Funding arb · Price arb /

META

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0048%/8h= −5.3% APRpaid last 24h −0.032%

Price spread now: Bitget against Popdex−0.008%7-day average −0.006% · you buy dearer than you sell

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

Net, price: spread back to 7d avg − costs−$28as in the Price arb table

costs, in and out, $10k−$280.276% of the position

Long on Popdex Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.069%−$7 on $10k

Price spread, last 4 days (all we have)+0.010%+$1 · spread now −0.008%, 7d avg −0.006%

Together, before fees−0.058%−$6 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	740.37	0.0048	pay 0.0006% / 1h	24m 06s	$177K	$200K	20x
Short	Bitget METAUSDT	740.31	0	get 0.0000% / 8h	2h 24m	$5.7M	$11.0M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget 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 BitgetbpOrdersPrice spread, now −0.008%Rate

Funding earned: −$10.08
Price spread: −0.008% → −0.006%: −$0.24
Slippage, 4 orders: −$9.24
Fee Popdex: 3.2 bp × 2 orders: −$6.4
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$37.96
Costs to cover: 0.276%
Break-even: never at this rate

Slippage from Popdex: live order book, 64 min ago; Bitget: live order book, 4 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, 64 min ago	0.34 bp	4.6 bp −$5	7.4 bp −$74	doesn't fit	doesn't fit
Sell Bitget live order book, 4 min ago	0.61 bp	8.7 bp −$9	18.0 bp −$180	44.1 bp −$4,413	doesn't fit

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	−0.0125%	1h	740.26	−0.015%	$398K	$316K	20x	as long as short
BloFin META-USDT	−0.0120%	8h	740.37	0.000%	$329K	$1.1M	20x	as long as short
Hotstuff META-PERP	−0.0096%	1h	740.36	−0.001%	$33K	$105	20x	as long as short
Aster METAUSDT	0.0000%	8h	740.69	+0.043%	$457K	$536K	20x	as long as short
Extended META_24_5-USD	0.0000%	1h	740.31	−0.009%	$548K	$1.5M	17x	as long as short
Binance METAUSDT	0.0000%	8h	740.38	+0.001%	$26.8M	$177.4M	20x	as long as short
Bybit METAUSDT	0.0000%	8h	740.26	−0.015%	$7.4M	$13.9M	100x	as long as short
OKX META-USDT-SWAP	0.0000%	8h	740.42	+0.007%	$6.0M	$13.1M	20x	as long as short
Gate META_USDT	0.0000%	8h	740.07	−0.041%	$318K	$5.4M	100x	as long as short
Bitget METAUSDTshort	0.0000%	8h	740.31	−0.008%	$5.7M	$11.0M	100x

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni META	0.0000%	8h	740.36	−0.001%	$1.6M	$2.5M	—	as long as short
GRVT META_USDT_Perp	0.0000%	8h	740.29	−0.011%	$12K	$529K	10x	as long as short
SunX META-USDT	0.0000%	8h	740.83	+0.062%	$840	$9.5M	20x	as long as short
Deribit META_USDC-PERPETUAL	0.0000%	1h	740.52	+0.020%	$30K	$256K	10x	as long as short
HTX META-USDT	0.0000%	8h	740.17	−0.027%	$105K	$282K	30x	as long as short
Phemex METAUSDT	0.0000%	4h	740.30	−0.009%	$2.0M	$7K	10x	as long as short
QFEX META-USD	+0.0012%	1h	740.25	−0.016%	$2.2M	$14.2M	10x	as long as short
Lighter META	+0.0032%	1h	740.56	+0.026%	$860K	$2.6M	20x	as long as short
Lighter RH META	+0.0032%	1h	740.58	+0.028%	$740K	$3.2M	20x	as long as short
Arcus META-USD	+0.0040%	1h	740.22	−0.020%	$263K	$313K	10x	as long as short
Vest META-USD-PERP	+0.0046%	1h	740.91	+0.073%	—	$9K	25x	as long as short
Popdex METAUSDTlong	+0.0048%	1h	740.37	long leg	$177K	$200K	20x
tradeXYZ xyz:META	+0.0050%	1h	740.54	+0.023%	$68.5M	$120.3M	20x	as long as short
Polymarket Perps META-USD	+0.0050%	1h	740.50	+0.018%	$541K	$840K	10x	as long as short
SoDEX META-USD	+0.0050%	1h	740.30	−0.009%	$24K	$3K	10x	as long as short
Ondo Perps META-USD.P	+0.0050%	1h	740.32	−0.007%	$639K	$4.0M	10x	as long as short
Paradex META-USD-PERP	+0.0051%	8h	740.27	−0.014%	—	—	5x	as long as short
Aftermath Perps METAUSD	+0.0052%	1h	741.00	+0.085%	$45K	$61K	10x	as long as short
Coinbase International META-PERP-INTX	+0.0080%	1h	740.26	−0.015%	$607K	$7.3M	10x	as long as short
Phoenix META	+0.0097%	1h	740.34	−0.004%	$291K	$782K	20x	as long as short
KuCoin METAUSDTM	+0.0100%	8h	740.38	+0.001%	$1.6M	$352K	20x	as long as short
ApeX Omni METAUSDT	+0.0100%	1h	740.35	−0.003%	$166K	$73K	50x	as long as short
Orderly PERP_META_USDC_mythos	+0.0100%	8h	740.45	+0.011%	$1K	$24	10x	as long as short
Aevo META-PERP	+0.0104%	1h	740.35	−0.002%	$267	—	10x	as long as short
edgeX METAUSDC	+0.0167%	4h	740.30	−0.009%	$62K	$328K	10x	as long as short
Injective META/USDC PERP	+0.0220%	1h	742.22	+0.250%	$169K	$46K	30x	as long as short