Funding arb · Price arb /

META

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0269%/8h= −29.5% APRpaid last 24h −0.029%

Price spread now: Bybit against tradeXYZ−0.016%7-day average +0.024% · you buy dearer than you sell

Net, funding: paid 7d − costs−$55as in the Funding arb table

Net, price: spread back to 7d avg − costs−$43as in the Price arb table

costs, in and out, $10k−$400.395% of the position

Long on tradeXYZ Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.159%−$16 on $10k

Price spread, last 7 days−0.006%−$1 · spread now −0.016%, 7d avg +0.024%

Together, before fees−0.164%+ Points / potential airdroptradeXYZ: Active · farm board−$16 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$8 a day on $10k at the current rate, and Bybit is 0.040% cheaper against tradeXYZ than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of +0.024%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.159% in total (about -8.3% 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	tradeXYZ xyz:META	742.33	0.0269	pay 0.0034% / 1h	38m 29s	$69.4M	$120.3M	20x
Short	Bybit METAUSDT	742.21	0	get 0.0000% / 8h	4h 38m	$7.5M	$13.9M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against tradeXYZ. 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 tradeXYZbpFee BybitbpOrdersPrice spread, now −0.016%Rate

Funding earned: −$56.59
Price spread: −0.016% → +0.024%: −$3.99
Slippage, 4 orders: −$10.5
Fee tradeXYZ: 9 bp × 2 orders: −$18
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$100.09
Costs to cover: 0.395%
Break-even: never at this rate

Slippage from tradeXYZ: live order book, 11 min ago; Bybit: live order book, 5 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 tradeXYZ live order book, 11 min ago	1.01 bp	10.1 bp −$10	10.9 bp −$109	doesn't fit	doesn't fit
Sell Bybit live order book, 5 min ago	1.55 bp	9.7 bp −$10	16.7 bp −$167	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	742.32	−0.001%	$330K	$1.1M	20x	as long as short
Nado META-PERP	−0.0039%	1h	741.88	−0.060%	$480K	$553K	20x	as long as short
Aster METAUSDT	0.0000%	8h	742.35	+0.003%	$466K	$551K	20x	as long as short
Extended META_24_5-USD	0.0000%	1h	742.16	−0.023%	$548K	$2.7M	17x	as long as short
Binance METAUSDT	0.0000%	8h	742.34	+0.001%	$27.5M	$180.5M	20x	as long as short
Bybit METAUSDTshort	0.0000%	8h	742.21	−0.016%	$7.5M	$13.9M	100x
OKX META-USDT-SWAP	0.0000%	8h	742.16	−0.023%	$6.0M	$13.5M	20x	as long as short
Gate META_USDT	0.0000%	8h	741.99	−0.046%	$363K	$5.7M	100x	as long as short
Bitget METAUSDT	0.0000%	8h	742.37	+0.005%	$5.4M	$11.7M	100x	as long as short
Variational Omni META	0.0000%	8h	742.48	+0.020%	$2.4M	$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	742.51	+0.024%	$12K	$440K	10x	as long as short
SunX META-USDT	0.0000%	8h	742.49	+0.022%	$1K	$9.1M	20x	as long as short
Deribit META_USDC-PERPETUAL	0.0000%	1h	741.70	−0.085%	$31K	$245K	10x	as long as short
HTX META-USDT	0.0000%	8h	742.14	−0.026%	$106K	$296K	30x	as long as short
Phemex METAUSDT	0.0000%	4h	742.35	+0.003%	$2.0M	$8K	10x	as long as short
Lighter RH META	+0.0032%	1h	742.43	+0.013%	$768K	$3.0M	20x	as long as short
QFEX META-USD	+0.0036%	1h	742.38	+0.007%	$2.1M	$13.7M	10x	as long as short
Arcus META-USD	+0.0040%	1h	742.03	−0.040%	$110K	$330K	10x	as long as short
Vest META-USD-PERP	+0.0046%	1h	742.49	+0.022%	—	$10K	25x	as long as short
Popdex METAUSDT	+0.0048%	1h	742.30	−0.004%	$178K	$199K	20x	as long as short
Polymarket Perps META-USD	+0.0050%	1h	742.10	−0.031%	$559K	$540K	10x	as long as short
SoDEX META-USD	+0.0050%	1h	742.30	−0.004%	$24K	$3K	10x	as long as short
Ondo Perps META-USD.P	+0.0050%	1h	741.69	−0.086%	$710K	$4.3M	10x	as long as short
Paradex META-USD-PERP	+0.0062%	8h	742.19	−0.019%	—	—	5x	as long as short
Aftermath Perps METAUSD	+0.0080%	1h	743.15	+0.110%	$51K	$82K	10x	as long as short
KuCoin METAUSDTM	+0.0100%	8h	742.50	+0.023%	$1.6M	$539K	20x	as long as short
ApeX Omni METAUSDT	+0.0100%	1h	741.86	−0.063%	$166K	$71K	50x	as long as short
Orderly PERP_META_USDC_mythos	+0.0100%	8h	742.30	−0.004%	$1K	$24	10x	as long as short
Aevo META-PERP	+0.0104%	1h	742.20	−0.017%	$267	—	10x	as long as short
Coinbase International META-PERP-INTX	+0.0104%	1h	742.02	−0.042%	$614K	$7.2M	10x	as long as short
Hotstuff META-PERP	+0.0144%	1h	742.31	−0.003%	$33K	$105	20x	as long as short
Injective META/USDC PERP	+0.0220%	1h	744.47	+0.288%	$172K	$48K	30x	as long as short
Lighter META	+0.0232%	1h	742.39	+0.008%	$858K	$2.4M	20x	as long as short
tradeXYZ xyz:METAlong	+0.0269%	1h	742.33	long leg	$69.4M	$120.3M	20x
edgeX METAUSDC	+0.0317%	4h	742.38	+0.007%	$62K	$335K	10x	as long as short
Phoenix META	+0.0591%	1h	743.35	+0.137%	$647K	$1.2M	20x	as long as short