Funding arb · Price arb /

META

RWAall META markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0048%/8h= +5.3% APRpaid last 24h −0.004%

Price spread now: Popdex against Bybit+0.047%7-day average +0.012% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$22as in the Price arb table

costs, in and out, $10k−$260.258% of the position

Long on Bybit Short on Popdex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.054%+$5 on $10k

Price spread, last 4 days (all we have)+0.048%+$5 · spread now +0.047%, 7d avg +0.012%

Together, before fees+0.102%+$10 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and Popdex is 0.035% dearer against Bybit than usual: you sell high and buy low: +$3 more if the spread goes back to its 7-day average of +0.012%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit METAUSDT	745.29	0	get 0.0000% / 8h	1h 05m	$7.4M	$15.3M	100x
Short	Popdex METAUSDT	745.64	0.0048	get 0.0006% / 1h	5m 26s	$177K	$205K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Popdex 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 PopdexbpOrdersPrice spread, now +0.047%Rate

Funding earned: $10.08
Price spread: +0.047% → +0.012%: $3.45
Slippage, 4 orders: −$8.37
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Popdex: 3.2 bp × 2 orders: −$6.4
Net: −$12.24
Costs to cover: 0.258%
Break-even: 15.5 days

Slippage from Bybit: live order book, 3 min ago; Popdex: live order book, 38 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	1.95 bp	8.9 bp −$9	19.1 bp −$191	doesn't fit	doesn't fit
Sell Popdex live order book, 38 min ago	0.27 bp	3.7 bp −$4	6.4 bp −$64	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	745.22	−0.009%	$331K	$1.1M	20x	as long as short
Nado META-PERP	−0.0032%	1h	745.34	+0.007%	$481K	$559K	20x	as long as short
Aster METAUSDT	0.0000%	8h	745.78	+0.066%	$480K	$593K	20x	as long as short
Extended META_24_5-USD	0.0000%	1h	745.45	+0.021%	$548K	$1.8M	17x	as long as short
Binance METAUSDT	0.0000%	8h	745.63	+0.045%	$24.9M	$188.0M	20x	as long as short
Bybit METAUSDTlong	0.0000%	8h	745.29	long leg	$7.4M	$15.3M	100x
OKX META-USDT-SWAP	0.0000%	8h	745.48	+0.025%	$6.0M	$12.7M	20x	as long as short
Gate META_USDT	0.0000%	8h	744.93	−0.048%	$464K	$6.2M	100x	as long as short
Bitget METAUSDT	0.0000%	8h	745.56	+0.036%	$5.6M	$12.4M	100x	as long as short
Variational Omni META	0.0000%	8h	745.37	+0.011%	$2.4M	$3.1M	—	as long as short

Show all 37 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT META_USDT_Perp	0.0000%	8h	745.02	−0.036%	$13K	$435K	10x	as long as short
SunX META-USDT	0.0000%	8h	745.26	−0.004%	$780	$8.1M	20x	as long as short
Deribit META_USDC-PERPETUAL	0.0000%	1h	745.17	−0.016%	$34K	$274K	10x	as long as short
HTX META-USDT	0.0000%	8h	745.43	+0.019%	$106K	$308K	30x	as long as short
Phemex METAUSDT	0.0000%	4h	745.48	+0.025%	$2.0M	$8K	10x	as long as short
QFEX META-USD	+0.0031%	1h	745.44	+0.020%	$2.2M	$13.8M	10x	as long as short
Lighter RH META	+0.0032%	1h	745.98	+0.093%	$791K	$3.1M	20x	as long as short
Arcus META-USD	+0.0040%	1h	745.03	−0.035%	$112K	$339K	10x	as long as short
Vest META-USD-PERP	+0.0046%	1h	745.89	+0.081%	—	$12K	25x	as long as short
Popdex METAUSDTshort	+0.0048%	1h	745.64	+0.047%	$177K	$205K	20x
Polymarket Perps META-USD	+0.0050%	1h	745.28	−0.001%	$579K	$572K	10x	as long as short
SoDEX META-USD	+0.0050%	1h	745.42	+0.017%	$25K	$3K	10x	as long as short
Ondo Perps META-USD.P	+0.0050%	1h	744.54	−0.101%	$696K	$5.1M	10x	as long as short
Paradex META-USD-PERP	+0.0056%	8h	745.51	+0.029%	—	—	5x	as long as short
Aftermath Perps METAUSD	+0.0086%	1h	745.77	+0.064%	$52K	$81K	10x	as long as short
KuCoin METAUSDTM	+0.0100%	8h	745.37	+0.011%	$1.6M	$697K	20x	as long as short
ApeX Omni METAUSDT	+0.0100%	1h	744.28	−0.136%	$167K	$71K	50x	as long as short
Orderly PERP_META_USDC_mythos	+0.0100%	8h	745.63	+0.046%	$1K	$24	10x	as long as short
Aevo META-PERP	+0.0104%	1h	745.49	+0.027%	$268	—	10x	as long as short
Coinbase International META-PERP-INTX	+0.0104%	1h	744.73	−0.075%	$650K	$7.9M	10x	as long as short
Injective META/USDC PERP	+0.0220%	1h	747.19	+0.255%	$172K	$46K	30x	as long as short
Hotstuff META-PERP	+0.0376%	1h	745.76	+0.063%	$33K	$105	20x	as long as short
Lighter META	+0.0384%	1h	746.24	+0.127%	$1.1M	$2.8M	20x	as long as short
edgeX METAUSDC	+0.0467%	4h	744.89	−0.053%	$62K	$343K	10x	as long as short
tradeXYZ xyz:META	+0.0493%	1h	746.00	+0.095%	$78.5M	$128.1M	20x	as long as short
Phoenix META	+0.0739%	1h	746.07	+0.105%	$797K	$1.5M	20x	as long as short
Pacifica META	+0.0800%	1h	745.36	+0.009%	$13	$106	10x	as long as short