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 −0.041%

Price spread now: OKX against Lighter−0.043%7-day average +0.026% · 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−$27as in the Price arb table

costs, in and out, $10k−$200.205% of the position

Long on Lighter Short on OKX

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+0.036%+$4 · spread now −0.043%, 7d avg +0.026%

Together, before fees−0.103%+ Points / potential airdropLighter: Season 3 · farm board−$10 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 OKX is 0.069% cheaper against Lighter than usual: you would sell low and buy high (−$7 if the spread goes back to its 7-day average of +0.026%). 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	743.10	0.0336	pay 0.0042% / 1h	30m 58s	$1.0M	$2.6M	20x
Short	OKX META-USDT-SWAP	742.78	0	get 0.0000% / 8h	2h 30m	$6.0M	$12.4M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.043%Rate

Funding earned: −$70.56
Price spread: −0.043% → +0.026%: −$6.87
Slippage, 4 orders: −$10.49
Fee Lighter: 0 bp × 2 orders: $0
Fee OKX: 5 bp × 2 orders: −$10
Net: −$97.93
Costs to cover: 0.205%
Break-even: never at this rate

Slippage from Lighter: live order book, 6 min ago; OKX: 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, 6 min ago	0.40 bp	0.4 bp $0	2.2 bp −$22	doesn't fit	doesn't fit
Sell OKX live order book, 2 min ago	0.74 bp	9.4 bp −$9	21.4 bp −$214	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
Deribit META_USDC-PERPETUAL	−0.0141%	1h	742.08	−0.137%	$31K	$264K	10x	as long as short
BloFin META-USDT	−0.0120%	8h	742.71	−0.052%	$332K	$1.1M	20x	as long as short
Aster METAUSDT	0.0000%	8h	743.72	+0.083%	$479K	$589K	20x	as long as short
Extended META_24_5-USD	0.0000%	1h	742.74	−0.049%	$544K	$2.7M	17x	as long as short
Binance METAUSDT	0.0000%	8h	742.84	−0.035%	$28.0M	$182.5M	20x	as long as short
Bybit METAUSDT	0.0000%	8h	742.76	−0.046%	$7.3M	$15.1M	100x	as long as short
OKX META-USDT-SWAPshort	0.0000%	8h	742.78	−0.043%	$6.0M	$12.4M	20x
Gate META_USDT	0.0000%	8h	742.24	−0.116%	$439K	$5.9M	100x	as long as short
Bitget METAUSDT	0.0000%	8h	743.01	−0.012%	$5.6M	$12.1M	100x	as long as short
Variational Omni META	0.0000%	8h	742.59	−0.069%	$2.4M	$3.2M	—	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	743.02	−0.010%	$13K	$443K	10x	as long as short
SunX META-USDT	0.0000%	8h	742.79	−0.042%	$825	$8.4M	20x	as long as short
HTX META-USDT	0.0000%	8h	742.54	−0.075%	$106K	$306K	30x	as long as short
Phemex METAUSDT	0.0000%	4h	742.65	−0.061%	$2.0M	$8K	10x	as long as short
Lighter RH META	+0.0032%	1h	742.97	−0.017%	$768K	$2.9M	20x	as long as short
Nado META-PERP	+0.0038%	1h	742.50	−0.081%	$480K	$557K	20x	as long as short
Arcus META-USD	+0.0040%	1h	742.62	−0.065%	$110K	$332K	10x	as long as short
Vest META-USD-PERP	+0.0046%	1h	743.19	+0.012%	—	$11K	25x	as long as short
QFEX META-USD	+0.0046%	1h	742.64	−0.062%	$2.2M	$13.8M	10x	as long as short
Popdex METAUSDT	+0.0048%	1h	742.61	−0.066%	$178K	$200K	20x	as long as short
Polymarket Perps META-USD	+0.0050%	1h	742.43	−0.090%	$584K	$564K	10x	as long as short
SoDEX META-USD	+0.0050%	1h	742.68	−0.057%	$24K	$3K	10x	as long as short
Ondo Perps META-USD.P	+0.0050%	1h	742.18	−0.124%	$729K	$4.8M	10x	as long as short
Paradex META-USD-PERP	+0.0079%	8h	742.61	−0.066%	—	—	5x	as long as short
Aftermath Perps METAUSD	+0.0086%	1h	743.45	+0.048%	$51K	$81K	10x	as long as short
KuCoin METAUSDTM	+0.0100%	8h	743.03	−0.009%	$1.6M	$641K	20x	as long as short
ApeX Omni METAUSDT	+0.0100%	1h	742.46	−0.086%	$166K	$72K	50x	as long as short
Orderly PERP_META_USDC_mythos	+0.0100%	8h	742.61	−0.066%	$1K	$24	10x	as long as short
Aevo META-PERP	+0.0104%	1h	742.52	−0.078%	$267	—	10x	as long as short
Coinbase International META-PERP-INTX	+0.0128%	1h	742.03	−0.144%	$659K	$7.7M	10x	as long as short
Injective META/USDC PERP	+0.0220%	1h	745.90	+0.377%	$172K	$46K	30x	as long as short
Lighter METAlong	+0.0336%	1h	743.10	long leg	$1.0M	$2.6M	20x
Hotstuff META-PERP	+0.0368%	1h	743.18	+0.011%	$33K	$105	20x	as long as short
tradeXYZ xyz:META	+0.0447%	1h	743.13	+0.004%	$74.3M	$124.6M	20x	as long as short
Phoenix META	+0.0685%	1h	744.26	+0.156%	$795K	$1.4M	20x	as long as short
edgeX METAUSDC	+0.0917%	4h	743.12	+0.003%	$62K	$340K	10x	as long as short