Funding arb · Price arb /

META

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0050%/8h= −5.5% APRpaid last 24h +0.010%

Price spread now: Bybit against Ondo Perps+0.111%7-day average +0.065% · you sell dearer than you buy

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

Long on Ondo Perps Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.094%−$9 on $10k

Price spread, last 7 days−0.113%−$11 · spread now +0.111%, 7d avg +0.065%

Together, before fees−0.207%+ Points / potential airdropOndo Perps: Active · farm board−$21 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Bybit is 0.046% dearer against Ondo Perps than usual: you sell high and buy low (spread +0.111% now, against its 7-day average of +0.065%): +$5 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 3.0 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Ondo Perps META-USD.P	742.08	0.0050	pay 0.0006% / 1h	35m 58s	$803K	$4.6M	10x
Short	Bybit METAUSDT	742.90	0	get 0.0000% / 8h	2h 35m	$7.4M	$14.9M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Ondo Perps. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 Ondo PerpsbpFee BybitbpOrdersPrice spread, now +0.111%Rate

Funding earned: −$10.58
Price spread: +0.111% → +0.065%: $4.58
Slippage, 4 orders: no order book: not counted
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$22
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: Ondo Perps: no order-book sample; Bybit: live order book, 7 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 Ondo Perps no order-book sample	—	—	—	—	—
Sell Bybit live order book, 7 min ago	0.47 bp	10.2 bp −$10	16.9 bp −$169	doesn't fit	doesn't fit

Ondo Perps: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

META on 36 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	742.69	+0.082%	$331K	$1.1M	20x	as long as short
Aster METAUSDT	0.0000%	8h	743.22	+0.154%	$490K	$589K	20x	as long as short
Extended META_24_5-USD	0.0000%	1h	742.76	+0.091%	$544K	$2.7M	17x	as long as short
Binance METAUSDT	0.0000%	8h	742.95	+0.117%	$28.2M	$181.3M	20x	as long as short
Bybit METAUSDTshort	0.0000%	8h	742.90	+0.111%	$7.4M	$14.9M	100x
OKX META-USDT-SWAP	0.0000%	8h	742.58	+0.067%	$6.0M	$12.4M	20x	as long as short
Gate META_USDT	0.0000%	8h	742.52	+0.059%	$431K	$5.9M	100x	as long as short
Bitget METAUSDT	0.0000%	8h	742.85	+0.104%	$5.6M	$12.1M	100x	as long as short
Variational Omni META	0.0000%	8h	742.87	+0.106%	$2.4M	$3.2M	—	as long as short
GRVT META_USDT_Perp	0.0000%	8h	742.50	+0.057%	$12K	$447K	10x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX META-USDT	0.0000%	8h	742.87	+0.106%	$1K	$8.4M	20x	as long as short
Deribit META_USDC-PERPETUAL	0.0000%	1h	742.53	+0.061%	$33K	$262K	10x	as long as short
HTX META-USDT	0.0000%	8h	742.57	+0.066%	$106K	$305K	30x	as long as short
Phemex METAUSDT	0.0000%	4h	742.84	+0.102%	$2.0M	$8K	10x	as long as short
Arcus META-USD	+0.0040%	1h	742.67	+0.080%	$110K	$331K	10x	as long as short
Vest META-USD-PERP	+0.0046%	1h	743.13	+0.141%	—	$11K	25x	as long as short
QFEX META-USD	+0.0046%	1h	743.18	+0.148%	$2.2M	$13.8M	10x	as long as short
Lighter RH META	+0.0048%	1h	743.01	+0.125%	$768K	$2.9M	20x	as long as short
Polymarket Perps META-USD	+0.0050%	1h	742.65	+0.077%	$584K	$564K	10x	as long as short
SoDEX META-USD	+0.0050%	1h	742.67	+0.080%	$24K	$3K	10x	as long as short
Ondo Perps META-USD.Plong	+0.0050%	1h	742.08	long leg	$803K	$4.6M	10x
Nado META-PERP	+0.0060%	1h	742.43	+0.047%	$480K	$557K	20x	as long as short
Paradex META-USD-PERP	+0.0083%	8h	742.79	+0.095%	—	—	5x	as long as short
Aftermath Perps METAUSD	+0.0088%	1h	743.56	+0.200%	$51K	$81K	10x	as long as short
KuCoin METAUSDTM	+0.0100%	8h	743.21	+0.152%	$1.6M	$640K	20x	as long as short
ApeX Omni METAUSDT	+0.0100%	1h	741.61	−0.063%	$166K	$72K	50x	as long as short
Orderly PERP_META_USDC_mythos	+0.0100%	8h	742.88	+0.108%	$1K	$24	10x	as long as short
Aevo META-PERP	+0.0104%	1h	742.58	+0.067%	$267	—	10x	as long as short
Popdex METAUSDT	+0.0128%	1h	743.12	+0.140%	$178K	$200K	20x	as long as short
Coinbase International META-PERP-INTX	+0.0128%	1h	742.01	−0.009%	$669K	$7.6M	10x	as long as short
Injective META/USDC PERP	+0.0220%	1h	747.88	+0.782%	$172K	$46K	30x	as long as short
edgeX METAUSDC	+0.0353%	4h	742.57	+0.066%	$62K	$339K	10x	as long as short
Lighter META	+0.0368%	1h	743.01	+0.125%	$1.0M	$2.6M	20x	as long as short
Hotstuff META-PERP	+0.0408%	1h	742.78	+0.094%	$33K	$105	20x	as long as short
tradeXYZ xyz:META	+0.0489%	1h	743.24	+0.156%	$74.1M	$124.2M	20x	as long as short
Phoenix META	+0.0685%	1h	743.37	+0.174%	$794K	$1.4M	20x	as long as short