Funding arb · Price arb /

META

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0280%/8h= +30.7% APRpaid last 24h +0.048%

Price spread now: Lighter against HTX+0.049%7-day average −0.001% · you sell dearer than you buy

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

Net, price: spread back to 7d avg − costs−$17as in the Price arb table

costs, in and out, $10k−$220.217% of the position

Long on HTX Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.143%+$14 on $10k

Price spread, last 4 days (all we have)−0.177%−$18 · spread now +0.049%, 7d avg −0.001%

Together, before fees−0.033%+ Points / potential airdropLighter: Season 3 · farm board−$3 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$8 a day on $10k at the current rate, and Lighter is 0.051% dearer against HTX than usual: you sell high and buy low: +$5 more if the spread goes back to its 7-day average of −0.001%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.143% in total (about 7.5% 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	HTX META-USDT	747.74	0	get 0.0000% / 8h	3h 07m	$107K	$304K	30x
Short	Lighter META	748.11	0.0280	get 0.0035% / 1h	7m 07s	$905K	$2.5M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against HTX. 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 HTXbpFee LighterbpOrdersPrice spread, now +0.049%Rate

Funding earned: $58.8
Price spread: +0.049% → −0.001%: $5.07
Slippage, 4 orders: −$9.75
Fee HTX: 6 bp × 2 orders: −$12
Fee Lighter: 0 bp × 2 orders: $0
Net: $42.12
Costs to cover: 0.217%
Break-even: 2.0 days

Slippage from HTX: live order book, 45 min ago; Lighter: 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 HTX live order book, 45 min ago	2.69 bp	11.2 bp −$11	17.7 bp −$177	doesn't fit	doesn't fit
Sell Lighter live order book, 5 min ago	0.80 bp	1.1 bp −$1	1.8 bp −$18	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	748.02	+0.037%	$331K	$1.1M	20x	as long as short
Nado META-PERP	−0.0002%	1h	747.45	−0.038%	$483K	$556K	20x	as long as short
Aster METAUSDT	0.0000%	8h	747.48	−0.035%	$493K	$577K	20x	as long as short
Extended META_24_5-USD	0.0000%	1h	747.66	−0.011%	$548K	$2.7M	17x	as long as short
Binance METAUSDT	0.0000%	8h	748.00	+0.035%	$28.5M	$182.5M	20x	as long as short
Bybit METAUSDT	0.0000%	8h	748.08	+0.045%	$7.5M	$14.6M	100x	as long as short
OKX META-USDT-SWAP	0.0000%	8h	748.00	+0.035%	$6.0M	$13.1M	20x	as long as short
Gate META_USDT	0.0000%	8h	747.31	−0.058%	$427K	$5.9M	100x	as long as short
Variational Omni META	0.0000%	8h	748.56	+0.109%	$2.4M	$3.2M	—	as long as short
GRVT META_USDT_Perp	0.0000%	8h	747.65	−0.012%	$12K	$448K	10x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX META-USDT	0.0000%	8h	747.78	+0.005%	$621	$8.8M	20x	as long as short
Deribit META_USDC-PERPETUAL	0.0000%	1h	747.37	−0.049%	$31K	$252K	10x	as long as short
HTX META-USDTlong	0.0000%	8h	747.74	long leg	$107K	$304K	30x
Phemex METAUSDT	0.0000%	4h	748.07	+0.044%	$2.0M	$8K	10x	as long as short
Lighter RH META	+0.0032%	1h	748.13	+0.052%	$771K	$3.0M	20x	as long as short
Arcus META-USD	+0.0040%	1h	747.39	−0.047%	$111K	$331K	10x	as long as short
Vest META-USD-PERP	+0.0046%	1h	747.79	+0.007%	—	$11K	25x	as long as short
Polymarket Perps META-USD	+0.0050%	1h	747.37	−0.049%	$588K	$565K	10x	as long as short
SoDEX META-USD	+0.0050%	1h	747.84	+0.013%	$25K	$3K	10x	as long as short
Ondo Perps META-USD.P	+0.0050%	1h	747.09	−0.087%	$773K	$4.6M	10x	as long as short
QFEX META-USD	+0.0058%	1h	747.45	−0.039%	$2.2M	$13.8M	10x	as long as short
Paradex META-USD-PERP	+0.0062%	8h	747.63	−0.015%	—	—	5x	as long as short
Aftermath Perps METAUSD	+0.0084%	1h	748.25	+0.069%	$52K	$82K	10x	as long as short
Bitget METAUSDT	+0.0088%	8h	747.91	+0.023%	$5.5M	$11.9M	100x	as long as short
Popdex METAUSDT	+0.0096%	1h	747.91	+0.023%	$180K	$199K	20x	as long as short
KuCoin METAUSDTM	+0.0100%	8h	747.77	+0.004%	$1.6M	$623K	20x	as long as short
ApeX Omni METAUSDT	+0.0100%	1h	747.06	−0.091%	$167K	$71K	50x	as long as short
Orderly PERP_META_USDC_mythos	+0.0100%	8h	747.78	+0.005%	$1K	$24	10x	as long as short
Aevo META-PERP	+0.0104%	1h	747.64	−0.014%	$269	—	10x	as long as short
Coinbase International META-PERP-INTX	+0.0128%	1h	747.35	−0.052%	$667K	$7.6M	10x	as long as short
Injective META/USDC PERP	+0.0220%	1h	747.19	−0.074%	$172K	$48K	30x	as long as short
Hotstuff META-PERP	+0.0248%	1h	748.02	+0.037%	$33K	$105	20x	as long as short
Lighter METAshort	+0.0280%	1h	748.11	+0.049%	$905K	$2.5M	20x
tradeXYZ xyz:META	+0.0341%	1h	748.13	+0.052%	$72.0M	$121.7M	20x	as long as short
Phoenix META	+0.0633%	1h	749.25	+0.202%	$800K	$1.4M	20x	as long as short
edgeX METAUSDC	+0.0974%	4h	747.99	+0.034%	$62K	$338K	10x	as long as short