Funding arb · Price arb /

META

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0224%/8h= −24.5% APRpaid last 24h −0.044%

Price spread now: Gate against Lighter−0.055%7-day average −0.021% · you buy dearer than you sell

Net, funding: paid 7d − costs−$50as in the Funding arb table

Net, price: spread back to 7d avg − costs−$40as in the Price arb table

costs, in and out, $10k−$360.362% of the position

Long on Lighter Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days−0.139%−$14 on $10k

Price spread, last 7 days+0.035%+$3 · spread now −0.055%, 7d avg −0.021%

Together, before fees−0.104%+ Points / potential airdropLighter: Season 3 · farm board−$10 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 Gate is 0.034% cheaper against Lighter than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of −0.021%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.139% in total (about -7.2% 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	742.13	0.0224	pay 0.0028% / 1h	45m 29s	$856K	$2.4M	20x
Short	Gate META_USDT	741.72	0	get 0.0000% / 8h	4h 45m	$363K	$5.7M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now −0.055%Rate

Funding earned: −$47.04
Price spread: −0.055% → −0.021%: −$3.42
Slippage, 4 orders: −$21.24
Fee Lighter: 0 bp × 2 orders: $0
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$86.69
Costs to cover: 0.362%
Break-even: never at this rate

Slippage from Lighter: live order book, 6 min ago; Gate: live order book, 3 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, 6 min ago	0.40 bp	0.8 bp −$1	2.6 bp −$26	doesn't fit	doesn't fit
Sell Gate live order book, 3 min ago	5.25 bp	18.1 bp −$18	44.5 bp −$445	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	742.49	+0.049%	$330K	$1.1M	20x	as long as short
Nado META-PERP	−0.0049%	1h	741.61	−0.071%	$479K	$553K	20x	as long as short
Aster METAUSDT	0.0000%	8h	742.43	+0.040%	$466K	$551K	20x	as long as short
Extended META_24_5-USD	0.0000%	1h	741.88	−0.033%	$548K	$2.7M	17x	as long as short
Binance METAUSDT	0.0000%	8h	742.33	+0.027%	$27.5M	$180.3M	20x	as long as short
Bybit METAUSDT	0.0000%	8h	742.08	−0.007%	$7.5M	$13.9M	100x	as long as short
OKX META-USDT-SWAP	0.0000%	8h	742.07	−0.008%	$6.0M	$13.5M	20x	as long as short
Gate META_USDTshort	0.0000%	8h	741.72	−0.055%	$363K	$5.7M	100x
Bitget METAUSDT	0.0000%	8h	742.12	−0.001%	$5.3M	$11.7M	100x	as long as short
Variational Omni META	0.0000%	8h	742.05	−0.010%	$2.4M	$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	743.01	+0.119%	$12K	$434K	10x	as long as short
SunX META-USDT	0.0000%	8h	742.52	+0.053%	$734	$9.1M	20x	as long as short
Deribit META_USDC-PERPETUAL	0.0000%	1h	741.73	−0.054%	$31K	$245K	10x	as long as short
HTX META-USDT	0.0000%	8h	742.20	+0.009%	$106K	$296K	30x	as long as short
Phemex METAUSDT	0.0000%	4h	742.69	+0.075%	$2.0M	$8K	10x	as long as short
Lighter RH META	+0.0032%	1h	742.18	+0.007%	$767K	$3.0M	20x	as long as short
QFEX META-USD	+0.0036%	1h	741.94	−0.026%	$2.1M	$13.7M	10x	as long as short
Arcus META-USD	+0.0040%	1h	742.16	+0.004%	$110K	$330K	10x	as long as short
Vest META-USD-PERP	+0.0046%	1h	742.21	+0.011%	—	$10K	25x	as long as short
Popdex METAUSDT	+0.0048%	1h	742.11	−0.003%	$178K	$199K	20x	as long as short
Polymarket Perps META-USD	+0.0050%	1h	741.96	−0.023%	$559K	$540K	10x	as long as short
SoDEX META-USD	+0.0050%	1h	742.14	+0.001%	$24K	$3K	10x	as long as short
Ondo Perps META-USD.P	+0.0050%	1h	741.30	−0.112%	$701K	$4.3M	10x	as long as short
Paradex META-USD-PERP	+0.0061%	8h	741.82	−0.042%	—	—	5x	as long as short
Aftermath Perps METAUSD	+0.0079%	1h	742.94	+0.110%	$51K	$82K	10x	as long as short
KuCoin METAUSDTM	+0.0100%	8h	742.14	+0.001%	$1.6M	$535K	20x	as long as short
ApeX Omni METAUSDT	+0.0100%	1h	741.47	−0.089%	$166K	$71K	50x	as long as short
Orderly PERP_META_USDC_mythos	+0.0100%	8h	742.29	+0.022%	$1K	$24	10x	as long as short
Aevo META-PERP	+0.0104%	1h	741.99	−0.018%	$267	—	10x	as long as short
Coinbase International META-PERP-INTX	+0.0104%	1h	742.02	−0.015%	$614K	$7.2M	10x	as long as short
Hotstuff META-PERP	+0.0112%	1h	742.18	+0.007%	$33K	$105	20x	as long as short
Injective META/USDC PERP	+0.0220%	1h	744.79	+0.358%	$172K	$48K	30x	as long as short
Lighter METAlong	+0.0224%	1h	742.13	long leg	$856K	$2.4M	20x
tradeXYZ xyz:META	+0.0262%	1h	742.23	+0.013%	$69.4M	$120.3M	20x	as long as short
Phoenix META	+0.0591%	1h	743.92	+0.241%	$635K	$1.2M	20x	as long as short
edgeX METAUSDC	+0.0605%	4h	742.41	+0.038%	$62K	$338K	10x	as long as short