Funding arb · Price arb /

META

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0025%/8h= +2.8% APRpaid last 24h +0.006%

Price spread now: QFEX against OKX−0.022%54s7-day average −0.025% · you buy dearer than you sell

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

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$340.337% of the position

Long on OKX Short on QFEX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.011%+$1 on $10k

Price spread, last 7 days+0.029%+$3 · spread now −0.022%, 7d avg −0.025%

Together, before fees+0.040%+$4 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.025%, so right now this pair is about funding alone: +$1 a day on $10k at the current rate. The two prices were read 54 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX META-USDT-SWAP	741.10	0	get 0.0000% / 8h	5h 58m	$5.9M	$13.3M	20x
Short	QFEX META-USD	740.94	0.0025	get 0.0003% / 1h	58m 46s	$2.1M	$13.7M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

QFEX 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 QFEXbpOrdersPrice spread, now −0.022%Rate

Funding earned: $5.31
Price spread: −0.022% → −0.025%: $0.32
Slippage, 4 orders: −$13.71
Fee OKX: 5 bp × 2 orders: −$10
Fee QFEX: 5 bp × 2 orders: −$10
Net: −$28.08
Costs to cover: 0.337%
Break-even: 44.0 days

Slippage from OKX: live order book, 4 min ago; QFEX: live order book, 5 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, 4 min ago	0.07 bp	10.8 bp −$11	20.4 bp −$204	doesn't fit	doesn't fit
Sell QFEX live order book, 5 min ago	1.62 bp	6.6 bp −$7	7.5 bp −$75	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
Aster METAUSDT	0.0000%	8h	740.96	−0.019%	$466K	$549K	20x	as long as short
Extended META_24_5-USD	0.0000%	1h	740.96	−0.019%	$548K	$2.7M	17x	as long as short
Binance METAUSDT	0.0000%	8h	741.09	−0.001%	$27.3M	$178.9M	20x	as long as short
Bybit METAUSDT	0.0000%	8h	740.67	−0.058%	$7.5M	$13.7M	100x	as long as short
OKX META-USDT-SWAPlong	0.0000%	8h	741.10	long leg	$5.9M	$13.3M	20x
Gate META_USDT	0.0000%	8h	740.78	−0.043%	$355K	$5.6M	100x	as long as short
Bitget METAUSDT	0.0000%	8h	741.18	+0.011%	$5.4M	$11.3M	100x	as long as short
Variational Omni META	0.0000%	8h	740.45	−0.088%	$2.3M	$3.1M	—	as long as short
GRVT META_USDT_Perp	0.0000%	8h	740.44	−0.089%	$12K	$431K	10x	as long as short
SunX META-USDT	0.0000%	8h	740.86	−0.032%	$1K	$9.1M	20x	as long as short

Show all 35 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Deribit META_USDC-PERPETUAL	0.0000%	1h	740.46	−0.086%	$31K	$244K	10x	as long as short
HTX META-USDT	0.0000%	8h	740.88	−0.030%	$105K	$296K	30x	as long as short
Phemex METAUSDT	0.0000%	4h	741.00	−0.013%	$2.0M	$8K	10x	as long as short
QFEX META-USDshort	+0.0025%	1h	740.94	−0.022%	$2.1M	$13.7M	10x
Nado META-PERP	+0.0030%	1h	739.96	−0.154%	$478K	$548K	20x	as long as short
Lighter RH META	+0.0032%	1h	741.05	−0.007%	$762K	$3.0M	20x	as long as short
Arcus META-USD	+0.0040%	1h	740.08	−0.138%	$110K	$330K	10x	as long as short
Vest META-USD-PERP	+0.0046%	1h	741.03	−0.009%	—	$10K	25x	as long as short
Polymarket Perps META-USD	+0.0050%	1h	740.80	−0.040%	$558K	$547K	10x	as long as short
SoDEX META-USD	+0.0050%	1h	740.73	−0.050%	$24K	$3K	10x	as long as short
Ondo Perps META-USD.P	+0.0050%	1h	740.11	−0.134%	$697K	$4.2M	10x	as long as short
Paradex META-USD-PERP	+0.0055%	8h	740.72	−0.051%	—	—	5x	as long as short
Aftermath Perps METAUSD	+0.0070%	1h	741.03	−0.009%	$49K	$82K	10x	as long as short
Coinbase International META-PERP-INTX	+0.0096%	1h	740.37	−0.099%	$610K	$7.1M	10x	as long as short
KuCoin METAUSDTM	+0.0100%	8h	740.70	−0.054%	$1.6M	$500K	20x	as long as short
ApeX Omni METAUSDT	+0.0100%	1h	739.95	−0.155%	$166K	$71K	50x	as long as short
Orderly PERP_META_USDC_mythos	+0.0100%	8h	740.95	−0.020%	$1K	$24	10x	as long as short
Aevo META-PERP	+0.0104%	1h	740.77	−0.044%	$267	—	10x	as long as short
edgeX METAUSDC	+0.0127%	4h	740.45	−0.088%	$62K	$337K	10x	as long as short
Hotstuff META-PERP	+0.0144%	1h	741.06	−0.005%	$33K	$105	20x	as long as short
Injective META/USDC PERP	+0.0220%	1h	740.15	−0.128%	$171K	$48K	30x	as long as short
Lighter META	+0.0240%	1h	741.02	−0.011%	$860K	$2.4M	20x	as long as short
Popdex METAUSDT	+0.0296%	1h	741.08	−0.003%	$176K	$197K	20x	as long as short
Phoenix META	+0.0313%	1h	741.07	−0.004%	$473K	$978K	20x	as long as short
tradeXYZ xyz:META	+0.0352%	1h	740.95	−0.020%	$68.4M	$119.8M	20x	as long as short