Funding arb · Price arb /

META

RWAall META markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0058%/8h= +6.3% APRpaid last 24h −0.013%

Price spread now: QFEX against Bybit−0.060%7-day average −0.010% · 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−$38as in the Price arb table

costs, in and out, $10k−$330.332% of the position

Long on Bybit Short on QFEX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.006%−$1 on $10k

Price spread, last 7 days+0.095%+$10 · spread now −0.060%, 7d avg −0.010%

Together, before fees+0.090%+$9 on $10k · with fees, hour by hour

Funding pays, the price is against you. QFEX is 0.050% cheaper against Bybit than usual: you would sell low and buy high (spread −0.060% now, against its 7-day average of −0.010%). If the spread goes back, that is −$5 on $10k: about 2.9 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	Bybit METAUSDT	745.59	0	get 0.0000% / 8h	3h 43m	$7.5M	$14.5M	100x
Short	QFEX META-USD	745.14	0.0058	get 0.0007% / 1h	43m 53s	$2.2M	$13.7M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

QFEX 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 QFEXbpOrdersPrice spread, now −0.060%Rate

Funding earned: $12.1
Price spread: −0.060% → −0.010%: −$5
Slippage, 4 orders: −$12.22
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee QFEX: 5 bp × 2 orders: −$10
Net: −$26.12
Costs to cover: 0.332%
Break-even: 22.1 days

Slippage from Bybit: live order book, 4 min ago; QFEX: 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, 4 min ago	1.14 bp	10.2 bp −$10	20.4 bp −$204	doesn't fit	doesn't fit
Sell QFEX live order book, 10 min ago	1.95 bp	6.9 bp −$7	9.2 bp −$92	21.2 bp −$2,123	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
BloFin META-USDT	−0.0120%	8h	745.26	−0.044%	$329K	$1.1M	20x	as long as short
Nado META-PERP	−0.0019%	1h	744.81	−0.105%	$481K	$553K	20x	as long as short
Aster METAUSDT	0.0000%	8h	744.95	−0.086%	$469K	$554K	20x	as long as short
Extended META_24_5-USD	0.0000%	1h	745.32	−0.036%	$550K	$2.7M	17x	as long as short
Binance METAUSDT	0.0000%	8h	745.71	+0.016%	$28.5M	$183.0M	20x	as long as short
Bybit METAUSDTlong	0.0000%	8h	745.59	long leg	$7.5M	$14.5M	100x
OKX META-USDT-SWAP	0.0000%	8h	745.49	−0.013%	$6.0M	$13.6M	20x	as long as short
Gate META_USDT	0.0000%	8h	744.82	−0.103%	$365K	$5.8M	100x	as long as short
Bitget METAUSDT	0.0000%	8h	745.45	−0.019%	$5.4M	$11.8M	100x	as long as short
Variational Omni META	0.0000%	8h	744.99	−0.080%	$2.4M	$3.2M	—	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT META_USDT_Perp	0.0000%	8h	743.99	−0.215%	$12K	$450K	10x	as long as short
SunX META-USDT	0.0000%	8h	745.27	−0.043%	$821	$9.0M	20x	as long as short
Deribit META_USDC-PERPETUAL	0.0000%	1h	744.85	−0.099%	$31K	$246K	10x	as long as short
HTX META-USDT	0.0000%	8h	745.23	−0.048%	$106K	$301K	30x	as long as short
Phemex METAUSDT	0.0000%	4h	745.19	−0.054%	$2.0M	$8K	10x	as long as short
Lighter RH META	+0.0032%	1h	745.60	+0.001%	$782K	$2.9M	20x	as long as short
Arcus META-USD	+0.0040%	1h	744.55	−0.139%	$111K	$330K	10x	as long as short
Vest META-USD-PERP	+0.0046%	1h	745.47	−0.016%	—	$10K	25x	as long as short
Popdex METAUSDT	+0.0048%	1h	745.31	−0.038%	$179K	$199K	20x	as long as short
Polymarket Perps META-USD	+0.0050%	1h	745.08	−0.068%	$586K	$565K	10x	as long as short
SoDEX META-USD	+0.0050%	1h	745.33	−0.035%	$25K	$3K	10x	as long as short
Ondo Perps META-USD.P	+0.0050%	1h	744.20	−0.186%	$801K	$4.6M	10x	as long as short
QFEX META-USDshort	+0.0058%	1h	745.14	−0.060%	$2.2M	$13.7M	10x
Aftermath Perps METAUSD	+0.0084%	1h	745.19	−0.053%	$52K	$82K	10x	as long as short
Paradex META-USD-PERP	+0.0095%	8h	745.15	−0.059%	—	—	5x	as long as short
KuCoin METAUSDTM	+0.0100%	8h	745.12	−0.063%	$1.6M	$603K	20x	as long as short
ApeX Omni METAUSDT	+0.0100%	1h	744.16	−0.192%	$167K	$71K	50x	as long as short
Orderly PERP_META_USDC_mythos	+0.0100%	8h	745.25	−0.046%	$1K	$24	10x	as long as short
Aevo META-PERP	+0.0104%	1h	745.07	−0.069%	$268	—	10x	as long as short
Coinbase International META-PERP-INTX	+0.0128%	1h	744.67	−0.123%	$618K	$7.4M	10x	as long as short
Injective META/USDC PERP	+0.0220%	1h	744.08	−0.203%	$172K	$48K	30x	as long as short
Hotstuff META-PERP	+0.0232%	1h	745.33	−0.035%	$33K	$105	20x	as long as short
Lighter META	+0.0240%	1h	745.58	−0.001%	$864K	$2.4M	20x	as long as short
tradeXYZ xyz:META	+0.0337%	1h	745.59	0.000%	$70.1M	$121.1M	20x	as long as short
Phoenix META	+0.0633%	1h	746.12	+0.071%	$768K	$1.4M	20x	as long as short
edgeX METAUSDC	+0.0979%	4h	744.81	−0.104%	$62K	$339K	10x	as long as short