Funding arb · Price arb /

META

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC−0.0038%/8h= −4.2% APRpaid last 24h −0.011%

Price spread now: SunX against QFEX+0.032%7-day average +0.016% · 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−$76as in the Price arb table

costs, in and out, $10k−$780.781% of the position

Long on QFEX Short on SunX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.022%−$2 on $10k

Price spread, last 4 days (all we have)+0.153%+$15 · spread now +0.032%, 7d avg +0.016%

Together, before fees+0.131%+$13 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.016%, 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	742.45	0.0038	pay 0.0005% / 1h	55m 26s	$2.2M	$14.0M	10x
Short	SunX META-USDT	742.69	0	get 0.0000% / 8h	5h 55m	$942	$7.3M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX 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 SunXbpOrdersPrice spread, now +0.032%Rate

Funding earned: −$8.05
Price spread: +0.032% → +0.016%: $1.64
Slippage, 4 orders: −$60.09
Fee QFEX: 5 bp × 2 orders: −$10
Fee SunX: 4 bp × 2 orders: −$8
Net: −$84.49
Costs to cover: 0.781%
Break-even: never at this rate

Slippage from QFEX: live order book, 7 min ago; SunX: live order book, 7 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, 7 min ago	1.95 bp	7.0 bp −$7	8.3 bp −$83	doesn't fit	doesn't fit
Sell SunX live order book, 7 min ago	28.09 bp	32.1 bp −$32	61.6 bp −$616	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
Hotstuff META-PERP	−0.1600%	1h	742.40	−0.007%	$33K	$105	20x	as long as short
BloFin META-USDT	−0.0120%	8h	742.55	+0.013%	$338K	$1.1M	20x	as long as short
Aster METAUSDT	0.0000%	8h	743.00	+0.074%	$493K	$628K	20x	as long as short
Extended META_24_5-USD	0.0000%	1h	742.44	−0.001%	$548K	$3.3M	17x	as long as short
Binance METAUSDT	0.0000%	8h	742.66	+0.028%	$26.0M	$192.4M	20x	as long as short
Bybit METAUSDT	0.0000%	8h	742.59	+0.019%	$7.7M	$15.8M	100x	as long as short
OKX META-USDT-SWAP	0.0000%	8h	742.63	+0.024%	$6.1M	$13.0M	20x	as long as short
Gate META_USDT	0.0000%	8h	742.09	−0.048%	$454K	$6.3M	100x	as long as short
Bitget METAUSDT	0.0000%	8h	742.67	+0.030%	$5.7M	$12.2M	100x	as long as short
Variational Omni META	0.0000%	8h	742.47	+0.002%	$2.5M	$3.0M	—	as long as short

Show all 37 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT META_USDT_Perp	0.0000%	8h	742.57	+0.017%	$12K	$435K	10x	as long as short
SunX META-USDTshort	0.0000%	8h	742.69	+0.032%	$942	$7.3M	20x
HTX META-USDT	0.0000%	8h	742.46	+0.001%	$107K	$299K	30x	as long as short
Phemex METAUSDT	0.0000%	4h	742.98	+0.071%	$2.0M	$8K	10x	as long as short
edgeX METAUSDC	+0.0013%	4h	742.28	−0.023%	$62K	$347K	10x	as long as short
Lighter RH META	+0.0032%	1h	742.59	+0.019%	$844K	$2.8M	20x	as long as short
QFEX META-USDlong	+0.0038%	1h	742.45	long leg	$2.2M	$14.0M	10x
Arcus META-USD	+0.0040%	1h	742.19	−0.035%	$111K	$284K	10x	as long as short
Vest META-USD-PERP	+0.0046%	1h	742.70	+0.034%	—	$11K	25x	as long as short
Polymarket Perps META-USD	+0.0050%	1h	742.38	−0.009%	$559K	$612K	10x	as long as short
SoDEX META-USD	+0.0050%	1h	742.48	+0.004%	$24K	$3K	10x	as long as short
Ondo Perps META-USD.P	+0.0050%	1h	741.78	−0.090%	$702K	$5.0M	10x	as long as short
Paradex META-USD-PERP	+0.0053%	8h	742.21	−0.032%	—	—	5x	as long as short
Coinbase International META-PERP-INTX	+0.0064%	1h	742.00	−0.061%	$644K	$7.7M	10x	as long as short
Aftermath Perps METAUSD	+0.0073%	1h	742.82	+0.050%	$54K	$79K	10x	as long as short
Pacifica META	+0.0100%	1h	741.97	−0.065%	$635	$2K	10x	as long as short
KuCoin METAUSDTM	+0.0100%	8h	742.66	+0.028%	$1.6M	$864K	20x	as long as short
ApeX Omni METAUSDT	+0.0100%	1h	741.73	−0.097%	$166K	$71K	50x	as long as short
Orderly PERP_META_USDC_mythos	+0.0100%	8h	742.57	+0.016%	$1K	$24	10x	as long as short
Deribit META_USDC-PERPETUAL	+0.0100%	1h	742.16	−0.039%	$36K	$257K	10x	as long as short
Aevo META-PERP	+0.0104%	1h	742.41	−0.005%	$267	—	10x	as long as short
Popdex METAUSDT	+0.0128%	1h	742.72	+0.036%	$179K	$200K	20x	as long as short
Nado META-PERP	+0.0135%	1h	742.00	−0.061%	$476K	$552K	20x	as long as short
Injective META/USDC PERP	+0.0220%	1h	742.93	+0.065%	$168K	$61K	30x	as long as short
tradeXYZ xyz:META	+0.0296%	1h	742.40	−0.007%	$86.0M	$135.4M	20x	as long as short
Lighter META	+0.0392%	1h	742.69	+0.032%	$1.2M	$2.6M	20x	as long as short
Phoenix META	+0.0643%	1h	743.08	+0.085%	$793K	$1.5M	20x	as long as short