Funding arb · Price arb /

META

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC−0.0048%/8h= −5.3% APRpaid last 24h −0.020%

Price spread now: Gate against Popdex−0.066%7-day average −0.061% · 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−$41as in the Price arb table

costs, in and out, $10k−$410.406% of the position

Long on Popdex Short on Gate

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.081%−$8 on $10k

Price spread, last 4 days (all we have)−0.020%−$2 · spread now −0.066%, 7d avg −0.061%

Together, before fees−0.101%−$10 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.061%, 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	743.71	0.0048	pay 0.0006% / 1h	21m 01s	$179K	$202K	20x
Short	Gate META_USDT	743.22	0	get 0.0000% / 8h	6h 21m	$456K	$6.5M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now −0.066%Rate

Funding earned: −$10.08
Price spread: −0.066% → −0.061%: −$0.53
Slippage, 4 orders: −$19.16
Fee Popdex: 3.2 bp × 2 orders: −$6.4
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$51.17
Costs to cover: 0.406%
Break-even: never at this rate

Slippage from Popdex: live order book, 30 min ago; Gate: live order book, 1 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, 30 min ago	0.67 bp	4.4 bp −$4	9.1 bp −$91	doesn't fit	doesn't fit
Sell Gate live order book, 1 min ago	4.91 bp	13.5 bp −$14	35.0 bp −$350	doesn't fit	doesn't fit

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
BloFin META-USDT	−0.0120%	8h	743.76	+0.007%	$337K	$1.1M	20x	as long as short
Aster METAUSDT	0.0000%	8h	744.89	+0.159%	$495K	$628K	20x	as long as short
Extended META_24_5-USD	0.0000%	1h	743.47	−0.033%	$544K	$3.3M	17x	as long as short
Binance METAUSDT	0.0000%	8h	743.70	−0.001%	$26.0M	$192.2M	20x	as long as short
Bybit METAUSDT	0.0000%	8h	743.54	−0.023%	$7.7M	$15.8M	100x	as long as short
OKX META-USDT-SWAP	0.0000%	8h	743.70	−0.001%	$6.1M	$12.9M	20x	as long as short
Gate META_USDTshort	0.0000%	8h	743.22	−0.066%	$456K	$6.5M	100x
Bitget METAUSDT	0.0000%	8h	743.74	+0.004%	$5.7M	$12.3M	100x	as long as short
Variational Omni META	0.0000%	8h	743.90	+0.026%	$2.5M	$3.0M	—	as long as short
GRVT META_USDT_Perp	0.0000%	8h	743.88	+0.023%	$12K	$433K	10x	as long as short

Show all 37 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX META-USDT	0.0000%	8h	743.98	+0.036%	$942	$7.4M	20x	as long as short
Deribit META_USDC-PERPETUAL	0.0000%	1h	743.36	−0.047%	$36K	$266K	10x	as long as short
HTX META-USDT	0.0000%	8h	743.57	−0.019%	$108K	$299K	30x	as long as short
Phemex METAUSDT	0.0000%	4h	743.84	+0.017%	$2.0M	$8K	10x	as long as short
Lighter RH META	+0.0032%	1h	743.84	+0.017%	$821K	$2.8M	20x	as long as short
Arcus META-USD	+0.0040%	1h	743.28	−0.058%	$111K	$313K	10x	as long as short
QFEX META-USD	+0.0041%	1h	743.55	−0.022%	$2.2M	$14.1M	10x	as long as short
Nado META-PERP	+0.0041%	1h	743.44	−0.036%	$477K	$551K	20x	as long as short
Vest META-USD-PERP	+0.0046%	1h	744.19	+0.065%	—	$11K	25x	as long as short
Popdex METAUSDTlong	+0.0048%	1h	743.71	long leg	$179K	$202K	20x
Polymarket Perps META-USD	+0.0050%	1h	743.36	−0.047%	$560K	$614K	10x	as long as short
SoDEX META-USD	+0.0050%	1h	743.65	−0.008%	$24K	$3K	10x	as long as short
Ondo Perps META-USD.P	+0.0050%	1h	743.03	−0.091%	$704K	$5.0M	10x	as long as short
Paradex META-USD-PERP	+0.0052%	8h	743.58	−0.018%	—	—	5x	as long as short
Aftermath Perps METAUSD	+0.0074%	1h	744.42	+0.095%	$52K	$77K	10x	as long as short
Coinbase International META-PERP-INTX	+0.0096%	1h	743.43	−0.038%	$652K	$7.8M	10x	as long as short
Pacifica META	+0.0100%	1h	743.72	+0.002%	$608	$2K	10x	as long as short
KuCoin METAUSDTM	+0.0100%	8h	743.83	+0.016%	$1.6M	$836K	20x	as long as short
ApeX Omni METAUSDT	+0.0100%	1h	743.59	−0.016%	$167K	$71K	50x	as long as short
Orderly PERP_META_USDC_mythos	+0.0100%	8h	743.70	−0.001%	$1K	$24	10x	as long as short
Aevo META-PERP	+0.0104%	1h	743.50	−0.028%	$268	—	10x	as long as short
Hotstuff META-PERP	+0.0176%	1h	743.77	+0.008%	$33K	$105	20x	as long as short
Injective META/USDC PERP	+0.0220%	1h	745.07	+0.183%	$168K	$60K	30x	as long as short
tradeXYZ xyz:META	+0.0264%	1h	743.65	−0.008%	$86.1M	$135.0M	20x	as long as short
Lighter META	+0.0272%	1h	743.96	+0.034%	$1.2M	$2.7M	20x	as long as short
Phoenix META	+0.0643%	1h	744.54	+0.112%	$795K	$1.5M	20x	as long as short
edgeX METAUSDC	+0.0795%	4h	743.85	+0.019%	$63K	$347K	10x	as long as short