Funding arb · Price arb /

META

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0220%/8h= +24.1% APRpaid last 24h +0.065%

Price spread now: Injective against Bybit+0.234%108s7-day average +0.292% · you sell dearer than you buy

Net, funding: paid 7d − costs−$29as 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−$720.721% of the position

Long on Bybit Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days+0.436%+$44 on $10k

Price spread, last 4 days (all we have)+0.151%+$15 · spread now +0.234%, 7d avg +0.292%

Together, before fees+0.587%+$59 on $10k · with fees, hour by hour

Funding pays, the price is against you. Injective is 0.057% cheaper against Bybit than usual: you would sell low and buy high (spread +0.234% now, against its 7-day average of +0.292%). If the spread goes back, that is −$6 on $10k: about 21 hours of funding at the current rate (+$7 a day). The two prices were read 108 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit METAUSDT	743.04	0	get 0.0000% / 8h	7h 21m	$7.5M	$15.6M	100x
Short	Injective META/USDC PERP	744.78	0.0220	get 0.0028% / 1h	21m 34s	$176K	$52K	30x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against Bybit. 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 BybitbpFee InjectivebpOrdersPrice spread, now +0.234%Rate

Funding earned: $46.2
Price spread: +0.234% → +0.292%: −$5.73
Slippage, 4 orders: −$61.07
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$31.63
Costs to cover: 0.721%
Break-even: 11.8 days

Slippage from Bybit: live order book, 2 min ago; Injective: live order book, 12 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 Bybit live order book, 2 min ago	1.08 bp	8.9 bp −$9	21.1 bp −$211	doesn't fit	doesn't fit
Sell Injective live order book, 12 min ago	17.79 bp	33.9 bp −$34	doesn't fit	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	742.85	−0.026%	$336K	$1.1M	20x	as long as short
Nado META-PERP	0.0000%	1h	742.85	−0.026%	$478K	$560K	20x	as long as short
Aster METAUSDT	0.0000%	8h	743.08	+0.005%	$487K	$612K	20x	as long as short
Extended META_24_5-USD	0.0000%	1h	743.02	−0.002%	$544K	$3.4M	17x	as long as short
Binance METAUSDT	0.0000%	8h	743.23	+0.026%	$25.8M	$191.3M	20x	as long as short
Bybit METAUSDTlong	0.0000%	8h	743.04	long leg	$7.5M	$15.6M	100x
OKX META-USDT-SWAP	0.0000%	8h	743.15	+0.015%	$6.0M	$12.8M	20x	as long as short
Gate META_USDT	0.0000%	8h	742.70	−0.046%	$486K	$6.3M	100x	as long as short
Bitget METAUSDT	0.0000%	8h	743.16	+0.016%	$5.7M	$12.2M	100x	as long as short
Variational Omni META	0.0000%	8h	741.77	−0.171%	$2.5M	$3.0M	—	as long as short

Show all 37 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT META_USDT_Perp	0.0000%	8h	742.85	−0.026%	$12K	$437K	10x	as long as short
SunX META-USDT	0.0000%	8h	743.45	+0.055%	$866	$7.7M	20x	as long as short
Deribit META_USDC-PERPETUAL	0.0000%	1h	742.83	−0.028%	$36K	$270K	10x	as long as short
HTX META-USDT	0.0000%	8h	742.89	−0.020%	$107K	$300K	30x	as long as short
Phemex METAUSDT	0.0000%	4h	743.58	+0.073%	$2.0M	$8K	10x	as long as short
Lighter RH META	+0.0032%	1h	743.16	+0.016%	$794K	$2.9M	20x	as long as short
QFEX META-USD	+0.0036%	1h	743.03	−0.001%	$2.2M	$14.1M	10x	as long as short
Arcus META-USD	+0.0040%	1h	742.81	−0.031%	$112K	$337K	10x	as long as short
Vest META-USD-PERP	+0.0046%	1h	743.49	+0.061%	—	$12K	25x	as long as short
Popdex METAUSDT	+0.0048%	1h	743.15	+0.015%	$180K	$205K	20x	as long as short
Polymarket Perps META-USD	+0.0050%	1h	742.60	−0.059%	$565K	$619K	10x	as long as short
SoDEX META-USD	+0.0050%	1h	743.07	+0.004%	$24K	$3K	10x	as long as short
Ondo Perps META-USD.P	+0.0050%	1h	742.41	−0.085%	$741K	$5.0M	10x	as long as short
Paradex META-USD-PERP	+0.0054%	8h	743.07	+0.004%	—	—	5x	as long as short
Aftermath Perps METAUSD	+0.0077%	1h	743.34	+0.040%	$51K	$93K	10x	as long as short
Pacifica META	+0.0100%	1h	743.16	+0.016%	$606	$2K	10x	as long as short
KuCoin METAUSDTM	+0.0100%	8h	743.07	+0.004%	$1.6M	$776K	20x	as long as short
ApeX Omni METAUSDT	+0.0100%	1h	742.56	−0.065%	$166K	$71K	50x	as long as short
Orderly PERP_META_USDC_mythos	+0.0100%	8h	743.13	+0.012%	$1K	$24	10x	as long as short
Aevo META-PERP	+0.0104%	1h	742.93	−0.014%	$267	—	10x	as long as short
Coinbase International META-PERP-INTX	+0.0120%	1h	742.26	−0.105%	$628K	$7.9M	10x	as long as short
Injective META/USDC PERPshort	+0.0220%	1h	744.78	+0.234%	$176K	$52K	30x
Hotstuff META-PERP	+0.0256%	1h	743.14	+0.013%	$33K	$105	20x	as long as short
Lighter META	+0.0296%	1h	743.34	+0.040%	$1.2M	$2.9M	20x	as long as short
tradeXYZ xyz:META	+0.0310%	1h	743.12	+0.011%	$85.2M	$133.7M	20x	as long as short
Phoenix META	+0.0791%	1h	743.14	+0.013%	$793K	$1.5M	20x	as long as short
edgeX METAUSDC	+0.0992%	4h	742.56	−0.065%	$62K	$347K	10x	as long as short