Funding arb · Price arb /

META

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0313%/8h= +34.2% APRpaid last 24h +0.034%

Price spread now: tradeXYZ against GRVT−0.010%66s7-day average −0.026% · you buy dearer than you sell

Net, funding: paid 7d − costs−$18as 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−$340.340% of the position

Long on GRVT Short on tradeXYZ

What this pair did over the last

the charts below follow

Funding, last 7 days+0.164%+$16 on $10k

Price spread, last 4 days (all we have)−0.007%−$1 · spread now −0.010%, 7d avg −0.026%

Together, before fees+0.156%+ Points / potential airdropGRVT: Active · tradeXYZ: Active · farm board+$16 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.026%, so right now this pair is about funding alone: +$9 a day on $10k at the current rate. The two prices were read 66 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.164% in total (about 8.5% 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	GRVT META_USDT_Perp	746.41	0	get 0.0000% / 8h	3h 18m	$12K	$452K	10x
Short	tradeXYZ xyz:META	746.34	0.0313	get 0.0039% / 1h	18m 14s	$70.7M	$121.1M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

tradeXYZ against GRVT. 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 GRVTbpFee tradeXYZbpOrdersPrice spread, now −0.010%Rate

Funding earned: $65.66
Price spread: −0.010% → −0.026%: $1.66
Slippage, 4 orders: −$7
Fee GRVT: 4.5 bp × 2 orders: −$9
Fee tradeXYZ: 9 bp × 2 orders: −$18
Net: $33.31
Costs to cover: 0.340%
Break-even: 3.4 days

Slippage from GRVT: live order book, 34 min ago; tradeXYZ: live order book, 12 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 GRVT live order book, 34 min ago	1.14 bp	7.1 bp −$7	13.5 bp −$135	doesn't fit	doesn't fit
Sell tradeXYZ live order book, 12 min ago	0.13 bp	9.4 bp −$9	9.4 bp −$94	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	746.13	−0.038%	$330K	$1.1M	20x	as long as short
Nado META-PERP	−0.0002%	1h	745.84	−0.076%	$482K	$554K	20x	as long as short
Aster METAUSDT	0.0000%	8h	746.24	−0.022%	$492K	$577K	20x	as long as short
Extended META_24_5-USD	0.0000%	1h	746.05	−0.048%	$554K	$2.7M	17x	as long as short
Binance METAUSDT	0.0000%	8h	746.26	−0.020%	$28.5M	$182.7M	20x	as long as short
Bybit METAUSDT	0.0000%	8h	746.14	−0.036%	$7.5M	$14.5M	100x	as long as short
OKX META-USDT-SWAP	0.0000%	8h	746.28	−0.018%	$6.0M	$13.4M	20x	as long as short
Gate META_USDT	0.0000%	8h	745.71	−0.094%	$380K	$5.8M	100x	as long as short
Variational Omni META	0.0000%	8h	746.33	−0.010%	$2.4M	$3.2M	—	as long as short
GRVT META_USDT_Perplong	0.0000%	8h	746.41	long leg	$12K	$452K	10x

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX META-USDT	0.0000%	8h	746.12	−0.039%	$726	$8.9M	20x	as long as short
Deribit META_USDC-PERPETUAL	0.0000%	1h	745.84	−0.076%	$31K	$246K	10x	as long as short
HTX META-USDT	0.0000%	8h	745.97	−0.059%	$106K	$303K	30x	as long as short
Phemex METAUSDT	0.0000%	4h	746.50	+0.012%	$2.0M	$8K	10x	as long as short
Bitget METAUSDT	+0.0021%	8h	746.18	−0.031%	$5.5M	$11.8M	100x	as long as short
Lighter RH META	+0.0032%	1h	746.38	−0.004%	$783K	$2.9M	20x	as long as short
Arcus META-USD	+0.0040%	1h	745.80	−0.082%	$111K	$330K	10x	as long as short
Vest META-USD-PERP	+0.0046%	1h	746.45	+0.005%	—	$10K	25x	as long as short
Polymarket Perps META-USD	+0.0050%	1h	745.83	−0.078%	$587K	$565K	10x	as long as short
SoDEX META-USD	+0.0050%	1h	746.19	−0.030%	$25K	$3K	10x	as long as short
Ondo Perps META-USD.P	+0.0050%	1h	745.39	−0.137%	$787K	$4.6M	10x	as long as short
QFEX META-USD	+0.0058%	1h	746.19	−0.030%	$2.2M	$13.8M	10x	as long as short
Paradex META-USD-PERP	+0.0058%	8h	746.06	−0.047%	—	—	5x	as long as short
Aftermath Perps METAUSD	+0.0084%	1h	746.66	+0.034%	$52K	$82K	10x	as long as short
KuCoin METAUSDTM	+0.0100%	8h	746.38	−0.004%	$1.6M	$618K	20x	as long as short
ApeX Omni METAUSDT	+0.0100%	1h	745.55	−0.115%	$167K	$71K	50x	as long as short
Orderly PERP_META_USDC_mythos	+0.0100%	8h	746.22	−0.026%	$1K	$24	10x	as long as short
Popdex METAUSDT	+0.0104%	1h	746.24	−0.023%	$180K	$200K	20x	as long as short
Aevo META-PERP	+0.0104%	1h	746.13	−0.038%	$269	—	10x	as long as short
Coinbase International META-PERP-INTX	+0.0128%	1h	745.72	−0.093%	$638K	$7.5M	10x	as long as short
Injective META/USDC PERP	+0.0220%	1h	748.48	+0.277%	$173K	$48K	30x	as long as short
Hotstuff META-PERP	+0.0232%	1h	746.21	−0.027%	$33K	$105	20x	as long as short
Lighter META	+0.0272%	1h	746.33	−0.011%	$866K	$2.4M	20x	as long as short
tradeXYZ xyz:METAshort	+0.0313%	1h	746.34	−0.010%	$70.7M	$121.1M	20x
edgeX METAUSDC	+0.0407%	4h	746.35	−0.009%	$62K	$338K	10x	as long as short
Phoenix META	+0.0633%	1h	747.26	+0.114%	$798K	$1.4M	20x	as long as short