Funding arb · Price arb /

META

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0096%/8h= −10.5% APRpaid last 24h +0.008%

Price spread now: GRVT against Coinbase International−0.054%76s7-day average +0.112% · 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—prices read too far apart to compare

costs, in and out, $10k−$320.324% of the position

Long on Coinbase International Short on GRVT

What this pair did over the last

the charts below follow

Funding, last 7 days+0.087%+$9 on $10k

Price spread, last 4 days (all we have)−0.298%−$30 · spread now −0.054%, 7d avg +0.112%

Together, before fees−0.212%+ Points / potential airdropGRVT: Active · farm board−$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 GRVT is 0.166% cheaper against Coinbase International than usual: you would sell low and buy high (−$17 if the spread goes back to its 7-day average of +0.112%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.087%, so the current rate has only just turned against you. The two prices were read 76 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International META-PERP-INTX	741.82	0.0096	pay 0.0012% / 1h	36m 18s	$610K	$7.1M	10x
Short	GRVT META_USDT_Perp	741.42	0	get 0.0000% / 8h	5h 36m	$12K	$432K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GRVT 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 GRVTbpOrdersPrice spread, now −0.054%Rate

Funding earned: −$20.16
Price spread: −0.054% → +0.112%: −$16.58
Slippage, 4 orders: −$13.43
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee GRVT: 4.5 bp × 2 orders: −$9
Net: −$69.17
Costs to cover: 0.324%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 3 min ago; GRVT: live order book, 26 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	8.1 bp −$8	11.4 bp −$114	doesn't fit	doesn't fit
Sell GRVT live order book, 26 min ago	1.15 bp	9.4 bp −$9	16.1 bp −$161	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	741.24	−0.078%	$328K	$1.1M	20x	as long as short
Nado META-PERP	−0.0037%	1h	740.90	−0.124%	$479K	$550K	20x	as long as short
Aster METAUSDT	0.0000%	8h	741.63	−0.026%	$466K	$549K	20x	as long as short
Extended META_24_5-USD	0.0000%	1h	741.06	−0.102%	$549K	$2.7M	17x	as long as short
Binance METAUSDT	0.0000%	8h	741.27	−0.075%	$27.3M	$178.8M	20x	as long as short
Bybit METAUSDT	0.0000%	8h	741.23	−0.080%	$7.5M	$13.7M	100x	as long as short
OKX META-USDT-SWAP	0.0000%	8h	741.29	−0.071%	$5.9M	$13.3M	20x	as long as short
Gate META_USDT	0.0000%	8h	741.04	−0.105%	$345K	$5.6M	100x	as long as short
Bitget METAUSDT	0.0000%	8h	741.22	−0.081%	$5.6M	$11.4M	100x	as long as short
Variational Omni META	0.0000%	8h	741.13	−0.093%	$2.3M	$3.1M	—	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT META_USDT_Perpshort	0.0000%	8h	741.42	−0.054%	$12K	$432K	10x
SunX META-USDT	0.0000%	8h	741.18	−0.086%	$800	$9.1M	20x	as long as short
Deribit META_USDC-PERPETUAL	0.0000%	1h	740.70	−0.151%	$31K	$245K	10x	as long as short
HTX META-USDT	0.0000%	8h	740.97	−0.115%	$106K	$296K	30x	as long as short
Phemex METAUSDT	0.0000%	4h	741.21	−0.082%	$2.0M	$8K	10x	as long as short
Lighter RH META	+0.0032%	1h	741.45	−0.050%	$763K	$3.0M	20x	as long as short
QFEX META-USD	+0.0032%	1h	741.10	−0.097%	$2.1M	$13.7M	10x	as long as short
Arcus META-USD	+0.0040%	1h	740.80	−0.137%	$110K	$330K	10x	as long as short
Vest META-USD-PERP	+0.0046%	1h	741.39	−0.058%	—	$10K	25x	as long as short
Popdex METAUSDT	+0.0048%	1h	741.28	−0.073%	$178K	$199K	20x	as long as short
Polymarket Perps META-USD	+0.0050%	1h	740.98	−0.113%	$558K	$539K	10x	as long as short
SoDEX META-USD	+0.0050%	1h	741.27	−0.074%	$24K	$3K	10x	as long as short
Ondo Perps META-USD.P	+0.0050%	1h	740.53	−0.174%	$702K	$4.2M	10x	as long as short
Paradex META-USD-PERP	+0.0058%	8h	740.98	−0.113%	—	—	5x	as long as short
Aftermath Perps METAUSD	+0.0076%	1h	742.15	+0.044%	$50K	$82K	10x	as long as short
Coinbase International META-PERP-INTXlong	+0.0096%	1h	741.82	long leg	$610K	$7.1M	10x
KuCoin METAUSDTM	+0.0100%	8h	741.36	−0.062%	$1.6M	$511K	20x	as long as short
ApeX Omni METAUSDT	+0.0100%	1h	740.68	−0.154%	$166K	$71K	50x	as long as short
Orderly PERP_META_USDC_mythos	+0.0100%	8h	741.11	−0.096%	$1K	$24	10x	as long as short
Aevo META-PERP	+0.0104%	1h	741.06	−0.102%	$267	—	10x	as long as short
Injective META/USDC PERP	+0.0220%	1h	743.52	+0.229%	$171K	$48K	30x	as long as short
Lighter META	+0.0240%	1h	741.42	−0.054%	$861K	$2.4M	20x	as long as short
Hotstuff META-PERP	+0.0248%	1h	741.33	−0.066%	$33K	$105	20x	as long as short
tradeXYZ xyz:META	+0.0342%	1h	741.35	−0.063%	$69.1M	$120.1M	20x	as long as short
Phoenix META	+0.0496%	1h	742.14	+0.043%	$521K	$1.1M	20x	as long as short
edgeX METAUSDC	+0.0560%	4h	741.14	−0.091%	$62K	$335K	10x	as long as short