Funding arb · Price arb /

META

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0280%/8h= +30.7% APRpaid last 24h +0.056%

Price spread now: Lighter against OKX+0.040%7-day average −0.026% · you sell dearer than you buy

Net, funding: paid 7d − costs−$5as in the Funding arb table

Net, price: spread back to 7d avg − costs−$14as in the Price arb table

costs, in and out, $10k−$200.202% of the position

Long on OKX Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.150%+$15 on $10k

Price spread, last 7 days−0.072%−$7 · spread now +0.040%, 7d avg −0.026%

Together, before fees+0.077%+ Points / potential airdropLighter: Season 3 · farm board+$8 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$8 a day on $10k at the current rate, and Lighter is 0.066% dearer against OKX than usual: you sell high and buy low: +$7 more if the spread goes back to its 7-day average of −0.026%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.150% in total (about 7.8% 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	OKX META-USDT-SWAP	743.83	0	get 0.0000% / 8h	7h 33m	$6.1M	$12.9M	20x
Short	Lighter META	744.13	0.0280	get 0.0035% / 1h	33m 40s	$1.2M	$2.9M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter 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 LighterbpOrdersPrice spread, now +0.040%Rate

Funding earned: $58.8
Price spread: +0.040% → −0.026%: $6.6
Slippage, 4 orders: −$10.24
Fee OKX: 5 bp × 2 orders: −$10
Fee Lighter: 0 bp × 2 orders: $0
Net: $45.16
Costs to cover: 0.202%
Break-even: 1.6 days

Slippage from OKX: live order book, 5 min ago; Lighter: live order book, 4 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	0.07 bp	7.6 bp −$8	21.1 bp −$211	doesn't fit	doesn't fit
Sell Lighter live order book, 4 min ago	0.34 bp	1.2 bp −$1	2.6 bp −$26	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	743.30	−0.071%	$334K	$1.1M	20x	as long as short
Nado META-PERP	−0.0017%	1h	743.80	−0.004%	$478K	$562K	20x	as long as short
Aster METAUSDT	0.0000%	8h	744.61	+0.105%	$488K	$603K	20x	as long as short
Extended META_24_5-USD	0.0000%	1h	743.71	−0.017%	$547K	$3.4M	17x	as long as short
Binance METAUSDT	0.0000%	8h	743.90	+0.009%	$25.9M	$191.2M	20x	as long as short
Bybit METAUSDT	0.0000%	8h	743.80	−0.004%	$7.4M	$15.5M	100x	as long as short
OKX META-USDT-SWAPlong	0.0000%	8h	743.83	long leg	$6.1M	$12.9M	20x
Gate META_USDT	0.0000%	8h	743.48	−0.047%	$476K	$6.3M	100x	as long as short
Bitget METAUSDT	0.0000%	8h	743.75	−0.011%	$5.7M	$12.3M	100x	as long as short
Variational Omni META	0.0000%	8h	743.29	−0.072%	$2.5M	$3.0M	—	as long as short

Show all 37 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT META_USDT_Perp	0.0000%	8h	743.50	−0.044%	$12K	$438K	10x	as long as short
SunX META-USDT	0.0000%	8h	744.07	+0.032%	$1K	$7.8M	20x	as long as short
Deribit META_USDC-PERPETUAL	0.0000%	1h	743.49	−0.046%	$44K	$287K	10x	as long as short
HTX META-USDT	0.0000%	8h	743.75	−0.011%	$108K	$301K	30x	as long as short
Phemex METAUSDT	0.0000%	4h	743.96	+0.017%	$2.0M	$8K	10x	as long as short
Lighter RH META	+0.0032%	1h	743.94	+0.015%	$794K	$2.9M	20x	as long as short
QFEX META-USD	+0.0036%	1h	744.01	+0.024%	$2.2M	$14.1M	10x	as long as short
Arcus META-USD	+0.0040%	1h	743.51	−0.043%	$112K	$337K	10x	as long as short
Vest META-USD-PERP	+0.0046%	1h	744.23	+0.054%	—	$12K	25x	as long as short
Popdex METAUSDT	+0.0048%	1h	743.93	+0.013%	$180K	$204K	20x	as long as short
Polymarket Perps META-USD	+0.0050%	1h	743.69	−0.019%	$566K	$619K	10x	as long as short
SoDEX META-USD	+0.0050%	1h	743.71	−0.016%	$24K	$3K	10x	as long as short
Ondo Perps META-USD.P	+0.0050%	1h	743.26	−0.077%	$722K	$5.0M	10x	as long as short
Paradex META-USD-PERP	+0.0056%	8h	743.82	−0.001%	—	—	5x	as long as short
edgeX METAUSDC	+0.0079%	4h	743.33	−0.068%	$63K	$346K	10x	as long as short
Aftermath Perps METAUSD	+0.0080%	1h	743.92	+0.012%	$51K	$93K	10x	as long as short
Pacifica META	+0.0100%	1h	743.92	+0.012%	$626	$1K	10x	as long as short
KuCoin METAUSDTM	+0.0100%	8h	743.86	+0.004%	$1.6M	$764K	20x	as long as short
ApeX Omni METAUSDT	+0.0100%	1h	742.58	−0.168%	$166K	$71K	50x	as long as short
Orderly PERP_META_USDC_mythos	+0.0100%	8h	743.84	+0.001%	$1K	$24	10x	as long as short
Aevo META-PERP	+0.0104%	1h	743.60	−0.031%	$268	—	10x	as long as short
Coinbase International META-PERP-INTX	+0.0120%	1h	742.98	−0.114%	$635K	$7.9M	10x	as long as short
Injective META/USDC PERP	+0.0220%	1h	745.70	+0.251%	$176K	$52K	30x	as long as short
tradeXYZ xyz:META	+0.0279%	1h	744.06	+0.031%	$84.5M	$132.9M	20x	as long as short
Lighter METAshort	+0.0280%	1h	744.13	+0.040%	$1.2M	$2.9M	20x
Hotstuff META-PERP	+0.0288%	1h	743.49	−0.046%	$33K	$105	20x	as long as short
Phoenix META	+0.0791%	1h	744.37	+0.073%	$795K	$1.5M	20x	as long as short