Funding arb · Price arb /

META

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0040%/8h= +4.4% APRpaid last 24h +0.064%

Price spread now: Arcus against Bybit+0.079%56s7-day average −0.024% · 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—prices read too far apart to compare

costs, in and out, $10k−$400.400% of the position

Long on Bybit Short on Arcus

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.116%+$12 on $10k

Price spread, last 4 days (all we have)+0.161%+$16 · spread now +0.079%, 7d avg −0.024%

Together, before fees+0.278%+$28 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and Arcus is 0.103% dearer against Bybit than usual: you sell high and buy low: +$10 more if the spread goes back to its 7-day average of −0.024%. The two prices were read 56 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit METAUSDT	745.66	0	get 0.0000% / 8h	7h 50m	$7.5M	$15.6M	100x
Short	Arcus META-USD	746.25	0.0040	get 0.0005% / 1h	50m 40s	$112K	$337K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Arcus against Bybit. 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 BybitbpFee ArcusbpOrdersPrice spread, now +0.079%Rate

Funding earned: $8.46
Price spread: +0.079% → −0.024%: $10.27
Slippage, 4 orders: −$24.52
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Arcus: 2.25 bp × 2 orders: −$4.5
Net: −$21.3
Costs to cover: 0.400%
Break-even: 24.6 days

Slippage from Bybit: live order book, 3 min ago; Arcus: live order book, 48 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 Bybit live order book, 3 min ago	2.08 bp	9.9 bp −$10	22.5 bp −$225	doesn't fit	doesn't fit
Sell Arcus live order book, 48 min ago	2.55 bp	10.9 bp −$11	14.7 bp −$147	doesn't fit	doesn't fit

META on 37 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-USDT	−0.0120%	8h	746.56	+0.121%	$335K	$1.1M	20x	as long as short
Nado META-PERP	−0.0039%	1h	746.65	+0.133%	$481K	$561K	20x	as long as short
Aster METAUSDT	0.0000%	8h	746.26	+0.080%	$483K	$597K	20x	as long as short
Extended META_24_5-USD	0.0000%	1h	746.01	+0.048%	$547K	$3.4M	17x	as long as short
Binance METAUSDT	0.0000%	8h	746.00	+0.045%	$25.7M	$190.5M	20x	as long as short
Bybit METAUSDTlong	0.0000%	8h	745.66	long leg	$7.5M	$15.6M	100x
OKX META-USDT-SWAP	0.0000%	8h	745.69	+0.004%	$6.0M	$12.8M	20x	as long as short
Gate META_USDT	0.0000%	8h	745.40	−0.035%	$471K	$6.2M	100x	as long as short
Bitget METAUSDT	0.0000%	8h	745.69	+0.004%	$5.7M	$12.4M	100x	as long as short
Variational Omni META	0.0000%	8h	746.52	+0.116%	$2.5M	$3.0M	—	as long as short

Show all 37 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT META_USDT_Perp	0.0000%	8h	745.97	+0.042%	$12K	$440K	10x	as long as short
SunX META-USDT	0.0000%	8h	746.77	+0.149%	$868	$7.9M	20x	as long as short
Deribit META_USDC-PERPETUAL	0.0000%	1h	746.44	+0.105%	$53K	$290K	10x	as long as short
HTX META-USDT	0.0000%	8h	746.27	+0.082%	$108K	$312K	30x	as long as short
Phemex METAUSDT	0.0000%	4h	746.53	+0.117%	$2.0M	$8K	10x	as long as short
Lighter RH META	+0.0032%	1h	745.98	+0.043%	$795K	$2.9M	20x	as long as short
QFEX META-USD	+0.0036%	1h	746.80	+0.153%	$2.2M	$14.1M	10x	as long as short
Arcus META-USDshort	+0.0040%	1h	746.25	+0.079%	$112K	$337K	10x
Vest META-USD-PERP	+0.0046%	1h	746.88	+0.164%	—	$12K	25x	as long as short
Popdex METAUSDT	+0.0048%	1h	746.80	+0.153%	$180K	$205K	20x	as long as short
Polymarket Perps META-USD	+0.0050%	1h	746.49	+0.111%	$568K	$619K	10x	as long as short
SoDEX META-USD	+0.0050%	1h	746.52	+0.115%	$25K	$3K	10x	as long as short
Ondo Perps META-USD.P	+0.0050%	1h	746.22	+0.075%	$725K	$5.1M	10x	as long as short
Paradex META-USD-PERP	+0.0057%	8h	746.59	+0.125%	—	—	5x	as long as short
Aftermath Perps METAUSD	+0.0085%	1h	746.49	+0.111%	$49K	$90K	10x	as long as short
Pacifica META	+0.0100%	1h	746.36	+0.095%	$633	$1K	10x	as long as short
KuCoin METAUSDTM	+0.0100%	8h	746.33	+0.090%	$1.6M	$746K	20x	as long as short
ApeX Omni METAUSDT	+0.0100%	1h	745.75	+0.012%	$167K	$71K	50x	as long as short
Orderly PERP_META_USDC_mythos	+0.0100%	8h	746.63	+0.130%	$1K	$24	10x	as long as short
Aevo META-PERP	+0.0104%	1h	746.44	+0.105%	$269	—	10x	as long as short
Coinbase International META-PERP-INTX	+0.0120%	1h	746.12	+0.062%	$647K	$8.1M	10x	as long as short
Injective META/USDC PERP	+0.0220%	1h	748.08	+0.325%	$177K	$52K	30x	as long as short
Lighter META	+0.0224%	1h	746.20	+0.072%	$1.2M	$2.9M	20x	as long as short
tradeXYZ xyz:META	+0.0290%	1h	745.79	+0.017%	$84.6M	$132.2M	20x	as long as short
Hotstuff META-PERP	+0.0400%	1h	746.84	+0.158%	$33K	$105	20x	as long as short
edgeX METAUSDC	+0.0572%	4h	746.25	+0.079%	$63K	$346K	10x	as long as short
Phoenix META	+0.0791%	1h	746.41	+0.101%	$797K	$1.5M	20x	as long as short