Funding arb · Price arb /

META

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0032%/8h= −3.5% APRpaid last 24h +0.012%

Price spread now: Bybit against QFEX+0.019%7-day average +0.010% · 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−$34as in the Price arb table

costs, in and out, $10k−$350.347% of the position

Long on QFEX Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.007%+$1 on $10k

Price spread, last 7 days−0.059%−$6 · spread now +0.019%, 7d avg +0.010%

Together, before fees−0.052%−$5 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.010%, 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	QFEX META-USD	741.10	0.0032	pay 0.0004% / 1h	35m 49s	$2.1M	$13.7M	10x
Short	Bybit METAUSDT	741.24	0	get 0.0000% / 8h	5h 35m	$7.5M	$13.7M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against QFEX. 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 QFEXbpFee BybitbpOrdersPrice spread, now +0.019%Rate

Funding earned: −$6.77
Price spread: +0.019% → +0.010%: $0.92
Slippage, 4 orders: −$13.72
Fee QFEX: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$40.57
Costs to cover: 0.347%
Break-even: never at this rate

Slippage from QFEX: live order book, 3 min ago; Bybit: live order book, 3 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 QFEX live order book, 3 min ago	1.89 bp	6.9 bp −$7	8.1 bp −$81	doesn't fit	doesn't fit
Sell Bybit live order book, 3 min ago	1.82 bp	11.3 bp −$11	16.8 bp −$168	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	741.24	+0.019%	$328K	$1.1M	20x	as long as short
Nado META-PERP	−0.0037%	1h	740.90	−0.027%	$479K	$550K	20x	as long as short
Aster METAUSDT	0.0000%	8h	741.63	+0.072%	$466K	$549K	20x	as long as short
Extended META_24_5-USD	0.0000%	1h	741.08	−0.003%	$549K	$2.7M	17x	as long as short
Binance METAUSDT	0.0000%	8h	741.31	+0.028%	$27.3M	$178.8M	20x	as long as short
Bybit METAUSDTshort	0.0000%	8h	741.24	+0.019%	$7.5M	$13.7M	100x
OKX META-USDT-SWAP	0.0000%	8h	741.29	+0.026%	$5.9M	$13.3M	20x	as long as short
Gate META_USDT	0.0000%	8h	741.15	+0.007%	$345K	$5.6M	100x	as long as short
Bitget METAUSDT	0.0000%	8h	741.29	+0.026%	$5.6M	$11.4M	100x	as long as short
Variational Omni META	0.0000%	8h	741.13	+0.004%	$2.3M	$3.1M	—	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	741.42	+0.043%	$12K	$432K	10x	as long as short
SunX META-USDT	0.0000%	8h	741.18	+0.011%	$800	$9.1M	20x	as long as short
Deribit META_USDC-PERPETUAL	0.0000%	1h	740.70	−0.054%	$31K	$245K	10x	as long as short
HTX META-USDT	0.0000%	8h	740.97	−0.018%	$106K	$296K	30x	as long as short
Phemex METAUSDT	0.0000%	4h	741.21	+0.015%	$2.0M	$8K	10x	as long as short
Lighter RH META	+0.0032%	1h	741.45	+0.047%	$763K	$3.0M	20x	as long as short
QFEX META-USDlong	+0.0032%	1h	741.10	long leg	$2.1M	$13.7M	10x
Arcus META-USD	+0.0040%	1h	740.80	−0.040%	$110K	$330K	10x	as long as short
Vest META-USD-PERP	+0.0046%	1h	741.39	+0.039%	—	$10K	25x	as long as short
Popdex METAUSDT	+0.0048%	1h	741.28	+0.024%	$178K	$199K	20x	as long as short
Polymarket Perps META-USD	+0.0050%	1h	740.98	−0.016%	$558K	$539K	10x	as long as short
SoDEX META-USD	+0.0050%	1h	741.27	+0.023%	$24K	$3K	10x	as long as short
Ondo Perps META-USD.P	+0.0050%	1h	740.53	−0.077%	$702K	$4.2M	10x	as long as short
Paradex META-USD-PERP	+0.0058%	8h	740.98	−0.016%	—	—	5x	as long as short
Aftermath Perps METAUSD	+0.0076%	1h	742.15	+0.141%	$50K	$82K	10x	as long as short
Coinbase International META-PERP-INTX	+0.0096%	1h	741.82	+0.097%	$610K	$7.1M	10x	as long as short
KuCoin METAUSDTM	+0.0100%	8h	741.39	+0.039%	$1.6M	$511K	20x	as long as short
ApeX Omni METAUSDT	+0.0100%	1h	740.68	−0.057%	$166K	$71K	50x	as long as short
Orderly PERP_META_USDC_mythos	+0.0100%	8h	741.11	+0.001%	$1K	$24	10x	as long as short
Aevo META-PERP	+0.0104%	1h	741.06	−0.005%	$267	—	10x	as long as short
Injective META/USDC PERP	+0.0220%	1h	743.52	+0.327%	$171K	$48K	30x	as long as short
Lighter META	+0.0240%	1h	741.42	+0.043%	$861K	$2.4M	20x	as long as short
Hotstuff META-PERP	+0.0248%	1h	741.33	+0.031%	$33K	$105	20x	as long as short
tradeXYZ xyz:META	+0.0342%	1h	741.36	+0.035%	$69.2M	$120.1M	20x	as long as short
Phoenix META	+0.0496%	1h	742.14	+0.140%	$521K	$1.1M	20x	as long as short
edgeX METAUSDC	+0.0560%	4h	741.14	+0.006%	$62K	$335K	10x	as long as short