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 −0.057%

Price spread now: OKX against Injective0.000%7-day average −0.311% · you sell dearer than you buy

Net, funding: paid 7d − costs−$114as in the Funding arb table

Net, price: spread back to 7d avg − costs−$38as in the Price arb table

costs, in and out, $10k−$690.686% of the position

Long on Injective Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.453%−$45 on $10k

Price spread, last 3 days (all we have)−0.185%−$18 · spread now 0.000%, 7d avg −0.311%

Together, before fees−0.638%−$64 on $10k · with fees, hour by hour

The price spread pays, funding is against you. OKX is 0.311% dearer against Injective than usual: you sell high and buy low (spread 0.000% now, against its 7-day average of −0.311%): +$31 on $10k if it goes back. Holding the pair costs −$7 a day in funding at the current rate, which eats that in about 4.7 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Injective META/USDC PERP	741.09	0.0220	pay 0.0028% / 1h	19m 19s	$169K	$46K	30x
Short	OKX META-USDT-SWAP	741.09	0	get 0.0000% / 8h	1h 19m	$6.0M	$13.2M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now 0.000%Rate

Funding earned: −$46.2
Price spread: 0.000% → −0.311%: $31.07
Slippage, 4 orders: −$58.56
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee OKX: 5 bp × 2 orders: −$10
Net: −$83.71
Costs to cover: 0.686%
Break-even: never at this rate

Slippage from Injective: live order book, 64 min ago; OKX: live order book, 4 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, 64 min ago	16.80 bp	16.8 bp −$17	9881.5 bp −$98.8K	doesn't fit	doesn't fit
Sell OKX live order book, 4 min ago	0.88 bp	9.3 bp −$9	17.5 bp −$175	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	741.25	+0.022%	$328K	$1.1M	20x	as long as short
Nado META-PERP	−0.0078%	1h	741.04	−0.007%	$396K	$325K	20x	as long as short
Aster METAUSDT	0.0000%	8h	741.76	+0.090%	$458K	$536K	20x	as long as short
Extended META_24_5-USD	0.0000%	1h	741.02	−0.010%	$548K	$1.5M	17x	as long as short
Binance METAUSDT	0.0000%	8h	741.17	+0.011%	$26.9M	$178.0M	20x	as long as short
Bybit METAUSDT	0.0000%	8h	741.08	−0.001%	$7.5M	$13.9M	100x	as long as short
OKX META-USDT-SWAPshort	0.0000%	8h	741.09	0.000%	$6.0M	$13.2M	20x
Gate META_USDT	0.0000%	8h	740.64	−0.061%	$343K	$5.5M	100x	as long as short
Bitget METAUSDT	0.0000%	8h	741.16	+0.009%	$5.8M	$11.0M	100x	as long as short
Variational Omni META	0.0000%	8h	741.31	+0.030%	$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	741.30	+0.029%	$12K	$504K	10x	as long as short
SunX META-USDT	0.0000%	8h	741.12	+0.004%	$694	$9.5M	20x	as long as short
HTX META-USDT	0.0000%	8h	741.07	−0.003%	$107K	$286K	30x	as long as short
Phemex METAUSDT	0.0000%	4h	741.26	+0.023%	$2.0M	$7K	10x	as long as short
QFEX META-USD	+0.0003%	1h	741.00	−0.012%	$2.2M	$14.2M	10x	as long as short
edgeX METAUSDC	+0.0013%	4h	741.30	+0.028%	$62K	$331K	10x	as long as short
Deribit META_USDC-PERPETUAL	+0.0020%	1h	741.17	+0.011%	$30K	$256K	10x	as long as short
Lighter RH META	+0.0032%	1h	741.46	+0.050%	$749K	$3.2M	20x	as long as short
Arcus META-USD	+0.0040%	1h	740.81	−0.038%	$110K	$481K	10x	as long as short
Vest META-USD-PERP	+0.0046%	1h	741.52	+0.058%	—	$9K	25x	as long as short
Popdex METAUSDT	+0.0048%	1h	741.15	+0.008%	$178K	$201K	20x	as long as short
Polymarket Perps META-USD	+0.0050%	1h	741.25	+0.022%	$541K	$840K	10x	as long as short
SoDEX META-USD	+0.0050%	1h	741.21	+0.016%	$24K	$3K	10x	as long as short
Paradex META-USD-PERP	+0.0050%	8h	740.99	−0.014%	—	—	5x	as long as short
Ondo Perps META-USD.P	+0.0050%	1h	741.12	+0.004%	$648K	$4.1M	10x	as long as short
Aftermath Perps METAUSD	+0.0055%	1h	742.03	+0.127%	$50K	$66K	10x	as long as short
Lighter META	+0.0064%	1h	741.44	+0.047%	$862K	$2.5M	20x	as long as short
Coinbase International META-PERP-INTX	+0.0064%	1h	740.91	−0.024%	$606K	$7.4M	10x	as long as short
Phoenix META	+0.0065%	1h	741.24	+0.020%	$291K	$791K	20x	as long as short
KuCoin METAUSDTM	+0.0100%	8h	741.12	+0.004%	$1.6M	$365K	20x	as long as short
ApeX Omni METAUSDT	+0.0100%	1h	740.95	−0.019%	$166K	$73K	50x	as long as short
Orderly PERP_META_USDC_mythos	+0.0100%	8h	741.27	+0.024%	$1K	$24	10x	as long as short
tradeXYZ xyz:META	+0.0104%	1h	741.26	+0.023%	$68.6M	$120.9M	20x	as long as short
Hotstuff META-PERP	+0.0104%	1h	741.29	+0.027%	$33K	$105	20x	as long as short
Aevo META-PERP	+0.0104%	1h	741.08	−0.001%	$267	—	10x	as long as short
Injective META/USDC PERPlong	+0.0220%	1h	741.09	long leg	$169K	$46K	30x