Funding arb · Price arb /

META

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0104%/8h= −11.4% APRpaid last 24h −0.022%

Price spread now: Gate against Coinbase International−0.013%7-day average +0.044% · you buy dearer than you sell

Net, funding: paid 7d − costs−$42as in the Funding arb table

Net, price: spread back to 7d avg − costs−$55as in the Price arb table

costs, in and out, $10k−$490.489% of the position

Long on Coinbase International Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days+0.065%+$6 on $10k

Price spread, last 4 days (all we have)−0.049%−$5 · spread now −0.013%, 7d avg +0.044%

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

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Gate is 0.057% cheaper against Coinbase International than usual: you would sell low and buy high (−$6 if the spread goes back to its 7-day average of +0.044%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.065%, 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	744.50	0.0104	pay 0.0013% / 1h	28m 48s	$655K	$8.0M	10x
Short	Gate META_USDT	744.40	0	get 0.0000% / 8h	1h 28m	$460K	$6.2M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now −0.013%Rate

Funding earned: −$21.84
Price spread: −0.013% → +0.044%: −$5.73
Slippage, 4 orders: −$23.95
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$76.52
Costs to cover: 0.489%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 5 min ago; Gate: live order book, 4 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, 5 min ago	3.42 bp	8.9 bp −$9	12.2 bp −$122	doesn't fit	doesn't fit
Sell Gate live order book, 4 min ago	3.83 bp	13.6 bp −$14	38.1 bp −$381	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	744.93	+0.058%	$333K	$1.1M	20x	as long as short
Nado META-PERP	−0.0040%	1h	744.77	+0.036%	$482K	$559K	20x	as long as short
Deribit META_USDC-PERPETUAL	−0.0019%	1h	744.34	−0.021%	$34K	$275K	10x	as long as short
Aster METAUSDT	0.0000%	8h	745.35	+0.114%	$479K	$593K	20x	as long as short
Extended META_24_5-USD	0.0000%	1h	744.71	+0.028%	$552K	$1.8M	17x	as long as short
Binance METAUSDT	0.0000%	8h	745.08	+0.077%	$25.0M	$188.3M	20x	as long as short
Bybit METAUSDT	0.0000%	8h	745.02	+0.070%	$7.3M	$15.3M	100x	as long as short
OKX META-USDT-SWAP	0.0000%	8h	745.05	+0.074%	$6.0M	$12.7M	20x	as long as short
Gate META_USDTshort	0.0000%	8h	744.40	−0.013%	$460K	$6.2M	100x
Bitget METAUSDT	0.0000%	8h	744.91	+0.055%	$5.6M	$12.4M	100x	as long as short

Show all 37 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni META	0.0000%	8h	744.51	+0.002%	$2.4M	$3.3M	—	as long as short
GRVT META_USDT_Perp	0.0000%	8h	744.76	+0.034%	$12K	$439K	10x	as long as short
SunX META-USDT	0.0000%	8h	744.74	+0.032%	$676	$8.2M	20x	as long as short
HTX META-USDT	0.0000%	8h	744.49	−0.001%	$106K	$308K	30x	as long as short
Phemex METAUSDT	0.0000%	4h	744.82	+0.043%	$2.0M	$8K	10x	as long as short
QFEX META-USD	+0.0031%	1h	744.67	+0.023%	$2.2M	$14.0M	10x	as long as short
Lighter RH META	+0.0032%	1h	745.46	+0.129%	$787K	$2.9M	20x	as long as short
Arcus META-USD	+0.0040%	1h	744.44	−0.008%	$112K	$340K	10x	as long as short
Vest META-USD-PERP	+0.0046%	1h	745.40	+0.121%	—	$12K	25x	as long as short
Popdex METAUSDT	+0.0048%	1h	744.71	+0.028%	$177K	$205K	20x	as long as short
Polymarket Perps META-USD	+0.0050%	1h	744.41	−0.012%	$586K	$564K	10x	as long as short
SoDEX META-USD	+0.0050%	1h	744.90	+0.054%	$25K	$3K	10x	as long as short
Ondo Perps META-USD.P	+0.0050%	1h	744.09	−0.055%	$696K	$5.3M	10x	as long as short
Paradex META-USD-PERP	+0.0061%	8h	744.69	+0.026%	—	—	5x	as long as short
Aftermath Perps METAUSD	+0.0086%	1h	745.56	+0.142%	$52K	$81K	10x	as long as short
KuCoin METAUSDTM	+0.0100%	8h	744.89	+0.052%	$1.6M	$681K	20x	as long as short
ApeX Omni METAUSDT	+0.0100%	1h	744.69	+0.026%	$167K	$72K	50x	as long as short
Orderly PERP_META_USDC_mythos	+0.0100%	8h	744.85	+0.047%	$1K	$24	10x	as long as short
Aevo META-PERP	+0.0104%	1h	744.66	+0.021%	$268	—	10x	as long as short
Coinbase International META-PERP-INTXlong	+0.0104%	1h	744.50	long leg	$655K	$8.0M	10x
edgeX METAUSDC	+0.0170%	4h	744.61	+0.015%	$62K	$345K	10x	as long as short
Injective META/USDC PERP	+0.0220%	1h	746.56	+0.277%	$172K	$46K	30x	as long as short
Lighter META	+0.0360%	1h	745.63	+0.152%	$1.1M	$2.7M	20x	as long as short
Hotstuff META-PERP	+0.0368%	1h	745.21	+0.095%	$33K	$105	20x	as long as short
tradeXYZ xyz:META	+0.0493%	1h	745.60	+0.148%	$77.6M	$127.7M	20x	as long as short
Phoenix META	+0.0739%	1h	746.25	+0.235%	$797K	$1.5M	20x	as long as short
Pacifica META	+0.0800%	1h	744.91	+0.055%	$13	$46	—	as long as short