Funding arb · Price arb /

META

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0050%/8h= +5.5% APRpaid last 24h −0.010%

Price spread now: Ondo Perps against Bybit−0.125%7-day average −0.064% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Bybit Short on Ondo Perps

What this pair did over the last

the charts below follow

Funding, last 7 days+0.093%+$9 on $10k

Price spread, last 7 days+0.110%+$11 · spread now −0.125%, 7d avg −0.064%

Together, before fees+0.204%+ Points / potential airdropOndo Perps: Active · farm board+$20 on $10k · with fees, hour by hour

Funding pays, the price is against you. Ondo Perps is 0.061% cheaper against Bybit than usual: you would sell low and buy high (spread −0.125% now, against its 7-day average of −0.064%). If the spread goes back, that is −$6 on $10k: about 4.0 days of funding at the current rate (+$2 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit METAUSDT	742.60	0	get 0.0000% / 8h	4h 23m	$7.5M	$14.0M	100x
Short	Ondo Perps META-USD.P	741.67	0.0050	get 0.0006% / 1h	23m 22s	$764K	$4.4M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Ondo Perps against Bybit. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 Ondo PerpsbpOrdersPrice spread, now −0.125%Rate

Funding earned: $10.58
Price spread: −0.125% → −0.064%: −$6.11
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Net: −$11.53
Costs to cover: 0.160%
Break-even: 14.6 days

Slippage unknown: Bybit: live order book, 5 min ago; Ondo Perps: no order-book sample. Net counts fees only.

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	0.81 bp	10.8 bp −$11	20.8 bp −$208	doesn't fit	doesn't fit
Sell Ondo Perps no order-book sample	—	—	—	—	—

Ondo Perps: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	742.33	−0.036%	$329K	$1.1M	20x	as long as short
Nado META-PERP	−0.0019%	1h	742.19	−0.055%	$480K	$553K	20x	as long as short
Aster METAUSDT	0.0000%	8h	742.39	−0.029%	$468K	$552K	20x	as long as short
Extended META_24_5-USD	0.0000%	1h	742.53	−0.010%	$549K	$2.7M	17x	as long as short
Binance METAUSDT	0.0000%	8h	742.72	+0.016%	$27.6M	$180.8M	20x	as long as short
Bybit METAUSDTlong	0.0000%	8h	742.60	long leg	$7.5M	$14.0M	100x
OKX META-USDT-SWAP	0.0000%	8h	742.54	−0.008%	$6.0M	$13.5M	20x	as long as short
Gate META_USDT	0.0000%	8h	742.18	−0.057%	$365K	$5.7M	100x	as long as short
Bitget METAUSDT	0.0000%	8h	742.53	−0.009%	$5.3M	$11.7M	100x	as long as short
Variational Omni META	0.0000%	8h	742.05	−0.074%	$2.4M	$3.1M	—	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	741.87	−0.098%	$12K	$440K	10x	as long as short
SunX META-USDT	0.0000%	8h	742.73	+0.018%	$979	$9.1M	20x	as long as short
Deribit META_USDC-PERPETUAL	0.0000%	1h	742.46	−0.019%	$31K	$245K	10x	as long as short
HTX META-USDT	0.0000%	8h	742.34	−0.035%	$106K	$296K	30x	as long as short
Phemex METAUSDT	0.0000%	4h	742.52	−0.011%	$2.0M	$8K	10x	as long as short
Lighter RH META	+0.0032%	1h	742.85	+0.034%	$770K	$3.0M	20x	as long as short
QFEX META-USD	+0.0036%	1h	742.62	+0.003%	$2.2M	$13.7M	10x	as long as short
Arcus META-USD	+0.0040%	1h	741.90	−0.094%	$110K	$330K	10x	as long as short
Vest META-USD-PERP	+0.0046%	1h	743.04	+0.059%	—	$10K	25x	as long as short
Popdex METAUSDT	+0.0048%	1h	742.70	+0.013%	$179K	$199K	20x	as long as short
Polymarket Perps META-USD	+0.0050%	1h	742.41	−0.026%	$584K	$565K	10x	as long as short
SoDEX META-USD	+0.0050%	1h	742.59	−0.001%	$24K	$3K	10x	as long as short
Ondo Perps META-USD.Pshort	+0.0050%	1h	741.67	−0.125%	$764K	$4.4M	10x
Paradex META-USD-PERP	+0.0066%	8h	742.46	−0.018%	—	—	5x	as long as short
Aftermath Perps METAUSD	+0.0080%	1h	742.48	−0.016%	$51K	$82K	10x	as long as short
KuCoin METAUSDTM	+0.0100%	8h	742.62	+0.003%	$1.6M	$548K	20x	as long as short
ApeX Omni METAUSDT	+0.0100%	1h	741.88	−0.097%	$166K	$71K	50x	as long as short
Orderly PERP_META_USDC_mythos	+0.0100%	8h	742.66	+0.008%	$1K	$24	10x	as long as short
Aevo META-PERP	+0.0104%	1h	742.53	−0.009%	$267	—	10x	as long as short
Coinbase International META-PERP-INTX	+0.0104%	1h	741.90	−0.094%	$625K	$7.2M	10x	as long as short
Hotstuff META-PERP	+0.0168%	1h	742.49	−0.015%	$33K	$105	20x	as long as short
Injective META/USDC PERP	+0.0220%	1h	742.24	−0.048%	$171K	$48K	30x	as long as short
edgeX METAUSDC	+0.0245%	4h	742.15	−0.060%	$62K	$336K	10x	as long as short
Lighter META	+0.0256%	1h	742.80	+0.027%	$858K	$2.4M	20x	as long as short
tradeXYZ xyz:META	+0.0286%	1h	742.58	−0.003%	$69.5M	$120.3M	20x	as long as short
Phoenix META	+0.0591%	1h	742.78	+0.024%	$682K	$1.2M	20x	as long as short