Funding arb · Price arb /

META

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0240%/8h= −26.3% APRpaid last 24h −0.018%

Price spread now: Bybit against Lighter−0.026%7-day average +0.011% · you buy dearer than you sell

Net, funding: paid 7d − costs−$34as in the Funding arb table

Net, price: spread back to 7d avg − costs−$26as in the Price arb table

costs, in and out, $10k−$230.228% of the position

Long on Lighter Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.112%−$11 on $10k

Price spread, last 7 days−0.028%−$3 · spread now −0.026%, 7d avg +0.011%

Together, before fees−0.139%+ Points / potential airdropLighter: Season 3 · farm board−$14 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$7 a day on $10k at the current rate, and Bybit is 0.036% cheaper against Lighter than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of +0.011%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.112% in total (about -5.8% 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	741.42	0.0240	pay 0.0030% / 1h	36m 15s	$861K	$2.4M	20x
Short	Bybit METAUSDT	741.23	0	get 0.0000% / 8h	5h 36m	$7.5M	$13.7M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.026%Rate

Funding earned: −$50.4
Price spread: −0.026% → +0.011%: −$3.63
Slippage, 4 orders: −$11.78
Fee Lighter: 0 bp × 2 orders: $0
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$76.81
Costs to cover: 0.228%
Break-even: never at this rate

Slippage from Lighter: live order book, 11 min ago; Bybit: live order book, 2 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, 11 min ago	0.81 bp	0.9 bp −$1	2.0 bp −$20	doesn't fit	doesn't fit
Sell Bybit live order book, 2 min ago	1.82 bp	11.3 bp −$11	16.8 bp −$168	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	741.24	−0.024%	$328K	$1.1M	20x	as long as short
Nado META-PERP	−0.0037%	1h	740.90	−0.070%	$479K	$550K	20x	as long as short
Aster METAUSDT	0.0000%	8h	741.63	+0.028%	$466K	$549K	20x	as long as short
Extended META_24_5-USD	0.0000%	1h	741.06	−0.048%	$549K	$2.7M	17x	as long as short
Binance METAUSDT	0.0000%	8h	741.27	−0.021%	$27.3M	$178.8M	20x	as long as short
Bybit METAUSDTshort	0.0000%	8h	741.23	−0.026%	$7.5M	$13.7M	100x
OKX META-USDT-SWAP	0.0000%	8h	741.29	−0.018%	$5.9M	$13.3M	20x	as long as short
Gate META_USDT	0.0000%	8h	741.04	−0.051%	$345K	$5.6M	100x	as long as short
Bitget METAUSDT	0.0000%	8h	741.22	−0.027%	$5.6M	$11.4M	100x	as long as short
Variational Omni META	0.0000%	8h	741.13	−0.039%	$2.3M	$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	741.42	0.000%	$12K	$432K	10x	as long as short
SunX META-USDT	0.0000%	8h	741.18	−0.032%	$800	$9.1M	20x	as long as short
Deribit META_USDC-PERPETUAL	0.0000%	1h	740.70	−0.097%	$31K	$245K	10x	as long as short
HTX META-USDT	0.0000%	8h	740.97	−0.061%	$106K	$296K	30x	as long as short
Phemex METAUSDT	0.0000%	4h	741.21	−0.028%	$2.0M	$8K	10x	as long as short
Lighter RH META	+0.0032%	1h	741.45	+0.004%	$763K	$3.0M	20x	as long as short
QFEX META-USD	+0.0032%	1h	741.10	−0.043%	$2.1M	$13.7M	10x	as long as short
Arcus META-USD	+0.0040%	1h	740.80	−0.084%	$110K	$330K	10x	as long as short
Vest META-USD-PERP	+0.0046%	1h	741.39	−0.004%	—	$10K	25x	as long as short
Popdex METAUSDT	+0.0048%	1h	741.28	−0.019%	$178K	$199K	20x	as long as short
Polymarket Perps META-USD	+0.0050%	1h	740.98	−0.059%	$558K	$539K	10x	as long as short
SoDEX META-USD	+0.0050%	1h	741.27	−0.020%	$24K	$3K	10x	as long as short
Ondo Perps META-USD.P	+0.0050%	1h	740.53	−0.120%	$702K	$4.2M	10x	as long as short
Paradex META-USD-PERP	+0.0058%	8h	740.98	−0.059%	—	—	5x	as long as short
Aftermath Perps METAUSD	+0.0076%	1h	742.15	+0.098%	$50K	$82K	10x	as long as short
Coinbase International META-PERP-INTX	+0.0096%	1h	741.82	+0.054%	$610K	$7.1M	10x	as long as short
KuCoin METAUSDTM	+0.0100%	8h	741.36	−0.008%	$1.6M	$511K	20x	as long as short
ApeX Omni METAUSDT	+0.0100%	1h	740.68	−0.100%	$166K	$71K	50x	as long as short
Orderly PERP_META_USDC_mythos	+0.0100%	8h	741.11	−0.042%	$1K	$24	10x	as long as short
Aevo META-PERP	+0.0104%	1h	741.06	−0.048%	$267	—	10x	as long as short
Injective META/USDC PERP	+0.0220%	1h	743.52	+0.283%	$171K	$48K	30x	as long as short
Lighter METAlong	+0.0240%	1h	741.42	long leg	$861K	$2.4M	20x
Hotstuff META-PERP	+0.0248%	1h	741.33	−0.012%	$33K	$105	20x	as long as short
tradeXYZ xyz:META	+0.0342%	1h	741.35	−0.009%	$69.1M	$120.1M	20x	as long as short
Phoenix META	+0.0496%	1h	742.14	+0.097%	$521K	$1.1M	20x	as long as short
edgeX METAUSDC	+0.0560%	4h	741.14	−0.037%	$62K	$335K	10x	as long as short