Funding arb · Price arb /

META

RWAall META markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0036%/8h= +4.0% APRpaid last 24h +0.011%

Price spread now: QFEX against Bybit+0.012%7-day average −0.011% · 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−$31as in the Price arb table

costs, in and out, $10k−$340.338% of the position

Long on Bybit Short on QFEX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.004%$0 on $10k

Price spread, last 7 days−0.002%$0 · spread now +0.012%, 7d avg −0.011%

Together, before fees−0.006%−$1 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 QFEX is 0.023% dearer against Bybit than usual: you sell high and buy low: +$2 more if the spread goes back to its 7-day average of −0.011%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit METAUSDT	745.76	0	get 0.0000% / 8h	7h 47m	$7.5M	$15.6M	100x
Short	QFEX META-USD	745.85	0.0036	get 0.0005% / 1h	47m 32s	$2.2M	$14.1M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

QFEX 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 QFEXbpOrdersPrice spread, now +0.012%Rate

Funding earned: $7.59
Price spread: +0.012% → −0.011%: $2.35
Slippage, 4 orders: −$12.81
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee QFEX: 5 bp × 2 orders: −$10
Net: −$23.87
Costs to cover: 0.338%
Break-even: 29.0 days

Slippage from Bybit: live order book, 1 min ago; QFEX: live order book, 7 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, 1 min ago	1.07 bp	10.4 bp −$10	18.6 bp −$186	doesn't fit	doesn't fit
Sell QFEX live order book, 7 min ago	1.21 bp	6.2 bp −$6	7.1 bp −$71	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	746.49	+0.098%	$334K	$1.1M	20x	as long as short
Nado META-PERP	−0.0047%	1h	745.69	−0.009%	$481K	$561K	20x	as long as short
Aster METAUSDT	0.0000%	8h	746.73	+0.130%	$484K	$597K	20x	as long as short
Extended META_24_5-USD	0.0000%	1h	745.88	+0.016%	$547K	$3.4M	17x	as long as short
Binance METAUSDT	0.0000%	8h	746.00	+0.032%	$25.7M	$191.1M	20x	as long as short
Bybit METAUSDTlong	0.0000%	8h	745.76	long leg	$7.5M	$15.6M	100x
OKX META-USDT-SWAP	0.0000%	8h	745.86	+0.013%	$6.0M	$12.9M	20x	as long as short
Gate META_USDT	0.0000%	8h	745.53	−0.031%	$474K	$6.2M	100x	as long as short
Bitget METAUSDT	0.0000%	8h	745.75	−0.001%	$5.7M	$12.4M	100x	as long as short
Variational Omni META	0.0000%	8h	746.52	+0.102%	$2.5M	$3.0M	—	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	746.46	+0.093%	$12K	$443K	10x	as long as short
SunX META-USDT	0.0000%	8h	746.49	+0.098%	$1K	$7.9M	20x	as long as short
Deribit META_USDC-PERPETUAL	0.0000%	1h	746.02	+0.035%	$53K	$290K	10x	as long as short
HTX META-USDT	0.0000%	8h	746.10	+0.046%	$108K	$312K	30x	as long as short
Phemex METAUSDT	0.0000%	4h	746.37	+0.082%	$2.0M	$8K	10x	as long as short
Lighter RH META	+0.0032%	1h	746.24	+0.064%	$796K	$2.9M	20x	as long as short
QFEX META-USDshort	+0.0036%	1h	745.85	+0.012%	$2.2M	$14.1M	10x
Arcus META-USD	+0.0040%	1h	745.55	−0.028%	$112K	$337K	10x	as long as short
Vest META-USD-PERP	+0.0046%	1h	746.38	+0.083%	—	$12K	25x	as long as short
Popdex METAUSDT	+0.0048%	1h	745.93	+0.023%	$180K	$205K	20x	as long as short
Polymarket Perps META-USD	+0.0050%	1h	745.20	−0.075%	$567K	$619K	10x	as long as short
SoDEX META-USD	+0.0050%	1h	746.37	+0.082%	$25K	$3K	10x	as long as short
Ondo Perps META-USD.P	+0.0050%	1h	745.75	−0.001%	$725K	$5.1M	10x	as long as short
Paradex META-USD-PERP	+0.0056%	8h	745.81	+0.006%	—	—	5x	as long as short
Aftermath Perps METAUSD	+0.0083%	1h	746.43	+0.090%	$49K	$90K	10x	as long as short
Pacifica META	+0.0100%	1h	745.87	+0.015%	$635	$1K	10x	as long as short
KuCoin METAUSDTM	+0.0100%	8h	746.14	+0.051%	$1.6M	$750K	20x	as long as short
ApeX Omni METAUSDT	+0.0100%	1h	745.98	+0.030%	$167K	$71K	50x	as long as short
Orderly PERP_META_USDC_mythos	+0.0100%	8h	746.33	+0.076%	$1K	$24	10x	as long as short
Aevo META-PERP	+0.0104%	1h	746.16	+0.053%	$269	—	10x	as long as short
Coinbase International META-PERP-INTX	+0.0120%	1h	746.01	+0.034%	$649K	$8.1M	10x	as long as short
Injective META/USDC PERP	+0.0220%	1h	748.08	+0.311%	$177K	$52K	30x	as long as short
Lighter META	+0.0224%	1h	746.42	+0.089%	$1.2M	$2.9M	20x	as long as short
tradeXYZ xyz:META	+0.0269%	1h	745.96	+0.027%	$84.3M	$132.7M	20x	as long as short
Hotstuff META-PERP	+0.0328%	1h	746.35	+0.079%	$33K	$105	20x	as long as short
edgeX METAUSDC	+0.0372%	4h	746.05	+0.039%	$63K	$347K	10x	as long as short
Phoenix META	+0.0791%	1h	746.70	+0.126%	$797K	$1.5M	20x	as long as short