Funding arb · Price arb /

META

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC0.0000%/8h= 0.0% APRnext payment −$0.00 per $10,000 · paid last 24h +0.004%

Price spread now: Lighter RH against QFEX+0.039%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−$16as in the Price arb table

costs, in and out, $10k−$190.187% of the position

Long on QFEX Short on Lighter RH

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.025%+$2 on $10k

Price spread, last 7 days−0.006%−$1 · spread now +0.039%, 7d avg +0.010%

Together, before fees+0.019%+ Points / potential airdropLighter RH: Points live · farm board+$2 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Lighter RH is 0.029% dearer against QFEX than usual: you sell high and buy low, +$3 on $10k if it goes back to its 7-day average of +0.010%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	QFEX META-USD	742.78	0.0032	pay 0.0004% / 1h	4m 50s	$2.1M	$13.6M	10x
Short	Lighter RH META	743.07	0.0032	get 0.0004% / 1h	4m 50s	$768K	$3.0M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter RH 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 Lighter RHbpOrdersPrice spread, now +0.039%Rate

Funding earned: −$0.05
Price spread: +0.039% → +0.010%: $2.94
Slippage, 4 orders: −$8.74
Fee QFEX: 5 bp × 2 orders: −$10
Fee Lighter RH: 0 bp × 2 orders: $0
Net: −$15.84
Costs to cover: 0.187%
Break-even: never at this rate

Slippage from QFEX: live order book, 4 min ago; Lighter RH: 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	1.42 bp	6.4 bp −$6	7.3 bp −$73	doesn't fit	doesn't fit
Sell Lighter RH live order book, 3 min ago	2.69 bp	3.1 bp −$3	8.2 bp −$82	52.3 bp −$5,230	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
Deribit META_USDC-PERPETUAL	−0.0127%	1h	742.46	−0.043%	$31K	$245K	10x	as long as short
BloFin META-USDT	−0.0120%	8h	743.01	+0.031%	$330K	$1.1M	20x	as long as short
Nado META-PERP	−0.0025%	1h	742.87	+0.012%	$480K	$550K	20x	as long as short
Aster METAUSDT	0.0000%	8h	742.65	−0.017%	$467K	$550K	20x	as long as short
Extended META_24_5-USD	0.0000%	1h	742.77	−0.001%	$548K	$2.7M	17x	as long as short
Binance METAUSDT	0.0000%	8h	742.91	+0.017%	$27.4M	$179.4M	20x	as long as short
Bybit METAUSDT	0.0000%	8h	742.81	+0.004%	$7.5M	$13.8M	100x	as long as short
OKX META-USDT-SWAP	0.0000%	8h	742.95	+0.023%	$6.0M	$13.4M	20x	as long as short
Gate META_USDT	0.0000%	8h	742.46	−0.043%	$362K	$5.7M	100x	as long as short
Bitget METAUSDT	0.0000%	8h	742.91	+0.018%	$5.5M	$11.5M	100x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni META	0.0000%	8h	742.77	−0.001%	$2.4M	$3.1M	—	as long as short
GRVT META_USDT_Perp	0.0000%	8h	741.81	−0.131%	$12K	$435K	10x	as long as short
SunX META-USDT	0.0000%	8h	743.07	+0.039%	$1K	$9.1M	20x	as long as short
HTX META-USDT	0.0000%	8h	742.56	−0.030%	$106K	$296K	30x	as long as short
Phemex METAUSDT	0.0000%	4h	742.65	−0.018%	$2.0M	$8K	10x	as long as short
Lighter RH METAshort	+0.0032%	1h	743.07	+0.039%	$768K	$3.0M	20x
QFEX META-USDlong	+0.0032%	1h	742.78	long leg	$2.1M	$13.6M	10x
Arcus META-USD	+0.0040%	1h	742.01	−0.104%	$110K	$330K	10x	as long as short
Vest META-USD-PERP	+0.0046%	1h	743.25	+0.063%	—	$10K	25x	as long as short
Popdex METAUSDT	+0.0048%	1h	743.08	+0.040%	$179K	$199K	20x	as long as short
Polymarket Perps META-USD	+0.0050%	1h	742.78	0.000%	$560K	$540K	10x	as long as short
SoDEX META-USD	+0.0050%	1h	742.94	+0.022%	$24K	$3K	10x	as long as short
Ondo Perps META-USD.P	+0.0050%	1h	742.49	−0.039%	$721K	$4.3M	10x	as long as short
Paradex META-USD-PERP	+0.0065%	8h	742.98	+0.027%	—	—	5x	as long as short
Aftermath Perps METAUSD	+0.0078%	1h	742.66	−0.016%	$50K	$82K	10x	as long as short
Coinbase International META-PERP-INTX	+0.0096%	1h	742.46	−0.043%	$613K	$7.2M	10x	as long as short
KuCoin METAUSDTM	+0.0100%	8h	742.76	−0.003%	$1.6M	$527K	20x	as long as short
ApeX Omni METAUSDT	+0.0100%	1h	741.06	−0.232%	$166K	$71K	50x	as long as short
Orderly PERP_META_USDC_mythos	+0.0100%	8h	742.92	+0.019%	$1K	$24	10x	as long as short
Aevo META-PERP	+0.0104%	1h	742.77	−0.002%	$267	—	10x	as long as short
Injective META/USDC PERP	+0.0220%	1h	742.07	−0.096%	$171K	$48K	30x	as long as short
Lighter META	+0.0264%	1h	743.08	+0.040%	$862K	$2.4M	20x	as long as short
Hotstuff META-PERP	+0.0328%	1h	743.03	+0.034%	$33K	$105	20x	as long as short
tradeXYZ xyz:META	+0.0330%	1h	742.98	+0.027%	$69.4M	$120.2M	20x	as long as short
Phoenix META	+0.0496%	1h	742.66	−0.016%	$591K	$1.1M	20x	as long as short
edgeX METAUSDC	+0.0769%	4h	742.22	−0.076%	$62K	$336K	10x	as long as short