Funding arb · Price arb /

META

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0336%/8h= −36.8% APRpaid last 24h −0.018%

Price spread now: Binance against Lighter−0.007%7-day average +0.036% · you buy dearer than you sell

Net, funding: paid 7d − costs−$33as in the Funding arb table

Net, price: spread back to 7d avg − costs−$18as in the Price arb table

costs, in and out, $10k−$140.136% of the position

Long on Lighter Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days−0.191%−$19 on $10k

Price spread, last 7 days+0.019%+$2 · spread now −0.007%, 7d avg +0.036%

Together, before fees−0.172%+ Points / potential airdropLighter: Season 3 · farm board−$17 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$10 a day on $10k at the current rate, and Binance is 0.042% cheaper against Lighter than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of +0.036%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.191% in total (about -10.0% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter META	746.11	0.0336	pay 0.0042% / 1h	53m 42s	$969K	$2.5M	20x
Short	Binance METAUSDT	746.06	0	get 0.0000% / 8h	2h 53m	$28.4M	$181.6M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Lighter. 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 LighterbpFee BinancebpOrdersPrice spread, now −0.007%Rate

Funding earned: −$70.56
Price spread: −0.007% → +0.036%: −$4.24
Slippage, 4 orders: −$3.56
Fee Lighter: 0 bp × 2 orders: $0
Fee Binance: 5 bp × 2 orders: −$10
Net: −$88.36
Costs to cover: 0.136%
Break-even: never at this rate

Slippage from Lighter: live order book, 3 min ago; Binance: live order book, 5 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 Lighter live order book, 3 min ago	0.54 bp	0.8 bp −$1	1.7 bp −$17	doesn't fit	doesn't fit
Sell Binance live order book, 5 min ago	0.07 bp	5.1 bp −$5	9.7 bp −$97	42.3 bp −$4,233	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	746.09	−0.003%	$333K	$1.1M	20x	as long as short
Aster METAUSDT	0.0000%	8h	746.52	+0.056%	$492K	$577K	20x	as long as short
Extended META_24_5-USD	0.0000%	1h	745.84	−0.037%	$548K	$2.7M	17x	as long as short
Binance METAUSDTshort	0.0000%	8h	746.06	−0.007%	$28.4M	$181.6M	20x
Bybit METAUSDT	0.0000%	8h	745.85	−0.035%	$7.4M	$14.9M	100x	as long as short
OKX META-USDT-SWAP	0.0000%	8h	746.12	+0.001%	$6.0M	$12.7M	20x	as long as short
Gate META_USDT	0.0000%	8h	745.72	−0.052%	$430K	$5.9M	100x	as long as short
Variational Omni META	0.0000%	8h	746.09	−0.002%	$2.4M	$3.2M	—	as long as short
GRVT META_USDT_Perp	0.0000%	8h	746.62	+0.068%	$12K	$446K	10x	as long as short
SunX META-USDT	0.0000%	8h	746.14	+0.004%	$1K	$8.6M	20x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Deribit META_USDC-PERPETUAL	0.0000%	1h	745.69	−0.056%	$31K	$255K	10x	as long as short
HTX META-USDT	0.0000%	8h	745.92	−0.025%	$106K	$305K	30x	as long as short
Phemex METAUSDT	0.0000%	4h	746.46	+0.047%	$2.0M	$8K	10x	as long as short
Arcus META-USD	+0.0040%	1h	745.93	−0.024%	$111K	$331K	10x	as long as short
Vest META-USD-PERP	+0.0046%	1h	746.29	+0.024%	—	$11K	25x	as long as short
QFEX META-USD	+0.0046%	1h	745.92	−0.025%	$2.2M	$13.8M	10x	as long as short
Nado META-PERP	+0.0049%	1h	745.47	−0.086%	$482K	$557K	20x	as long as short
Polymarket Perps META-USD	+0.0050%	1h	745.78	−0.044%	$587K	$564K	10x	as long as short
SoDEX META-USD	+0.0050%	1h	746.02	−0.012%	$25K	$3K	10x	as long as short
Ondo Perps META-USD.P	+0.0050%	1h	745.27	−0.113%	$759K	$4.5M	10x	as long as short
Lighter RH META	+0.0056%	1h	746.09	−0.003%	$768K	$2.9M	20x	as long as short
Paradex META-USD-PERP	+0.0071%	8h	745.80	−0.042%	—	—	5x	as long as short
Aftermath Perps METAUSD	+0.0085%	1h	746.88	+0.103%	$52K	$82K	10x	as long as short
Bitget METAUSDT	+0.0091%	8h	746.11	0.000%	$5.5M	$11.9M	100x	as long as short
Popdex METAUSDT	+0.0096%	1h	746.21	+0.013%	$179K	$199K	20x	as long as short
KuCoin METAUSDTM	+0.0100%	8h	746.13	+0.003%	$1.6M	$630K	20x	as long as short
ApeX Omni METAUSDT	+0.0100%	1h	745.87	−0.032%	$167K	$71K	50x	as long as short
Orderly PERP_META_USDC_mythos	+0.0100%	8h	746.15	+0.005%	$1K	$24	10x	as long as short
Aevo META-PERP	+0.0104%	1h	745.99	−0.016%	$269	—	10x	as long as short
Coinbase International META-PERP-INTX	+0.0128%	1h	746.41	+0.040%	$671K	$7.6M	10x	as long as short
Injective META/USDC PERP	+0.0220%	1h	749.00	+0.387%	$173K	$46K	30x	as long as short
Lighter METAlong	+0.0336%	1h	746.11	long leg	$969K	$2.5M	20x
edgeX METAUSDC	+0.0383%	4h	746.75	+0.086%	$62K	$338K	10x	as long as short
Hotstuff META-PERP	+0.0464%	1h	746.17	+0.008%	$33K	$105	20x	as long as short
tradeXYZ xyz:META	+0.0510%	1h	746.19	+0.011%	$72.5M	$122.2M	20x	as long as short
Phoenix META	+0.0633%	1h	748.29	+0.292%	$799K	$1.4M	20x	as long as short