Funding arb · Price arb /

META

RWAall META markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0048%/8h= +5.3% APRpaid last 24h +0.020%

Price spread now: Popdex against OKX+0.047%7-day average +0.012% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$26as in the Price arb table

costs, in and out, $10k−$290.295% of the position

Long on OKX Short on Popdex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.074%+$7 on $10k

Price spread, last 4 days (all we have)+0.232%+$23 · spread now +0.047%, 7d avg +0.012%

Together, before fees+0.306%+$31 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and Popdex is 0.035% dearer against OKX than usual: you sell high and buy low: +$3 more if the spread goes back to its 7-day average of +0.012%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX META-USDT-SWAP	741.80	0	get 0.0000% / 8h	7h 27m	$6.0M	$12.8M	20x
Short	Popdex METAUSDT	742.15	0.0048	get 0.0006% / 1h	27m 14s	$179K	$204K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Popdex 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 PopdexbpOrdersPrice spread, now +0.047%Rate

Funding earned: $10.08
Price spread: +0.047% → +0.012%: $3.49
Slippage, 4 orders: −$13.09
Fee OKX: 5 bp × 2 orders: −$10
Fee Popdex: 3.2 bp × 2 orders: −$6.4
Net: −$15.91
Costs to cover: 0.295%
Break-even: 18.1 days

Slippage from OKX: live order book, 1 min ago; Popdex: 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, 1 min ago	2.02 bp	9.9 bp −$10	19.5 bp −$195	doesn't fit	doesn't fit
Sell Popdex live order book, 6 min ago	0.67 bp	4.9 bp −$5	8.2 bp −$82	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	742.10	+0.040%	$335K	$1.1M	20x	as long as short
Nado META-PERP	−0.0009%	1h	742.06	+0.035%	$477K	$560K	20x	as long as short
Aster METAUSDT	0.0000%	8h	743.00	+0.162%	$487K	$603K	20x	as long as short
Extended META_24_5-USD	0.0000%	1h	741.90	+0.013%	$544K	$3.4M	17x	as long as short
Binance METAUSDT	0.0000%	8h	742.00	+0.027%	$25.9M	$191.2M	20x	as long as short
Bybit METAUSDT	0.0000%	8h	741.82	+0.003%	$7.5M	$15.6M	100x	as long as short
OKX META-USDT-SWAPlong	0.0000%	8h	741.80	long leg	$6.0M	$12.8M	20x
Gate META_USDT	0.0000%	8h	741.67	−0.018%	$481K	$6.3M	100x	as long as short
Bitget METAUSDT	0.0000%	8h	741.91	+0.015%	$5.7M	$12.2M	100x	as long as short
Variational Omni META	0.0000%	8h	743.94	+0.289%	$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	744.00	+0.296%	$12K	$437K	10x	as long as short
SunX META-USDT	0.0000%	8h	742.18	+0.051%	$827	$7.7M	20x	as long as short
Deribit META_USDC-PERPETUAL	0.0000%	1h	741.68	−0.016%	$43K	$269K	10x	as long as short
HTX META-USDT	0.0000%	8h	741.83	+0.004%	$107K	$300K	30x	as long as short
Phemex METAUSDT	0.0000%	4h	742.68	+0.119%	$2.0M	$8K	10x	as long as short
Lighter RH META	+0.0032%	1h	742.18	+0.051%	$792K	$2.9M	20x	as long as short
QFEX META-USD	+0.0036%	1h	742.14	+0.046%	$2.2M	$14.1M	10x	as long as short
Arcus META-USD	+0.0040%	1h	742.09	+0.039%	$111K	$337K	10x	as long as short
Vest META-USD-PERP	+0.0046%	1h	742.67	+0.117%	—	$12K	25x	as long as short
Popdex METAUSDTshort	+0.0048%	1h	742.15	+0.047%	$179K	$204K	20x
Polymarket Perps META-USD	+0.0050%	1h	741.65	−0.020%	$564K	$619K	10x	as long as short
SoDEX META-USD	+0.0050%	1h	742.07	+0.036%	$24K	$3K	10x	as long as short
Ondo Perps META-USD.P	+0.0050%	1h	741.85	+0.007%	$742K	$5.0M	10x	as long as short
Paradex META-USD-PERP	+0.0055%	8h	742.06	+0.034%	—	—	5x	as long as short
Aftermath Perps METAUSD	+0.0079%	1h	742.93	+0.152%	$51K	$93K	10x	as long as short
Pacifica META	+0.0100%	1h	742.29	+0.066%	$606	$2K	10x	as long as short
KuCoin METAUSDTM	+0.0100%	8h	742.33	+0.071%	$1.6M	$771K	20x	as long as short
ApeX Omni METAUSDT	+0.0100%	1h	743.23	+0.193%	$166K	$71K	50x	as long as short
Orderly PERP_META_USDC_mythos	+0.0100%	8h	742.58	+0.105%	$1K	$24	10x	as long as short
Aevo META-PERP	+0.0104%	1h	742.38	+0.078%	$267	—	10x	as long as short
Coinbase International META-PERP-INTX	+0.0120%	1h	742.49	+0.093%	$640K	$7.9M	10x	as long as short
Injective META/USDC PERP	+0.0220%	1h	745.70	+0.526%	$176K	$52K	30x	as long as short
Lighter META	+0.0280%	1h	742.33	+0.071%	$1.2M	$2.9M	20x	as long as short
Hotstuff META-PERP	+0.0288%	1h	742.58	+0.105%	$33K	$105	20x	as long as short
tradeXYZ xyz:META	+0.0297%	1h	742.13	+0.044%	$84.5M	$133.4M	20x	as long as short
edgeX METAUSDC	+0.0672%	4h	743.87	+0.279%	$63K	$348K	10x	as long as short
Phoenix META	+0.0791%	1h	744.68	+0.388%	$795K	$1.5M	20x	as long as short