Funding arb · Price arb /

META

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0288%/8h= −31.5% APRpaid last 24h −0.056%

Price spread now: Variational Omni against Lighter−0.075%7-day average +0.024% · you buy dearer than you sell

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

Long on Lighter Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.071%−$7 on $10k

Price spread, last 7 days+0.105%+$10 · spread now −0.075%, 7d avg +0.024%

Together, before fees+0.033%+ Points / potential airdropLighter: Season 3 · Variational Omni: Active · farm board+$3 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$9 a day on $10k at the current rate, and Variational Omni is 0.099% cheaper against Lighter than usual: you would sell low and buy high (−$10 if the spread goes back to its 7-day average of +0.024%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid -0.071% in total (about -7.0% 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	745.44	0.0288	pay 0.0036% / 1h	3m 17s	$1.2M	$2.9M	20x
Short	Variational Omni META	744.88	0	get 0.0000% / 8h	7h 03m	$2.5M	$3.0M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni 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 Variational OmnibpOrdersPrice spread, now −0.075%Rate

Funding earned: −$60.48
Price spread: −0.075% → +0.024%: −$9.89
Slippage, 4 orders: no order book: not counted
Fee Lighter: 0 bp × 2 orders: $0
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$70.37
Costs to cover: 0.000%
Break-even: never at this rate

Slippage unknown: Lighter: live order book, 4 min ago; Variational Omni: RFQ quote, 1 min ago. 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, 4 min ago	0.67 bp	0.7 bp −$1	1.5 bp −$15	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 1 min ago	2.46 bp	doesn't fit	8.7 bp −$87	doesn't fit	doesn't fit

META on 37 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	745.21	−0.031%	$334K	$1.1M	20x	as long as short
Aster METAUSDT	0.0000%	8h	744.80	−0.086%	$490K	$623K	20x	as long as short
Extended META_24_5-USD	0.0000%	1h	744.92	−0.070%	$546K	$3.4M	17x	as long as short
Binance METAUSDT	0.0000%	8h	745.12	−0.043%	$25.9M	$191.7M	20x	as long as short
Bybit METAUSDT	0.0000%	8h	745.46	+0.003%	$7.7M	$15.8M	100x	as long as short
OKX META-USDT-SWAP	0.0000%	8h	745.17	−0.036%	$6.1M	$12.9M	20x	as long as short
Gate META_USDT	0.0000%	8h	744.69	−0.101%	$442K	$6.4M	100x	as long as short
Bitget METAUSDT	0.0000%	8h	745.06	−0.051%	$5.7M	$12.2M	100x	as long as short
Variational Omni METAshort	0.0000%	8h	744.88	−0.075%	$2.5M	$3.0M	—
GRVT META_USDT_Perp	0.0000%	8h	745.10	−0.046%	$12K	$437K	10x	as long as short

Show all 37 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX META-USDT	0.0000%	8h	745.06	−0.051%	$1K	$7.6M	20x	as long as short
Deribit META_USDC-PERPETUAL	0.0000%	1h	744.74	−0.094%	$36K	$270K	10x	as long as short
HTX META-USDT	0.0000%	8h	744.84	−0.080%	$108K	$300K	30x	as long as short
Phemex METAUSDT	0.0000%	4h	745.09	−0.047%	$2.0M	$8K	10x	as long as short
Nado META-PERP	+0.0008%	1h	744.75	−0.093%	$479K	$559K	20x	as long as short
Lighter RH META	+0.0032%	1h	745.24	−0.027%	$790K	$3.0M	20x	as long as short
QFEX META-USD	+0.0036%	1h	745.02	−0.056%	$2.2M	$14.1M	10x	as long as short
Arcus META-USD	+0.0040%	1h	744.71	−0.098%	$111K	$337K	10x	as long as short
Vest META-USD-PERP	+0.0046%	1h	745.37	−0.009%	—	$12K	25x	as long as short
Popdex METAUSDT	+0.0048%	1h	745.04	−0.054%	$180K	$204K	20x	as long as short
Polymarket Perps META-USD	+0.0050%	1h	744.80	−0.086%	$566K	$618K	10x	as long as short
SoDEX META-USD	+0.0050%	1h	745.20	−0.032%	$25K	$3K	10x	as long as short
Ondo Perps META-USD.P	+0.0050%	1h	744.28	−0.156%	$719K	$5.0M	10x	as long as short
Paradex META-USD-PERP	+0.0059%	8h	745.04	−0.053%	—	—	5x	as long as short
Aftermath Perps METAUSD	+0.0077%	1h	745.51	+0.010%	$51K	$91K	10x	as long as short
Pacifica META	+0.0100%	1h	744.44	−0.134%	$612	$2K	10x	as long as short
KuCoin METAUSDTM	+0.0100%	8h	744.91	−0.071%	$1.6M	$793K	20x	as long as short
ApeX Omni METAUSDT	+0.0100%	1h	744.32	−0.150%	$167K	$71K	50x	as long as short
Orderly PERP_META_USDC_mythos	+0.0100%	8h	745.16	−0.038%	$1K	$24	10x	as long as short
Aevo META-PERP	+0.0104%	1h	744.94	−0.068%	$268	—	10x	as long as short
Coinbase International META-PERP-INTX	+0.0120%	1h	744.19	−0.168%	$642K	$8.0M	10x	as long as short
Hotstuff META-PERP	+0.0216%	1h	745.24	−0.027%	$33K	$105	20x	as long as short
Injective META/USDC PERP	+0.0220%	1h	744.78	−0.089%	$176K	$52K	30x	as long as short
Lighter METAlong	+0.0288%	1h	745.44	long leg	$1.2M	$2.9M	20x
tradeXYZ xyz:META	+0.0298%	1h	745.30	−0.019%	$86.1M	$134.4M	20x	as long as short
edgeX METAUSDC	+0.0510%	4h	745.00	−0.059%	$63K	$348K	10x	as long as short
Phoenix META	+0.0791%	1h	746.00	+0.075%	$796K	$1.5M	20x	as long as short