Funding arb · Price arb /

META

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0216%/8h= −23.7% APRpaid last 24h −0.037%

Price spread now: Phemex against Lighter+0.003%7-day average +0.050% · you sell dearer than you buy

Net, funding: paid 7d − costs−$92as in the Funding arb table

Net, price: spread back to 7d avg − costs−$84as in the Price arb table

costs, in and out, $10k−$790.794% of the position

Long on Lighter Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.131%−$13 on $10k

Price spread, last 3 days (all we have)+0.144%+$14 · spread now +0.003%, 7d avg +0.050%

Together, before fees+0.014%+ Points / potential airdropLighter: Season 3 · farm board+$1 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$6 a day on $10k at the current rate, and Phemex is 0.047% cheaper against Lighter than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of +0.050%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.131% in total (about -6.8% 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	741.61	0.0216	pay 0.0027% / 1h	22m 31s	$856K	$2.6M	20x
Short	Phemex METAUSDT	741.63	0	get 0.0000% / 4h	22m 31s	$2.0M	$7K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now +0.003%Rate

Funding earned: −$45.36
Price spread: +0.003% → +0.050%: −$4.75
Slippage, 4 orders: −$67.36
Fee Lighter: 0 bp × 2 orders: $0
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$129.47
Costs to cover: 0.794%
Break-even: never at this rate

Slippage from Lighter: live order book, 4 min ago; Phemex: live order book, 1 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, 4 min ago	0.67 bp	0.8 bp −$1	1.4 bp −$14	doesn't fit	doesn't fit
Sell Phemex live order book, 1 min ago	1.42 bp	36.9 bp −$37	doesn't fit	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	741.63	+0.003%	$330K	$1.1M	20x	as long as short
Nado META-PERP	−0.0019%	1h	740.88	−0.099%	$389K	$330K	20x	as long as short
Aster METAUSDT	0.0000%	8h	741.42	−0.025%	$456K	$540K	20x	as long as short
Extended META_24_5-USD	0.0000%	1h	741.33	−0.038%	$549K	$1.6M	17x	as long as short
Binance METAUSDT	0.0000%	8h	741.45	−0.022%	$27.3M	$179.8M	20x	as long as short
Bybit METAUSDT	0.0000%	8h	741.39	−0.030%	$7.5M	$14.0M	100x	as long as short
OKX META-USDT-SWAP	0.0000%	8h	741.43	−0.024%	$6.0M	$13.2M	20x	as long as short
Gate META_USDT	0.0000%	8h	740.96	−0.088%	$345K	$5.5M	100x	as long as short
Bitget METAUSDT	0.0000%	8h	741.35	−0.035%	$5.6M	$11.4M	100x	as long as short
Variational Omni META	0.0000%	8h	741.73	+0.016%	$2.3M	$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	741.75	+0.019%	$13K	$481K	10x	as long as short
SunX META-USDT	0.0000%	8h	741.38	−0.031%	$827	$9.5M	20x	as long as short
HTX META-USDT	0.0000%	8h	741.30	−0.042%	$107K	$285K	30x	as long as short
Phemex METAUSDTshort	0.0000%	4h	741.63	+0.003%	$2.0M	$7K	10x
QFEX META-USD	+0.0027%	1h	741.36	−0.034%	$2.2M	$14.3M	10x	as long as short
Lighter RH META	+0.0032%	1h	741.58	−0.004%	$755K	$3.2M	20x	as long as short
Arcus META-USD	+0.0040%	1h	741.01	−0.081%	$110K	$454K	10x	as long as short
Vest META-USD-PERP	+0.0046%	1h	741.47	−0.019%	—	$11K	25x	as long as short
Popdex METAUSDT	+0.0048%	1h	741.37	−0.032%	$178K	$209K	20x	as long as short
Polymarket Perps META-USD	+0.0050%	1h	741.37	−0.032%	$550K	$849K	10x	as long as short
SoDEX META-USD	+0.0050%	1h	741.46	−0.020%	$24K	$3K	10x	as long as short
Ondo Perps META-USD.P	+0.0050%	1h	740.99	−0.084%	$760K	$4.3M	10x	as long as short
Paradex META-USD-PERP	+0.0052%	8h	741.13	−0.065%	—	—	5x	as long as short
Aftermath Perps METAUSD	+0.0069%	1h	742.05	+0.059%	$50K	$76K	10x	as long as short
Coinbase International META-PERP-INTX	+0.0096%	1h	741.37	−0.032%	$608K	$7.4M	10x	as long as short
KuCoin METAUSDTM	+0.0100%	8h	741.51	−0.013%	$1.6M	$392K	20x	as long as short
ApeX Omni METAUSDT	+0.0100%	1h	741.20	−0.055%	$166K	$74K	50x	as long as short
Orderly PERP_META_USDC_mythos	+0.0100%	8h	741.47	−0.019%	$1K	$24	10x	as long as short
Aevo META-PERP	+0.0104%	1h	741.34	−0.037%	$267	—	10x	as long as short
Phoenix META	+0.0129%	1h	741.53	−0.011%	$291K	$797K	20x	as long as short
Hotstuff META-PERP	+0.0160%	1h	741.45	−0.022%	$33K	$105	20x	as long as short
Lighter METAlong	+0.0216%	1h	741.61	long leg	$856K	$2.6M	20x
Injective META/USDC PERP	+0.0220%	1h	743.72	+0.285%	$169K	$46K	30x	as long as short
tradeXYZ xyz:META	+0.0256%	1h	741.38	−0.031%	$67.7M	$122.7M	20x	as long as short
Deribit META_USDC-PERPETUAL	+0.0263%	1h	741.30	−0.042%	$30K	$258K	10x	as long as short
edgeX METAUSDC	+0.0427%	4h	741.63	+0.002%	$62K	$332K	10x	as long as short