Funding arb · Price arb /

META

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.135%

Price spread now: Deribit against Extended+0.032%7-day average −0.034% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$20as in the Price arb table

costs, in and out, $10k−$260.262% of the position

Long on Extended Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)−0.129%−$13 on $10k

Price spread, last 3 days (all we have)+0.094%+$9 · spread now +0.032%, 7d avg −0.034%

Together, before fees−0.035%+ Points / potential airdropExtended: Active · farm board−$4 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Deribit is 0.065% dearer against Extended than usual: you sell high and buy low, +$7 on $10k if it goes back to its 7-day average of −0.034%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Extended META_24_5-USD	741.18	0	get 0.0000% / 1h	29m 19s	$548K	$1.5M	17x
Short	Deribit META_USDC-PERPETUAL	741.42	0	get 0.0000% / 1h	29m 19s	$30K	$256K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against Extended. 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 ExtendedbpFee DeribitbpOrdersPrice spread, now +0.032%Rate

Funding earned: $0
Price spread: +0.032% → −0.034%: $6.54
Slippage, 4 orders: −$14.19
Fee Extended: 2.5 bp × 2 orders: −$5
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$19.66
Costs to cover: 0.262%
Break-even: never at this rate

Slippage from Extended: live order book, 4 min ago; Deribit: live order book, 54 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 Extended live order book, 4 min ago	0.54 bp	5.5 bp −$6	36.7 bp −$367	doesn't fit	doesn't fit
Sell Deribit live order book, 54 min ago	0.07 bp	11.6 bp −$12	15.2 bp −$152	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	741.34	+0.021%	$328K	$1.1M	20x	as long as short
Nado META-PERP	−0.0082%	1h	741.28	+0.013%	$395K	$317K	20x	as long as short
Aster METAUSDT	0.0000%	8h	741.76	+0.078%	$458K	$536K	20x	as long as short
Extended META_24_5-USDlong	0.0000%	1h	741.18	long leg	$548K	$1.5M	17x
Binance METAUSDT	0.0000%	8h	741.32	+0.019%	$26.9M	$178.0M	20x	as long as short
Bybit METAUSDT	0.0000%	8h	741.37	+0.025%	$7.5M	$13.9M	100x	as long as short
OKX META-USDT-SWAP	0.0000%	8h	741.18	−0.001%	$6.0M	$13.2M	20x	as long as short
Gate META_USDT	0.0000%	8h	741.28	+0.013%	$329K	$5.4M	100x	as long as short
Bitget METAUSDT	0.0000%	8h	741.41	+0.030%	$5.8M	$11.0M	100x	as long as short
Variational Omni META	0.0000%	8h	740.62	−0.076%	$1.6M	$2.6M	—	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	740.92	−0.036%	$12K	$506K	10x	as long as short
SunX META-USDT	0.0000%	8h	741.66	+0.064%	$957	$9.5M	20x	as long as short
Deribit META_USDC-PERPETUALshort	0.0000%	1h	741.42	+0.032%	$30K	$256K	10x
HTX META-USDT	0.0000%	8h	741.25	+0.009%	$105K	$283K	30x	as long as short
Phemex METAUSDT	0.0000%	4h	741.19	+0.001%	$2.0M	$7K	10x	as long as short
QFEX META-USD	+0.0003%	1h	741.20	+0.002%	$2.2M	$14.3M	10x	as long as short
Lighter RH META	+0.0032%	1h	741.71	+0.071%	$747K	$3.2M	20x	as long as short
Arcus META-USD	+0.0040%	1h	740.81	−0.051%	$110K	$481K	10x	as long as short
Vest META-USD-PERP	+0.0046%	1h	741.81	+0.084%	—	$9K	25x	as long as short
Popdex METAUSDT	+0.0048%	1h	741.30	+0.016%	$178K	$201K	20x	as long as short
Polymarket Perps META-USD	+0.0050%	1h	741.30	+0.016%	$541K	$840K	10x	as long as short
SoDEX META-USD	+0.0050%	1h	741.09	−0.013%	$24K	$3K	10x	as long as short
Paradex META-USD-PERP	+0.0050%	8h	741.16	−0.004%	—	—	5x	as long as short
Ondo Perps META-USD.P	+0.0050%	1h	740.40	−0.106%	$639K	$4.1M	10x	as long as short
Aftermath Perps METAUSD	+0.0053%	1h	741.40	+0.028%	$49K	$63K	10x	as long as short
Lighter META	+0.0064%	1h	741.67	+0.065%	$863K	$2.5M	20x	as long as short
Coinbase International META-PERP-INTX	+0.0064%	1h	740.91	−0.037%	$606K	$7.4M	10x	as long as short
Phoenix META	+0.0065%	1h	741.12	−0.009%	$291K	$791K	20x	as long as short
tradeXYZ xyz:META	+0.0099%	1h	741.52	+0.045%	$68.5M	$120.8M	20x	as long as short
KuCoin METAUSDTM	+0.0100%	8h	741.16	−0.003%	$1.6M	$363K	20x	as long as short
ApeX Omni METAUSDT	+0.0100%	1h	740.52	−0.090%	$166K	$73K	50x	as long as short
Orderly PERP_META_USDC_mythos	+0.0100%	8h	741.28	+0.013%	$1K	$24	10x	as long as short
Aevo META-PERP	+0.0104%	1h	741.18	−0.001%	$267	—	10x	as long as short
Hotstuff META-PERP	+0.0136%	1h	741.07	−0.016%	$33K	$105	20x	as long as short
Injective META/USDC PERP	+0.0220%	1h	740.58	−0.082%	$169K	$46K	30x	as long as short
edgeX METAUSDC	+0.0246%	4h	740.42	−0.103%	$62K	$331K	10x	as long as short