Funding arb · Price arb /

META

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0356%/8h= −39.0% APRpaid last 24h −0.045%

Price spread now: OKX against tradeXYZ−0.034%7-day average +0.039% · 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−$45as in the Price arb table

costs, in and out, $10k−$380.376% of the position

Long on tradeXYZ Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.173%−$17 on $10k

Price spread, last 7 days+0.043%+$4 · spread now −0.034%, 7d avg +0.039%

Together, before fees−0.130%+ Points / potential airdroptradeXYZ: Active · farm board−$13 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$11 a day on $10k at the current rate, and OKX is 0.072% cheaper against tradeXYZ than usual: you would sell low and buy high (−$7 if the spread goes back to its 7-day average of +0.039%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.173% in total (about -9.0% 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	741.17	0.0356	pay 0.0045% / 1h	48m 13s	$69.0M	$120.0M	20x
Short	OKX META-USDT-SWAP	740.92	0	get 0.0000% / 8h	5h 48m	$5.9M	$13.3M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.034%Rate

Funding earned: −$74.86
Price spread: −0.034% → +0.039%: −$7.23
Slippage, 4 orders: −$9.55
Fee tradeXYZ: 9 bp × 2 orders: −$18
Fee OKX: 5 bp × 2 orders: −$10
Net: −$119.64
Costs to cover: 0.376%
Break-even: never at this rate

Slippage from tradeXYZ: live order book, 12 min ago; OKX: 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, 12 min ago	0.20 bp	9.8 bp −$10	doesn't fit	doesn't fit	doesn't fit
Sell OKX live order book, 5 min ago	0.94 bp	10.4 bp −$10	21.9 bp −$219	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	−0.0047%	1h	740.72	−0.061%	$479K	$549K	20x	as long as short
Aster METAUSDT	0.0000%	8h	741.02	−0.020%	$466K	$549K	20x	as long as short
Extended META_24_5-USD	0.0000%	1h	740.76	−0.055%	$549K	$2.7M	17x	as long as short
Binance METAUSDT	0.0000%	8h	741.00	−0.023%	$27.3M	$178.9M	20x	as long as short
Bybit METAUSDT	0.0000%	8h	740.90	−0.036%	$7.5M	$13.8M	100x	as long as short
OKX META-USDT-SWAPshort	0.0000%	8h	740.92	−0.034%	$5.9M	$13.3M	20x
Gate META_USDT	0.0000%	8h	740.76	−0.055%	$345K	$5.6M	100x	as long as short
Bitget METAUSDT	0.0000%	8h	741.02	−0.020%	$5.4M	$11.4M	100x	as long as short
Variational Omni META	0.0000%	8h	741.74	+0.077%	$2.3M	$3.1M	—	as long as short
GRVT META_USDT_Perp	0.0000%	8h	741.92	+0.101%	$13K	$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-USDT	0.0000%	8h	741.58	+0.055%	$980	$9.1M	20x	as long as short
HTX META-USDT	0.0000%	8h	740.92	−0.034%	$106K	$296K	30x	as long as short
Phemex METAUSDT	0.0000%	4h	741.89	+0.097%	$2.0M	$8K	10x	as long as short
Lighter RH META	+0.0032%	1h	740.98	−0.026%	$762K	$3.0M	20x	as long as short
QFEX META-USD	+0.0032%	1h	741.04	−0.018%	$2.1M	$13.7M	10x	as long as short
Arcus META-USD	+0.0040%	1h	741.26	+0.012%	$110K	$330K	10x	as long as short
Vest META-USD-PERP	+0.0046%	1h	741.47	+0.040%	—	$10K	25x	as long as short
Popdex METAUSDT	+0.0048%	1h	741.07	−0.013%	$178K	$199K	20x	as long as short
Polymarket Perps META-USD	+0.0050%	1h	740.74	−0.058%	$558K	$548K	10x	as long as short
SoDEX META-USD	+0.0050%	1h	740.95	−0.030%	$24K	$3K	10x	as long as short
Ondo Perps META-USD.P	+0.0050%	1h	740.43	−0.100%	$705K	$4.2M	10x	as long as short
Paradex META-USD-PERP	+0.0057%	8h	740.94	−0.031%	—	—	5x	as long as short
Aftermath Perps METAUSD	+0.0073%	1h	741.82	+0.087%	$50K	$82K	10x	as long as short
Coinbase International META-PERP-INTX	+0.0096%	1h	741.82	+0.088%	$610K	$7.1M	10x	as long as short
KuCoin METAUSDTM	+0.0100%	8h	740.99	−0.024%	$1.6M	$506K	20x	as long as short
ApeX Omni METAUSDT	+0.0100%	1h	741.18	+0.001%	$166K	$71K	50x	as long as short
Orderly PERP_META_USDC_mythos	+0.0100%	8h	740.76	−0.055%	$1K	$24	10x	as long as short
Aevo META-PERP	+0.0104%	1h	740.63	−0.072%	$267	—	10x	as long as short
Deribit META_USDC-PERPETUAL	+0.0115%	1h	740.47	−0.094%	$31K	$245K	10x	as long as short
Injective META/USDC PERP	+0.0220%	1h	744.36	+0.430%	$172K	$48K	30x	as long as short
Lighter META	+0.0256%	1h	740.92	−0.034%	$860K	$2.4M	20x	as long as short
Hotstuff META-PERP	+0.0264%	1h	741.28	+0.015%	$33K	$105	20x	as long as short
tradeXYZ xyz:METAlong	+0.0356%	1h	741.17	long leg	$69.0M	$120.0M	20x
Phoenix META	+0.0496%	1h	742.78	+0.217%	$496K	$1.1M	20x	as long as short
edgeX METAUSDC	+0.0529%	4h	741.87	+0.095%	$62K	$335K	10x	as long as short