93	doesn't fit	doesn't fit
Sell QFEX live order book, 5 min ago	1.69 bp	6.7 bp −$7	8.3 bp −$83	18.1 bp −$1,813	doesn't fit

META on 36 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-USDTlong	−0.0120%	8h	741.24	long leg	$327K	$1.1M	20x
Nado META-PERP	−0.0073%	1h	741.00	−0.033%	$395K	$325K	20x	as long as short
Aster METAUSDT	0.0000%	8h	741.76	+0.070%	$458K	$536K	20x	as long as short
Extended META_24_5-USD	0.0000%	1h	741.23	−0.001%	$548K	$1.5M	17x	as long as short
Binance METAUSDT	0.0000%	8h	741.45	+0.029%	$26.9M	$178.2M	20x	as long as short
Bybit METAUSDT	0.0000%	8h	741.30	+0.008%	$7.5M	$13.9M	100x	as long as short
OKX META-USDT-SWAP	0.0000%	8h	741.46	+0.030%	$6.0M	$13.2M	20x	as long as short
Gate META_USDT	0.0000%	8h	741.11	−0.018%	$344K	$5.5M	100x	as long as short
Bitget METAUSDT	0.0000%	8h	741.48	+0.032%	$5.7M	$11.1M	100x	as long as short
Variational Omni META	0.0000%	8h	741.01	−0.031%	$1.6M	$2.6M	—	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT META_USDT_Perp	0.0000%	8h	741.11	−0.018%	$12K	$500K	10x	as long as short
SunX META-USDT	0.0000%	8h	741.23	−0.001%	$563	$9.5M	20x	as long as short
HTX META-USDT	0.0000%	8h	741.08	−0.022%	$107K	$286K	30x	as long as short
Phemex METAUSDT	0.0000%	4h	741.45	+0.028%	$2.0M	$7K	10x	as long as short
QFEX META-USDshort	+0.0003%	1h	741.20	−0.005%	$2.2M	$14.3M	10x
Deribit META_USDC-PERPETUAL	+0.0006%	1h	741.30	+0.008%	$30K	$256K	10x	as long as short
Hotstuff META-PERP	+0.0024%	1h	741.38	+0.019%	$33K	$105	20x	as long as short
Lighter RH META	+0.0032%	1h	741.47	+0.031%	$749K	$3.2M	20x	as long as short
Arcus META-USD	+0.0040%	1h	741.01	−0.031%	$111K	$481K	10x	as long as short
Vest META-USD-PERP	+0.0046%	1h	741.73	+0.066%	—	$9K	25x	as long as short
Popdex METAUSDT	+0.0048%	1h	741.60	+0.049%	$178K	$201K	20x	as long as short
Polymarket Perps META-USD	+0.0050%	1h	741.41	+0.023%	$542K	$840K	10x	as long as short
SoDEX META-USD	+0.0050%	1h	741.21	−0.004%	$24K	$3K	10x	as long as short
Paradex META-USD-PERP	+0.0050%	8h	741.10	−0.018%	—	—	5x	as long as short
Ondo Perps META-USD.P	+0.0050%	1h	741.12	−0.016%	$648K	$4.1M	10x	as long as short
Aftermath Perps METAUSD	+0.0056%	1h	742.00	+0.102%	$50K	$65K	10x	as long as short
Coinbase International META-PERP-INTX	+0.0064%	1h	741.59	+0.047%	$607K	$7.4M	10x	as long as short
Phoenix META	+0.0065%	1h	741.19	−0.007%	$291K	$791K	20x	as long as short
Lighter META	+0.0072%	1h	741.48	+0.032%	$862K	$2.5M	20x	as long as short
KuCoin METAUSDTM	+0.0100%	8h	741.18	−0.008%	$1.6M	$367K	20x	as long as short
ApeX Omni METAUSDT	+0.0100%	1h	740.87	−0.050%	$166K	$73K	50x	as long as short
Orderly PERP_META_USDC_mythos	+0.0100%	8h	741.27	+0.004%	$1K	$24	10x	as long as short
Aevo META-PERP	+0.0104%	1h	741.18	−0.008%	$267	—	10x	as long as short
tradeXYZ xyz:META	+0.0114%	1h	741.38	+0.019%	$68.5M	$121.1M	20x	as long as short
Injective META/USDC PERP	+0.0220%	1h	743.35	+0.285%	$169K	$46K	30x	as long as short
edgeX METAUSDC	+0.0248%	4h	741.04	−0.027%	$62K	$332K	10x	as long as short