Funding arb · Price arb /

META

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0128%/8h= −14.0% APRpaid last 24h +0.004%

Price spread now: Bybit against Coinbase International+0.067%7-day average +0.099% · you sell dearer than you buy

Net, funding: paid 7d − costs−$25as in the Funding arb table

Net, price: spread back to 7d avg − costs−$37as in the Price arb table

costs, in and out, $10k−$340.341% of the position

Long on Coinbase International Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.089%+$9 on $10k

Price spread, last 4 days (all we have)−0.073%−$7 · spread now +0.067%, 7d avg +0.099%

Together, before fees+0.016%+$2 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$4 a day on $10k at the current rate, and Bybit is 0.032% cheaper against Coinbase International than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of +0.099%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.089%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International META-PERP-INTX	745.40	0.0128	pay 0.0016% / 1h	5m 39s	$656K	$7.8M	10x
Short	Bybit METAUSDT	745.90	0	get 0.0000% / 8h	2h 05m	$7.3M	$15.1M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Coinbase International. 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 Coinbase InternationalbpFee BybitbpOrdersPrice spread, now +0.067%Rate

Funding earned: −$26.88
Price spread: +0.067% → +0.099%: −$3.18
Slippage, 4 orders: −$13.08
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$64.14
Costs to cover: 0.341%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 3 min ago; Bybit: live order book, 3 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 Coinbase International live order book, 3 min ago	1.95 bp	7.4 bp −$7	10.4 bp −$104	doesn't fit	doesn't fit
Sell Bybit live order book, 3 min ago	1.74 bp	10.3 bp −$10	20.1 bp −$201	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
BloFin META-USDT	−0.0120%	8h	745.99	+0.079%	$330K	$1.1M	20x	as long as short
Nado META-PERP	−0.0001%	1h	745.82	+0.057%	$483K	$558K	20x	as long as short
Aster METAUSDT	0.0000%	8h	745.83	+0.058%	$480K	$590K	20x	as long as short
Extended META_24_5-USD	0.0000%	1h	745.67	+0.036%	$549K	$2.6M	17x	as long as short
Binance METAUSDT	0.0000%	8h	746.03	+0.085%	$27.7M	$182.6M	20x	as long as short
Bybit METAUSDTshort	0.0000%	8h	745.90	+0.067%	$7.3M	$15.1M	100x
OKX META-USDT-SWAP	0.0000%	8h	746.05	+0.087%	$6.1M	$12.5M	20x	as long as short
Gate META_USDT	0.0000%	8h	745.61	+0.028%	$433K	$6.0M	100x	as long as short
Bitget METAUSDT	0.0000%	8h	746.12	+0.097%	$5.5M	$12.1M	100x	as long as short
Variational Omni META	0.0000%	8h	746.12	+0.097%	$2.4M	$3.3M	—	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	746.02	+0.083%	$12K	$440K	10x	as long as short
SunX META-USDT	0.0000%	8h	746.01	+0.082%	$658	$8.3M	20x	as long as short
Deribit META_USDC-PERPETUAL	0.0000%	1h	745.88	+0.064%	$31K	$263K	10x	as long as short
HTX META-USDT	0.0000%	8h	746.01	+0.082%	$106K	$306K	30x	as long as short
Phemex METAUSDT	0.0000%	4h	745.84	+0.059%	$2.0M	$8K	10x	as long as short
Lighter RH META	+0.0032%	1h	746.35	+0.127%	$776K	$3.0M	20x	as long as short
Arcus META-USD	+0.0040%	1h	745.47	+0.009%	$110K	$331K	10x	as long as short
Vest META-USD-PERP	+0.0046%	1h	746.37	+0.130%	—	$11K	25x	as long as short
QFEX META-USD	+0.0046%	1h	745.76	+0.048%	$2.2M	$13.8M	10x	as long as short
Popdex METAUSDT	+0.0048%	1h	745.89	+0.066%	$179K	$200K	20x	as long as short
Polymarket Perps META-USD	+0.0050%	1h	745.83	+0.058%	$587K	$562K	10x	as long as short
SoDEX META-USD	+0.0050%	1h	746.25	+0.114%	$25K	$3K	10x	as long as short
Ondo Perps META-USD.P	+0.0050%	1h	745.57	+0.023%	$752K	$4.9M	10x	as long as short
Paradex META-USD-PERP	+0.0067%	8h	746.01	+0.082%	—	—	5x	as long as short
Aftermath Perps METAUSD	+0.0083%	1h	746.25	+0.114%	$52K	$81K	10x	as long as short
KuCoin METAUSDTM	+0.0100%	8h	745.84	+0.059%	$1.6M	$658K	20x	as long as short
ApeX Omni METAUSDT	+0.0100%	1h	745.52	+0.016%	$167K	$72K	50x	as long as short
Orderly PERP_META_USDC_mythos	+0.0100%	8h	746.16	+0.102%	$1K	$24	10x	as long as short
Aevo META-PERP	+0.0104%	1h	745.97	+0.077%	$269	—	10x	as long as short
Coinbase International META-PERP-INTXlong	+0.0128%	1h	745.40	long leg	$656K	$7.8M	10x
Injective META/USDC PERP	+0.0220%	1h	748.03	+0.353%	$172K	$46K	30x	as long as short
Lighter META	+0.0304%	1h	746.38	+0.131%	$1.1M	$2.7M	20x	as long as short
Hotstuff META-PERP	+0.0360%	1h	746.54	+0.153%	$33K	$105	20x	as long as short
tradeXYZ xyz:META	+0.0453%	1h	746.42	+0.137%	$76.2M	$125.7M	20x	as long as short
Phoenix META	+0.0685%	1h	746.97	+0.211%	$798K	$1.4M	20x	as long as short
edgeX METAUSDC	+0.0903%	4h	745.78	+0.050%	$62K	$339K	10x	as long as short