Funding arb · Price arb /

META

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC+0.0012%/8h= +1.3% APRpaid last 24h −0.011%

Price spread now: Popdex against KuCoin−0.026%7-day average +0.037% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$59as in the Price arb table

costs, in and out, $10k−$520.523% of the position

Long on KuCoin Short on Popdex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.037%−$4 on $10k

Price spread, last 4 days (all we have)+0.064%+$6 · spread now −0.026%, 7d avg +0.037%

Together, before fees+0.026%+$3 on $10k · with fees, hour by hour

Funding pays, the price is against you. Popdex is 0.062% cheaper against KuCoin than usual: you would sell low and buy high (spread −0.026% now, against its 7-day average of +0.037%). If the spread goes back, that is −$6 on $10k: about 17 days of funding at the current rate ($0 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin METAUSDTM	740.25	0.0100	pay 0.0100% / 8h	5h 27m	$1.6M	$899K	20x
Short	Popdex METAUSDT	740.06	0.0112	get 0.0014% / 1h	27m 37s	$178K	$198K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Popdex against KuCoin. 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 KuCoinbpFee PopdexbpOrdersPrice spread, now −0.026%Rate

Funding earned: $2.52
Price spread: −0.026% → +0.037%: −$6.23
Slippage, 4 orders: −$33.91
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Popdex: 3.2 bp × 2 orders: −$6.4
Net: −$56.02
Costs to cover: 0.523%
Break-even: 162.6 days

Slippage from KuCoin: live order book, 11 min ago; Popdex: live order book, 19 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 KuCoin live order book, 11 min ago	6.34 bp	15.4 bp −$15	doesn't fit	doesn't fit	doesn't fit
Sell Popdex live order book, 19 min ago	0.47 bp	4.0 bp −$4	7.2 bp −$72	doesn't fit	doesn't fit

META on 37 exchanges

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
Hotstuff META-PERP	−0.1600%	1h	739.95	−0.041%	$33K	$105	20x	as long as short
BloFin META-USDT	−0.0120%	8h	740.57	+0.043%	$339K	$1.1M	20x	as long as short
Aster METAUSDT	0.0000%	8h	740.87	+0.084%	$492K	$628K	20x	as long as short
Extended META_24_5-USD	0.0000%	1h	739.96	−0.039%	$545K	$3.3M	17x	as long as short
Binance METAUSDT	0.0000%	8h	740.21	−0.005%	$25.6M	$192.7M	20x	as long as short
Bybit METAUSDT	0.0000%	8h	739.91	−0.046%	$7.5M	$16.1M	100x	as long as short
OKX META-USDT-SWAP	0.0000%	8h	740.02	−0.031%	$6.0M	$12.9M	20x	as long as short
Gate META_USDT	0.0000%	8h	740.02	−0.031%	$462K	$6.4M	100x	as long as short
Bitget METAUSDT	0.0000%	8h	740.12	−0.018%	$5.7M	$12.1M	100x	as long as short
Variational Omni META	0.0000%	8h	740.19	−0.008%	$2.5M	$3.0M	—	as long as short

Show all 37 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT META_USDT_Perp	0.0000%	8h	740.39	+0.018%	$12K	$432K	10x	as long as short
SunX META-USDT	0.0000%	8h	740.20	−0.007%	$569	$7.2M	20x	as long as short
HTX META-USDT	0.0000%	8h	740.10	−0.020%	$106K	$307K	30x	as long as short
Phemex METAUSDT	0.0000%	4h	740.43	+0.024%	$2.0M	$8K	10x	as long as short
Lighter RH META	+0.0032%	1h	740.28	+0.004%	$871K	$2.8M	20x	as long as short
QFEX META-USD	+0.0038%	1h	740.06	−0.026%	$2.1M	$13.9M	10x	as long as short
Arcus META-USD	+0.0040%	1h	739.96	−0.039%	$111K	$290K	10x	as long as short
Vest META-USD-PERP	+0.0046%	1h	739.99	−0.035%	—	$11K	25x	as long as short
Polymarket Perps META-USD	+0.0050%	1h	739.87	−0.051%	$558K	$612K	10x	as long as short
SoDEX META-USD	+0.0050%	1h	740.13	−0.016%	$24K	$3K	10x	as long as short
Ondo Perps META-USD.P	+0.0050%	1h	739.54	−0.096%	$744K	$5.0M	10x	as long as short
Paradex META-USD-PERP	+0.0061%	8h	739.92	−0.044%	—	—	5x	as long as short
Coinbase International META-PERP-INTX	+0.0064%	1h	739.65	−0.081%	$649K	$7.5M	10x	as long as short
Aftermath Perps METAUSD	+0.0075%	1h	740.88	+0.085%	$53K	$86K	10x	as long as short
Pacifica META	+0.0100%	1h	739.42	−0.112%	$614	$3K	10x	as long as short
KuCoin METAUSDTMlong	+0.0100%	8h	740.25	long leg	$1.6M	$899K	20x
ApeX Omni METAUSDT	+0.0100%	1h	739.30	−0.128%	$166K	$71K	50x	as long as short
Orderly PERP_META_USDC_mythos	+0.0100%	8h	740.11	−0.019%	$1K	$94	10x	as long as short
Aevo META-PERP	+0.0104%	1h	739.94	−0.042%	$266	—	10x	as long as short
Popdex METAUSDTshort	+0.0112%	1h	740.06	−0.026%	$178K	$198K	20x
Nado META-PERP	+0.0124%	1h	739.56	−0.093%	$474K	$540K	20x	as long as short
Injective META/USDC PERP	+0.0220%	1h	741.63	+0.186%	$167K	$61K	30x	as long as short
tradeXYZ xyz:META	+0.0328%	1h	739.99	−0.035%	$86.8M	$136.1M	20x	as long as short
Lighter META	+0.0344%	1h	740.25	0.000%	$1.2M	$2.7M	20x	as long as short
edgeX METAUSDC	+0.0544%	4h	740.29	+0.006%	$62K	$348K	10x	as long as short
Deribit META_USDC-PERPETUAL	+0.0575%	1h	740.13	−0.016%	$36K	$213K	10x	as long as short
Phoenix META	+0.0613%	1h	741.63	+0.186%	$792K	$1.5M	20x	as long as short