Funding arb · Price arb /

META

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC−0.0120%/8h= −13.1% APRpaid last 24h −0.035%

Price spread now: Orderly against Injective−0.389%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Injective Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work against this trade now: funding costs −$4 a day on $10k at the current rate, and Orderly is 0.389% cheaper against Injective than usual: you would sell low and buy high (−$39 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Injective META/USDC PERP	743.75	0.0220	pay 0.0028% / 1h	46m 32s	$168K	$61K	30x
Short	Orderly PERP_META_USDC_mythos	740.86	0.0100	get 0.0100% / 8h	5h 46m	$1K	$24	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly against Injective. 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 InjectivebpFee OrderlybpOrdersPrice spread, now −0.389%Rate

Funding earned: −$25.2
Price spread: −0.389% → 0.000%: −$38.86
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$70.08
Costs to cover: 0.060%
Break-even: never at this rate

Slippage unknown: Injective: live order book, 65 min ago; Orderly: no order-book sample. Net counts fees only.

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 Injective live order book, 65 min ago	9.99 bp	10.0 bp −$10	10.0 bp −$100	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

META on 37 exchanges

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
Hotstuff META-PERP	−0.1600%	1h	740.96	−0.375%	$33K	$105	20x	as long as short
BloFin META-USDT	−0.0120%	8h	741.06	−0.362%	$339K	$1.1M	20x	as long as short
Aster METAUSDT	0.0000%	8h	740.93	−0.380%	$492K	$628K	20x	as long as short
Extended META_24_5-USD	0.0000%	1h	740.49	−0.439%	$545K	$3.3M	17x	as long as short
Binance METAUSDT	0.0000%	8h	740.56	−0.429%	$25.8M	$192.8M	20x	as long as short
Bybit METAUSDT	0.0000%	8h	740.27	−0.468%	$7.5M	$16.1M	100x	as long as short
OKX META-USDT-SWAP	0.0000%	8h	740.47	−0.441%	$6.0M	$12.9M	20x	as long as short
Gate META_USDT	0.0000%	8h	740.46	−0.442%	$457K	$6.3M	100x	as long as short
Bitget METAUSDT	0.0000%	8h	740.43	−0.446%	$5.7M	$12.3M	100x	as long as short
Variational Omni META	0.0000%	8h	741.83	−0.259%	$2.5M	$3.0M	—	as long as short

Show all 37 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT META_USDT_Perp	0.0000%	8h	740.95	−0.376%	$12K	$432K	10x	as long as short
SunX META-USDT	0.0000%	8h	741.19	−0.344%	$1K	$7.3M	20x	as long as short
Deribit META_USDC-PERPETUAL	0.0000%	1h	740.46	−0.442%	$36K	$257K	10x	as long as short
HTX META-USDT	0.0000%	8h	740.87	−0.387%	$107K	$299K	30x	as long as short
Phemex METAUSDT	0.0000%	4h	741.55	−0.296%	$2.0M	$8K	10x	as long as short
Lighter RH META	+0.0032%	1h	740.89	−0.385%	$861K	$2.8M	20x	as long as short
QFEX META-USD	+0.0038%	1h	740.54	−0.432%	$2.2M	$14.0M	10x	as long as short
Arcus META-USD	+0.0040%	1h	740.31	−0.463%	$111K	$284K	10x	as long as short
Vest META-USD-PERP	+0.0046%	1h	740.83	−0.393%	—	$11K	25x	as long as short
Polymarket Perps META-USD	+0.0050%	1h	740.09	−0.492%	$558K	$612K	10x	as long as short
SoDEX META-USD	+0.0050%	1h	740.77	−0.401%	$24K	$3K	10x	as long as short
Ondo Perps META-USD.P	+0.0050%	1h	740.49	−0.438%	$713K	$5.0M	10x	as long as short
Paradex META-USD-PERP	+0.0053%	8h	740.44	−0.445%	—	—	5x	as long as short
Coinbase International META-PERP-INTX	+0.0064%	1h	740.18	−0.480%	$648K	$7.7M	10x	as long as short
Aftermath Perps METAUSD	+0.0074%	1h	741.58	−0.291%	$53K	$86K	10x	as long as short
Popdex METAUSDT	+0.0096%	1h	740.54	−0.432%	$178K	$201K	20x	as long as short
Pacifica META	+0.0100%	1h	740.26	−0.470%	$604	$2K	10x	as long as short
KuCoin METAUSDTM	+0.0100%	8h	740.72	−0.407%	$1.6M	$880K	20x	as long as short
ApeX Omni METAUSDT	+0.0100%	1h	741.45	−0.309%	$166K	$71K	50x	as long as short
Orderly PERP_META_USDC_mythosshort	+0.0100%	8h	740.86	−0.389%	$1K	$24	10x
Aevo META-PERP	+0.0104%	1h	740.66	−0.415%	$267	—	10x	as long as short
Nado META-PERP	+0.0119%	1h	740.36	−0.455%	$475K	$552K	20x	as long as short
Injective META/USDC PERPlong	+0.0220%	1h	743.75	long leg	$168K	$61K	30x
tradeXYZ xyz:META	+0.0288%	1h	740.44	−0.445%	$86.0M	$135.4M	20x	as long as short
Lighter META	+0.0368%	1h	740.87	−0.387%	$1.2M	$2.7M	20x	as long as short
Phoenix META	+0.0613%	1h	743.01	−0.099%	$793K	$1.5M	20x	as long as short
edgeX METAUSDC	+0.0833%	4h	742.11	−0.220%	$62K	$349K	10x	as long as short