Funding arb · Price arb /

META

RWAall META markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0154%/8h= −16.9% APRpaid last 24h −0.094%

Price spread now: QFEX against edgeX−0.020%57s7-day average +0.007% · 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—prices read too far apart to compare

costs, in and out, $10k−$340.336% of the position

Long on edgeX Short on QFEX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.427%−$43 on $10k

Price spread, last 4 days (all we have)+0.080%+$8 · spread now −0.020%, 7d avg +0.007%

Together, before fees−0.347%+ Points / potential airdropedgeX: Active · farm board−$35 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$5 a day on $10k at the current rate, and QFEX is 0.027% cheaper against edgeX than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of +0.007%). Swap the legs. 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	edgeX METAUSDC	747.20	0.0185	pay 0.0093% / 4h	9m 57s	$62K	$346K	10x
Short	QFEX META-USD	747.05	0.0031	get 0.0004% / 1h	9m 57s	$2.2M	$14.1M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

QFEX against edgeX. 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 edgeXbpFee QFEXbpOrdersPrice spread, now −0.020%Rate

Funding earned: −$32.33
Price spread: −0.020% → +0.007%: −$2.75
Slippage, 4 orders: −$14.56
Fee edgeX: 4.5 bp × 2 orders: −$9
Fee QFEX: 5 bp × 2 orders: −$10
Net: −$68.64
Costs to cover: 0.336%
Break-even: never at this rate

Slippage from edgeX: live order book, 28 min ago; QFEX: 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 edgeX live order book, 28 min ago	5.50 bp	10.1 bp −$10	11.7 bp −$117	doesn't fit	doesn't fit
Sell QFEX live order book, 4 min ago	1.67 bp	6.7 bp −$7	7.0 bp −$70	16.6 bp −$1,662	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	747.34	+0.019%	$334K	$1.1M	20x	as long as short
Deribit META_USDC-PERPETUAL	−0.0112%	1h	746.34	−0.115%	$34K	$276K	10x	as long as short
Aster METAUSDT	0.0000%	8h	746.79	−0.054%	$480K	$593K	20x	as long as short
Extended META_24_5-USD	0.0000%	1h	746.86	−0.046%	$548K	$3.4M	17x	as long as short
Binance METAUSDT	0.0000%	8h	747.08	−0.016%	$25.4M	$189.6M	20x	as long as short
Bybit METAUSDT	0.0000%	8h	747.19	−0.001%	$7.5M	$15.5M	100x	as long as short
OKX META-USDT-SWAP	0.0000%	8h	747.23	+0.004%	$6.0M	$12.8M	20x	as long as short
Gate META_USDT	0.0000%	8h	746.76	−0.059%	$473K	$6.3M	100x	as long as short
Bitget METAUSDT	0.0000%	8h	747.05	−0.020%	$5.7M	$12.4M	100x	as long as short
Variational Omni META	0.0000%	8h	747.21	+0.002%	$2.5M	$3.2M	—	as long as short

Show all 37 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT META_USDT_Perp	0.0000%	8h	747.47	+0.036%	$12K	$439K	10x	as long as short
SunX META-USDT	0.0000%	8h	747.08	−0.016%	$990	$8.0M	20x	as long as short
HTX META-USDT	0.0000%	8h	746.77	−0.058%	$108K	$312K	30x	as long as short
Phemex METAUSDT	0.0000%	4h	747.33	+0.017%	$2.0M	$8K	10x	as long as short
Nado META-PERP	+0.0018%	1h	746.89	−0.042%	$482K	$560K	20x	as long as short
QFEX META-USDshort	+0.0031%	1h	747.05	−0.020%	$2.2M	$14.1M	10x
Lighter RH META	+0.0040%	1h	747.46	+0.035%	$797K	$3.1M	20x	as long as short
Arcus META-USD	+0.0040%	1h	747.01	−0.025%	$112K	$338K	10x	as long as short
Vest META-USD-PERP	+0.0046%	1h	747.52	+0.043%	—	$12K	25x	as long as short
Polymarket Perps META-USD	+0.0050%	1h	746.79	−0.055%	$568K	$625K	10x	as long as short
SoDEX META-USD	+0.0050%	1h	746.96	−0.032%	$25K	$3K	10x	as long as short
Ondo Perps META-USD.P	+0.0050%	1h	746.22	−0.131%	$744K	$5.1M	10x	as long as short
Paradex META-USD-PERP	+0.0056%	8h	747.11	−0.012%	—	—	5x	as long as short
Popdex METAUSDT	+0.0072%	1h	746.98	−0.029%	$178K	$202K	20x	as long as short
Aftermath Perps METAUSD	+0.0088%	1h	747.55	+0.047%	$49K	$91K	10x	as long as short
Pacifica META	+0.0100%	1h	746.94	−0.035%	$37	$368	10x	as long as short
KuCoin METAUSDTM	+0.0100%	8h	747.17	−0.004%	$1.6M	$724K	20x	as long as short
ApeX Omni METAUSDT	+0.0100%	1h	746.75	−0.060%	$167K	$71K	50x	as long as short
Orderly PERP_META_USDC_mythos	+0.0100%	8h	746.98	−0.029%	$1K	$24	10x	as long as short
Aevo META-PERP	+0.0104%	1h	746.90	−0.040%	$269	—	10x	as long as short
Coinbase International META-PERP-INTX	+0.0104%	1h	746.51	−0.092%	$651K	$8.0M	10x	as long as short
edgeX METAUSDClong	+0.0185%	4h	747.20	long leg	$62K	$346K	10x
Injective META/USDC PERP	+0.0220%	1h	750.24	+0.407%	$177K	$51K	30x	as long as short
Lighter META	+0.0448%	1h	747.59	+0.052%	$1.1M	$2.9M	20x	as long as short
Hotstuff META-PERP	+0.0472%	1h	747.29	+0.012%	$33K	$105	20x	as long as short
tradeXYZ xyz:META	+0.0568%	1h	747.60	+0.053%	$83.6M	$131.7M	20x	as long as short
Phoenix META	+0.0750%	1h	748.59	+0.186%	$799K	$1.5M	20x	as long as short