Funding arb · Price arb /

META

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC−0.0068%/8h= −7.4% APRnext payment −$0.09 per $10,000 · paid last 24h —

Price spread now: Lighter RH against Pacifica+0.041%7-day average — · you sell dearer than you buy

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

Long on Pacifica Short on Lighter RH

What this pair did over the last

the charts below follow

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

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

Together, before fees—+ Points / potential airdropPacifica: Active · Lighter RH: Points live · farm boardneeds both histories

The price spread pays, funding is against you. Lighter RH is 0.041% dearer against Pacifica than usual: you sell high and buy low (spread +0.041% now, against zero (this spread has no 7-day history yet)): +$4 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 2.0 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Pacifica META	738.22	0.0100	pay 0.0013% / 1h	49m 54s	$611	$3K	10x
Short	Lighter RH META	738.53	0.0032	get 0.0004% / 1h	49m 54s	$854K	$2.8M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter RH against Pacifica. 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 PacificabpFee Lighter RHbpOrdersPrice spread, now +0.041%Rate

Funding earned: −$14.28
Price spread: +0.041% → 0.000%: $4.15
Slippage, 4 orders: no order book: not counted
Fee Pacifica: 4 bp × 2 orders: −$8
Fee Lighter RH: 0 bp × 2 orders: $0
Net: −$18.13
Costs to cover: 0.080%
Break-even: never at this rate

Slippage unknown: Pacifica: no order-book sample; Lighter RH: live order book, 1 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 Pacifica no order-book sample	—	—	—	—	—
Sell Lighter RH live order book, 1 min ago	1.22 bp	2.7 bp −$3	5.2 bp −$52	41.7 bp −$4,171	doesn't fit

Pacifica: 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 exchanges

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
Hotstuff META-PERP	−0.1600%	1h	738.73	+0.069%	$33K	$105	20x	as long as short
BloFin META-USDT	−0.0120%	8h	738.91	+0.093%	$339K	$1.1M	20x	as long as short
Aster METAUSDT	0.0000%	8h	739.00	+0.105%	$491K	$629K	20x	as long as short
Extended META_24_5-USD	0.0000%	1h	738.33	+0.014%	$547K	$3.3M	17x	as long as short
Binance METAUSDT	0.0000%	8h	738.66	+0.059%	$25.2M	$192.4M	20x	as long as short
Bybit METAUSDT	0.0000%	8h	738.40	+0.024%	$7.4M	$16.3M	100x	as long as short
OKX META-USDT-SWAP	0.0000%	8h	738.85	+0.085%	$6.0M	$13.1M	20x	as long as short
Gate META_USDT	0.0000%	8h	738.43	+0.028%	$494K	$6.3M	100x	as long as short
Bitget METAUSDT	0.0000%	8h	738.55	+0.044%	$5.9M	$12.3M	100x	as long as short
Variational Omni META	0.0000%	8h	738.31	+0.012%	$2.6M	$3.1M	—	as long as short

Show all 37 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT META_USDT_Perp	0.0000%	8h	739.32	+0.149%	$12K	$422K	10x	as long as short
SunX META-USDT	0.0000%	8h	738.88	+0.089%	$848	$6.8M	20x	as long as short
Deribit META_USDC-PERPETUAL	0.0000%	1h	738.36	+0.018%	$36K	$210K	10x	as long as short
HTX META-USDT	0.0000%	8h	738.53	+0.041%	$108K	$309K	30x	as long as short
Phemex METAUSDT	0.0000%	4h	739.32	+0.148%	$2.0M	$9K	10x	as long as short
Lighter RH METAshort	+0.0032%	1h	738.53	+0.041%	$854K	$2.8M	20x
Vest META-USD-PERP	+0.0046%	1h	739.08	+0.116%	—	$12K	25x	as long as short
Polymarket Perps META-USD	+0.0050%	1h	738.56	+0.046%	$557K	$590K	10x	as long as short
SoDEX META-USD	+0.0050%	1h	738.46	+0.032%	$24K	$3K	10x	as long as short
Ondo Perps META-USD.P	+0.0050%	1h	737.72	−0.068%	$753K	$5.1M	10x	as long as short
QFEX META-USD	+0.0056%	1h	738.74	+0.070%	$2.2M	$14.0M	10x	as long as short
Paradex META-USD-PERP	+0.0068%	8h	738.54	+0.042%	—	—	5x	as long as short
Popdex METAUSDT	+0.0072%	1h	738.86	+0.086%	$178K	$199K	20x	as long as short
Aftermath Perps METAUSD	+0.0080%	1h	739.40	+0.159%	$53K	$86K	10x	as long as short
Coinbase International META-PERP-INTX	+0.0088%	1h	738.14	−0.011%	$670K	$7.4M	10x	as long as short
Pacifica METAlong	+0.0100%	1h	738.22	long leg	$611	$3K	10x
KuCoin METAUSDTM	+0.0100%	8h	738.77	+0.074%	$1.6M	$936K	20x	as long as short
ApeX Omni METAUSDT	+0.0100%	1h	738.25	+0.004%	$165K	$71K	50x	as long as short
Orderly PERP_META_USDC_mythos	+0.0100%	8h	738.41	+0.025%	$1K	$338	10x	as long as short
Nado META-PERP	+0.0100%	1h	738.38	+0.021%	$473K	$536K	20x	as long as short
Aevo META-PERP	+0.0104%	1h	738.18	−0.007%	$266	—	10x	as long as short
edgeX METAUSDC	+0.0122%	4h	739.43	+0.163%	$62K	$349K	10x	as long as short
Arcus META-USD	+0.0209%	1h	738.40	+0.024%	$110K	$291K	10x	as long as short
Injective META/USDC PERP	+0.0220%	1h	740.69	+0.334%	$167K	$61K	30x	as long as short
tradeXYZ xyz:META	+0.0288%	1h	738.56	+0.046%	$86.8M	$136.2M	20x	as long as short
Lighter META	+0.0328%	1h	738.72	+0.067%	$1.2M	$2.6M	20x	as long as short
Phoenix META	+0.0626%	1h	739.51	+0.174%	$790K	$1.6M	20x	as long as short