Funding arb · Price arb /

META

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0060%/8h= −6.6% APRpaid last 24h −0.002%

Price spread now: Hotstuff against Orderly+0.001%47s7-day average — · you sell dearer than you buy

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

Long on Orderly Short on Hotstuff

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

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

Together, before fees—+ Points / potential airdropHotstuff: Active · farm boardneeds both histories

The price spread sits at zero (this spread has no 7-day history yet), so right now this pair is about funding alone: −$2 a day on $10k at the current rate. The two prices were read 47 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	Orderly PERP_META_USDC_mythos	740.47	0.0100	pay 0.0100% / 8h	2h 27m	$1K	$24	10x
Short	Hotstuff META-PERP	740.48	0.0040	get 0.0005% / 1h	27m 29s	$33K	$105	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hotstuff 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 HotstuffbpOrdersPrice spread, now +0.001%Rate

Funding earned: −$12.6
Price spread: +0.001% → 0.000%: $0.14
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Hotstuff: 2.5 bp × 2 orders: −$5
Net: −$23.46
Costs to cover: 0.110%
Break-even: never at this rate

Slippage unknown: Orderly: no order-book sample; Hotstuff: no order-book sample. 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 Hotstuff no order-book sample	—	—	—	—	—

Orderly and Hotstuff: 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
Nado META-PERP	−0.0131%	1h	740.35	−0.017%	$398K	$316K	20x	as long as short
BloFin META-USDT	−0.0120%	8h	740.47	0.000%	$330K	$1.1M	20x	as long as short
Deribit META_USDC-PERPETUAL	−0.0020%	1h	740.45	−0.003%	$30K	$255K	10x	as long as short
Aster METAUSDT	0.0000%	8h	740.83	+0.049%	$457K	$536K	20x	as long as short
Extended META_24_5-USD	0.0000%	1h	740.20	−0.036%	$548K	$1.5M	17x	as long as short
Binance METAUSDT	0.0000%	8h	740.29	−0.024%	$26.8M	$177.4M	20x	as long as short
Bybit METAUSDT	0.0000%	8h	740.31	−0.022%	$7.4M	$13.9M	100x	as long as short
OKX META-USDT-SWAP	0.0000%	8h	740.15	−0.043%	$6.0M	$13.1M	20x	as long as short
Gate META_USDT	0.0000%	8h	740.03	−0.059%	$318K	$5.4M	100x	as long as short
Bitget METAUSDT	0.0000%	8h	740.36	−0.015%	$5.7M	$11.0M	100x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni META	0.0000%	8h	740.43	−0.005%	$1.6M	$2.5M	—	as long as short
GRVT META_USDT_Perp	0.0000%	8h	740.41	−0.009%	$12K	$529K	10x	as long as short
SunX META-USDT	0.0000%	8h	740.70	+0.031%	$932	$9.5M	20x	as long as short
HTX META-USDT	0.0000%	8h	740.12	−0.047%	$105K	$282K	30x	as long as short
Phemex METAUSDT	0.0000%	4h	740.29	−0.024%	$2.0M	$7K	10x	as long as short
QFEX META-USD	+0.0012%	1h	740.32	−0.020%	$2.2M	$14.2M	10x	as long as short
edgeX METAUSDC	+0.0026%	4h	740.40	−0.010%	$62K	$330K	10x	as long as short
Lighter META	+0.0032%	1h	740.55	+0.011%	$860K	$2.6M	20x	as long as short
Lighter RH META	+0.0032%	1h	740.55	+0.011%	$738K	$3.2M	20x	as long as short
Hotstuff META-PERPshort	+0.0040%	1h	740.48	+0.001%	$33K	$105	20x
Arcus META-USD	+0.0040%	1h	740.14	−0.045%	$263K	$313K	10x	as long as short
Vest META-USD-PERP	+0.0046%	1h	741.04	+0.077%	—	$9K	25x	as long as short
Popdex METAUSDT	+0.0048%	1h	740.34	−0.018%	$177K	$200K	20x	as long as short
tradeXYZ xyz:META	+0.0050%	1h	740.43	−0.005%	$68.5M	$120.3M	20x	as long as short
Polymarket Perps META-USD	+0.0050%	1h	740.42	−0.007%	$541K	$840K	10x	as long as short
SoDEX META-USD	+0.0050%	1h	740.27	−0.027%	$24K	$3K	10x	as long as short
Ondo Perps META-USD.P	+0.0050%	1h	740.38	−0.012%	$639K	$4.0M	10x	as long as short
Paradex META-USD-PERP	+0.0051%	8h	740.16	−0.042%	—	—	5x	as long as short
Aftermath Perps METAUSD	+0.0053%	1h	740.93	+0.062%	$45K	$60K	10x	as long as short
Coinbase International META-PERP-INTX	+0.0080%	1h	740.26	−0.028%	$607K	$7.3M	10x	as long as short
Phoenix META	+0.0097%	1h	740.53	+0.008%	$291K	$782K	20x	as long as short
KuCoin METAUSDTM	+0.0100%	8h	740.30	−0.023%	$1.6M	$352K	20x	as long as short
ApeX Omni METAUSDT	+0.0100%	1h	740.69	+0.030%	$166K	$73K	50x	as long as short
Orderly PERP_META_USDC_mythoslong	+0.0100%	8h	740.47	long leg	$1K	$24	10x
Aevo META-PERP	+0.0104%	1h	740.31	−0.021%	$267	—	10x	as long as short
Injective META/USDC PERP	+0.0220%	1h	740.31	−0.022%	$168K	$46K	30x	as long as short