Funding arb · Price arb /

META

RWAall META markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.006%

Price spread now: Deribit against Bybit−0.081%7-day average −0.055% · 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−$34as in the Price arb table

costs, in and out, $10k−$310.310% of the position

Long on Bybit Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)0.000%$0 on $10k

Price spread, last 3 days (all we have)+0.097%+$10 · spread now −0.081%, 7d avg −0.055%

Together, before fees+0.097%+$10 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Deribit is 0.026% cheaper against Bybit than usual: you would sell low and buy high, −$3 on $10k if it goes back to its 7-day average of −0.055%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit METAUSDT	741.08	0	get 0.0000% / 8h	7h 06m	$7.5M	$14.0M	100x
Short	Deribit META_USDC-PERPETUAL	740.48	0	get 0.0000% / 1h	6m 08s	$30K	$246K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now −0.081%Rate

Funding earned: $0
Price spread: −0.081% → −0.055%: −$2.59
Slippage, 4 orders: −$13
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$33.6
Costs to cover: 0.310%
Break-even: never at this rate

Slippage from Bybit: live order book, 2 min ago; Deribit: live order book, 2 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, 2 min ago	1.08 bp	9.0 bp −$9	17.5 bp −$175	doesn't fit	doesn't fit
Sell Deribit live order book, 2 min ago	0.07 bp	3.6 bp −$4	4.7 bp −$47	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	740.40	−0.092%	$326K	$1.1M	20x	as long as short
Nado META-PERP	−0.0084%	1h	740.55	−0.072%	$484K	$484K	20x	as long as short
Aster METAUSDT	0.0000%	8h	740.36	−0.097%	$466K	$549K	20x	as long as short
Extended META_24_5-USD	0.0000%	1h	740.61	−0.063%	$550K	$2.7M	17x	as long as short
Binance METAUSDT	0.0000%	8h	740.85	−0.031%	$27.4M	$179.8M	20x	as long as short
Bybit METAUSDTlong	0.0000%	8h	741.08	long leg	$7.5M	$14.0M	100x
OKX META-USDT-SWAP	0.0000%	8h	740.74	−0.046%	$6.0M	$13.3M	20x	as long as short
Gate META_USDT	0.0000%	8h	740.69	−0.053%	$350K	$5.6M	100x	as long as short
Bitget METAUSDT	0.0000%	8h	740.83	−0.034%	$5.6M	$11.2M	100x	as long as short
Variational Omni META	0.0000%	8h	740.83	−0.034%	$2.4M	$3.3M	—	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	740.13	−0.128%	$12K	$458K	10x	as long as short
SunX META-USDT	0.0000%	8h	741.15	+0.009%	$867	$9.3M	20x	as long as short
Deribit META_USDC-PERPETUALshort	0.0000%	1h	740.48	−0.081%	$30K	$246K	10x
HTX META-USDT	0.0000%	8h	740.73	−0.047%	$105K	$295K	30x	as long as short
Phemex METAUSDT	0.0000%	4h	740.58	−0.067%	$2.0M	$8K	10x	as long as short
Lighter RH META	+0.0032%	1h	740.99	−0.012%	$753K	$3.2M	20x	as long as short
Vest META-USD-PERP	+0.0046%	1h	740.80	−0.038%	—	$11K	25x	as long as short
Popdex METAUSDT	+0.0048%	1h	740.78	−0.040%	$176K	$194K	20x	as long as short
Polymarket Perps META-USD	+0.0050%	1h	740.85	−0.031%	$558K	$857K	10x	as long as short
SoDEX META-USD	+0.0050%	1h	740.58	−0.067%	$24K	$3K	10x	as long as short
Ondo Perps META-USD.P	+0.0050%	1h	740.40	−0.092%	$686K	$4.4M	10x	as long as short
QFEX META-USD	+0.0055%	1h	740.74	−0.046%	$2.2M	$14.1M	10x	as long as short
Paradex META-USD-PERP	+0.0060%	8h	740.75	−0.044%	—	—	5x	as long as short
Arcus META-USD	+0.0063%	1h	739.84	−0.167%	$110K	$331K	10x	as long as short
Hotstuff META-PERP	+0.0064%	1h	740.42	−0.089%	$33K	$105	20x	as long as short
Aftermath Perps METAUSD	+0.0068%	1h	740.61	−0.063%	$48K	$80K	10x	as long as short
KuCoin METAUSDTM	+0.0100%	8h	740.48	−0.081%	$1.6M	$453K	20x	as long as short
ApeX Omni METAUSDT	+0.0100%	1h	739.45	−0.220%	$166K	$71K	50x	as long as short
Orderly PERP_META_USDC_mythos	+0.0100%	8h	740.56	−0.070%	$1K	$24	10x	as long as short
Aevo META-PERP	+0.0104%	1h	740.36	−0.097%	$267	—	10x	as long as short
Coinbase International META-PERP-INTX	+0.0144%	1h	740.46	−0.084%	$614K	$7.4M	10x	as long as short
tradeXYZ xyz:META	+0.0167%	1h	740.98	−0.013%	$67.9M	$121.1M	20x	as long as short
Lighter META	+0.0200%	1h	740.96	−0.016%	$862K	$2.5M	20x	as long as short
Injective META/USDC PERP	+0.0220%	1h	741.98	+0.121%	$171K	$48K	30x	as long as short
Phoenix META	+0.0259%	1h	740.42	−0.089%	$325K	$930K	20x	as long as short
edgeX METAUSDC	+0.0402%	4h	740.01	−0.145%	$62K	$334K	10x	as long as short