Funding arb · Price arb /

META

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC−0.0200%/8h= −21.9% APRpaid last 24h −0.027%

Price spread now: BloFin against Coinbase International+0.007%7-day average +0.123% · you sell dearer than you buy

Net, funding: paid 7d − costs−$44as in the Funding arb table

Net, price: spread back to 7d avg − costs−$45as in the Price arb table

costs, in and out, $10k−$330.334% of the position

Long on Coinbase International Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.103%−$10 on $10k

Price spread, last 3 days (all we have)+0.100%+$10 · spread now +0.007%, 7d avg +0.123%

Together, before fees−0.003%$0 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$6 a day on $10k at the current rate, and BloFin is 0.117% cheaper against Coinbase International than usual: you would sell low and buy high (−$12 if the spread goes back to its 7-day average of +0.123%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.103% in total (about -5.4% 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	Coinbase International META-PERP-INTX	740.26	0.0080	pay 0.0010% / 1h	11m 18s	$607K	$7.3M	10x
Short	BloFin META-USDT	740.31	−0.0120	pay 0.0120% / 8h	2h 11m	$329K	$1.1M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin against Coinbase International. 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 Coinbase InternationalbpFee BloFinbpOrdersPrice spread, now +0.007%Rate

Funding earned: −$42
Price spread: +0.007% → +0.123%: −$11.67
Slippage, 4 orders: −$11.38
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$87.06
Costs to cover: 0.334%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 3 min ago; BloFin: 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 Coinbase International live order book, 3 min ago	2.16 bp	7.8 bp −$8	11.6 bp −$116	doesn't fit	doesn't fit
Sell BloFin live order book, 6 min ago	0.54 bp	9.2 bp −$9	12.5 bp −$125	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-USDTshort	−0.0120%	8h	740.31	+0.007%	$329K	$1.1M	20x
Nado META-PERP	−0.0109%	1h	740.39	+0.018%	$397K	$317K	20x	as long as short
Hotstuff META-PERP	−0.0048%	1h	740.70	+0.059%	$33K	$105	20x	as long as short
Aster METAUSDT	0.0000%	8h	740.98	+0.098%	$457K	$536K	20x	as long as short
Extended META_24_5-USD	0.0000%	1h	740.41	+0.021%	$548K	$1.5M	17x	as long as short
Binance METAUSDT	0.0000%	8h	740.54	+0.038%	$26.9M	$177.5M	20x	as long as short
Bybit METAUSDT	0.0000%	8h	740.39	+0.018%	$7.4M	$13.9M	100x	as long as short
OKX META-USDT-SWAP	0.0000%	8h	740.53	+0.036%	$6.0M	$13.1M	20x	as long as short
Gate META_USDT	0.0000%	8h	740.07	−0.026%	$318K	$5.4M	100x	as long as short
Bitget METAUSDT	0.0000%	8h	740.52	+0.035%	$5.8M	$11.0M	100x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni META	0.0000%	8h	740.42	+0.022%	$1.6M	$2.5M	—	as long as short
GRVT META_USDT_Perp	0.0000%	8h	740.37	+0.015%	$12K	$525K	10x	as long as short
SunX META-USDT	0.0000%	8h	741.04	+0.105%	$1K	$9.5M	20x	as long as short
Deribit META_USDC-PERPETUAL	0.0000%	1h	740.56	+0.041%	$30K	$256K	10x	as long as short
HTX META-USDT	0.0000%	8h	740.23	−0.004%	$105K	$283K	30x	as long as short
Phemex METAUSDT	0.0000%	4h	740.51	+0.034%	$2.0M	$8K	10x	as long as short
QFEX META-USD	+0.0012%	1h	740.50	+0.032%	$2.2M	$14.2M	10x	as long as short
Lighter META	+0.0032%	1h	740.78	+0.070%	$860K	$2.6M	20x	as long as short
Lighter RH META	+0.0032%	1h	740.81	+0.074%	$740K	$3.2M	20x	as long as short
Arcus META-USD	+0.0040%	1h	740.21	−0.007%	$263K	$313K	10x	as long as short
Vest META-USD-PERP	+0.0046%	1h	741.06	+0.108%	—	$9K	25x	as long as short
Popdex METAUSDT	+0.0048%	1h	740.49	+0.031%	$177K	$200K	20x	as long as short
tradeXYZ xyz:META	+0.0050%	1h	740.73	+0.063%	$68.5M	$120.5M	20x	as long as short
Polymarket Perps META-USD	+0.0050%	1h	740.60	+0.046%	$541K	$840K	10x	as long as short
SoDEX META-USD	+0.0050%	1h	740.47	+0.028%	$24K	$3K	10x	as long as short
Ondo Perps META-USD.P	+0.0050%	1h	740.13	−0.018%	$641K	$4.0M	10x	as long as short
Paradex META-USD-PERP	+0.0050%	8h	740.36	+0.014%	—	—	5x	as long as short
Aftermath Perps METAUSD	+0.0053%	1h	740.97	+0.096%	$45K	$61K	10x	as long as short
Coinbase International META-PERP-INTXlong	+0.0080%	1h	740.26	long leg	$607K	$7.3M	10x
Phoenix META	+0.0097%	1h	740.50	+0.032%	$291K	$782K	20x	as long as short
KuCoin METAUSDTM	+0.0100%	8h	740.49	+0.031%	$1.6M	$353K	20x	as long as short
ApeX Omni METAUSDT	+0.0100%	1h	740.32	+0.008%	$166K	$73K	50x	as long as short
Orderly PERP_META_USDC_mythos	+0.0100%	8h	740.46	+0.027%	$1K	$24	10x	as long as short
Aevo META-PERP	+0.0104%	1h	740.37	+0.014%	$267	—	10x	as long as short
Injective META/USDC PERP	+0.0220%	1h	740.25	−0.001%	$168K	$46K	30x	as long as short
edgeX METAUSDC	+0.0274%	4h	740.35	+0.013%	$62K	$331K	10x	as long as short