Funding arb · Price arb /

META

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0441%/8h= +48.3% APRpaid last 24h +0.031%

Price spread now: tradeXYZ against Bybit+0.067%7-day average −0.024% · you sell dearer than you buy

Net, funding: paid 7d − costs−$23as in the Funding arb table

Net, price: spread back to 7d avg − costs−$31as in the Price arb table

costs, in and out, $10k−$400.400% of the position

Long on Bybit Short on tradeXYZ

What this pair did over the last

the charts below follow

Funding, last 7 days+0.166%+$17 on $10k

Price spread, last 7 days−0.053%−$5 · spread now +0.067%, 7d avg −0.024%

Together, before fees+0.112%+ Points / potential airdroptradeXYZ: Active · farm board+$11 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$13 a day on $10k at the current rate, and tradeXYZ is 0.091% dearer against Bybit than usual: you sell high and buy low: +$9 more if the spread goes back to its 7-day average of −0.024%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.166% in total (about 8.6% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit METAUSDT	743.92	0	get 0.0000% / 8h	2h 26m	$7.3M	$15.1M	100x
Short	tradeXYZ xyz:META	744.42	0.0441	get 0.0055% / 1h	26m 02s	$74.7M	$124.9M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

tradeXYZ 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 tradeXYZbpOrdersPrice spread, now +0.067%Rate

Funding earned: $92.54
Price spread: +0.067% → −0.024%: $9.09
Slippage, 4 orders: −$11.01
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee tradeXYZ: 9 bp × 2 orders: −$18
Net: $61.62
Costs to cover: 0.400%
Break-even: 2.3 days

Slippage from Bybit: live order book, 2 min ago; tradeXYZ: live order book, 4 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, 2 min ago	1.95 bp	10.3 bp −$10	16.7 bp −$167	doesn't fit	doesn't fit
Sell tradeXYZ live order book, 4 min ago	0.61 bp	10.2 bp −$10	11.9 bp −$119	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	743.43	−0.066%	$331K	$1.1M	20x	as long as short
Aster METAUSDT	0.0000%	8h	744.59	+0.090%	$479K	$589K	20x	as long as short
Extended META_24_5-USD	0.0000%	1h	743.84	−0.011%	$544K	$2.7M	17x	as long as short
Binance METAUSDT	0.0000%	8h	744.09	+0.023%	$27.7M	$182.6M	20x	as long as short
Bybit METAUSDTlong	0.0000%	8h	743.92	long leg	$7.3M	$15.1M	100x
OKX META-USDT-SWAP	0.0000%	8h	743.91	−0.001%	$6.0M	$12.5M	20x	as long as short
Gate META_USDT	0.0000%	8h	743.35	−0.077%	$440K	$5.9M	100x	as long as short
Bitget METAUSDT	0.0000%	8h	744.15	+0.031%	$5.6M	$12.1M	100x	as long as short
Variational Omni META	0.0000%	8h	743.94	+0.003%	$2.4M	$3.2M	—	as long as short
GRVT META_USDT_Perp	0.0000%	8h	743.10	−0.110%	$12K	$442K	10x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX META-USDT	0.0000%	8h	744.19	+0.036%	$528	$8.4M	20x	as long as short
Deribit META_USDC-PERPETUAL	0.0000%	1h	743.56	−0.048%	$31K	$264K	10x	as long as short
HTX META-USDT	0.0000%	8h	743.69	−0.031%	$106K	$306K	30x	as long as short
Phemex METAUSDT	0.0000%	4h	743.44	−0.065%	$2.0M	$8K	10x	as long as short
Nado META-PERP	+0.0024%	1h	743.68	−0.032%	$481K	$558K	20x	as long as short
Lighter RH META	+0.0032%	1h	744.23	+0.042%	$769K	$2.9M	20x	as long as short
Arcus META-USD	+0.0040%	1h	742.86	−0.142%	$110K	$330K	10x	as long as short
Vest META-USD-PERP	+0.0046%	1h	744.24	+0.043%	—	$11K	25x	as long as short
QFEX META-USD	+0.0046%	1h	743.69	−0.031%	$2.2M	$13.8M	10x	as long as short
Popdex METAUSDT	+0.0048%	1h	743.99	+0.009%	$178K	$200K	20x	as long as short
Polymarket Perps META-USD	+0.0050%	1h	743.74	−0.024%	$585K	$564K	10x	as long as short
SoDEX META-USD	+0.0050%	1h	743.86	−0.008%	$24K	$3K	10x	as long as short
Ondo Perps META-USD.P	+0.0050%	1h	743.14	−0.105%	$736K	$4.9M	10x	as long as short
Paradex META-USD-PERP	+0.0076%	8h	743.82	−0.014%	—	—	5x	as long as short
Aftermath Perps METAUSD	+0.0085%	1h	743.69	−0.030%	$51K	$81K	10x	as long as short
KuCoin METAUSDTM	+0.0100%	8h	743.73	−0.026%	$1.6M	$644K	20x	as long as short
ApeX Omni METAUSDT	+0.0100%	1h	742.39	−0.206%	$166K	$72K	50x	as long as short
Orderly PERP_META_USDC_mythos	+0.0100%	8h	743.93	+0.001%	$1K	$24	10x	as long as short
Aevo META-PERP	+0.0104%	1h	743.82	−0.014%	$268	—	10x	as long as short
Coinbase International META-PERP-INTX	+0.0128%	1h	743.48	−0.059%	$658K	$7.7M	10x	as long as short
edgeX METAUSDC	+0.0135%	4h	743.17	−0.101%	$62K	$341K	10x	as long as short
Injective META/USDC PERP	+0.0220%	1h	745.90	+0.266%	$172K	$46K	30x	as long as short
Lighter META	+0.0320%	1h	744.31	+0.052%	$1.0M	$2.6M	20x	as long as short
Hotstuff META-PERP	+0.0360%	1h	744.00	+0.011%	$33K	$105	20x	as long as short
tradeXYZ xyz:METAshort	+0.0441%	1h	744.42	+0.067%	$74.7M	$124.9M	20x
Phoenix META	+0.0685%	1h	744.15	+0.031%	$795K	$1.4M	20x	as long as short