Funding arb · Price arb /

META

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0280%/8h= +30.7% APRpaid last 24h +0.036%

Price spread now: Lighter against Gate+0.101%7-day average +0.033% · you sell dearer than you buy

Net, funding: paid 7d − costs−$21as in the Funding arb table

Net, price: spread back to 7d avg − costs−$27as in the Price arb table

costs, in and out, $10k−$340.342% of the position

Long on Gate Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.130%+$13 on $10k

Price spread, last 4 days (all we have)−0.151%−$15 · spread now +0.101%, 7d avg +0.033%

Together, before fees−0.021%+ Points / potential airdropLighter: Season 3 · farm board−$2 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$8 a day on $10k at the current rate, and Lighter is 0.068% dearer against Gate than usual: you sell high and buy low: +$7 more if the spread goes back to its 7-day average of +0.033%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.130% in total (about 6.8% 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	Gate META_USDT	740.10	0	get 0.0000% / 8h	7h 59m	$354K	$5.5M	100x
Short	Lighter META	740.85	0.0280	get 0.0035% / 1h	59m 32s	$858K	$2.4M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Gate. 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 GatebpFee LighterbpOrdersPrice spread, now +0.101%Rate

Funding earned: $58.8
Price spread: +0.101% → +0.033%: $6.82
Slippage, 4 orders: −$19.16
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Lighter: 0 bp × 2 orders: $0
Net: $31.45
Costs to cover: 0.342%
Break-even: 3.3 days

Slippage from Gate: live order book, 4 min ago; Lighter: live order book, 7 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 Gate live order book, 4 min ago	1.55 bp	18.7 bp −$19	44.8 bp −$448	doesn't fit	doesn't fit
Sell Lighter live order book, 7 min ago	0.20 bp	0.3 bp $0	2.2 bp −$22	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	+0.112%	$327K	$1.1M	20x	as long as short
Aster METAUSDT	0.0000%	8h	740.99	+0.121%	$461K	$546K	20x	as long as short
Extended META_24_5-USD	0.0000%	1h	740.57	+0.063%	$549K	$1.6M	17x	as long as short
Binance METAUSDT	0.0000%	8h	741.22	+0.151%	$27.5M	$180.4M	20x	as long as short
Bybit METAUSDT	0.0000%	8h	741.12	+0.138%	$7.5M	$14.1M	100x	as long as short
OKX META-USDT-SWAP	0.0000%	8h	740.87	+0.104%	$6.0M	$13.2M	20x	as long as short
Gate META_USDTlong	0.0000%	8h	740.10	long leg	$354K	$5.5M	100x
Bitget METAUSDT	0.0000%	8h	740.66	+0.076%	$5.6M	$11.1M	100x	as long as short
Variational Omni META	0.0000%	8h	740.83	+0.099%	$2.3M	$3.2M	—	as long as short
GRVT META_USDT_Perp	0.0000%	8h	741.01	+0.123%	$12K	$482K	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	740.51	+0.055%	$916	$9.5M	20x	as long as short
Deribit META_USDC-PERPETUAL	0.0000%	1h	740.07	−0.004%	$30K	$258K	10x	as long as short
HTX META-USDT	0.0000%	8h	740.73	+0.085%	$107K	$285K	30x	as long as short
Phemex METAUSDT	0.0000%	4h	741.15	+0.142%	$2.0M	$7K	10x	as long as short
QFEX META-USD	+0.0027%	1h	741.14	+0.141%	$2.2M	$14.4M	10x	as long as short
Lighter RH META	+0.0032%	1h	740.88	+0.105%	$761K	$3.1M	20x	as long as short
Arcus META-USD	+0.0040%	1h	740.39	+0.039%	$110K	$451K	10x	as long as short
Vest META-USD-PERP	+0.0046%	1h	741.18	+0.146%	—	$11K	25x	as long as short
Popdex METAUSDT	+0.0048%	1h	741.03	+0.126%	$178K	$201K	20x	as long as short
Polymarket Perps META-USD	+0.0050%	1h	740.61	+0.069%	$558K	$857K	10x	as long as short
SoDEX META-USD	+0.0050%	1h	740.39	+0.039%	$24K	$3K	10x	as long as short
Ondo Perps META-USD.P	+0.0050%	1h	739.75	−0.047%	$757K	$4.3M	10x	as long as short
Aftermath Perps METAUSD	+0.0074%	1h	741.38	+0.173%	$50K	$76K	10x	as long as short
Paradex META-USD-PERP	+0.0074%	8h	740.47	+0.051%	—	—	5x	as long as short
Coinbase International META-PERP-INTX	+0.0096%	1h	741.35	+0.169%	$608K	$7.4M	10x	as long as short
KuCoin METAUSDTM	+0.0100%	8h	740.65	+0.074%	$1.6M	$408K	20x	as long as short
ApeX Omni METAUSDT	+0.0100%	1h	740.44	+0.046%	$166K	$74K	50x	as long as short
Orderly PERP_META_USDC_mythos	+0.0100%	8h	740.70	+0.081%	$1K	$24	10x	as long as short
Aevo META-PERP	+0.0104%	1h	740.27	+0.023%	$266	—	10x	as long as short
Nado META-PERP	+0.0116%	1h	741.06	+0.130%	$385K	$332K	20x	as long as short
Phoenix META	+0.0129%	1h	741.01	+0.123%	$291K	$797K	20x	as long as short
Hotstuff META-PERP	+0.0184%	1h	740.48	+0.051%	$33K	$105	20x	as long as short
Injective META/USDC PERP	+0.0220%	1h	743.21	+0.420%	$169K	$46K	30x	as long as short
tradeXYZ xyz:META	+0.0253%	1h	740.57	+0.064%	$67.7M	$122.8M	20x	as long as short
Lighter METAshort	+0.0280%	1h	740.85	+0.101%	$858K	$2.4M	20x
edgeX METAUSDC	+0.0622%	4h	740.96	+0.116%	$62K	$334K	10x	as long as short