Funding arb · Price arb /

META

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h +0.030%

Price spread now: Orderly against Deribit+0.140%7-day average — · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Deribit Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and Orderly is 0.140% dearer against Deribit than usual: you sell high and buy low: +$14 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit META_USDC-PERPETUAL	745.06	0	get 0.0000% / 1h	47m 05s	$53K	$290K	10x
Short	Orderly PERP_META_USDC_mythos	746.10	0.0100	get 0.0100% / 8h	7h 47m	$1K	$24	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly against Deribit. 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 DeribitbpFee OrderlybpOrdersPrice spread, now +0.140%Rate

Funding earned: $21
Price spread: +0.140% → 0.000%: $13.96
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Orderly: 3 bp × 2 orders: −$6
Net: $21.96
Costs to cover: 0.130%
Break-even: from the start

Slippage unknown: Deribit: live order book, 51 min ago; Orderly: no order-book sample. Net counts fees only.

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 Deribit live order book, 51 min ago	0.07 bp	10.3 bp −$10	13.1 bp −$131	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	745.52	+0.062%	$334K	$1.1M	20x	as long as short
Nado META-PERP	−0.0047%	1h	745.69	+0.085%	$481K	$561K	20x	as long as short
Aster METAUSDT	0.0000%	8h	746.00	+0.126%	$483K	$603K	20x	as long as short
Extended META_24_5-USD	0.0000%	1h	745.59	+0.071%	$547K	$3.4M	17x	as long as short
Binance METAUSDT	0.0000%	8h	745.36	+0.040%	$25.7M	$191.2M	20x	as long as short
Bybit METAUSDT	0.0000%	8h	745.47	+0.055%	$7.5M	$15.7M	100x	as long as short
OKX META-USDT-SWAP	0.0000%	8h	745.33	+0.036%	$6.0M	$12.8M	20x	as long as short
Gate META_USDT	0.0000%	8h	744.93	−0.017%	$474K	$6.2M	100x	as long as short
Bitget METAUSDT	0.0000%	8h	745.39	+0.044%	$5.7M	$12.4M	100x	as long as short
Variational Omni META	0.0000%	8h	746.52	+0.196%	$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	+0.187%	$12K	$443K	10x	as long as short
SunX META-USDT	0.0000%	8h	745.62	+0.075%	$1K	$7.9M	20x	as long as short
Deribit META_USDC-PERPETUALlong	0.0000%	1h	745.06	long leg	$53K	$290K	10x
HTX META-USDT	0.0000%	8h	745.76	+0.094%	$108K	$312K	30x	as long as short
Phemex METAUSDT	0.0000%	4h	746.08	+0.137%	$2.0M	$8K	10x	as long as short
Lighter RH META	+0.0032%	1h	745.62	+0.075%	$795K	$2.9M	20x	as long as short
QFEX META-USD	+0.0036%	1h	745.85	+0.106%	$2.2M	$14.1M	10x	as long as short
Arcus META-USD	+0.0040%	1h	745.55	+0.066%	$112K	$337K	10x	as long as short
Vest META-USD-PERP	+0.0046%	1h	746.38	+0.177%	—	$12K	25x	as long as short
Popdex METAUSDT	+0.0048%	1h	745.93	+0.117%	$180K	$205K	20x	as long as short
Polymarket Perps META-USD	+0.0050%	1h	745.20	+0.019%	$567K	$619K	10x	as long as short
SoDEX META-USD	+0.0050%	1h	745.45	+0.052%	$25K	$3K	10x	as long as short
Ondo Perps META-USD.P	+0.0050%	1h	745.75	+0.093%	$725K	$5.1M	10x	as long as short
Paradex META-USD-PERP	+0.0056%	8h	745.81	+0.100%	—	—	5x	as long as short
Aftermath Perps METAUSD	+0.0083%	1h	746.43	+0.184%	$49K	$90K	10x	as long as short
Pacifica META	+0.0100%	1h	745.87	+0.109%	$635	$1K	10x	as long as short
KuCoin METAUSDTM	+0.0100%	8h	745.86	+0.107%	$1.6M	$750K	20x	as long as short
ApeX Omni METAUSDT	+0.0100%	1h	745.98	+0.123%	$167K	$71K	50x	as long as short
Orderly PERP_META_USDC_mythosshort	+0.0100%	8h	746.10	+0.140%	$1K	$24	10x
Aevo META-PERP	+0.0104%	1h	745.69	+0.085%	$268	—	10x	as long as short
Coinbase International META-PERP-INTX	+0.0120%	1h	745.20	+0.019%	$650K	$8.1M	10x	as long as short
Injective META/USDC PERP	+0.0220%	1h	748.08	+0.405%	$177K	$52K	30x	as long as short
Lighter META	+0.0224%	1h	745.82	+0.102%	$1.2M	$2.9M	20x	as long as short
tradeXYZ xyz:META	+0.0266%	1h	745.35	+0.039%	$84.3M	$132.7M	20x	as long as short
Hotstuff META-PERP	+0.0328%	1h	746.35	+0.173%	$33K	$105	20x	as long as short
edgeX METAUSDC	+0.0372%	4h	746.05	+0.133%	$63K	$347K	10x	as long as short
Phoenix META	+0.0791%	1h	746.70	+0.220%	$797K	$1.5M	20x	as long as short