Funding arb · Price arb /

META

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0308%/8h= +33.7% APRpaid last 24h +0.019%

Price spread now: Lighter against KuCoin+0.066%7-day average +0.035% · you sell dearer than you buy

Net, funding: paid 7d − costs−$106as in the Funding arb table

Net, price: spread back to 7d avg − costs−$97as in the Price arb table

costs, in and out, $10k−$1001.002% of the position

Long on KuCoin Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days−0.060%−$6 on $10k

Price spread, last 7 days−0.009%−$1 · spread now +0.066%, 7d avg +0.035%

Together, before fees−0.069%+ Points / potential airdropLighter: Season 3 · farm board−$7 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$9 a day on $10k at the current rate, and Lighter is 0.030% dearer against KuCoin than usual: you sell high and buy low: +$3 more if the spread goes back to its 7-day average of +0.035%. Mind the row above: over the last 7 days funding on this pair cost −0.060%, so the current rate has only just turned in your favour.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.060% in total (about -3.1% 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	KuCoin METAUSDTM	745.88	0.0100	pay 0.0100% / 8h	57m 34s	$1.6M	$703K	20x
Short	Lighter META	746.37	0.0408	get 0.0051% / 1h	57m 34s	$1.1M	$2.8M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against KuCoin. 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 KuCoinbpFee LighterbpOrdersPrice spread, now +0.066%Rate

Funding earned: $64.68
Price spread: +0.066% → +0.035%: $3.04
Slippage, 4 orders: −$88.16
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Lighter: 0 bp × 2 orders: $0
Net: −$32.44
Costs to cover: 1.002%
Break-even: 10.5 days

Slippage from KuCoin: live order book, 8 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 KuCoin live order book, 8 min ago	5.23 bp	52.0 bp −$52	doesn't fit	doesn't fit	doesn't fit
Sell Lighter live order book, 5 min ago	0.20 bp	0.4 bp $0	2.0 bp −$20	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	745.94	+0.008%	$332K	$1.1M	20x	as long as short
Aster METAUSDT	0.0000%	8h	745.93	+0.007%	$480K	$593K	20x	as long as short
Extended META_24_5-USD	0.0000%	1h	745.77	−0.015%	$548K	$1.8M	17x	as long as short
Binance METAUSDT	0.0000%	8h	746.02	+0.019%	$25.0M	$188.4M	20x	as long as short
Bybit METAUSDT	0.0000%	8h	745.55	−0.044%	$7.4M	$15.4M	100x	as long as short
OKX META-USDT-SWAP	0.0000%	8h	745.75	−0.017%	$6.0M	$12.7M	20x	as long as short
Gate META_USDT	0.0000%	8h	745.57	−0.042%	$464K	$6.2M	100x	as long as short
Bitget METAUSDT	0.0000%	8h	746.20	+0.043%	$5.6M	$12.4M	100x	as long as short
Variational Omni META	0.0000%	8h	745.62	−0.034%	$2.4M	$3.1M	—	as long as short
GRVT META_USDT_Perp	0.0000%	8h	745.71	−0.023%	$12K	$436K	10x	as long as short

Show all 37 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX META-USDT	0.0000%	8h	746.10	+0.029%	$792	$8.1M	20x	as long as short
Deribit META_USDC-PERPETUAL	0.0000%	1h	745.83	−0.007%	$34K	$275K	10x	as long as short
HTX META-USDT	0.0000%	8h	746.12	+0.032%	$106K	$309K	30x	as long as short
Phemex METAUSDT	0.0000%	4h	746.22	+0.046%	$2.0M	$8K	10x	as long as short
QFEX META-USD	+0.0031%	1h	746.03	+0.020%	$2.2M	$13.9M	10x	as long as short
Arcus META-USD	+0.0040%	1h	745.66	−0.029%	$112K	$339K	10x	as long as short
Vest META-USD-PERP	+0.0046%	1h	746.31	+0.058%	—	$12K	25x	as long as short
Lighter RH META	+0.0048%	1h	746.18	+0.040%	$787K	$3.1M	20x	as long as short
Polymarket Perps META-USD	+0.0050%	1h	745.74	−0.019%	$565K	$597K	10x	as long as short
SoDEX META-USD	+0.0050%	1h	746.16	+0.038%	$25K	$3K	10x	as long as short
Ondo Perps META-USD.P	+0.0050%	1h	745.40	−0.064%	$696K	$5.1M	10x	as long as short
Paradex META-USD-PERP	+0.0055%	8h	745.83	−0.007%	—	—	5x	as long as short
Nado META-PERP	+0.0071%	1h	745.63	−0.034%	$481K	$559K	20x	as long as short
Aftermath Perps METAUSD	+0.0086%	1h	746.31	+0.057%	$52K	$81K	10x	as long as short
Pacifica META	+0.0100%	1h	745.44	−0.059%	$13	$106	10x	as long as short
KuCoin METAUSDTMlong	+0.0100%	8h	745.88	long leg	$1.6M	$703K	20x
ApeX Omni METAUSDT	+0.0100%	1h	745.11	−0.103%	$167K	$71K	50x	as long as short
Orderly PERP_META_USDC_mythos	+0.0100%	8h	746.12	+0.032%	$1K	$24	10x	as long as short
Aevo META-PERP	+0.0104%	1h	745.99	+0.015%	$269	—	10x	as long as short
Coinbase International META-PERP-INTX	+0.0104%	1h	745.50	−0.051%	$649K	$7.8M	10x	as long as short
Popdex METAUSDT	+0.0120%	1h	746.02	+0.019%	$178K	$203K	20x	as long as short
Injective META/USDC PERP	+0.0220%	1h	748.52	+0.354%	$173K	$46K	30x	as long as short
Hotstuff META-PERP	+0.0320%	1h	746.41	+0.071%	$33K	$105	20x	as long as short
Lighter METAshort	+0.0408%	1h	746.37	+0.066%	$1.1M	$2.8M	20x
edgeX METAUSDC	+0.0425%	4h	745.91	+0.004%	$62K	$342K	10x	as long as short
tradeXYZ xyz:META	+0.0527%	1h	746.37	+0.066%	$78.8M	$128.4M	20x	as long as short
Phoenix META	+0.0739%	1h	746.85	+0.130%	$797K	$1.5M	20x	as long as short