Funding arb · Price arb /

META

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0243%/8h= +26.7% APRpaid last 24h +0.028%

Price spread now: tradeXYZ against Bybit+0.026%7-day average −0.023% · you sell dearer than you buy

Net, funding: paid 7d − costs−$24as in the Funding arb table

Net, price: spread back to 7d avg − costs−$35as in the Price arb table

costs, in and out, $10k−$400.397% of the position

Long on Bybit Short on tradeXYZ

What this pair did over the last

the charts below follow

Funding, last 7 days+0.153%+$15 on $10k

Price spread, last 7 days−0.001%$0 · spread now +0.026%, 7d avg −0.023%

Together, before fees+0.152%+ Points / potential airdroptradeXYZ: Active · farm board+$15 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$7 a day on $10k at the current rate, and tradeXYZ is 0.049% dearer against Bybit than usual: you sell high and buy low: +$5 more if the spread goes back to its 7-day average of −0.023%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.153% in total (about 8.0% 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	Bybit METAUSDT	740.03	0	get 0.0000% / 8h	6h 14m	$7.5M	$13.8M	100x
Short	tradeXYZ xyz:META	740.22	0.0243	get 0.0030% / 1h	14m 17s	$68.3M	$120.0M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

tradeXYZ 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 tradeXYZbpOrdersPrice spread, now +0.026%Rate

Funding earned: $51.12
Price spread: +0.026% → −0.023%: $4.91
Slippage, 4 orders: −$10.69
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee tradeXYZ: 9 bp × 2 orders: −$18
Net: $16.34
Costs to cover: 0.397%
Break-even: 4.8 days

Slippage from Bybit: live order book, 4 min ago; tradeXYZ: live order book, 5 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	1.55 bp	9.8 bp −$10	18.1 bp −$181	doesn't fit	doesn't fit
Sell tradeXYZ live order book, 5 min ago	0.41 bp	9.7 bp −$10	10.4 bp −$104	doesn't fit	doesn't fit

META on 35 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	−0.0128%	1h	739.69	−0.046%	$31K	$244K	10x	as long as short
Nado META-PERP	−0.0120%	1h	739.84	−0.026%	$478K	$549K	20x	as long as short
Aster METAUSDT	0.0000%	8h	740.82	+0.107%	$466K	$549K	20x	as long as short
Extended META_24_5-USD	0.0000%	1h	740.07	+0.005%	$550K	$2.7M	17x	as long as short
Binance METAUSDT	0.0000%	8h	740.27	+0.032%	$27.3M	$179.2M	20x	as long as short
Bybit METAUSDTlong	0.0000%	8h	740.03	long leg	$7.5M	$13.8M	100x
OKX META-USDT-SWAP	0.0000%	8h	740.25	+0.030%	$5.9M	$13.3M	20x	as long as short
Gate META_USDT	0.0000%	8h	739.86	−0.023%	$352K	$5.6M	100x	as long as short
Bitget METAUSDT	0.0000%	8h	740.28	+0.034%	$5.5M	$11.3M	100x	as long as short
Variational Omni META	0.0000%	8h	740.06	+0.004%	$2.3M	$3.1M	—	as long as short

Show all 35 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT META_USDT_Perp	0.0000%	8h	740.16	+0.017%	$12K	$433K	10x	as long as short
SunX META-USDT	0.0000%	8h	740.06	+0.004%	$914	$9.2M	20x	as long as short
HTX META-USDT	0.0000%	8h	739.95	−0.011%	$105K	$296K	30x	as long as short
Phemex METAUSDT	0.0000%	4h	740.23	+0.027%	$2.0M	$8K	10x	as long as short
QFEX META-USD	+0.0025%	1h	740.16	+0.018%	$2.2M	$13.9M	10x	as long as short
Lighter RH META	+0.0032%	1h	740.53	+0.068%	$750K	$3.0M	20x	as long as short
Arcus META-USD	+0.0040%	1h	739.71	−0.043%	$110K	$330K	10x	as long as short
Vest META-USD-PERP	+0.0046%	1h	740.44	+0.055%	—	$11K	25x	as long as short
Popdex METAUSDT	+0.0048%	1h	740.17	+0.019%	$176K	$197K	20x	as long as short
Polymarket Perps META-USD	+0.0050%	1h	740.02	−0.001%	$557K	$701K	10x	as long as short
SoDEX META-USD	+0.0050%	1h	740.19	+0.022%	$24K	$3K	10x	as long as short
Ondo Perps META-USD.P	+0.0050%	1h	739.36	−0.091%	$697K	$4.3M	10x	as long as short
Paradex META-USD-PERP	+0.0056%	8h	739.94	−0.012%	—	—	5x	as long as short
Aftermath Perps METAUSD	+0.0071%	1h	740.88	+0.115%	$49K	$80K	10x	as long as short
KuCoin METAUSDTM	+0.0100%	8h	740.30	+0.036%	$1.6M	$487K	20x	as long as short
ApeX Omni METAUSDT	+0.0100%	1h	739.74	−0.039%	$166K	$71K	50x	as long as short
Orderly PERP_META_USDC_mythos	+0.0100%	8h	740.21	+0.024%	$1K	$24	10x	as long as short
Aevo META-PERP	+0.0104%	1h	739.98	−0.006%	$266	—	10x	as long as short
Coinbase International META-PERP-INTX	+0.0104%	1h	740.66	+0.085%	$609K	$7.2M	10x	as long as short
Lighter META	+0.0136%	1h	740.44	+0.055%	$860K	$2.4M	20x	as long as short
Hotstuff META-PERP	+0.0136%	1h	740.06	+0.004%	$33K	$105	20x	as long as short
Injective META/USDC PERP	+0.0220%	1h	742.42	+0.323%	$171K	$48K	30x	as long as short
tradeXYZ xyz:METAshort	+0.0243%	1h	740.22	+0.026%	$68.3M	$120.0M	20x
Phoenix META	+0.0313%	1h	740.85	+0.111%	$438K	$1.1M	20x	as long as short
edgeX METAUSDC	+0.0949%	4h	739.98	−0.007%	$62K	$336K	10x	as long as short