Funding arb · Price arb /

META

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0156%/8h= −17.1% APRpaid last 24h −0.016%

Price spread now: Orderly against Lighter−0.032%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Lighter Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropLighter: Season 3 · farm boardneeds both histories

Both sides work against this trade now: funding costs −$5 a day on $10k at the current rate, and Orderly is 0.032% cheaper against Lighter than usual: you would sell low and buy high (−$3 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter META	742.73	0.0256	pay 0.0032% / 1h	24m 11s	$858K	$2.4M	20x
Short	Orderly PERP_META_USDC_mythos	742.49	0.0100	get 0.0100% / 8h	4h 24m	$1K	$24	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now −0.032%Rate

Funding earned: −$32.76
Price spread: −0.032% → 0.000%: −$3.23
Slippage, 4 orders: no order book: not counted
Fee Lighter: 0 bp × 2 orders: $0
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$41.99
Costs to cover: 0.060%
Break-even: never at this rate

Slippage unknown: Lighter: live order book, 3 min ago; Orderly: no order-book sample. Net counts fees only.

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	0.34 bp	0.9 bp −$1	2.8 bp −$28	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	742.33	−0.054%	$329K	$1.1M	20x	as long as short
Nado META-PERP	−0.0019%	1h	742.12	−0.082%	$480K	$553K	20x	as long as short
Aster METAUSDT	0.0000%	8h	742.38	−0.047%	$468K	$552K	20x	as long as short
Extended META_24_5-USD	0.0000%	1h	742.24	−0.065%	$549K	$2.7M	17x	as long as short
Binance METAUSDT	0.0000%	8h	742.54	−0.026%	$27.6M	$180.8M	20x	as long as short
Bybit METAUSDT	0.0000%	8h	742.33	−0.054%	$7.5M	$14.0M	100x	as long as short
OKX META-USDT-SWAP	0.0000%	8h	742.46	−0.036%	$6.0M	$13.5M	20x	as long as short
Gate META_USDT	0.0000%	8h	741.96	−0.104%	$364K	$5.7M	100x	as long as short
Bitget METAUSDT	0.0000%	8h	742.43	−0.040%	$5.3M	$11.7M	100x	as long as short
Variational Omni META	0.0000%	8h	742.05	−0.092%	$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	741.87	−0.116%	$12K	$440K	10x	as long as short
SunX META-USDT	0.0000%	8h	742.32	−0.055%	$992	$9.1M	20x	as long as short
Deribit META_USDC-PERPETUAL	0.0000%	1h	741.96	−0.104%	$31K	$245K	10x	as long as short
HTX META-USDT	0.0000%	8h	742.34	−0.053%	$106K	$296K	30x	as long as short
Phemex METAUSDT	0.0000%	4h	742.52	−0.028%	$2.0M	$8K	10x	as long as short
Lighter RH META	+0.0032%	1h	742.82	+0.012%	$770K	$3.0M	20x	as long as short
QFEX META-USD	+0.0036%	1h	742.38	−0.047%	$2.2M	$13.7M	10x	as long as short
Arcus META-USD	+0.0040%	1h	741.77	−0.129%	$110K	$330K	10x	as long as short
Vest META-USD-PERP	+0.0046%	1h	742.64	−0.012%	—	$10K	25x	as long as short
Popdex METAUSDT	+0.0048%	1h	742.32	−0.055%	$179K	$199K	20x	as long as short
Polymarket Perps META-USD	+0.0050%	1h	742.08	−0.088%	$584K	$565K	10x	as long as short
SoDEX META-USD	+0.0050%	1h	742.51	−0.030%	$24K	$3K	10x	as long as short
Ondo Perps META-USD.P	+0.0050%	1h	741.67	−0.143%	$764K	$4.4M	10x	as long as short
Paradex META-USD-PERP	+0.0066%	8h	742.26	−0.064%	—	—	5x	as long as short
Aftermath Perps METAUSD	+0.0081%	1h	742.50	−0.032%	$51K	$82K	10x	as long as short
KuCoin METAUSDTM	+0.0100%	8h	742.44	−0.039%	$1.6M	$547K	20x	as long as short
ApeX Omni METAUSDT	+0.0100%	1h	741.10	−0.219%	$166K	$71K	50x	as long as short
Orderly PERP_META_USDC_mythosshort	+0.0100%	8h	742.49	−0.032%	$1K	$24	10x
Aevo META-PERP	+0.0104%	1h	742.34	−0.053%	$267	—	10x	as long as short
Coinbase International META-PERP-INTX	+0.0104%	1h	741.90	−0.112%	$625K	$7.2M	10x	as long as short
Hotstuff META-PERP	+0.0168%	1h	742.49	−0.032%	$33K	$105	20x	as long as short
Injective META/USDC PERP	+0.0220%	1h	741.60	−0.152%	$171K	$48K	30x	as long as short
Lighter METAlong	+0.0256%	1h	742.73	long leg	$858K	$2.4M	20x
tradeXYZ xyz:META	+0.0292%	1h	742.57	−0.022%	$69.6M	$120.3M	20x	as long as short
Phoenix META	+0.0591%	1h	742.78	+0.007%	$678K	$1.2M	20x	as long as short
edgeX METAUSDC	+0.0626%	4h	741.97	−0.102%	$62K	$336K	10x	as long as short