Funding arb · Price arb /

META

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0064%/8h= +7.0% APRpaid last 24h −0.023%

Price spread now: Coinbase International against Bybit−0.067%7-day average −0.107% · you buy dearer than you sell

Net, funding: paid 7d − costs−$45as in the Funding arb table

Net, price: spread back to 7d avg − costs−$32as in the Price arb table

costs, in and out, $10k−$360.359% of the position

Long on Bybit Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days−0.092%−$9 on $10k

Price spread, last 3 days (all we have)+0.109%+$11 · spread now −0.067%, 7d avg −0.107%

Together, before fees+0.017%+$2 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and Coinbase International is 0.039% dearer against Bybit than usual: you sell high and buy low: +$4 more if the spread goes back to its 7-day average of −0.107%. Mind the row above: over the last 7 days funding on this pair cost −0.092%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit METAUSDT	741.41	0	get 0.0000% / 8h	1h 28m	$7.5M	$13.9M	100x
Short	Coinbase International META-PERP-INTX	740.91	0.0064	get 0.0008% / 1h	28m 51s	$606K	$7.4M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International 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 Coinbase InternationalbpOrdersPrice spread, now −0.067%Rate

Funding earned: $13.44
Price spread: −0.067% → −0.107%: $3.92
Slippage, 4 orders: −$14.92
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$18.56
Costs to cover: 0.359%
Break-even: 16.7 days

Slippage from Bybit: live order book, 4 min ago; Coinbase International: 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 Bybit live order book, 4 min ago	0.94 bp	10.3 bp −$10	17.7 bp −$177	doesn't fit	doesn't fit
Sell Coinbase International live order book, 5 min ago	2.03 bp	8.2 bp −$8	12.1 bp −$121	doesn't fit	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-USDT	−0.0120%	8h	741.34	−0.009%	$328K	$1.1M	20x	as long as short
Nado META-PERP	−0.0082%	1h	741.28	−0.018%	$395K	$317K	20x	as long as short
Aster METAUSDT	0.0000%	8h	741.76	+0.047%	$458K	$536K	20x	as long as short
Extended META_24_5-USD	0.0000%	1h	741.20	−0.029%	$548K	$1.5M	17x	as long as short
Binance METAUSDT	0.0000%	8h	741.33	−0.011%	$27.0M	$178.0M	20x	as long as short
Bybit METAUSDTlong	0.0000%	8h	741.41	long leg	$7.5M	$13.9M	100x
OKX META-USDT-SWAP	0.0000%	8h	741.18	−0.031%	$6.0M	$13.2M	20x	as long as short
Gate META_USDT	0.0000%	8h	740.95	−0.062%	$329K	$5.4M	100x	as long as short
Bitget METAUSDT	0.0000%	8h	741.44	+0.004%	$5.8M	$11.0M	100x	as long as short
Variational Omni META	0.0000%	8h	740.62	−0.106%	$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	740.92	−0.066%	$12K	$506K	10x	as long as short
SunX META-USDT	0.0000%	8h	741.66	+0.034%	$957	$9.5M	20x	as long as short
Deribit META_USDC-PERPETUAL	0.0000%	1h	741.42	+0.001%	$30K	$256K	10x	as long as short
HTX META-USDT	0.0000%	8h	741.25	−0.022%	$105K	$283K	30x	as long as short
Phemex METAUSDT	0.0000%	4h	741.19	−0.030%	$2.0M	$7K	10x	as long as short
QFEX META-USD	+0.0003%	1h	741.20	−0.028%	$2.2M	$14.3M	10x	as long as short
Lighter RH META	+0.0032%	1h	741.71	+0.040%	$747K	$3.2M	20x	as long as short
Arcus META-USD	+0.0040%	1h	740.81	−0.081%	$110K	$481K	10x	as long as short
Vest META-USD-PERP	+0.0046%	1h	741.81	+0.054%	—	$9K	25x	as long as short
Popdex METAUSDT	+0.0048%	1h	741.30	−0.015%	$178K	$201K	20x	as long as short
Polymarket Perps META-USD	+0.0050%	1h	741.30	−0.015%	$541K	$840K	10x	as long as short
SoDEX META-USD	+0.0050%	1h	741.09	−0.043%	$24K	$3K	10x	as long as short
Paradex META-USD-PERP	+0.0050%	8h	741.16	−0.034%	—	—	5x	as long as short
Ondo Perps META-USD.P	+0.0050%	1h	740.40	−0.136%	$639K	$4.1M	10x	as long as short
Aftermath Perps METAUSD	+0.0053%	1h	741.40	−0.002%	$49K	$63K	10x	as long as short
Lighter META	+0.0064%	1h	741.67	+0.035%	$863K	$2.5M	20x	as long as short
Coinbase International META-PERP-INTXshort	+0.0064%	1h	740.91	−0.067%	$606K	$7.4M	10x
Phoenix META	+0.0065%	1h	741.12	−0.039%	$291K	$791K	20x	as long as short
tradeXYZ xyz:META	+0.0098%	1h	741.57	+0.022%	$68.6M	$120.9M	20x	as long as short
KuCoin METAUSDTM	+0.0100%	8h	741.27	−0.019%	$1.6M	$363K	20x	as long as short
ApeX Omni METAUSDT	+0.0100%	1h	740.52	−0.120%	$166K	$73K	50x	as long as short
Orderly PERP_META_USDC_mythos	+0.0100%	8h	741.28	−0.018%	$1K	$24	10x	as long as short
Aevo META-PERP	+0.0104%	1h	741.18	−0.031%	$267	—	10x	as long as short
Hotstuff META-PERP	+0.0136%	1h	741.07	−0.046%	$33K	$105	20x	as long as short
Injective META/USDC PERP	+0.0220%	1h	740.58	−0.112%	$169K	$46K	30x	as long as short
edgeX METAUSDC	+0.0246%	4h	740.42	−0.134%	$62K	$331K	10x	as long as short