Funding arb · Price arb /

META

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0451%/8h= −49.4% APRpaid last 24h −0.030%

Price spread now: Variational Omni against tradeXYZ+0.011%7-day average +0.037% · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on tradeXYZ Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.083%−$8 on $10k

Price spread, last 7 days+0.011%+$1 · spread now +0.011%, 7d avg +0.037%

Together, before fees−0.071%+ Points / potential airdroptradeXYZ: Active · Variational Omni: Active · farm board−$7 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$14 a day on $10k at the current rate, and Variational Omni is 0.026% cheaper against tradeXYZ than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of +0.037%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid -0.083% in total (about -8.4% 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	746.04	0.0451	pay 0.0056% / 1h	4m 24s	$76.2M	$125.8M	20x
Short	Variational Omni META	746.12	0	get 0.0000% / 8h	2h 04m	$2.4M	$3.3M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni 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 Variational OmnibpOrdersPrice spread, now +0.011%Rate

Funding earned: −$94.81
Price spread: +0.011% → +0.037%: −$2.6
Slippage, 4 orders: no order book: not counted
Fee tradeXYZ: 9 bp × 2 orders: −$18
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$115.42
Costs to cover: 0.180%
Break-even: never at this rate

Slippage unknown: tradeXYZ: live order book, 5 min ago; Variational Omni: RFQ quote, 5 min ago. Net counts fees only.

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	0.20 bp	10.3 bp −$10	11.5 bp −$115	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 5 min ago	2.46 bp	doesn't fit	15.4 bp −$154	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
Deribit META_USDC-PERPETUAL	−0.0139%	1h	745.45	−0.079%	$31K	$263K	10x	as long as short
BloFin META-USDT	−0.0120%	8h	745.91	−0.017%	$329K	$1.1M	20x	as long as short
Nado META-PERP	−0.0003%	1h	745.51	−0.071%	$483K	$557K	20x	as long as short
Aster METAUSDT	0.0000%	8h	745.44	−0.080%	$480K	$590K	20x	as long as short
Extended META_24_5-USD	0.0000%	1h	745.43	−0.082%	$549K	$2.6M	17x	as long as short
Binance METAUSDT	0.0000%	8h	745.59	−0.061%	$27.7M	$182.7M	20x	as long as short
Bybit METAUSDT	0.0000%	8h	745.52	−0.070%	$7.3M	$15.1M	100x	as long as short
OKX META-USDT-SWAP	0.0000%	8h	745.88	−0.021%	$6.1M	$12.5M	20x	as long as short
Gate META_USDT	0.0000%	8h	745.32	−0.097%	$433K	$6.0M	100x	as long as short
Bitget METAUSDT	0.0000%	8h	745.75	−0.039%	$5.5M	$12.1M	100x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni METAshort	0.0000%	8h	746.12	+0.011%	$2.4M	$3.3M	—
GRVT META_USDT_Perp	0.0000%	8h	746.23	+0.025%	$12K	$440K	10x	as long as short
SunX META-USDT	0.0000%	8h	745.72	−0.043%	$995	$8.3M	20x	as long as short
HTX META-USDT	0.0000%	8h	745.60	−0.059%	$106K	$306K	30x	as long as short
Phemex METAUSDT	0.0000%	4h	745.87	−0.023%	$2.0M	$8K	10x	as long as short
Lighter RH META	+0.0032%	1h	746.04	0.000%	$776K	$3.0M	20x	as long as short
Arcus META-USD	+0.0040%	1h	745.45	−0.079%	$110K	$331K	10x	as long as short
Vest META-USD-PERP	+0.0046%	1h	746.17	+0.017%	—	$11K	25x	as long as short
QFEX META-USD	+0.0046%	1h	745.51	−0.071%	$2.2M	$13.8M	10x	as long as short
Popdex METAUSDT	+0.0048%	1h	745.66	−0.051%	$179K	$200K	20x	as long as short
Polymarket Perps META-USD	+0.0050%	1h	745.22	−0.110%	$586K	$562K	10x	as long as short
SoDEX META-USD	+0.0050%	1h	745.78	−0.035%	$25K	$3K	10x	as long as short
Ondo Perps META-USD.P	+0.0050%	1h	745.25	−0.106%	$752K	$4.9M	10x	as long as short
Paradex META-USD-PERP	+0.0067%	8h	745.62	−0.056%	—	—	5x	as long as short
Aftermath Perps METAUSD	+0.0083%	1h	746.57	+0.071%	$52K	$81K	10x	as long as short
KuCoin METAUSDTM	+0.0100%	8h	745.48	−0.075%	$1.6M	$658K	20x	as long as short
ApeX Omni METAUSDT	+0.0100%	1h	745.62	−0.056%	$167K	$72K	50x	as long as short
Orderly PERP_META_USDC_mythos	+0.0100%	8h	745.70	−0.046%	$1K	$24	10x	as long as short
Aevo META-PERP	+0.0104%	1h	745.69	−0.047%	$268	—	10x	as long as short
Coinbase International META-PERP-INTX	+0.0128%	1h	745.40	−0.086%	$656K	$7.8M	10x	as long as short
Injective META/USDC PERP	+0.0220%	1h	748.03	+0.267%	$172K	$46K	30x	as long as short
Lighter META	+0.0304%	1h	746.13	+0.012%	$1.1M	$2.7M	20x	as long as short
Hotstuff META-PERP	+0.0360%	1h	746.18	+0.019%	$33K	$105	20x	as long as short
tradeXYZ xyz:METAlong	+0.0451%	1h	746.04	long leg	$76.2M	$125.8M	20x
edgeX METAUSDC	+0.0674%	4h	745.96	−0.011%	$62K	$340K	10x	as long as short
Phoenix META	+0.0685%	1h	747.34	+0.174%	$798K	$1.4M	20x	as long as short