Funding arb · Price arb /

META

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0572%/8h= −62.7% APRpaid last 24h −0.059%

Price spread now: SunX against tradeXYZ−0.058%52s7-day average +0.040% · you buy dearer than you sell

Net, funding: paid 7d − costs−$104as 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−$840.843% of the position

Long on tradeXYZ Short on SunX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.202%−$20 on $10k

Price spread, last 4 days (all we have)+0.184%+$18 · spread now −0.058%, 7d avg +0.040%

Together, before fees−0.018%+ Points / potential airdroptradeXYZ: Active · farm board−$2 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$17 a day on $10k at the current rate, and SunX is 0.097% cheaper against tradeXYZ than usual: you would sell low and buy high (−$10 if the spread goes back to its 7-day average of +0.040%). Swap the legs. The two prices were read 52 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.202% in total (about -10.5% 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	745.87	0.0572	pay 0.0072% / 1h	34m 30s	$81.5M	$130.0M	20x
Short	SunX META-USDT	745.44	0	get 0.0000% / 8h	34m 30s	$695	$8.1M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX 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 SunXbpOrdersPrice spread, now −0.058%Rate

Funding earned: −$120.15
Price spread: −0.058% → +0.040%: −$9.73
Slippage, 4 orders: −$58.27
Fee tradeXYZ: 9 bp × 2 orders: −$18
Fee SunX: 4 bp × 2 orders: −$8
Net: −$214.15
Costs to cover: 0.843%
Break-even: never at this rate

Slippage from tradeXYZ: live order book, 5 min ago; SunX: 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, 5 min ago	0.54 bp	10.2 bp −$10	11.3 bp −$113	doesn't fit	doesn't fit
Sell SunX live order book, 5 min ago	28.11 bp	32.1 bp −$32	61.7 bp −$617	doesn't fit	doesn't fit

META on 37 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	745.79	−0.011%	$332K	$1.1M	20x	as long as short
Aster METAUSDT	0.0000%	8h	745.00	−0.117%	$479K	$593K	20x	as long as short
Extended META_24_5-USD	0.0000%	1h	745.28	−0.080%	$548K	$3.4M	17x	as long as short
Binance METAUSDT	0.0000%	8h	745.37	−0.067%	$25.1M	$188.4M	20x	as long as short
Bybit METAUSDT	0.0000%	8h	745.20	−0.090%	$7.5M	$15.3M	100x	as long as short
OKX META-USDT-SWAP	0.0000%	8h	745.59	−0.038%	$6.0M	$12.7M	20x	as long as short
Gate META_USDT	0.0000%	8h	744.79	−0.145%	$469K	$6.2M	100x	as long as short
Bitget METAUSDT	0.0000%	8h	745.46	−0.055%	$5.5M	$12.3M	100x	as long as short
Variational Omni META	0.0000%	8h	745.45	−0.056%	$2.4M	$3.1M	—	as long as short
GRVT META_USDT_Perp	0.0000%	8h	745.58	−0.039%	$12K	$436K	10x	as long as short

Show all 37 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX META-USDTshort	0.0000%	8h	745.44	−0.058%	$695	$8.1M	20x
HTX META-USDT	0.0000%	8h	745.31	−0.075%	$108K	$312K	30x	as long as short
Phemex METAUSDT	0.0000%	4h	745.75	−0.016%	$2.0M	$8K	10x	as long as short
QFEX META-USD	+0.0031%	1h	745.42	−0.060%	$2.2M	$13.9M	10x	as long as short
Deribit META_USDC-PERPETUAL	+0.0032%	1h	745.01	−0.115%	$34K	$275K	10x	as long as short
Arcus META-USD	+0.0040%	1h	745.16	−0.095%	$112K	$339K	10x	as long as short
Nado META-PERP	+0.0042%	1h	745.10	−0.103%	$480K	$560K	20x	as long as short
Vest META-USD-PERP	+0.0046%	1h	745.71	−0.021%	—	$12K	25x	as long as short
Polymarket Perps META-USD	+0.0050%	1h	745.16	−0.095%	$565K	$621K	10x	as long as short
SoDEX META-USD	+0.0050%	1h	745.49	−0.051%	$25K	$3K	10x	as long as short
Ondo Perps META-USD.P	+0.0050%	1h	744.98	−0.119%	$729K	$5.1M	10x	as long as short
Paradex META-USD-PERP	+0.0055%	8h	745.34	−0.072%	—	—	5x	as long as short
Lighter RH META	+0.0056%	1h	745.79	−0.011%	$789K	$3.1M	20x	as long as short
Aftermath Perps METAUSD	+0.0087%	1h	746.22	+0.047%	$48K	$90K	10x	as long as short
Popdex METAUSDT	+0.0088%	1h	745.50	−0.050%	$177K	$203K	20x	as long as short
Pacifica META	+0.0100%	1h	745.62	−0.034%	$25	$189	10x	as long as short
KuCoin METAUSDTM	+0.0100%	8h	745.21	−0.088%	$1.6M	$717K	20x	as long as short
ApeX Omni METAUSDT	+0.0100%	1h	744.68	−0.160%	$167K	$71K	50x	as long as short
Orderly PERP_META_USDC_mythos	+0.0100%	8h	745.47	−0.054%	$1K	$24	10x	as long as short
Aevo META-PERP	+0.0104%	1h	745.34	−0.071%	$268	—	10x	as long as short
Coinbase International META-PERP-INTX	+0.0104%	1h	745.33	−0.072%	$645K	$7.9M	10x	as long as short
Injective META/USDC PERP	+0.0220%	1h	747.69	+0.244%	$172K	$46K	30x	as long as short
edgeX METAUSDC	+0.0275%	4h	745.30	−0.076%	$62K	$344K	10x	as long as short
Lighter META	+0.0464%	1h	745.89	+0.003%	$1.1M	$2.9M	20x	as long as short
Hotstuff META-PERP	+0.0472%	1h	746.06	+0.025%	$33K	$105	20x	as long as short
tradeXYZ xyz:METAlong	+0.0572%	1h	745.87	long leg	$81.5M	$130.0M	20x
Phoenix META	+0.0750%	1h	746.69	+0.110%	$797K	$1.5M	20x	as long as short