Funding arb · Price arb /

META

RWAall META markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0012%/8h= −1.3% APRpaid last 24h −0.011%

Price spread now: Gate against QFEX−0.042%7-day average −0.020% · 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−$65as in the Price arb table

costs, in and out, $10k−$630.630% of the position

Long on QFEX Short on Gate

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.016%−$2 on $10k

Price spread, last 7 days+0.017%+$2 · spread now −0.042%, 7d avg −0.020%

Together, before fees0.000%$0 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs $0 a day on $10k at the current rate, and Gate is 0.021% cheaper against QFEX than usual: you would sell low and buy high (−$2 if the spread goes back to its 7-day average of −0.020%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	QFEX META-USD	740.19	0.0012	pay 0.0002% / 1h	25m 12s	$2.2M	$14.2M	10x
Short	Gate META_USDT	739.88	0	get 0.0000% / 8h	2h 25m	$318K	$5.4M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now −0.042%Rate

Funding earned: −$2.54
Price spread: −0.042% → −0.020%: −$2.14
Slippage, 4 orders: −$38.05
Fee QFEX: 5 bp × 2 orders: −$10
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$67.73
Costs to cover: 0.630%
Break-even: never at this rate

Slippage from QFEX: live order book, 4 min ago; Gate: 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, 4 min ago	2.16 bp	7.2 bp −$7	8.9 bp −$89	doesn't fit	doesn't fit
Sell Gate live order book, 3 min ago	6.55 bp	28.7 bp −$29	51.8 bp −$518	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
Nado META-PERP	−0.0127%	1h	740.23	+0.006%	$398K	$316K	20x	as long as short
BloFin META-USDT	−0.0120%	8h	740.37	+0.024%	$329K	$1.1M	20x	as long as short
Aster METAUSDT	0.0000%	8h	740.84	+0.088%	$457K	$536K	20x	as long as short
Extended META_24_5-USD	0.0000%	1h	740.31	+0.016%	$548K	$1.5M	17x	as long as short
Binance METAUSDT	0.0000%	8h	740.37	+0.024%	$26.8M	$177.4M	20x	as long as short
Bybit METAUSDT	0.0000%	8h	740.32	+0.018%	$7.4M	$13.9M	100x	as long as short
OKX META-USDT-SWAP	0.0000%	8h	740.47	+0.038%	$6.0M	$13.1M	20x	as long as short
Gate META_USDTshort	0.0000%	8h	739.88	−0.042%	$318K	$5.4M	100x
Bitget METAUSDT	0.0000%	8h	740.35	+0.022%	$5.7M	$11.0M	100x	as long as short
Variational Omni META	0.0000%	8h	740.36	+0.023%	$1.6M	$2.5M	—	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	740.29	+0.014%	$12K	$529K	10x	as long as short
SunX META-USDT	0.0000%	8h	740.79	+0.081%	$703	$9.5M	20x	as long as short
Deribit META_USDC-PERPETUAL	0.0000%	1h	740.43	+0.032%	$30K	$256K	10x	as long as short
HTX META-USDT	0.0000%	8h	740.13	−0.008%	$105K	$282K	30x	as long as short
Phemex METAUSDT	0.0000%	4h	740.30	+0.015%	$2.0M	$7K	10x	as long as short
QFEX META-USDlong	+0.0012%	1h	740.19	long leg	$2.2M	$14.2M	10x
Lighter META	+0.0032%	1h	740.58	+0.053%	$860K	$2.6M	20x	as long as short
Lighter RH META	+0.0032%	1h	740.60	+0.055%	$740K	$3.2M	20x	as long as short
Hotstuff META-PERP	+0.0040%	1h	740.48	+0.039%	$33K	$105	20x	as long as short
Arcus META-USD	+0.0040%	1h	740.17	−0.003%	$263K	$313K	10x	as long as short
Vest META-USD-PERP	+0.0046%	1h	740.90	+0.096%	—	$9K	25x	as long as short
Popdex METAUSDT	+0.0048%	1h	740.37	+0.024%	$177K	$200K	20x	as long as short
tradeXYZ xyz:META	+0.0050%	1h	740.51	+0.043%	$68.5M	$120.3M	20x	as long as short
Polymarket Perps META-USD	+0.0050%	1h	740.51	+0.043%	$541K	$840K	10x	as long as short
SoDEX META-USD	+0.0050%	1h	740.30	+0.015%	$24K	$3K	10x	as long as short
Ondo Perps META-USD.P	+0.0050%	1h	740.32	+0.018%	$639K	$4.0M	10x	as long as short
Paradex META-USD-PERP	+0.0051%	8h	740.26	+0.009%	—	—	5x	as long as short
Aftermath Perps METAUSD	+0.0052%	1h	741.00	+0.109%	$45K	$61K	10x	as long as short
Coinbase International META-PERP-INTX	+0.0080%	1h	740.26	+0.009%	$607K	$7.3M	10x	as long as short
Phoenix META	+0.0097%	1h	740.34	+0.020%	$291K	$782K	20x	as long as short
KuCoin METAUSDTM	+0.0100%	8h	740.45	+0.035%	$1.6M	$352K	20x	as long as short
ApeX Omni METAUSDT	+0.0100%	1h	740.35	+0.022%	$166K	$73K	50x	as long as short
Orderly PERP_META_USDC_mythos	+0.0100%	8h	740.50	+0.042%	$1K	$24	10x	as long as short
Aevo META-PERP	+0.0104%	1h	740.32	+0.017%	$267	—	10x	as long as short
edgeX METAUSDC	+0.0167%	4h	740.30	+0.015%	$62K	$328K	10x	as long as short
Injective META/USDC PERP	+0.0220%	1h	742.22	+0.274%	$169K	$46K	30x	as long as short