Funding arb · Price arb /

META

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0284%/8h= +31.1% APRpaid last 24h +0.019%

Price spread now: Lighter against Orderly+0.064%7-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 Lighter

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—+ Points / potential airdropLighter: Season 3 · farm boardneeds both histories

Both sides work for this trade now. Funding pays +$9 a day on $10k at the current rate, and Lighter is 0.064% dearer against Orderly than usual: you sell high and buy low: +$6 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_META_USDC_mythos	745.63	0.0100	pay 0.0100% / 8h	1h 05m	$1K	$24	10x
Short	Lighter META	746.11	0.0384	get 0.0048% / 1h	5m 52s	$1.1M	$2.8M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter 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 LighterbpOrdersPrice spread, now +0.064%Rate

Funding earned: $59.64
Price spread: +0.064% → 0.000%: $6.44
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Lighter: 0 bp × 2 orders: $0
Net: $60.08
Costs to cover: 0.060%
Break-even: from the start

Slippage unknown: Orderly: no order-book sample; Lighter: 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 Lighter live order book, 6 min ago	0.74 bp	0.7 bp −$1	2.3 bp −$23	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
BloFin META-USDT	−0.0120%	8h	745.22	−0.055%	$331K	$1.1M	20x	as long as short
Nado META-PERP	−0.0032%	1h	744.96	−0.089%	$481K	$559K	20x	as long as short
Aster METAUSDT	0.0000%	8h	745.90	+0.036%	$480K	$593K	20x	as long as short
Extended META_24_5-USD	0.0000%	1h	745.45	−0.024%	$548K	$1.8M	17x	as long as short
Binance METAUSDT	0.0000%	8h	745.66	+0.004%	$24.9M	$188.0M	20x	as long as short
Bybit METAUSDT	0.0000%	8h	745.37	−0.035%	$7.4M	$15.3M	100x	as long as short
OKX META-USDT-SWAP	0.0000%	8h	745.48	−0.020%	$6.0M	$12.7M	20x	as long as short
Gate META_USDT	0.0000%	8h	744.81	−0.110%	$464K	$6.2M	100x	as long as short
Bitget METAUSDT	0.0000%	8h	745.53	−0.013%	$5.6M	$12.4M	100x	as long as short
Variational Omni META	0.0000%	8h	744.90	−0.098%	$2.4M	$3.1M	—	as long as short

Show all 37 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT META_USDT_Perp	0.0000%	8h	745.02	−0.081%	$13K	$435K	10x	as long as short
SunX META-USDT	0.0000%	8h	745.26	−0.050%	$780	$8.1M	20x	as long as short
Deribit META_USDC-PERPETUAL	0.0000%	1h	745.17	−0.062%	$34K	$274K	10x	as long as short
HTX META-USDT	0.0000%	8h	745.43	−0.027%	$106K	$308K	30x	as long as short
Phemex METAUSDT	0.0000%	4h	745.48	−0.020%	$2.0M	$8K	10x	as long as short
QFEX META-USD	+0.0031%	1h	745.21	−0.056%	$2.2M	$13.8M	10x	as long as short
Lighter RH META	+0.0032%	1h	745.90	+0.036%	$791K	$3.1M	20x	as long as short
Arcus META-USD	+0.0040%	1h	744.88	−0.101%	$112K	$339K	10x	as long as short
Vest META-USD-PERP	+0.0046%	1h	745.72	+0.012%	—	$12K	25x	as long as short
Popdex METAUSDT	+0.0048%	1h	745.46	−0.023%	$177K	$203K	20x	as long as short
Polymarket Perps META-USD	+0.0050%	1h	745.09	−0.072%	$579K	$572K	10x	as long as short
SoDEX META-USD	+0.0050%	1h	745.42	−0.028%	$25K	$3K	10x	as long as short
Ondo Perps META-USD.P	+0.0050%	1h	744.54	−0.146%	$696K	$5.1M	10x	as long as short
Paradex META-USD-PERP	+0.0057%	8h	745.13	−0.067%	—	—	5x	as long as short
Aftermath Perps METAUSD	+0.0086%	1h	745.77	+0.019%	$52K	$81K	10x	as long as short
KuCoin METAUSDTM	+0.0100%	8h	745.46	−0.023%	$1.6M	$696K	20x	as long as short
ApeX Omni METAUSDT	+0.0100%	1h	744.28	−0.181%	$167K	$71K	50x	as long as short
Orderly PERP_META_USDC_mythoslong	+0.0100%	8h	745.63	long leg	$1K	$24	10x
Aevo META-PERP	+0.0104%	1h	745.45	−0.024%	$268	—	10x	as long as short
Coinbase International META-PERP-INTX	+0.0104%	1h	744.73	−0.121%	$650K	$7.9M	10x	as long as short
Injective META/USDC PERP	+0.0220%	1h	747.19	+0.209%	$172K	$46K	30x	as long as short
Hotstuff META-PERP	+0.0376%	1h	745.76	+0.017%	$33K	$105	20x	as long as short
Lighter METAshort	+0.0384%	1h	746.11	+0.064%	$1.1M	$2.8M	20x
edgeX METAUSDC	+0.0467%	4h	744.89	−0.099%	$62K	$343K	10x	as long as short
tradeXYZ xyz:META	+0.0493%	1h	746.05	+0.056%	$78.4M	$128.1M	20x	as long as short
Phoenix META	+0.0739%	1h	746.07	+0.059%	$797K	$1.5M	20x	as long as short
Pacifica META	+0.0800%	1h	745.30	−0.045%	$13	$106	10x	as long as short