Funding arb · Price arb /

META

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0680%/8h= −74.4% APRpaid last 24h +0.056%

Price spread now: Extended against edgeX+0.108%7-day average −0.017% · you sell dearer than you buy

Net, funding: paid 7d − costs−$72as in the Funding arb table

Net, price: spread back to 7d avg − costs−$19as in the Price arb table

costs, in and out, $10k−$310.311% of the position

Long on edgeX Short on Extended

What this pair did over the last

the charts below follow

Funding, last 7 days−0.405%−$41 on $10k

Price spread, last 4 days (all we have)−0.070%−$7 · spread now +0.108%, 7d avg −0.017%

Together, before fees−0.475%+ Points / potential airdropedgeX: Active · Extended: Active · farm board−$47 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Extended is 0.125% dearer against edgeX than usual: you sell high and buy low (spread +0.108% now, against its 7-day average of −0.017%): +$12 on $10k if it goes back. Holding the pair costs −$20 a day in funding at the current rate, which eats that in about 15 hours. At the pace of the last 7 days (−0.405% in total) that is about 2.2 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.405% in total (about -21.1% 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	edgeX METAUSDC	741.29	0.0680	pay 0.0340% / 4h	1h 31m	$62K	$337K	10x
Short	Extended META_24_5-USD	742.09	0	get 0.0000% / 1h	31m 13s	$548K	$2.7M	17x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Extended against edgeX. 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 edgeXbpFee ExtendedbpOrdersPrice spread, now +0.108%Rate

Funding earned: −$142.7
Price spread: +0.108% → −0.017%: $12.48
Slippage, 4 orders: −$17.13
Fee edgeX: 4.5 bp × 2 orders: −$9
Fee Extended: 2.5 bp × 2 orders: −$5
Net: −$161.35
Costs to cover: 0.311%
Break-even: never at this rate

Slippage from edgeX: live order book, 32 min ago; Extended: live order book, 2 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 edgeX live order book, 32 min ago	5.13 bp	9.7 bp −$10	11.2 bp −$112	doesn't fit	doesn't fit
Sell Extended live order book, 2 min ago	0.68 bp	5.7 bp −$6	23.6 bp −$236	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	742.00	+0.096%	$328K	$1.1M	20x	as long as short
Nado META-PERP	−0.0033%	1h	741.72	+0.058%	$479K	$550K	20x	as long as short
Aster METAUSDT	0.0000%	8h	741.96	+0.091%	$467K	$549K	20x	as long as short
Extended META_24_5-USDshort	0.0000%	1h	742.09	+0.108%	$548K	$2.7M	17x
Binance METAUSDT	0.0000%	8h	742.31	+0.138%	$27.3M	$179.0M	20x	as long as short
Bybit METAUSDT	0.0000%	8h	742.07	+0.106%	$7.5M	$13.7M	100x	as long as short
OKX META-USDT-SWAP	0.0000%	8h	742.12	+0.112%	$6.0M	$13.4M	20x	as long as short
Gate META_USDT	0.0000%	8h	741.82	+0.072%	$346K	$5.6M	100x	as long as short
Bitget METAUSDT	0.0000%	8h	742.26	+0.131%	$5.5M	$11.5M	100x	as long as short
Variational Omni META	0.0000%	8h	741.13	−0.021%	$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_Perp	0.0000%	8h	741.50	+0.028%	$12K	$431K	10x	as long as short
SunX META-USDT	0.0000%	8h	742.24	+0.129%	$845	$9.1M	20x	as long as short
Deribit META_USDC-PERPETUAL	0.0000%	1h	741.77	+0.065%	$31K	$245K	10x	as long as short
HTX META-USDT	0.0000%	8h	741.44	+0.021%	$106K	$296K	30x	as long as short
Phemex METAUSDT	0.0000%	4h	742.15	+0.116%	$2.0M	$8K	10x	as long as short
Lighter RH META	+0.0032%	1h	742.48	+0.161%	$765K	$3.0M	20x	as long as short
QFEX META-USD	+0.0032%	1h	741.83	+0.073%	$2.1M	$13.7M	10x	as long as short
Arcus META-USD	+0.0040%	1h	741.08	−0.028%	$110K	$330K	10x	as long as short
Vest META-USD-PERP	+0.0046%	1h	742.06	+0.104%	—	$10K	25x	as long as short
Popdex METAUSDT	+0.0048%	1h	742.16	+0.118%	$178K	$199K	20x	as long as short
Polymarket Perps META-USD	+0.0050%	1h	742.05	+0.103%	$559K	$539K	10x	as long as short
SoDEX META-USD	+0.0050%	1h	742.02	+0.099%	$24K	$3K	10x	as long as short
Ondo Perps META-USD.P	+0.0050%	1h	741.76	+0.064%	$703K	$4.2M	10x	as long as short
Paradex META-USD-PERP	+0.0059%	8h	742.17	+0.119%	—	—	5x	as long as short
Aftermath Perps METAUSD	+0.0077%	1h	742.25	+0.130%	$50K	$82K	10x	as long as short
Coinbase International META-PERP-INTX	+0.0096%	1h	741.64	+0.048%	$628K	$7.1M	10x	as long as short
KuCoin METAUSDTM	+0.0100%	8h	741.96	+0.091%	$1.6M	$514K	20x	as long as short
ApeX Omni METAUSDT	+0.0100%	1h	740.62	−0.090%	$166K	$71K	50x	as long as short
Orderly PERP_META_USDC_mythos	+0.0100%	8h	742.13	+0.114%	$1K	$24	10x	as long as short
Aevo META-PERP	+0.0104%	1h	742.11	+0.111%	$267	—	10x	as long as short
Injective META/USDC PERP	+0.0220%	1h	741.40	+0.015%	$171K	$48K	30x	as long as short
Hotstuff META-PERP	+0.0248%	1h	742.01	+0.097%	$33K	$105	20x	as long as short
Lighter META	+0.0256%	1h	742.41	+0.151%	$862K	$2.4M	20x	as long as short
tradeXYZ xyz:META	+0.0340%	1h	742.29	+0.135%	$69.3M	$120.1M	20x	as long as short
Phoenix META	+0.0496%	1h	742.27	+0.133%	$534K	$1.1M	20x	as long as short
edgeX METAUSDClong	+0.0680%	4h	741.29	long leg	$62K	$337K	10x