Funding arb · Price arb /

META

RWAall META markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 20:00 UTC+0.0048%/8hpaid last 24h +0.011%

Price spread now: Popdex against Bybit−0.005%7-day average +0.012% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$29as in the Price arb table

costs, in and out, $10k−$270.273% of the position

Long on Bybit Short on Popdex

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.046%+$5 on $10k

Price spread, last 3 days (all we have)+0.090%+$9 · spread now −0.005%, 7d avg +0.012%

Together, before fees+0.136%+$14 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.012%, so right now this pair is about funding alone: +$1 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit METAUSDT	751.23	0	get 0.0000% / 8h	4h 22m	$8.1M	$12.7M	100x
Short	Popdex METAUSDT	751.19	0.0048	get 0.0006% / 1h	22m 28s	$176K	$194K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Popdex 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 PopdexbpOrdersPrice spread, now −0.005%Rate

Funding earned: $10.08
Price spread: −0.005% → +0.012%: −$1.72
Slippage, 4 orders: −$9.86
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Popdex: 3.2 bp × 2 orders: −$6.4
Net: −$18.9
Costs to cover: 0.273%
Break-even: 20.1 days

Slippage from Bybit: live order book, 10 min ago; Popdex: live order book, 10 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, 10 min ago	1.07 bp	9.4 bp −$9	16.4 bp −$164	doesn't fit	doesn't fit
Sell Popdex live order book, 10 min ago	0.20 bp	4.3 bp −$4	11.8 bp −$118	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
Hotstuff META-PERP	−0.0144%	1h	751.25	+0.003%	$34K	$105	20x	as long as short
BloFin META-USDT	−0.0120%	8h	751.70	+0.063%	$337K	$1.1M	20x	as long as short
Phoenix META	−0.0021%	1h	746.59	−0.618%	$315K	$622K	20x	as long as short
Nado META-PERP	−0.0006%	1h	750.96	−0.036%	$403K	$227K	20x	as long as short
Aster METAUSDT	0.0000%	8h	751.84	+0.082%	$462K	$449K	20x	as long as short
Extended META_24_5-USD	0.0000%	1h	751.24	+0.001%	$561K	$1.5M	17x	as long as short
Binance METAUSDT	0.0000%	8h	751.07	−0.021%	$28.1M	$164.2M	20x	as long as short
Bybit METAUSDTlong	0.0000%	8h	751.23	long leg	$8.1M	$12.7M	100x
OKX META-USDT-SWAP	0.0000%	8h	751.14	−0.012%	$6.1M	$12.7M	20x	as long as short
Gate META_USDT	0.0000%	8h	751.09	−0.019%	$338K	$5.0M	100x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget METAUSDT	0.0000%	8h	751.22	−0.001%	$6.0M	$9.7M	100x	as long as short
Variational Omni META	0.0000%	8h	749.56	−0.223%	$1.6M	$2.3M	—	as long as short
GRVT META_USDT_Perp	0.0000%	8h	750.02	−0.162%	$13K	$528K	10x	as long as short
SunX META-USDT	0.0000%	8h	751.51	+0.037%	$554	$9.4M	20x	as long as short
HTX META-USDT	0.0000%	8h	750.99	−0.032%	$107K	$283K	30x	as long as short
Phemex METAUSDT	0.0000%	4h	752.05	+0.109%	$2.0M	$7K	10x	as long as short
QFEX META-USD	+0.0012%	1h	751.09	−0.019%	$2.3M	$13.5M	10x	as long as short
Lighter META	+0.0032%	1h	751.55	+0.043%	$879K	$2.6M	20x	as long as short
Lighter RH META	+0.0032%	1h	751.53	+0.040%	$742K	$3.2M	20x	as long as short
Vest META-USD-PERP	+0.0046%	1h	751.86	+0.084%	—	$9K	25x	as long as short
Popdex METAUSDTshort	+0.0048%	1h	751.19	−0.005%	$176K	$194K	20x
Coinbase International META-PERP-INTX	+0.0048%	1h	752.09	+0.114%	$640K	$6.8M	10x	as long as short
tradeXYZ xyz:META	+0.0050%	1h	751.41	+0.024%	$72.1M	$111.2M	20x	as long as short
Polymarket Perps META-USD	+0.0050%	1h	751.12	−0.015%	$547K	$836K	10x	as long as short
SoDEX META-USD	+0.0050%	1h	751.28	+0.007%	$25K	$3K	10x	as long as short
Ondo Perps META-USD.P	+0.0050%	1h	750.64	−0.079%	$689K	$3.8M	10x	as long as short
Paradex META-USD-PERP	+0.0052%	8h	751.15	−0.011%	—	—	5x	as long as short
Deribit META_USDC-PERPETUAL	+0.0056%	1h	750.99	−0.032%	$28K	$259K	10x	as long as short
KuCoin METAUSDTM	+0.0100%	8h	750.95	−0.037%	$1.6M	$300K	20x	as long as short
ApeX Omni METAUSDT	+0.0100%	1h	749.92	−0.174%	$168K	$71K	50x	as long as short
Orderly PERP_META_USDC_mythos	+0.0100%	8h	751.11	−0.016%	$1K	$24	10x	as long as short
Aevo META-PERP	+0.0104%	1h	751.21	−0.003%	$270	—	10x	as long as short
Arcus META-USD	+0.0128%	1h	751.05	−0.024%	$267K	$311K	10x	as long as short
Injective META/USDC PERP	+0.0220%	1h	752.38	+0.153%	$171K	$43K	30x	as long as short
Aftermath Perps METAUSD	+0.0332%	1h	749.70	−0.204%	$42K	$49K	10x	as long as short
edgeX METAUSDC	+0.0728%	4h	749.99	−0.166%	$63K	$328K	10x	as long as short