Funding arb · Price arb /

META

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0248%/8h= +27.2% APRpaid last 24h +0.044%

Price spread now: Lighter against SunX+0.030%7-day average −0.039% · you sell dearer than you buy

Net, funding: paid 7d − costs−$52as in the Funding arb table

Net, price: spread back to 7d avg − costs−$59as in the Price arb table

costs, in and out, $10k−$660.662% of the position

Long on SunX Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.137%+$14 on $10k

Price spread, last 4 days (all we have)−0.449%−$45 · spread now +0.030%, 7d avg −0.039%

Together, before fees−0.311%+ Points / potential airdropLighter: Season 3 · farm board−$31 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 Lighter is 0.069% dearer against SunX than usual: you sell high and buy low: +$7 more if the spread goes back to its 7-day average of −0.039%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.137% in total (about 7.1% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX META-USDT	741.37	0	get 0.0000% / 8h	5h 33m	$801	$9.1M	20x
Short	Lighter META	741.59	0.0248	get 0.0031% / 1h	33m 14s	$861K	$2.4M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter 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 LighterbpOrdersPrice spread, now +0.030%Rate

Funding earned: $52.08
Price spread: +0.030% → −0.039%: $6.89
Slippage, 4 orders: −$58.17
Fee SunX: 4 bp × 2 orders: −$8
Fee Lighter: 0 bp × 2 orders: $0
Net: −$7.2
Costs to cover: 0.662%
Break-even: 8.0 days

Slippage from SunX: live order book, 6 min ago; Lighter: live order book, 4 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, 6 min ago	28.12 bp	32.1 bp −$32	doesn't fit	doesn't fit	doesn't fit
Sell Lighter live order book, 4 min ago	0.54 bp	1.0 bp −$1	2.7 bp −$27	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	741.36	−0.001%	$328K	$1.1M	20x	as long as short
Nado META-PERP	−0.0037%	1h	741.01	−0.049%	$479K	$550K	20x	as long as short
Aster METAUSDT	0.0000%	8h	741.67	+0.041%	$466K	$549K	20x	as long as short
Extended META_24_5-USD	0.0000%	1h	741.22	−0.020%	$548K	$2.7M	17x	as long as short
Binance METAUSDT	0.0000%	8h	741.47	+0.013%	$27.3M	$178.8M	20x	as long as short
Bybit METAUSDT	0.0000%	8h	741.38	+0.001%	$7.5M	$13.7M	100x	as long as short
OKX META-USDT-SWAP	0.0000%	8h	741.48	+0.015%	$5.9M	$13.3M	20x	as long as short
Gate META_USDT	0.0000%	8h	741.17	−0.027%	$345K	$5.6M	100x	as long as short
Bitget METAUSDT	0.0000%	8h	741.45	+0.011%	$5.6M	$11.4M	100x	as long as short
Variational Omni META	0.0000%	8h	741.13	−0.032%	$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	741.41	+0.006%	$12K	$431K	10x	as long as short
SunX META-USDTlong	0.0000%	8h	741.37	long leg	$801	$9.1M	20x
Deribit META_USDC-PERPETUAL	0.0000%	1h	740.71	−0.089%	$31K	$245K	10x	as long as short
HTX META-USDT	0.0000%	8h	741.23	−0.019%	$106K	$296K	30x	as long as short
Phemex METAUSDT	0.0000%	4h	741.37	0.000%	$2.0M	$8K	10x	as long as short
Lighter RH META	+0.0032%	1h	741.63	+0.035%	$763K	$3.0M	20x	as long as short
QFEX META-USD	+0.0032%	1h	741.20	−0.023%	$2.1M	$13.7M	10x	as long as short
Arcus META-USD	+0.0040%	1h	740.88	−0.066%	$110K	$330K	10x	as long as short
Vest META-USD-PERP	+0.0046%	1h	741.57	+0.027%	—	$10K	25x	as long as short
Popdex METAUSDT	+0.0048%	1h	741.43	+0.008%	$178K	$199K	20x	as long as short
Polymarket Perps META-USD	+0.0050%	1h	741.13	−0.032%	$558K	$539K	10x	as long as short
SoDEX META-USD	+0.0050%	1h	741.41	+0.005%	$24K	$3K	10x	as long as short
Ondo Perps META-USD.P	+0.0050%	1h	740.51	−0.116%	$702K	$4.2M	10x	as long as short
Paradex META-USD-PERP	+0.0057%	8h	741.14	−0.031%	—	—	5x	as long as short
Aftermath Perps METAUSD	+0.0076%	1h	742.12	+0.101%	$50K	$82K	10x	as long as short
Coinbase International META-PERP-INTX	+0.0096%	1h	741.82	+0.061%	$610K	$7.1M	10x	as long as short
KuCoin METAUSDTM	+0.0100%	8h	741.55	+0.024%	$1.6M	$511K	20x	as long as short
ApeX Omni METAUSDT	+0.0100%	1h	740.62	−0.101%	$166K	$71K	50x	as long as short
Orderly PERP_META_USDC_mythos	+0.0100%	8h	741.33	−0.005%	$1K	$24	10x	as long as short
Aevo META-PERP	+0.0104%	1h	741.19	−0.024%	$267	—	10x	as long as short
Injective META/USDC PERP	+0.0220%	1h	743.52	+0.290%	$171K	$48K	30x	as long as short
Lighter METAshort	+0.0248%	1h	741.59	+0.030%	$861K	$2.4M	20x
Hotstuff META-PERP	+0.0248%	1h	741.47	+0.013%	$33K	$105	20x	as long as short
edgeX METAUSDC	+0.0314%	4h	741.26	−0.015%	$62K	$336K	10x	as long as short
tradeXYZ xyz:META	+0.0341%	1h	741.53	+0.022%	$69.2M	$120.1M	20x	as long as short
Phoenix META	+0.0496%	1h	741.90	+0.071%	$530K	$1.1M	20x	as long as short