Funding arb · Price arb /

META

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC−0.0050%/8h= −5.4% APRpaid last 24h −0.015%

Price spread now: Ondo Perps against Orderly−0.111%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 Ondo Perps

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 airdropOndo Perps: Active · farm boardneeds both histories

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Ondo Perps is 0.111% cheaper against Orderly than usual: you would sell low and buy high (−$11 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	745.37	0.0100	pay 0.0100% / 8h	6h 58m	$1K	$24	10x
Short	Ondo Perps META-USD.P	744.54	0.0050	get 0.0006% / 1h	58m 51s	$719K	$5.0M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Ondo Perps 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 Ondo PerpsbpOrdersPrice spread, now −0.111%Rate

Funding earned: −$10.42
Price spread: −0.111% → 0.000%: −$11.14
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Net: −$32.55
Costs to cover: 0.110%
Break-even: never at this rate

Slippage unknown: Orderly: no order-book sample; Ondo Perps: 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 Ondo Perps no order-book sample	—	—	—	—	—

Orderly and 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 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	745.69	+0.043%	$334K	$1.1M	20x	as long as short
Aster METAUSDT	0.0000%	8h	744.80	−0.076%	$490K	$623K	20x	as long as short
Extended META_24_5-USD	0.0000%	1h	745.25	−0.017%	$546K	$3.4M	17x	as long as short
Binance METAUSDT	0.0000%	8h	745.57	+0.027%	$25.9M	$191.8M	20x	as long as short
Bybit METAUSDT	0.0000%	8h	745.55	+0.024%	$7.7M	$15.9M	100x	as long as short
OKX META-USDT-SWAP	0.0000%	8h	745.50	+0.017%	$6.1M	$12.9M	20x	as long as short
Gate META_USDT	0.0000%	8h	745.38	+0.001%	$448K	$6.4M	100x	as long as short
Bitget METAUSDT	0.0000%	8h	745.37	0.000%	$5.7M	$12.2M	100x	as long as short
Variational Omni META	0.0000%	8h	744.66	−0.096%	$2.5M	$3.0M	—	as long as short
GRVT META_USDT_Perp	0.0000%	8h	744.78	−0.079%	$12K	$438K	10x	as long as short

Show all 37 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX META-USDT	0.0000%	8h	745.72	+0.047%	$828	$7.6M	20x	as long as short
Deribit META_USDC-PERPETUAL	0.0000%	1h	745.38	+0.001%	$36K	$269K	10x	as long as short
HTX META-USDT	0.0000%	8h	745.69	+0.043%	$108K	$300K	30x	as long as short
Phemex METAUSDT	0.0000%	4h	745.59	+0.030%	$2.0M	$8K	10x	as long as short
Lighter RH META	+0.0032%	1h	745.56	+0.025%	$809K	$2.8M	20x	as long as short
Nado META-PERP	+0.0032%	1h	745.48	+0.015%	$479K	$559K	20x	as long as short
QFEX META-USD	+0.0036%	1h	745.81	+0.059%	$2.2M	$14.1M	10x	as long as short
Arcus META-USD	+0.0040%	1h	745.39	+0.003%	$112K	$324K	10x	as long as short
Vest META-USD-PERP	+0.0046%	1h	746.02	+0.087%	—	$12K	25x	as long as short
Popdex METAUSDT	+0.0048%	1h	745.83	+0.062%	$179K	$204K	20x	as long as short
Polymarket Perps META-USD	+0.0050%	1h	745.58	+0.028%	$567K	$614K	10x	as long as short
Ondo Perps META-USD.Pshort	+0.0050%	1h	744.54	−0.111%	$719K	$5.0M	10x
Paradex META-USD-PERP	+0.0064%	8h	745.83	+0.062%	—	—	5x	as long as short
SoDEX META-USD	+0.0077%	1h	745.45	+0.011%	$25K	$3K	10x	as long as short
Aftermath Perps METAUSD	+0.0077%	1h	745.70	+0.045%	$51K	$91K	10x	as long as short
edgeX METAUSDC	+0.0085%	4h	744.62	−0.101%	$63K	$349K	10x	as long as short
Coinbase International META-PERP-INTX	+0.0096%	1h	744.09	−0.172%	$640K	$7.8M	10x	as long as short
Pacifica META	+0.0100%	1h	745.01	−0.048%	$608	$2K	10x	as long as short
KuCoin METAUSDTM	+0.0100%	8h	745.16	−0.028%	$1.6M	$799K	20x	as long as short
ApeX Omni METAUSDT	+0.0100%	1h	743.70	−0.224%	$167K	$71K	50x	as long as short
Orderly PERP_META_USDC_mythoslong	+0.0100%	8h	745.37	long leg	$1K	$24	10x
Aevo META-PERP	+0.0104%	1h	745.45	+0.010%	$268	—	10x	as long as short
Hotstuff META-PERP	+0.0216%	1h	745.81	+0.059%	$33K	$105	20x	as long as short
Injective META/USDC PERP	+0.0220%	1h	746.33	+0.129%	$176K	$52K	30x	as long as short
tradeXYZ xyz:META	+0.0286%	1h	745.31	−0.008%	$86.3M	$134.6M	20x	as long as short
Lighter META	+0.0288%	1h	745.67	+0.040%	$1.2M	$2.6M	20x	as long as short
Phoenix META	+0.0791%	1h	745.86	+0.066%	$796K	$1.5M	20x	as long as short