Funding arb · Price arb /

META

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0120%/8h= −13.1% APRpaid last 24h −0.035%

Price spread now: Orderly against Injective+0.024%58s7-day average — · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Injective Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

The price spread pays, funding is against you. Orderly is 0.024% dearer against Injective than usual: you sell high and buy low (spread +0.024% now, against zero (this spread has no 7-day history yet)): +$2 on $10k if it goes back. Holding the pair costs −$4 a day in funding at the current rate, which eats that in about 16 hours. The two prices were read 58 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	746.31	0.0220	pay 0.0028% / 1h	52m 01s	$176K	$52K	30x
Short	Orderly PERP_META_USDC_mythos	746.49	0.0100	get 0.0100% / 8h	7h 52m	$1K	$24	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now +0.024%Rate

Funding earned: −$25.2
Price spread: +0.024% → 0.000%: $2.41
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$28.81
Costs to cover: 0.060%
Break-even: never at this rate

Slippage unknown: Injective: live order book, 47 min ago; Orderly: no order-book sample. Net counts fees only.

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, 47 min ago	15.27 bp	15.3 bp −$15	9876.1 bp −$98.8K	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

META on 37 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	745.85	−0.062%	$335K	$1.1M	20x	as long as short
Nado META-PERP	−0.0030%	1h	746.53	+0.029%	$482K	$561K	20x	as long as short
Aster METAUSDT	0.0000%	8h	746.75	+0.059%	$484K	$597K	20x	as long as short
Extended META_24_5-USD	0.0000%	1h	746.28	−0.004%	$547K	$3.4M	17x	as long as short
Binance METAUSDT	0.0000%	8h	746.86	+0.074%	$25.7M	$190.5M	20x	as long as short
Bybit METAUSDT	0.0000%	8h	746.66	+0.047%	$7.5M	$15.5M	100x	as long as short
OKX META-USDT-SWAP	0.0000%	8h	746.61	+0.040%	$6.0M	$12.8M	20x	as long as short
Gate META_USDT	0.0000%	8h	745.94	−0.050%	$471K	$6.2M	100x	as long as short
Bitget METAUSDT	0.0000%	8h	746.63	+0.043%	$5.7M	$12.4M	100x	as long as short
Variational Omni META	0.0000%	8h	744.33	−0.266%	$2.5M	$3.2M	—	as long as short

Show all 37 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT META_USDT_Perp	0.0000%	8h	744.96	−0.181%	$12K	$438K	10x	as long as short
SunX META-USDT	0.0000%	8h	746.94	+0.084%	$1K	$7.9M	20x	as long as short
Deribit META_USDC-PERPETUAL	0.0000%	1h	746.45	+0.019%	$53K	$290K	10x	as long as short
HTX META-USDT	0.0000%	8h	746.34	+0.004%	$108K	$312K	30x	as long as short
Phemex METAUSDT	0.0000%	4h	746.55	+0.032%	$2.0M	$8K	10x	as long as short
Lighter RH META	+0.0032%	1h	746.58	+0.036%	$796K	$2.9M	20x	as long as short
QFEX META-USD	+0.0036%	1h	746.59	+0.038%	$2.2M	$14.1M	10x	as long as short
Arcus META-USD	+0.0040%	1h	746.31	0.000%	$112K	$337K	10x	as long as short
Vest META-USD-PERP	+0.0046%	1h	746.64	+0.044%	—	$12K	25x	as long as short
Popdex METAUSDT	+0.0048%	1h	746.76	+0.060%	$181K	$204K	20x	as long as short
Polymarket Perps META-USD	+0.0050%	1h	746.19	−0.016%	$567K	$619K	10x	as long as short
SoDEX META-USD	+0.0050%	1h	746.40	+0.012%	$25K	$3K	10x	as long as short
Ondo Perps META-USD.P	+0.0050%	1h	746.15	−0.021%	$714K	$5.1M	10x	as long as short
Paradex META-USD-PERP	+0.0057%	8h	746.13	−0.024%	—	—	5x	as long as short
Aftermath Perps METAUSD	+0.0085%	1h	746.31	+0.001%	$49K	$90K	10x	as long as short
Pacifica META	+0.0100%	1h	745.99	−0.044%	$633	$1K	10x	as long as short
KuCoin METAUSDTM	+0.0100%	8h	746.41	+0.013%	$1.6M	$742K	20x	as long as short
ApeX Omni METAUSDT	+0.0100%	1h	744.47	−0.247%	$167K	$71K	50x	as long as short
Orderly PERP_META_USDC_mythosshort	+0.0100%	8h	746.49	+0.024%	$1K	$24	10x
Aevo META-PERP	+0.0104%	1h	746.29	−0.002%	$269	—	10x	as long as short
Coinbase International META-PERP-INTX	+0.0120%	1h	746.34	+0.004%	$648K	$8.1M	10x	as long as short
Injective META/USDC PERPlong	+0.0220%	1h	746.31	long leg	$176K	$52K	30x
Lighter META	+0.0264%	1h	746.84	+0.071%	$1.2M	$2.9M	20x	as long as short
tradeXYZ xyz:META	+0.0324%	1h	746.89	+0.078%	$84.7M	$132.1M	20x	as long as short
edgeX METAUSDC	+0.0490%	4h	744.42	−0.253%	$62K	$344K	10x	as long as short
Hotstuff META-PERP	+0.0512%	1h	745.57	−0.099%	$33K	$105	20x	as long as short
Phoenix META	+0.0791%	1h	746.41	+0.013%	$797K	$1.5M	20x	as long as short