Funding arb · Price arb /

META

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0050%/8h= +5.5% APRpaid last 24h −0.011%

Price spread now: Ondo Perps against Variational Omni−0.182%7-day average −0.080% · you buy dearer than you sell

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

Long on Variational Omni Short on Ondo Perps

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.039%+$4 on $10k

Price spread, last 7 days+0.080%+$8 · spread now −0.182%, 7d avg −0.080%

Together, before fees+0.118%+ Points / potential airdropVariational Omni: Active · Ondo Perps: Active · farm board+$12 on $10k · with fees, hour by hour

Funding pays, the price is against you. Ondo Perps is 0.103% cheaper against Variational Omni than usual: you would sell low and buy high (spread −0.182% now, against its 7-day average of −0.080%). If the spread goes back, that is −$10 on $10k: about 6.8 days of funding at the current rate (+$2 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni META	747.58	0	get 0.0000% / 8h	3h 01m	$2.4M	$3.2M	—
Short	Ondo Perps META-USD.P	746.22	0.0050	get 0.0006% / 1h	1m 15s	$779K	$4.6M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Ondo Perps against Variational Omni. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 Variational OmnibpFee Ondo PerpsbpOrdersPrice spread, now −0.182%Rate

Funding earned: $10.58
Price spread: −0.182% → −0.080%: −$10.27
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Net: −$4.69
Costs to cover: 0.050%
Break-even: 10.1 days

Slippage unknown: Variational Omni: RFQ quote, 3 min ago; Ondo Perps: no order-book sample. 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 Variational Omni RFQ quote, 3 min ago	2.45 bp	doesn't fit	27.3 bp −$273	doesn't fit	doesn't fit
Sell Ondo Perps no order-book sample	—	—	—	—	—

Ondo Perps: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	747.06	−0.070%	$331K	$1.1M	20x	as long as short
Nado META-PERP	−0.0001%	1h	746.57	−0.136%	$483K	$556K	20x	as long as short
Aster METAUSDT	0.0000%	8h	747.34	−0.033%	$492K	$578K	20x	as long as short
Extended META_24_5-USD	0.0000%	1h	746.71	−0.117%	$548K	$2.7M	17x	as long as short
Binance METAUSDT	0.0000%	8h	746.93	−0.087%	$28.5M	$182.3M	20x	as long as short
Bybit METAUSDT	0.0000%	8h	746.99	−0.079%	$7.5M	$14.8M	100x	as long as short
OKX META-USDT-SWAP	0.0000%	8h	747.08	−0.067%	$6.0M	$12.9M	20x	as long as short
Gate META_USDT	0.0000%	8h	746.68	−0.121%	$430K	$5.9M	100x	as long as short
Variational Omni METAlong	0.0000%	8h	747.58	long leg	$2.4M	$3.2M	—
GRVT META_USDT_Perp	0.0000%	8h	747.40	−0.025%	$12K	$448K	10x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX META-USDT	0.0000%	8h	747.02	−0.075%	$908	$8.7M	20x	as long as short
Deribit META_USDC-PERPETUAL	0.0000%	1h	746.42	−0.156%	$31K	$255K	10x	as long as short
HTX META-USDT	0.0000%	8h	746.70	−0.118%	$107K	$305K	30x	as long as short
Phemex METAUSDT	0.0000%	4h	748.06	+0.064%	$2.0M	$8K	10x	as long as short
Lighter RH META	+0.0032%	1h	747.11	−0.063%	$769K	$3.0M	20x	as long as short
Arcus META-USD	+0.0040%	1h	747.02	−0.075%	$111K	$331K	10x	as long as short
Vest META-USD-PERP	+0.0046%	1h	747.11	−0.063%	—	$11K	25x	as long as short
Polymarket Perps META-USD	+0.0050%	1h	746.49	−0.146%	$587K	$564K	10x	as long as short
SoDEX META-USD	+0.0050%	1h	746.99	−0.079%	$25K	$3K	10x	as long as short
Ondo Perps META-USD.Pshort	+0.0050%	1h	746.22	−0.182%	$779K	$4.6M	10x
QFEX META-USD	+0.0058%	1h	746.74	−0.113%	$2.2M	$13.8M	10x	as long as short
Paradex META-USD-PERP	+0.0065%	8h	746.78	−0.107%	—	—	5x	as long as short
Aftermath Perps METAUSD	+0.0084%	1h	747.72	+0.018%	$52K	$82K	10x	as long as short
Popdex METAUSDT	+0.0096%	1h	746.94	−0.086%	$180K	$200K	20x	as long as short
KuCoin METAUSDTM	+0.0100%	8h	747.13	−0.061%	$1.6M	$626K	20x	as long as short
ApeX Omni METAUSDT	+0.0100%	1h	746.74	−0.113%	$167K	$71K	50x	as long as short
Orderly PERP_META_USDC_mythos	+0.0100%	8h	746.96	−0.083%	$1K	$24	10x	as long as short
Aevo META-PERP	+0.0104%	1h	746.80	−0.104%	$269	—	10x	as long as short
Bitget METAUSDT	+0.0109%	8h	746.97	−0.082%	$5.5M	$12.0M	100x	as long as short
Coinbase International META-PERP-INTX	+0.0128%	1h	746.80	−0.105%	$675K	$7.6M	10x	as long as short
Injective META/USDC PERP	+0.0220%	1h	747.04	−0.073%	$172K	$48K	30x	as long as short
Hotstuff META-PERP	+0.0272%	1h	747.19	−0.053%	$33K	$105	20x	as long as short
Lighter META	+0.0288%	1h	747.11	−0.063%	$932K	$2.5M	20x	as long as short
tradeXYZ xyz:META	+0.0355%	1h	747.06	−0.070%	$72.2M	$122.1M	20x	as long as short
edgeX METAUSDC	+0.0535%	4h	747.68	+0.013%	$62K	$339K	10x	as long as short
Phoenix META	+0.0633%	1h	748.62	+0.139%	$799K	$1.4M	20x	as long as short