Funding arb · Price arb /

META

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0028%/8h= +3.1% APRpaid last 24h −0.011%

Price spread now: Coinbase International against Orderly−0.054%7-day average — · you buy dearer than you sell

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

Long on Orderly Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Funding pays, the price is against you. Coinbase International is 0.054% cheaper against Orderly than usual: you would sell low and buy high (spread −0.054% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$5 on $10k: about 6.4 days of funding at the current rate (+$1 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_META_USDC_mythos	744.62	0.0100	pay 0.0100% / 8h	3h 52m	$1K	$24	10x
Short	Coinbase International META-PERP-INTX	744.22	0.0128	get 0.0016% / 1h	52m 42s	$616K	$7.3M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against Orderly. 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 OrderlybpFee Coinbase InternationalbpOrdersPrice spread, now −0.054%Rate

Funding earned: $5.88
Price spread: −0.054% → 0.000%: −$5.37
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$15.49
Costs to cover: 0.160%
Break-even: 25.4 days

Slippage unknown: Orderly: no order-book sample; Coinbase International: live order book, 6 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 Orderly no order-book sample	—	—	—	—	—
Sell Coinbase International live order book, 6 min ago	2.96 bp	9.4 bp −$9	11.8 bp −$118	doesn't fit	doesn't fit

Orderly: 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	744.58	−0.005%	$329K	$1.1M	20x	as long as short
Nado META-PERP	−0.0016%	1h	743.97	−0.088%	$481K	$553K	20x	as long as short
Aster METAUSDT	0.0000%	8h	744.21	−0.055%	$469K	$553K	20x	as long as short
Extended META_24_5-USD	0.0000%	1h	744.05	−0.077%	$550K	$2.7M	17x	as long as short
Binance METAUSDT	0.0000%	8h	744.42	−0.027%	$28.4M	$183.0M	20x	as long as short
Bybit METAUSDT	0.0000%	8h	743.98	−0.086%	$7.7M	$14.3M	100x	as long as short
OKX META-USDT-SWAP	0.0000%	8h	744.10	−0.070%	$6.0M	$13.6M	20x	as long as short
Gate META_USDT	0.0000%	8h	744.06	−0.075%	$365K	$5.8M	100x	as long as short
Bitget METAUSDT	0.0000%	8h	744.43	−0.026%	$5.4M	$11.8M	100x	as long as short
Variational Omni META	0.0000%	8h	744.70	+0.011%	$2.4M	$3.2M	—	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT META_USDT_Perp	0.0000%	8h	744.96	+0.045%	$12K	$450K	10x	as long as short
SunX META-USDT	0.0000%	8h	744.52	−0.013%	$852	$9.1M	20x	as long as short
Deribit META_USDC-PERPETUAL	0.0000%	1h	743.96	−0.089%	$31K	$246K	10x	as long as short
HTX META-USDT	0.0000%	8h	744.45	−0.023%	$106K	$302K	30x	as long as short
Phemex METAUSDT	0.0000%	4h	744.84	+0.030%	$2.0M	$8K	10x	as long as short
edgeX METAUSDC	+0.0011%	4h	744.64	+0.003%	$62K	$337K	10x	as long as short
Lighter RH META	+0.0032%	1h	744.40	−0.030%	$781K	$2.9M	20x	as long as short
Arcus META-USD	+0.0040%	1h	744.21	−0.055%	$111K	$330K	10x	as long as short
Vest META-USD-PERP	+0.0046%	1h	744.65	+0.004%	—	$10K	25x	as long as short
Polymarket Perps META-USD	+0.0050%	1h	744.19	−0.058%	$586K	$565K	10x	as long as short
SoDEX META-USD	+0.0050%	1h	744.48	−0.019%	$25K	$3K	10x	as long as short
Ondo Perps META-USD.P	+0.0050%	1h	742.98	−0.220%	$819K	$4.6M	10x	as long as short
QFEX META-USD	+0.0058%	1h	743.80	−0.110%	$2.2M	$13.7M	10x	as long as short
Popdex METAUSDT	+0.0064%	1h	744.03	−0.079%	$179K	$199K	20x	as long as short
Aftermath Perps METAUSD	+0.0084%	1h	745.21	+0.079%	$52K	$82K	10x	as long as short
KuCoin METAUSDTM	+0.0100%	8h	744.46	−0.021%	$1.6M	$594K	20x	as long as short
ApeX Omni METAUSDT	+0.0100%	1h	743.73	−0.120%	$167K	$71K	50x	as long as short
Orderly PERP_META_USDC_mythoslong	+0.0100%	8h	744.62	long leg	$1K	$24	10x
Paradex META-USD-PERP	+0.0100%	8h	744.23	−0.053%	—	—	5x	as long as short
Aevo META-PERP	+0.0104%	1h	744.47	−0.021%	$268	—	10x	as long as short
Coinbase International META-PERP-INTXshort	+0.0128%	1h	744.22	−0.054%	$616K	$7.3M	10x
Injective META/USDC PERP	+0.0220%	1h	746.53	+0.257%	$172K	$48K	30x	as long as short
Hotstuff META-PERP	+0.0224%	1h	744.46	−0.021%	$33K	$105	20x	as long as short
Lighter META	+0.0264%	1h	744.54	−0.011%	$862K	$2.4M	20x	as long as short
tradeXYZ xyz:META	+0.0319%	1h	744.48	−0.019%	$69.9M	$120.9M	20x	as long as short
Phoenix META	+0.0633%	1h	745.49	+0.117%	$750K	$1.4M	20x	as long as short