Funding arb · Price arb /

META

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0220%/8h= −24.1% APRpaid last 24h −0.040%

Price spread now: Bybit against Injective+0.031%88s7-day average −0.305% · you sell dearer than you buy

Net, funding: paid 7d − costs−$115as 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−$720.717% of the position

Long on Injective Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.436%−$44 on $10k

Price spread, last 3 days (all we have)−0.199%−$20 · spread now +0.031%, 7d avg −0.305%

Together, before fees−0.635%−$64 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Bybit is 0.336% dearer against Injective than usual: you sell high and buy low (spread +0.031% now, against its 7-day average of −0.305%): +$34 on $10k if it goes back. Holding the pair costs −$7 a day in funding at the current rate, which eats that in about 5.1 days. The two prices were read 88 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	Injective META/USDC PERP	741.81	0.0220	pay 0.0028% / 1h	9m 54s	$169K	$46K	30x
Short	Bybit METAUSDT	742.04	0	get 0.0000% / 8h	1h 09m	$7.5M	$14.0M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Injective. 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 InjectivebpFee BybitbpOrdersPrice spread, now +0.031%Rate

Funding earned: −$46.2
Price spread: +0.031% → −0.305%: $33.63
Slippage, 4 orders: −$60.67
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$84.26
Costs to cover: 0.717%
Break-even: never at this rate

Slippage from Injective: live order book, 9 min ago; Bybit: live order book, 3 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 Injective live order book, 9 min ago	17.11 bp	17.1 bp −$17	9881.6 bp −$98.8K	doesn't fit	doesn't fit
Sell Bybit live order book, 3 min ago	0.40 bp	10.9 bp −$11	19.5 bp −$195	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	742.31	+0.067%	$327K	$1.1M	20x	as long as short
Nado META-PERP	−0.0060%	1h	741.92	+0.014%	$392K	$328K	20x	as long as short
Aster METAUSDT	0.0000%	8h	741.76	−0.007%	$458K	$536K	20x	as long as short
Extended META_24_5-USD	0.0000%	1h	741.97	+0.021%	$548K	$1.5M	17x	as long as short
Binance METAUSDT	0.0000%	8h	742.12	+0.042%	$27.2M	$178.9M	20x	as long as short
Bybit METAUSDTshort	0.0000%	8h	742.04	+0.031%	$7.5M	$14.0M	100x
OKX META-USDT-SWAP	0.0000%	8h	742.25	+0.059%	$6.0M	$13.2M	20x	as long as short
Gate META_USDT	0.0000%	8h	741.68	−0.018%	$345K	$5.5M	100x	as long as short
Bitget METAUSDT	0.0000%	8h	742.05	+0.032%	$5.8M	$11.1M	100x	as long as short
Variational Omni META	0.0000%	8h	742.23	+0.057%	$2.1M	$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	742.26	+0.061%	$12K	$499K	10x	as long as short
SunX META-USDT	0.0000%	8h	742.23	+0.057%	$1K	$9.5M	20x	as long as short
Deribit META_USDC-PERPETUAL	0.0000%	1h	741.61	−0.027%	$30K	$256K	10x	as long as short
HTX META-USDT	0.0000%	8h	742.14	+0.044%	$107K	$286K	30x	as long as short
Phemex METAUSDT	0.0000%	4h	742.33	+0.070%	$2.0M	$7K	10x	as long as short
QFEX META-USD	+0.0003%	1h	742.12	+0.042%	$2.2M	$14.3M	10x	as long as short
Lighter RH META	+0.0032%	1h	742.13	+0.043%	$752K	$3.2M	20x	as long as short
Hotstuff META-PERP	+0.0032%	1h	742.26	+0.061%	$33K	$105	20x	as long as short
Arcus META-USD	+0.0040%	1h	741.89	+0.011%	$110K	$481K	10x	as long as short
Vest META-USD-PERP	+0.0046%	1h	742.48	+0.090%	—	$9K	25x	as long as short
Popdex METAUSDT	+0.0048%	1h	742.38	+0.077%	$178K	$201K	20x	as long as short
Polymarket Perps META-USD	+0.0050%	1h	742.34	+0.071%	$542K	$840K	10x	as long as short
SoDEX META-USD	+0.0050%	1h	742.12	+0.042%	$24K	$3K	10x	as long as short
Ondo Perps META-USD.P	+0.0050%	1h	741.76	−0.007%	$723K	$4.2M	10x	as long as short
Paradex META-USD-PERP	+0.0052%	8h	742.16	+0.047%	—	—	5x	as long as short
Aftermath Perps METAUSD	+0.0057%	1h	742.65	+0.113%	$50K	$66K	10x	as long as short
Coinbase International META-PERP-INTX	+0.0064%	1h	742.12	+0.042%	$606K	$7.4M	10x	as long as short
Phoenix META	+0.0065%	1h	741.31	−0.067%	$291K	$791K	20x	as long as short
Lighter META	+0.0096%	1h	742.17	+0.049%	$863K	$2.5M	20x	as long as short
KuCoin METAUSDTM	+0.0100%	8h	741.95	+0.019%	$1.6M	$368K	20x	as long as short
ApeX Omni METAUSDT	+0.0100%	1h	741.41	−0.054%	$166K	$73K	50x	as long as short
Orderly PERP_META_USDC_mythos	+0.0100%	8h	742.33	+0.070%	$1K	$24	10x	as long as short
Aevo META-PERP	+0.0104%	1h	742.23	+0.057%	$267	—	10x	as long as short
tradeXYZ xyz:META	+0.0129%	1h	742.17	+0.049%	$67.3M	$122.0M	20x	as long as short
edgeX METAUSDC	+0.0187%	4h	741.98	+0.023%	$62K	$330K	10x	as long as short
Injective META/USDC PERPlong	+0.0220%	1h	741.81	long leg	$169K	$46K	30x