Funding arb · Price arb /

META

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0360%/8h= −39.4% APRpaid last 24h −0.027%

Price spread now: Deribit against Orderly−0.064%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 Deribit

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

Both sides work against this trade now: funding costs −$11 a day on $10k at the current rate, and Deribit is 0.064% cheaper against Orderly than usual: you would sell low and buy high (−$6 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_META_USDC_mythos	744.82	0.0100	pay 0.0100% / 8h	1h 32m	$1K	$24	10x
Short	Deribit META_USDC-PERPETUAL	744.34	−0.0260	pay 0.0033% / 1h	32m 01s	$34K	$275K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now −0.064%Rate

Funding earned: −$75.65
Price spread: −0.064% → 0.000%: −$6.44
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$95.1
Costs to cover: 0.130%
Break-even: never at this rate

Slippage unknown: Orderly: no order-book sample; Deribit: live order book, 11 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 Deribit live order book, 11 min ago	0.07 bp	7.3 bp −$7	11.4 bp −$114	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 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
Deribit META_USDC-PERPETUALshort	−0.0260%	1h	744.34	−0.064%	$34K	$275K	10x
BloFin META-USDT	−0.0120%	8h	744.93	+0.015%	$333K	$1.1M	20x	as long as short
Nado META-PERP	−0.0035%	1h	744.77	−0.006%	$482K	$559K	20x	as long as short
Aster METAUSDT	0.0000%	8h	745.63	+0.109%	$479K	$593K	20x	as long as short
Extended META_24_5-USD	0.0000%	1h	744.62	−0.026%	$552K	$1.8M	17x	as long as short
Binance METAUSDT	0.0000%	8h	744.78	−0.006%	$25.0M	$188.2M	20x	as long as short
Bybit METAUSDT	0.0000%	8h	744.85	+0.004%	$7.3M	$15.3M	100x	as long as short
OKX META-USDT-SWAP	0.0000%	8h	744.88	+0.008%	$6.0M	$12.7M	20x	as long as short
Gate META_USDT	0.0000%	8h	744.37	−0.060%	$460K	$6.2M	100x	as long as short
Bitget METAUSDT	0.0000%	8h	744.84	+0.003%	$5.6M	$12.4M	100x	as long as short

Show all 37 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni META	0.0000%	8h	744.08	−0.099%	$2.4M	$3.3M	—	as long as short
GRVT META_USDT_Perp	0.0000%	8h	744.20	−0.083%	$12K	$438K	10x	as long as short
SunX META-USDT	0.0000%	8h	744.59	−0.031%	$684	$8.2M	20x	as long as short
HTX META-USDT	0.0000%	8h	744.55	−0.036%	$106K	$308K	30x	as long as short
Phemex METAUSDT	0.0000%	4h	744.85	+0.004%	$2.0M	$8K	10x	as long as short
QFEX META-USD	+0.0031%	1h	744.57	−0.034%	$2.2M	$14.0M	10x	as long as short
Lighter RH META	+0.0032%	1h	745.20	+0.051%	$787K	$2.9M	20x	as long as short
Arcus META-USD	+0.0040%	1h	744.20	−0.083%	$112K	$340K	10x	as long as short
Vest META-USD-PERP	+0.0046%	1h	745.30	+0.064%	—	$12K	25x	as long as short
Popdex METAUSDT	+0.0048%	1h	744.81	−0.001%	$177K	$203K	20x	as long as short
Polymarket Perps META-USD	+0.0050%	1h	744.39	−0.058%	$586K	$564K	10x	as long as short
SoDEX META-USD	+0.0050%	1h	744.83	+0.001%	$25K	$3K	10x	as long as short
Ondo Perps META-USD.P	+0.0050%	1h	744.38	−0.059%	$710K	$5.3M	10x	as long as short
Paradex META-USD-PERP	+0.0062%	8h	744.93	+0.015%	—	—	5x	as long as short
Aftermath Perps METAUSD	+0.0086%	1h	745.48	+0.088%	$52K	$81K	10x	as long as short
KuCoin METAUSDTM	+0.0100%	8h	744.80	−0.003%	$1.6M	$680K	20x	as long as short
ApeX Omni METAUSDT	+0.0100%	1h	743.50	−0.177%	$167K	$72K	50x	as long as short
Orderly PERP_META_USDC_mythoslong	+0.0100%	8h	744.82	long leg	$1K	$24	10x
Aevo META-PERP	+0.0104%	1h	744.70	−0.016%	$268	—	10x	as long as short
Coinbase International META-PERP-INTX	+0.0104%	1h	745.06	+0.032%	$667K	$8.0M	10x	as long as short
Injective META/USDC PERP	+0.0220%	1h	746.56	+0.234%	$172K	$46K	30x	as long as short
Lighter META	+0.0368%	1h	745.36	+0.073%	$1.1M	$2.7M	20x	as long as short
Hotstuff META-PERP	+0.0376%	1h	745.22	+0.054%	$33K	$105	20x	as long as short
tradeXYZ xyz:META	+0.0504%	1h	745.33	+0.068%	$77.4M	$127.5M	20x	as long as short
edgeX METAUSDC	+0.0548%	4h	744.17	−0.088%	$62K	$343K	10x	as long as short
Phoenix META	+0.0739%	1h	745.19	+0.050%	$796K	$1.5M	20x	as long as short
Pacifica META	+0.0800%	1h	744.98	+0.022%	—	—	—	as long as short