Funding arb · Price arb /

META

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0104%/8h= +11.4% APRpaid last 24h +0.004%

Price spread now: Coinbase International against OKX+0.030%7-day average −0.098% · you sell dearer than you buy

Net, funding: paid 7d − costs−$43as in the Funding arb table

Net, price: spread back to 7d avg − costs−$23as in the Price arb table

costs, in and out, $10k−$360.359% of the position

Long on OKX Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days−0.071%−$7 on $10k

Price spread, last 3 days (all we have)−0.045%−$4 · spread now +0.030%, 7d avg −0.098%

Together, before fees−0.116%−$12 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and Coinbase International is 0.127% dearer against OKX than usual: you sell high and buy low: +$13 more if the spread goes back to its 7-day average of −0.098%. Mind the row above: over the last 7 days funding on this pair cost −0.071%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX META-USDT-SWAP	740.44	0	get 0.0000% / 8h	6h 03m	$5.9M	$13.3M	20x
Short	Coinbase International META-PERP-INTX	740.66	0.0104	get 0.0013% / 1h	3m 30s	$609K	$7.1M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against OKX. 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 OKXbpFee Coinbase InternationalbpOrdersPrice spread, now +0.030%Rate

Funding earned: $21.84
Price spread: +0.030% → −0.098%: $12.75
Slippage, 4 orders: −$15.92
Fee OKX: 5 bp × 2 orders: −$10
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$1.33
Costs to cover: 0.359%
Break-even: 7.4 days

Slippage from OKX: live order book, 5 min ago; Coinbase International: live order book, 6 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 OKX live order book, 5 min ago	1.22 bp	8.5 bp −$9	19.7 bp −$197	doesn't fit	doesn't fit
Sell Coinbase International live order book, 6 min ago	2.50 bp	8.1 bp −$8	10.2 bp −$102	doesn't fit	doesn't fit

META on 35 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
Nado META-PERP	−0.0114%	1h	740.17	−0.037%	$478K	$549K	20x	as long as short
Aster METAUSDT	0.0000%	8h	740.80	+0.049%	$466K	$549K	20x	as long as short
Extended META_24_5-USD	0.0000%	1h	740.29	−0.020%	$547K	$2.7M	17x	as long as short
Binance METAUSDT	0.0000%	8h	740.34	−0.014%	$27.3M	$178.8M	20x	as long as short
Bybit METAUSDT	0.0000%	8h	740.35	−0.012%	$7.5M	$13.7M	100x	as long as short
OKX META-USDT-SWAPlong	0.0000%	8h	740.44	long leg	$5.9M	$13.3M	20x
Gate META_USDT	0.0000%	8h	740.11	−0.045%	$354K	$5.6M	100x	as long as short
Bitget METAUSDT	0.0000%	8h	740.42	−0.003%	$5.5M	$11.3M	100x	as long as short
Variational Omni META	0.0000%	8h	740.47	+0.003%	$2.3M	$3.1M	—	as long as short
GRVT META_USDT_Perp	0.0000%	8h	740.46	+0.003%	$12K	$432K	10x	as long as short

Show all 35 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX META-USDT	0.0000%	8h	740.31	−0.018%	$890	$9.1M	20x	as long as short
Deribit META_USDC-PERPETUAL	0.0000%	1h	739.90	−0.073%	$31K	$244K	10x	as long as short
HTX META-USDT	0.0000%	8h	740.19	−0.034%	$105K	$296K	30x	as long as short
Phemex METAUSDT	0.0000%	4h	740.44	0.000%	$2.0M	$8K	10x	as long as short
QFEX META-USD	+0.0025%	1h	740.40	−0.005%	$2.2M	$13.7M	10x	as long as short
Lighter RH META	+0.0032%	1h	740.60	+0.022%	$761K	$3.0M	20x	as long as short
Arcus META-USD	+0.0040%	1h	740.00	−0.059%	$110K	$330K	10x	as long as short
Vest META-USD-PERP	+0.0046%	1h	740.58	+0.019%	—	$11K	25x	as long as short
Popdex METAUSDT	+0.0048%	1h	740.43	−0.001%	$176K	$197K	20x	as long as short
Polymarket Perps META-USD	+0.0050%	1h	740.22	−0.030%	$558K	$547K	10x	as long as short
SoDEX META-USD	+0.0050%	1h	740.44	0.000%	$24K	$3K	10x	as long as short
Ondo Perps META-USD.P	+0.0050%	1h	739.94	−0.068%	$697K	$4.2M	10x	as long as short
Paradex META-USD-PERP	+0.0055%	8h	740.35	−0.012%	—	—	5x	as long as short
Aftermath Perps METAUSD	+0.0070%	1h	740.87	+0.057%	$49K	$82K	10x	as long as short
KuCoin METAUSDTM	+0.0100%	8h	740.48	+0.005%	$1.6M	$496K	20x	as long as short
ApeX Omni METAUSDT	+0.0100%	1h	739.73	−0.096%	$166K	$71K	50x	as long as short
Orderly PERP_META_USDC_mythos	+0.0100%	8h	740.46	+0.003%	$1K	$24	10x	as long as short
Aevo META-PERP	+0.0104%	1h	740.27	−0.023%	$266	—	10x	as long as short
Coinbase International META-PERP-INTXshort	+0.0104%	1h	740.66	+0.030%	$609K	$7.1M	10x
Hotstuff META-PERP	+0.0128%	1h	740.44	0.000%	$33K	$105	20x	as long as short
Lighter META	+0.0144%	1h	740.58	+0.019%	$860K	$2.4M	20x	as long as short
Injective META/USDC PERP	+0.0220%	1h	742.18	+0.235%	$171K	$48K	30x	as long as short
tradeXYZ xyz:META	+0.0241%	1h	740.44	0.000%	$68.3M	$119.7M	20x	as long as short
Phoenix META	+0.0313%	1h	741.05	+0.082%	$460K	$1.1M	20x	as long as short
edgeX METAUSDC	+0.0925%	4h	740.30	−0.019%	$62K	$335K	10x	as long as short