Funding arb · Price arb /

META

RWAall META markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0056%/8h= +6.1% APRpaid last 24h +0.012%

Price spread now: Lighter against Bybit+0.030%7-day average −0.018% · you sell dearer than you buy

Net, funding: paid 7d − costs−$9as in the Funding arb table

Net, price: spread back to 7d avg − costs−$15as in the Price arb table

costs, in and out, $10k−$190.193% of the position

Long on Bybit Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.104%+$10 on $10k

Price spread, last 4 days (all we have)−0.041%−$4 · spread now +0.030%, 7d avg −0.018%

Together, before fees+0.063%+ Points / potential airdropLighter: Season 3 · farm board+$6 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 Lighter is 0.048% dearer against Bybit than usual: you sell high and buy low: +$5 more if the spread goes back to its 7-day average of −0.018%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit METAUSDT	741.34	0	get 0.0000% / 8h	1h 20m	$7.5M	$13.9M	100x
Short	Lighter META	741.56	0.0056	get 0.0007% / 1h	20m 39s	$862K	$2.5M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter 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 LighterbpOrdersPrice spread, now +0.030%Rate

Funding earned: $11.76
Price spread: +0.030% → −0.018%: $4.81
Slippage, 4 orders: −$8.31
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Lighter: 0 bp × 2 orders: $0
Net: −$2.74
Costs to cover: 0.193%
Break-even: 8.6 days

Slippage from Bybit: live order book, 3 min ago; Lighter: live order book, 6 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	1.35 bp	7.9 bp −$8	17.5 bp −$175	doesn't fit	doesn't fit
Sell Lighter live order book, 6 min ago	0.74 bp	1.1 bp −$1	2.6 bp −$26	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	741.25	−0.012%	$328K	$1.1M	20x	as long as short
Nado META-PERP	−0.0078%	1h	741.08	−0.035%	$395K	$317K	20x	as long as short
Aster METAUSDT	0.0000%	8h	741.76	+0.057%	$458K	$536K	20x	as long as short
Extended META_24_5-USD	0.0000%	1h	741.12	−0.030%	$548K	$1.5M	17x	as long as short
Binance METAUSDT	0.0000%	8h	741.26	−0.011%	$26.9M	$178.0M	20x	as long as short
Bybit METAUSDTlong	0.0000%	8h	741.34	long leg	$7.5M	$13.9M	100x
OKX META-USDT-SWAP	0.0000%	8h	741.09	−0.034%	$6.0M	$13.2M	20x	as long as short
Gate META_USDT	0.0000%	8h	740.90	−0.059%	$343K	$5.5M	100x	as long as short
Bitget METAUSDT	0.0000%	8h	741.27	−0.009%	$5.8M	$11.0M	100x	as long as short
Variational Omni META	0.0000%	8h	741.24	−0.013%	$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	741.33	−0.001%	$12K	$504K	10x	as long as short
SunX META-USDT	0.0000%	8h	741.45	+0.015%	$965	$9.5M	20x	as long as short
HTX META-USDT	0.0000%	8h	741.05	−0.039%	$107K	$286K	30x	as long as short
Phemex METAUSDT	0.0000%	4h	741.30	−0.005%	$2.0M	$7K	10x	as long as short
QFEX META-USD	+0.0003%	1h	741.18	−0.022%	$2.2M	$14.2M	10x	as long as short
Lighter RH META	+0.0032%	1h	741.60	+0.035%	$749K	$3.2M	20x	as long as short
Arcus META-USD	+0.0040%	1h	740.96	−0.051%	$111K	$481K	10x	as long as short
Vest META-USD-PERP	+0.0046%	1h	741.74	+0.054%	—	$9K	25x	as long as short
Popdex METAUSDT	+0.0048%	1h	741.26	−0.011%	$178K	$201K	20x	as long as short
Polymarket Perps META-USD	+0.0050%	1h	741.40	+0.008%	$542K	$840K	10x	as long as short
SoDEX META-USD	+0.0050%	1h	741.23	−0.015%	$24K	$3K	10x	as long as short
Paradex META-USD-PERP	+0.0050%	8h	741.21	−0.018%	—	—	5x	as long as short
Ondo Perps META-USD.P	+0.0050%	1h	741.12	−0.030%	$648K	$4.1M	10x	as long as short
Aftermath Perps METAUSD	+0.0054%	1h	742.00	+0.089%	$50K	$66K	10x	as long as short
Lighter METAshort	+0.0056%	1h	741.56	+0.030%	$862K	$2.5M	20x
Coinbase International META-PERP-INTX	+0.0064%	1h	740.91	−0.058%	$606K	$7.4M	10x	as long as short
Phoenix META	+0.0065%	1h	741.24	−0.013%	$291K	$791K	20x	as long as short
Deribit META_USDC-PERPETUAL	+0.0074%	1h	741.41	+0.009%	$30K	$256K	10x	as long as short
KuCoin METAUSDTM	+0.0100%	8h	741.18	−0.022%	$1.6M	$365K	20x	as long as short
ApeX Omni METAUSDT	+0.0100%	1h	740.97	−0.050%	$166K	$73K	50x	as long as short
Orderly PERP_META_USDC_mythos	+0.0100%	8h	741.34	0.000%	$1K	$24	10x	as long as short
tradeXYZ xyz:META	+0.0103%	1h	741.33	−0.001%	$68.6M	$120.9M	20x	as long as short
Aevo META-PERP	+0.0104%	1h	741.25	−0.012%	$267	—	10x	as long as short
Hotstuff META-PERP	+0.0144%	1h	741.33	−0.001%	$33K	$105	20x	as long as short
Injective META/USDC PERP	+0.0220%	1h	743.35	+0.271%	$169K	$46K	30x	as long as short
edgeX METAUSDC	+0.0878%	4h	741.29	−0.007%	$62K	$330K	10x	as long as short