Funding arb · Price arb /

META

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0048%/8h= −5.3% APRpaid last 24h −0.011%

Price spread now: Bybit against Popdex+0.003%7-day average −0.011% · 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−$27as in the Price arb table

costs, in and out, $10k−$280.279% of the position

Long on Popdex Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.048%−$5 on $10k

Price spread, last 4 days (all we have)−0.132%−$13 · spread now +0.003%, 7d avg −0.011%

Together, before fees−0.180%−$18 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.011%, 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	741.30	0.0048	pay 0.0006% / 1h	29m 31s	$178K	$201K	20x
Short	Bybit METAUSDT	741.32	0	get 0.0000% / 8h	1h 29m	$7.5M	$13.9M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now +0.003%Rate

Funding earned: −$10.08
Price spread: +0.003% → −0.011%: $1.38
Slippage, 4 orders: −$10.48
Fee Popdex: 3.2 bp × 2 orders: −$6.4
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$36.58
Costs to cover: 0.279%
Break-even: never at this rate

Slippage from Popdex: live order book, 54 min ago; Bybit: 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, 54 min ago	0.20 bp	4.1 bp −$4	7.1 bp −$71	doesn't fit	doesn't fit
Sell Bybit live order book, 4 min ago	0.94 bp	9.7 bp −$10	16.3 bp −$163	doesn't fit	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
BloFin META-USDT	−0.0120%	8h	740.85	−0.061%	$328K	$1.1M	20x	as long as short
Nado META-PERP	−0.0082%	1h	741.28	−0.003%	$395K	$317K	20x	as long as short
Aster METAUSDT	0.0000%	8h	741.76	+0.062%	$458K	$536K	20x	as long as short
Extended META_24_5-USD	0.0000%	1h	741.10	−0.027%	$548K	$1.5M	17x	as long as short
Binance METAUSDT	0.0000%	8h	741.30	0.000%	$26.9M	$178.0M	20x	as long as short
Bybit METAUSDTshort	0.0000%	8h	741.32	+0.003%	$7.5M	$13.9M	100x
OKX META-USDT-SWAP	0.0000%	8h	741.18	−0.016%	$6.0M	$13.2M	20x	as long as short
Gate META_USDT	0.0000%	8h	740.77	−0.071%	$329K	$5.4M	100x	as long as short
Bitget METAUSDT	0.0000%	8h	741.34	+0.005%	$5.8M	$11.0M	100x	as long as short
Variational Omni META	0.0000%	8h	740.62	−0.091%	$1.6M	$2.6M	—	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT META_USDT_Perp	0.0000%	8h	740.92	−0.051%	$12K	$506K	10x	as long as short
SunX META-USDT	0.0000%	8h	741.25	−0.007%	$957	$9.5M	20x	as long as short
HTX META-USDT	0.0000%	8h	740.67	−0.085%	$105K	$283K	30x	as long as short
Phemex METAUSDT	0.0000%	4h	741.02	−0.038%	$2.0M	$7K	10x	as long as short
QFEX META-USD	+0.0003%	1h	741.20	−0.013%	$2.2M	$14.3M	10x	as long as short
Deribit META_USDC-PERPETUAL	+0.0006%	1h	741.15	−0.020%	$30K	$256K	10x	as long as short
Lighter RH META	+0.0032%	1h	741.61	+0.042%	$744K	$3.2M	20x	as long as short
Arcus META-USD	+0.0040%	1h	740.81	−0.066%	$110K	$481K	10x	as long as short
Vest META-USD-PERP	+0.0046%	1h	741.81	+0.069%	—	$9K	25x	as long as short
Popdex METAUSDTlong	+0.0048%	1h	741.30	long leg	$178K	$201K	20x
Polymarket Perps META-USD	+0.0050%	1h	741.30	0.000%	$541K	$840K	10x	as long as short
SoDEX META-USD	+0.0050%	1h	740.88	−0.057%	$24K	$3K	10x	as long as short
Paradex META-USD-PERP	+0.0050%	8h	741.16	−0.019%	—	—	5x	as long as short
Ondo Perps META-USD.P	+0.0050%	1h	740.40	−0.121%	$639K	$4.1M	10x	as long as short
Aftermath Perps METAUSD	+0.0053%	1h	741.40	+0.013%	$49K	$63K	10x	as long as short
Lighter META	+0.0064%	1h	741.56	+0.035%	$862K	$2.5M	20x	as long as short
Coinbase International META-PERP-INTX	+0.0064%	1h	740.91	−0.053%	$606K	$7.4M	10x	as long as short
Phoenix META	+0.0065%	1h	741.12	−0.024%	$291K	$791K	20x	as long as short
tradeXYZ xyz:META	+0.0099%	1h	741.52	+0.030%	$68.5M	$120.8M	20x	as long as short
KuCoin METAUSDTM	+0.0100%	8h	741.16	−0.019%	$1.6M	$363K	20x	as long as short
ApeX Omni METAUSDT	+0.0100%	1h	740.52	−0.105%	$166K	$73K	50x	as long as short
Orderly PERP_META_USDC_mythos	+0.0100%	8h	741.00	−0.040%	$1K	$24	10x	as long as short
Aevo META-PERP	+0.0104%	1h	740.88	−0.057%	$267	—	10x	as long as short
Hotstuff META-PERP	+0.0136%	1h	741.07	−0.031%	$33K	$105	20x	as long as short
Injective META/USDC PERP	+0.0220%	1h	740.58	−0.097%	$169K	$46K	30x	as long as short
edgeX METAUSDC	+0.0246%	4h	740.42	−0.119%	$62K	$331K	10x	as long as short