Funding arb · Price arb /

META

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0048%/8h= −5.3% APRpaid last 24h +0.011%

Price spread now: Binance against Popdex0.000%7-day average −0.006% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$21as in the Price arb table

costs, in and out, $10k−$210.214% of the position

Long on Popdex Short on Binance

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.125%−$13 on $10k

Price spread, last 4 days (all we have)−0.232%−$23 · spread now 0.000%, 7d avg −0.006%

Together, before fees−0.358%−$36 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.006%, so right now this pair is about funding alone: −$1 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Popdex METAUSDT	745.41	0.0048	pay 0.0006% / 1h	38m 04s	$177K	$202K	20x
Short	Binance METAUSDT	745.41	0	get 0.0000% / 8h	38m 04s	$25.1M	$188.5M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Popdex. 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 PopdexbpFee BinancebpOrdersPrice spread, now 0.000%Rate

Funding earned: −$10.08
Price spread: 0.000% → −0.006%: $0.65
Slippage, 4 orders: −$4.98
Fee Popdex: 3.2 bp × 2 orders: −$6.4
Fee Binance: 5 bp × 2 orders: −$10
Net: −$30.81
Costs to cover: 0.214%
Break-even: never at this rate

Slippage from Popdex: live order book, 1 min ago; Binance: live order book, 5 min ago.

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 Popdex live order book, 1 min ago	0.87 bp	5.7 bp −$6	8.1 bp −$81	doesn't fit	doesn't fit
Sell Binance live order book, 5 min ago	0.20 bp	5.3 bp −$5	9.9 bp −$99	38.0 bp −$3,803	doesn't fit

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	745.56	+0.020%	$332K	$1.1M	20x	as long as short
Aster METAUSDT	0.0000%	8h	745.00	−0.055%	$479K	$593K	20x	as long as short
Extended META_24_5-USD	0.0000%	1h	745.22	−0.026%	$548K	$3.4M	17x	as long as short
Binance METAUSDTshort	0.0000%	8h	745.41	0.000%	$25.1M	$188.5M	20x
Bybit METAUSDT	0.0000%	8h	745.26	−0.020%	$7.5M	$15.3M	100x	as long as short
OKX META-USDT-SWAP	0.0000%	8h	745.49	+0.011%	$6.0M	$12.7M	20x	as long as short
Gate META_USDT	0.0000%	8h	744.90	−0.068%	$469K	$6.2M	100x	as long as short
Bitget METAUSDT	0.0000%	8h	745.42	+0.001%	$5.5M	$12.3M	100x	as long as short
Variational Omni META	0.0000%	8h	745.36	−0.007%	$2.4M	$3.1M	—	as long as short
GRVT META_USDT_Perp	0.0000%	8h	745.53	+0.017%	$12K	$436K	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	745.44	+0.004%	$811	$8.1M	20x	as long as short
Deribit META_USDC-PERPETUAL	0.0000%	1h	744.97	−0.059%	$34K	$275K	10x	as long as short
HTX META-USDT	0.0000%	8h	745.23	−0.024%	$108K	$311K	30x	as long as short
Phemex METAUSDT	0.0000%	4h	745.40	−0.001%	$2.0M	$8K	10x	as long as short
Nado META-PERP	+0.0029%	1h	744.77	−0.086%	$480K	$560K	20x	as long as short
QFEX META-USD	+0.0031%	1h	745.32	−0.012%	$2.2M	$13.9M	10x	as long as short
Lighter RH META	+0.0032%	1h	745.60	+0.025%	$789K	$3.1M	20x	as long as short
Arcus META-USD	+0.0040%	1h	745.00	−0.055%	$112K	$339K	10x	as long as short
Vest META-USD-PERP	+0.0046%	1h	745.63	+0.030%	—	$12K	25x	as long as short
Popdex METAUSDTlong	+0.0048%	1h	745.41	long leg	$177K	$202K	20x
Polymarket Perps META-USD	+0.0050%	1h	745.04	−0.050%	$565K	$621K	10x	as long as short
SoDEX META-USD	+0.0050%	1h	745.46	+0.007%	$25K	$3K	10x	as long as short
Ondo Perps META-USD.P	+0.0050%	1h	745.22	−0.025%	$729K	$5.1M	10x	as long as short
Paradex META-USD-PERP	+0.0054%	8h	745.05	−0.049%	—	—	5x	as long as short
Aftermath Perps METAUSD	+0.0086%	1h	746.06	+0.088%	$48K	$89K	10x	as long as short
Pacifica META	+0.0100%	1h	744.78	−0.084%	$25	$189	10x	as long as short
KuCoin METAUSDTM	+0.0100%	8h	745.18	−0.031%	$1.6M	$715K	20x	as long as short
ApeX Omni METAUSDT	+0.0100%	1h	744.72	−0.093%	$167K	$71K	50x	as long as short
Orderly PERP_META_USDC_mythos	+0.0100%	8h	745.50	+0.012%	$1K	$24	10x	as long as short
Aevo META-PERP	+0.0104%	1h	745.29	−0.016%	$268	—	10x	as long as short
Coinbase International META-PERP-INTX	+0.0104%	1h	745.36	−0.007%	$644K	$7.9M	10x	as long as short
Injective META/USDC PERP	+0.0220%	1h	746.51	+0.148%	$172K	$46K	30x	as long as short
Hotstuff META-PERP	+0.0424%	1h	745.67	+0.035%	$33K	$105	20x	as long as short
Lighter META	+0.0456%	1h	745.79	+0.051%	$1.1M	$2.9M	20x	as long as short
tradeXYZ xyz:META	+0.0549%	1h	745.80	+0.052%	$81.2M	$129.7M	20x	as long as short
edgeX METAUSDC	+0.0621%	4h	745.42	+0.002%	$62K	$343K	10x	as long as short
Phoenix META	+0.0750%	1h	746.26	+0.114%	$797K	$1.5M	20x	as long as short