Funding arb · Price arb /

META

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0035%/8h= +3.9% APRpaid last 24h −0.024%

Price spread now: BloFin against Deribit+0.046%57s7-day average +0.072% · you sell dearer than you buy

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

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$290.289% of the position

Long on Deribit Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)−0.208%−$21 on $10k

Price spread, last 3 days (all we have)+0.014%+$1 · spread now +0.046%, 7d avg +0.072%

Together, before fees−0.194%−$19 on $10k · with fees, hour by hour

Funding pays, the price is against you. BloFin is 0.026% cheaper against Deribit than usual: you would sell low and buy high (spread +0.046% now, against its 7-day average of +0.072%). If the spread goes back, that is −$3 on $10k: about 2.4 days of funding at the current rate (+$1 a day). Mind the row above: over the last 5 days funding on this pair cost −0.208%, so the current rate has only just turned in your favour. The two prices were read 57 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit META_USDC-PERPETUAL	740.00	−0.0155	get 0.0019% / 1h	58m 03s	$30K	$246K	10x
Short	BloFin META-USDT	740.34	−0.0120	pay 0.0120% / 8h	6h 58m	$326K	$1.1M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin against Deribit. 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 DeribitbpFee BloFinbpOrdersPrice spread, now +0.046%Rate

Funding earned: $7.4
Price spread: +0.046% → +0.072%: −$2.58
Slippage, 4 orders: −$9.88
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$24.06
Costs to cover: 0.289%
Break-even: 29.8 days

Slippage from Deribit: live order book, 10 min ago; BloFin: 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 Deribit live order book, 10 min ago	0.07 bp	10.5 bp −$11	12.4 bp −$124	doesn't fit	doesn't fit
Sell BloFin live order book, 4 min ago	0.14 bp	6.6 bp −$7	9.7 bp −$97	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
Nado META-PERP	−0.0204%	1h	740.38	+0.052%	$490K	$527K	20x	as long as short
Deribit META_USDC-PERPETUALlong	−0.0155%	1h	740.00	long leg	$30K	$246K	10x
BloFin META-USDTshort	−0.0120%	8h	740.34	+0.046%	$326K	$1.1M	20x
Aster METAUSDT	0.0000%	8h	740.41	+0.055%	$466K	$549K	20x	as long as short
Extended META_24_5-USD	0.0000%	1h	740.30	+0.040%	$550K	$2.7M	17x	as long as short
Binance METAUSDT	0.0000%	8h	740.46	+0.062%	$27.4M	$179.9M	20x	as long as short
Bybit METAUSDT	0.0000%	8h	740.59	+0.080%	$7.5M	$14.0M	100x	as long as short
OKX META-USDT-SWAP	0.0000%	8h	740.11	+0.015%	$5.9M	$13.3M	20x	as long as short
Gate META_USDT	0.0000%	8h	740.20	+0.027%	$351K	$5.6M	100x	as long as short
Bitget METAUSDT	0.0000%	8h	740.43	+0.058%	$5.6M	$11.3M	100x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni META	0.0000%	8h	740.22	+0.029%	$2.4M	$3.3M	—	as long as short
GRVT META_USDT_Perp	0.0000%	8h	740.46	+0.062%	$12K	$452K	10x	as long as short
SunX META-USDT	0.0000%	8h	740.43	+0.058%	$801	$9.3M	20x	as long as short
HTX META-USDT	0.0000%	8h	740.21	+0.028%	$105K	$295K	30x	as long as short
Phemex METAUSDT	0.0000%	4h	740.56	+0.076%	$2.0M	$8K	10x	as long as short
QFEX META-USD	+0.0025%	1h	740.18	+0.024%	$2.2M	$14.1M	10x	as long as short
Lighter RH META	+0.0032%	1h	740.68	+0.092%	$753K	$3.0M	20x	as long as short
Arcus META-USD	+0.0040%	1h	740.01	+0.001%	$110K	$331K	10x	as long as short
Vest META-USD-PERP	+0.0046%	1h	740.83	+0.112%	—	$11K	25x	as long as short
Hotstuff META-PERP	+0.0048%	1h	740.59	+0.080%	$33K	$105	20x	as long as short
Popdex METAUSDT	+0.0048%	1h	740.41	+0.055%	$176K	$197K	20x	as long as short
Polymarket Perps META-USD	+0.0050%	1h	740.18	+0.024%	$558K	$857K	10x	as long as short
SoDEX META-USD	+0.0050%	1h	740.39	+0.053%	$24K	$3K	10x	as long as short
Ondo Perps META-USD.P	+0.0050%	1h	739.86	−0.019%	$693K	$4.4M	10x	as long as short
Paradex META-USD-PERP	+0.0059%	8h	740.39	+0.053%	—	—	5x	as long as short
Aftermath Perps METAUSD	+0.0067%	1h	741.00	+0.136%	$48K	$80K	10x	as long as short
Lighter META	+0.0080%	1h	740.60	+0.081%	$857K	$2.4M	20x	as long as short
KuCoin METAUSDTM	+0.0100%	8h	740.63	+0.085%	$1.6M	$456K	20x	as long as short
ApeX Omni METAUSDT	+0.0100%	1h	740.26	+0.035%	$166K	$71K	50x	as long as short
Orderly PERP_META_USDC_mythos	+0.0100%	8h	740.47	+0.064%	$1K	$24	10x	as long as short
Aevo META-PERP	+0.0104%	1h	740.22	+0.030%	$266	—	10x	as long as short
Coinbase International META-PERP-INTX	+0.0104%	1h	740.19	+0.026%	$610K	$7.4M	10x	as long as short
tradeXYZ xyz:META	+0.0157%	1h	740.60	+0.081%	$68.0M	$121.2M	20x	as long as short
Injective META/USDC PERP	+0.0220%	1h	742.82	+0.381%	$171K	$48K	30x	as long as short
Phoenix META	+0.0259%	1h	741.06	+0.143%	$343K	$920K	20x	as long as short
edgeX METAUSDC	+0.0352%	4h	740.50	+0.068%	$62K	$336K	10x	as long as short