Funding arb · Price arb /

META

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0096%/8h= −10.5% APRpaid last 24h +0.020%

Price spread now: Bybit against Coinbase International−0.121%7-day average +0.105% · you buy dearer than you sell

Net, funding: paid 7d − costs−$24as in the Funding arb table

Net, price: spread back to 7d avg − costs−$56as in the Price arb table

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

Long on Coinbase International Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.091%+$9 on $10k

Price spread, last 3 days (all we have)+0.116%+$12 · spread now −0.121%, 7d avg +0.105%

Together, before fees+0.207%+$21 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Bybit is 0.227% cheaper against Coinbase International than usual: you would sell low and buy high (−$23 if the spread goes back to its 7-day average of +0.105%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.091%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International META-PERP-INTX	741.35	0.0096	pay 0.0012% / 1h	0m 41s	$608K	$7.4M	10x
Short	Bybit METAUSDT	740.45	0	get 0.0000% / 8h	0m 41s	$7.5M	$14.0M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.121%Rate

Funding earned: −$20.16
Price spread: −0.121% → +0.105%: −$22.69
Slippage, 4 orders: −$12.45
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$76.29
Costs to cover: 0.334%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 3 min ago; Bybit: live order book, 8 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	0.07 bp	6.9 bp −$7	12.3 bp −$123	doesn't fit	doesn't fit
Sell Bybit live order book, 8 min ago	0.07 bp	10.0 bp −$10	16.9 bp −$169	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	740.93	−0.057%	$327K	$1.1M	20x	as long as short
Aster METAUSDT	0.0000%	8h	741.00	−0.047%	$457K	$546K	20x	as long as short
Extended META_24_5-USD	0.0000%	1h	740.53	−0.110%	$549K	$1.6M	17x	as long as short
Binance METAUSDT	0.0000%	8h	740.69	−0.089%	$27.4M	$180.3M	20x	as long as short
Bybit METAUSDTshort	0.0000%	8h	740.45	−0.121%	$7.5M	$14.0M	100x
OKX META-USDT-SWAP	0.0000%	8h	740.52	−0.112%	$6.0M	$13.2M	20x	as long as short
Gate META_USDT	0.0000%	8h	740.39	−0.129%	$354K	$5.6M	100x	as long as short
Bitget METAUSDT	0.0000%	8h	740.63	−0.097%	$5.6M	$11.5M	100x	as long as short
Variational Omni META	0.0000%	8h	740.83	−0.069%	$2.3M	$3.2M	—	as long as short
GRVT META_USDT_Perp	0.0000%	8h	741.63	+0.037%	$12K	$483K	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	740.76	−0.080%	$916	$9.5M	20x	as long as short
Deribit META_USDC-PERPETUAL	0.0000%	1h	740.23	−0.151%	$30K	$258K	10x	as long as short
HTX META-USDT	0.0000%	8h	740.78	−0.077%	$107K	$285K	30x	as long as short
Phemex METAUSDT	0.0000%	4h	741.53	+0.024%	$2.0M	$7K	10x	as long as short
Nado META-PERP	+0.0022%	1h	740.40	−0.129%	$384K	$332K	20x	as long as short
QFEX META-USD	+0.0027%	1h	740.76	−0.080%	$2.2M	$14.4M	10x	as long as short
Lighter RH META	+0.0032%	1h	740.83	−0.070%	$761K	$3.2M	20x	as long as short
Arcus META-USD	+0.0040%	1h	740.21	−0.154%	$110K	$451K	10x	as long as short
Vest META-USD-PERP	+0.0046%	1h	740.92	−0.058%	—	$11K	25x	as long as short
Popdex METAUSDT	+0.0048%	1h	740.60	−0.101%	$178K	$209K	20x	as long as short
Polymarket Perps META-USD	+0.0050%	1h	740.79	−0.076%	$558K	$857K	10x	as long as short
SoDEX META-USD	+0.0050%	1h	740.75	−0.081%	$24K	$3K	10x	as long as short
Ondo Perps META-USD.P	+0.0050%	1h	740.36	−0.134%	$757K	$4.3M	10x	as long as short
Aftermath Perps METAUSD	+0.0074%	1h	741.38	+0.004%	$50K	$76K	10x	as long as short
Paradex META-USD-PERP	+0.0075%	8h	740.60	−0.102%	—	—	5x	as long as short
Coinbase International META-PERP-INTXlong	+0.0096%	1h	741.35	long leg	$608K	$7.4M	10x
KuCoin METAUSDTM	+0.0100%	8h	740.69	−0.089%	$1.6M	$406K	20x	as long as short
ApeX Omni METAUSDT	+0.0100%	1h	740.53	−0.111%	$166K	$74K	50x	as long as short
Orderly PERP_META_USDC_mythos	+0.0100%	8h	740.93	−0.057%	$1K	$24	10x	as long as short
Aevo META-PERP	+0.0104%	1h	740.56	−0.106%	$267	—	10x	as long as short
Phoenix META	+0.0129%	1h	741.01	−0.046%	$291K	$797K	20x	as long as short
Hotstuff META-PERP	+0.0176%	1h	740.64	−0.096%	$33K	$105	20x	as long as short
Injective META/USDC PERP	+0.0220%	1h	743.21	+0.251%	$169K	$46K	30x	as long as short
edgeX METAUSDC	+0.0227%	4h	741.23	−0.016%	$62K	$334K	10x	as long as short
tradeXYZ xyz:META	+0.0266%	1h	740.61	−0.100%	$67.8M	$122.7M	20x	as long as short
Lighter META	+0.0280%	1h	740.88	−0.063%	$858K	$2.6M	20x	as long as short