Funding arb · Price arb /

META

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0220%/8h= +24.1% APRpaid last 24h +0.065%

Price spread now: Injective against SunX+0.328%61s7-day average +0.279% · you sell dearer than you buy

Net, funding: paid 7d − costs−$139as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$1851.854% of the position

Long on SunX Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days+0.461%+$46 on $10k

Price spread, last 3 days (all we have)−0.281%−$28 · spread now +0.328%, 7d avg +0.279%

Together, before fees+0.180%+$18 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$7 a day on $10k at the current rate, and Injective is 0.049% dearer against SunX than usual: you sell high and buy low: +$5 more if the spread goes back to its 7-day average of +0.279%. The two prices were read 61 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX META-USDT	740.53	0	get 0.0000% / 8h	6h 26m	$1K	$9.2M	20x
Short	Injective META/USDC PERP	742.96	0.0220	get 0.0028% / 1h	26m 00s	$171K	$48K	30x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against SunX. 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 SunXbpFee InjectivebpOrdersPrice spread, now +0.328%Rate

Funding earned: $46.2
Price spread: +0.328% → +0.279%: $4.91
Slippage, 4 orders: −$177.37
Fee SunX: 4 bp × 2 orders: −$8
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$134.28
Costs to cover: 1.854%
Break-even: 27.3 days

Slippage from SunX: live order book, 13 min ago; Injective: live order book, 43 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 SunX live order book, 13 min ago	63.65 bp	67.6 bp −$68	doesn't fit	doesn't fit	doesn't fit
Sell Injective live order book, 43 min ago	14.91 bp	35.2 bp −$35	doesn't fit	doesn't fit	doesn't fit

META on 35 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	−0.0140%	1h	740.19	−0.045%	$478K	$549K	20x	as long as short
Aster METAUSDT	0.0000%	8h	740.72	+0.026%	$466K	$549K	20x	as long as short
Extended META_24_5-USD	0.0000%	1h	740.58	+0.007%	$550K	$2.7M	17x	as long as short
Binance METAUSDT	0.0000%	8h	740.81	+0.038%	$27.4M	$179.1M	20x	as long as short
Bybit METAUSDT	0.0000%	8h	740.58	+0.007%	$7.5M	$13.8M	100x	as long as short
OKX META-USDT-SWAP	0.0000%	8h	740.82	+0.039%	$5.9M	$13.3M	20x	as long as short
Gate META_USDT	0.0000%	8h	740.50	−0.004%	$351K	$5.6M	100x	as long as short
Bitget METAUSDT	0.0000%	8h	740.83	+0.041%	$5.5M	$11.3M	100x	as long as short
Variational Omni META	0.0000%	8h	740.67	+0.019%	$2.3M	$3.1M	—	as long as short
GRVT META_USDT_Perp	0.0000%	8h	740.59	+0.008%	$12K	$432K	10x	as long as short

Show all 35 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX META-USDTlong	0.0000%	8h	740.53	long leg	$1K	$9.2M	20x
Deribit META_USDC-PERPETUAL	0.0000%	1h	740.28	−0.034%	$31K	$244K	10x	as long as short
HTX META-USDT	0.0000%	8h	740.53	0.000%	$105K	$296K	30x	as long as short
Phemex METAUSDT	0.0000%	4h	740.89	+0.049%	$2.0M	$8K	10x	as long as short
QFEX META-USD	+0.0025%	1h	740.53	0.000%	$2.2M	$14.0M	10x	as long as short
Lighter RH META	+0.0032%	1h	740.89	+0.049%	$751K	$3.0M	20x	as long as short
Arcus META-USD	+0.0040%	1h	740.24	−0.039%	$110K	$330K	10x	as long as short
Vest META-USD-PERP	+0.0046%	1h	740.79	+0.035%	—	$11K	25x	as long as short
Popdex METAUSDT	+0.0048%	1h	740.77	+0.032%	$176K	$197K	20x	as long as short
Polymarket Perps META-USD	+0.0050%	1h	740.52	−0.001%	$558K	$847K	10x	as long as short
SoDEX META-USD	+0.0050%	1h	740.54	+0.001%	$24K	$3K	10x	as long as short
Ondo Perps META-USD.P	+0.0050%	1h	739.78	−0.101%	$697K	$4.3M	10x	as long as short
Paradex META-USD-PERP	+0.0056%	8h	740.44	−0.011%	—	—	5x	as long as short
Aftermath Perps METAUSD	+0.0068%	1h	741.29	+0.102%	$49K	$80K	10x	as long as short
KuCoin METAUSDTM	+0.0100%	8h	740.73	+0.027%	$1.6M	$482K	20x	as long as short
ApeX Omni METAUSDT	+0.0100%	1h	740.11	−0.057%	$166K	$71K	50x	as long as short
Orderly PERP_META_USDC_mythos	+0.0100%	8h	740.58	+0.007%	$1K	$24	10x	as long as short
Aevo META-PERP	+0.0104%	1h	740.42	−0.015%	$267	—	10x	as long as short
Coinbase International META-PERP-INTX	+0.0104%	1h	740.66	+0.018%	$609K	$7.2M	10x	as long as short
Lighter META	+0.0112%	1h	740.82	+0.039%	$856K	$2.4M	20x	as long as short
Hotstuff META-PERP	+0.0112%	1h	740.55	+0.003%	$33K	$105	20x	as long as short
Injective META/USDC PERPshort	+0.0220%	1h	742.96	+0.328%	$171K	$48K	30x
tradeXYZ xyz:META	+0.0236%	1h	740.85	+0.043%	$68.4M	$120.3M	20x	as long as short
Phoenix META	+0.0313%	1h	741.84	+0.177%	$412K	$1.1M	20x	as long as short
edgeX METAUSDC	+0.0989%	4h	740.88	+0.047%	$62K	$334K	10x	as long as short