Funding arb · Price arb /

META

RWAall META markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0220%/8h= +24.1% APRpaid last 24h +0.040%

Price spread now: Injective against Bybit+0.486%108s7-day average +0.293% · you sell dearer than you buy

Net, funding: paid 7d − costs−$30as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$740.736% of the position

Long on Bybit Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days+0.436%+$44 on $10k

Price spread, last 4 days (all we have)−0.365%−$36 · spread now +0.486%, 7d avg +0.293%

Together, before fees+0.071%+$7 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$7 a day on $10k at the current rate, and Injective is 0.193% dearer against Bybit than usual: you sell high and buy low: +$19 more if the spread goes back to its 7-day average of +0.293%. The two prices were read 108 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	745.02	0	get 0.0000% / 8h	1h 33m	$7.3M	$15.3M	100x
Short	Injective META/USDC PERP	748.64	0.0220	get 0.0028% / 1h	33m 29s	$173K	$46K	30x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective 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 InjectivebpOrdersPrice spread, now +0.486%Rate

Funding earned: $46.2
Price spread: +0.486% → +0.293%: $19.25
Slippage, 4 orders: −$62.55
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$8.11
Costs to cover: 0.736%
Break-even: 8.2 days

Slippage from Bybit: live order book, 5 min ago; Injective: live order book, 10 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, 5 min ago	1.41 bp	10.4 bp −$10	17.3 bp −$173	doesn't fit	doesn't fit
Sell Injective live order book, 10 min ago	17.28 bp	37.7 bp −$38	doesn't fit	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	744.05	−0.130%	$333K	$1.1M	20x	as long as short
Deribit META_USDC-PERPETUAL	−0.0086%	1h	743.58	−0.193%	$34K	$275K	10x	as long as short
Nado META-PERP	−0.0030%	1h	744.96	−0.008%	$482K	$559K	20x	as long as short
Aster METAUSDT	0.0000%	8h	745.68	+0.088%	$480K	$593K	20x	as long as short
Extended META_24_5-USD	0.0000%	1h	745.03	+0.001%	$552K	$1.8M	17x	as long as short
Binance METAUSDT	0.0000%	8h	745.17	+0.020%	$25.2M	$188.2M	20x	as long as short
Bybit METAUSDTlong	0.0000%	8h	745.02	long leg	$7.3M	$15.3M	100x
OKX META-USDT-SWAP	0.0000%	8h	745.25	+0.031%	$6.0M	$12.7M	20x	as long as short
Gate META_USDT	0.0000%	8h	744.57	−0.060%	$460K	$6.1M	100x	as long as short
Bitget METAUSDT	0.0000%	8h	745.12	+0.013%	$5.6M	$12.4M	100x	as long as short

Show all 37 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni META	0.0000%	8h	744.08	−0.126%	$2.4M	$3.3M	—	as long as short
GRVT META_USDT_Perp	0.0000%	8h	744.20	−0.110%	$12K	$438K	10x	as long as short
SunX META-USDT	0.0000%	8h	743.82	−0.161%	$773	$8.2M	20x	as long as short
HTX META-USDT	0.0000%	8h	743.82	−0.161%	$106K	$307K	30x	as long as short
Phemex METAUSDT	0.0000%	4h	744.64	−0.051%	$2.0M	$8K	10x	as long as short
QFEX META-USD	+0.0031%	1h	744.76	−0.035%	$2.2M	$14.0M	10x	as long as short
Lighter RH META	+0.0032%	1h	745.57	+0.074%	$787K	$2.9M	20x	as long as short
Arcus META-USD	+0.0040%	1h	744.05	−0.130%	$112K	$339K	10x	as long as short
Vest META-USD-PERP	+0.0046%	1h	745.20	+0.024%	—	$12K	25x	as long as short
Popdex METAUSDT	+0.0048%	1h	745.15	+0.017%	$177K	$202K	20x	as long as short
Polymarket Perps META-USD	+0.0050%	1h	744.86	−0.021%	$586K	$564K	10x	as long as short
SoDEX META-USD	+0.0050%	1h	743.97	−0.141%	$24K	$3K	10x	as long as short
Ondo Perps META-USD.P	+0.0050%	1h	744.55	−0.063%	$710K	$5.3M	10x	as long as short
Paradex META-USD-PERP	+0.0062%	8h	745.18	+0.022%	—	—	5x	as long as short
Aftermath Perps METAUSD	+0.0087%	1h	745.01	−0.001%	$52K	$81K	10x	as long as short
KuCoin METAUSDTM	+0.0100%	8h	744.93	−0.012%	$1.6M	$679K	20x	as long as short
ApeX Omni METAUSDT	+0.0100%	1h	743.50	−0.204%	$167K	$72K	50x	as long as short
Orderly PERP_META_USDC_mythos	+0.0100%	8h	743.98	−0.140%	$1K	$24	10x	as long as short
Aevo META-PERP	+0.0104%	1h	743.99	−0.138%	$268	—	10x	as long as short
Coinbase International META-PERP-INTX	+0.0104%	1h	744.10	−0.123%	$658K	$7.9M	10x	as long as short
Injective META/USDC PERPshort	+0.0220%	1h	748.64	+0.486%	$173K	$46K	30x
Hotstuff META-PERP	+0.0376%	1h	744.47	−0.074%	$33K	$105	20x	as long as short
Lighter META	+0.0376%	1h	745.73	+0.095%	$1.1M	$2.7M	20x	as long as short
tradeXYZ xyz:META	+0.0507%	1h	745.50	+0.064%	$77.4M	$127.5M	20x	as long as short
edgeX METAUSDC	+0.0548%	4h	744.17	−0.114%	$62K	$343K	10x	as long as short
Phoenix META	+0.0739%	1h	745.19	+0.023%	$796K	$1.5M	20x	as long as short
Pacifica META	+0.0800%	1h	744.99	−0.004%	—	—	—	as long as short