Funding arb · Price arb /

META

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0220%/8h= +24.1% APRpaid last 24h +0.065%

Price spread now: Injective against HTX+0.009%65s7-day average +0.325% · you sell dearer than you buy

Net, funding: paid 7d − costs−$25as 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−$710.708% of the position

Long on HTX Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days+0.461%+$46 on $10k

Price spread, last 3 days (all we have)+0.088%+$9 · spread now +0.009%, 7d avg +0.325%

Together, before fees+0.549%+$55 on $10k · with fees, hour by hour

Funding pays, the price is against you. Injective is 0.315% cheaper against HTX than usual: you would sell low and buy high (spread +0.009% now, against its 7-day average of +0.325%). If the spread goes back, that is −$32 on $10k: about 4.8 days of funding at the current rate (+$7 a day). The two prices were read 65 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	HTX META-USDT	740.24	0	get 0.0000% / 8h	2h 25m	$105K	$282K	30x
Short	Injective META/USDC PERP	740.31	0.0220	get 0.0028% / 1h	25m 53s	$168K	$46K	30x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against HTX. 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 HTXbpFee InjectivebpOrdersPrice spread, now +0.009%Rate

Funding earned: $46.2
Price spread: +0.009% → +0.325%: −$31.51
Slippage, 4 orders: −$58.77
Fee HTX: 6 bp × 2 orders: −$12
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$56.1
Costs to cover: 0.708%
Break-even: 15.5 days

Slippage from HTX: live order book, 61 min ago; Injective: live order book, 63 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 HTX live order book, 61 min ago	1.42 bp	10.3 bp −$10	18.4 bp −$184	doesn't fit	doesn't fit
Sell Injective live order book, 63 min ago	14.43 bp	30.4 bp −$30	doesn't fit	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
Nado META-PERP	−0.0129%	1h	740.38	+0.019%	$398K	$316K	20x	as long as short
BloFin META-USDT	−0.0120%	8h	740.24	0.000%	$329K	$1.1M	20x	as long as short
Aster METAUSDT	0.0000%	8h	740.87	+0.085%	$457K	$536K	20x	as long as short
Extended META_24_5-USD	0.0000%	1h	740.31	+0.009%	$548K	$1.5M	17x	as long as short
Binance METAUSDT	0.0000%	8h	740.39	+0.020%	$26.8M	$177.4M	20x	as long as short
Bybit METAUSDT	0.0000%	8h	740.23	−0.001%	$7.4M	$13.9M	100x	as long as short
OKX META-USDT-SWAP	0.0000%	8h	740.15	−0.012%	$6.0M	$13.1M	20x	as long as short
Gate META_USDT	0.0000%	8h	739.88	−0.049%	$318K	$5.4M	100x	as long as short
Bitget METAUSDT	0.0000%	8h	740.35	+0.015%	$5.7M	$11.0M	100x	as long as short
Variational Omni META	0.0000%	8h	740.43	+0.026%	$1.6M	$2.5M	—	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	740.41	+0.022%	$12K	$529K	10x	as long as short
SunX META-USDT	0.0000%	8h	740.79	+0.074%	$876	$9.5M	20x	as long as short
Deribit META_USDC-PERPETUAL	0.0000%	1h	740.40	+0.022%	$30K	$256K	10x	as long as short
HTX META-USDTlong	0.0000%	8h	740.24	long leg	$105K	$282K	30x
Phemex METAUSDT	0.0000%	4h	740.31	+0.009%	$2.0M	$7K	10x	as long as short
QFEX META-USD	+0.0012%	1h	740.22	−0.003%	$2.2M	$14.2M	10x	as long as short
edgeX METAUSDC	+0.0026%	4h	740.40	+0.021%	$62K	$330K	10x	as long as short
Lighter META	+0.0032%	1h	740.45	+0.028%	$860K	$2.6M	20x	as long as short
Lighter RH META	+0.0032%	1h	740.49	+0.034%	$740K	$3.2M	20x	as long as short
Hotstuff META-PERP	+0.0040%	1h	740.48	+0.032%	$33K	$105	20x	as long as short
Arcus META-USD	+0.0040%	1h	740.20	−0.005%	$263K	$313K	10x	as long as short
Vest META-USD-PERP	+0.0046%	1h	740.96	+0.097%	—	$9K	25x	as long as short
Popdex METAUSDT	+0.0048%	1h	740.37	+0.018%	$177K	$200K	20x	as long as short
tradeXYZ xyz:META	+0.0050%	1h	740.51	+0.036%	$68.5M	$120.3M	20x	as long as short
Polymarket Perps META-USD	+0.0050%	1h	740.53	+0.039%	$541K	$840K	10x	as long as short
SoDEX META-USD	+0.0050%	1h	740.30	+0.008%	$24K	$3K	10x	as long as short
Ondo Perps META-USD.P	+0.0050%	1h	740.32	+0.011%	$639K	$4.0M	10x	as long as short
Paradex META-USD-PERP	+0.0051%	8h	740.27	+0.004%	—	—	5x	as long as short
Aftermath Perps METAUSD	+0.0053%	1h	741.00	+0.102%	$45K	$60K	10x	as long as short
Coinbase International META-PERP-INTX	+0.0080%	1h	740.26	+0.003%	$607K	$7.3M	10x	as long as short
Phoenix META	+0.0097%	1h	740.53	+0.039%	$291K	$782K	20x	as long as short
KuCoin METAUSDTM	+0.0100%	8h	740.41	+0.023%	$1.6M	$352K	20x	as long as short
ApeX Omni METAUSDT	+0.0100%	1h	740.69	+0.061%	$166K	$73K	50x	as long as short
Orderly PERP_META_USDC_mythos	+0.0100%	8h	740.50	+0.035%	$1K	$24	10x	as long as short
Aevo META-PERP	+0.0104%	1h	740.37	+0.017%	$267	—	10x	as long as short
Injective META/USDC PERPshort	+0.0220%	1h	740.31	+0.009%	$168K	$46K	30x