Funding arb · Price arb /

META

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0448%/8h= −49.1% APRpaid last 24h −0.027%

Price spread now: Bybit against Lighter−0.096%7-day average +0.011% · you buy dearer than you sell

Net, funding: paid 7d − costs−$32as in the Funding arb table

Net, price: spread back to 7d avg − costs−$30as in the Price arb table

costs, in and out, $10k−$200.197% of the position

Long on Lighter Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.128%−$13 on $10k

Price spread, last 7 days+0.073%+$7 · spread now −0.096%, 7d avg +0.011%

Together, before fees−0.055%+ Points / potential airdropLighter: Season 3 · farm board−$5 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$13 a day on $10k at the current rate, and Bybit is 0.107% cheaper against Lighter than usual: you would sell low and buy high (−$11 if the spread goes back to its 7-day average of +0.011%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.128% in total (about -6.7% 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	Lighter META	747.44	0.0448	pay 0.0056% / 1h	10m 30s	$1.1M	$2.9M	20x
Short	Bybit METAUSDT	746.72	0	get 0.0000% / 8h	10m 30s	$7.5M	$15.5M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Lighter. 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 LighterbpFee BybitbpOrdersPrice spread, now −0.096%Rate

Funding earned: −$94.08
Price spread: −0.096% → +0.011%: −$10.7
Slippage, 4 orders: −$8.68
Fee Lighter: 0 bp × 2 orders: $0
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$124.46
Costs to cover: 0.197%
Break-even: never at this rate

Slippage from Lighter: live order book, 12 min ago; Bybit: live order book, 3 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 Lighter live order book, 12 min ago	0.80 bp	1.3 bp −$1	1.8 bp −$18	doesn't fit	doesn't fit
Sell Bybit live order book, 3 min ago	1.61 bp	9.2 bp −$9	17.7 bp −$177	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	747.34	−0.013%	$334K	$1.1M	20x	as long as short
Aster METAUSDT	0.0000%	8h	746.87	−0.076%	$480K	$593K	20x	as long as short
Extended META_24_5-USD	0.0000%	1h	746.82	−0.083%	$548K	$3.4M	17x	as long as short
Binance METAUSDT	0.0000%	8h	747.00	−0.059%	$25.4M	$189.6M	20x	as long as short
Bybit METAUSDTshort	0.0000%	8h	746.72	−0.096%	$7.5M	$15.5M	100x
OKX META-USDT-SWAP	0.0000%	8h	746.79	−0.087%	$6.0M	$12.8M	20x	as long as short
Gate META_USDT	0.0000%	8h	746.60	−0.112%	$473K	$6.3M	100x	as long as short
Bitget METAUSDT	0.0000%	8h	746.91	−0.071%	$5.7M	$12.4M	100x	as long as short
Variational Omni META	0.0000%	8h	747.21	−0.031%	$2.5M	$3.2M	—	as long as short
GRVT META_USDT_Perp	0.0000%	8h	747.47	+0.004%	$12K	$439K	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	747.32	−0.016%	$990	$8.0M	20x	as long as short
Deribit META_USDC-PERPETUAL	0.0000%	1h	746.61	−0.111%	$34K	$276K	10x	as long as short
HTX META-USDT	0.0000%	8h	747.18	−0.035%	$108K	$311K	30x	as long as short
Phemex METAUSDT	0.0000%	4h	747.33	−0.015%	$2.0M	$8K	10x	as long as short
Nado META-PERP	+0.0018%	1h	746.89	−0.074%	$482K	$560K	20x	as long as short
QFEX META-USD	+0.0031%	1h	747.05	−0.052%	$2.2M	$14.1M	10x	as long as short
Lighter RH META	+0.0040%	1h	747.31	−0.017%	$797K	$3.1M	20x	as long as short
Arcus META-USD	+0.0040%	1h	747.01	−0.058%	$112K	$338K	10x	as long as short
Vest META-USD-PERP	+0.0046%	1h	747.52	+0.011%	—	$12K	25x	as long as short
Polymarket Perps META-USD	+0.0050%	1h	746.79	−0.087%	$568K	$625K	10x	as long as short
SoDEX META-USD	+0.0050%	1h	747.28	−0.021%	$25K	$3K	10x	as long as short
Ondo Perps META-USD.P	+0.0050%	1h	746.22	−0.163%	$744K	$5.1M	10x	as long as short
Paradex META-USD-PERP	+0.0056%	8h	747.11	−0.044%	—	—	5x	as long as short
Popdex METAUSDT	+0.0072%	1h	746.98	−0.062%	$178K	$202K	20x	as long as short
Aftermath Perps METAUSD	+0.0088%	1h	747.87	+0.058%	$49K	$91K	10x	as long as short
Pacifica META	+0.0100%	1h	746.94	−0.067%	$37	$368	10x	as long as short
KuCoin METAUSDTM	+0.0100%	8h	747.18	−0.035%	$1.6M	$724K	20x	as long as short
ApeX Omni METAUSDT	+0.0100%	1h	746.75	−0.092%	$167K	$71K	50x	as long as short
Orderly PERP_META_USDC_mythos	+0.0100%	8h	747.36	−0.011%	$1K	$24	10x	as long as short
Aevo META-PERP	+0.0104%	1h	747.17	−0.036%	$269	—	10x	as long as short
Coinbase International META-PERP-INTX	+0.0104%	1h	747.19	−0.033%	$644K	$8.0M	10x	as long as short
edgeX METAUSDC	+0.0185%	4h	747.20	−0.032%	$62K	$346K	10x	as long as short
Injective META/USDC PERP	+0.0220%	1h	750.24	+0.375%	$177K	$51K	30x	as long as short
Lighter METAlong	+0.0448%	1h	747.44	long leg	$1.1M	$2.9M	20x
Hotstuff META-PERP	+0.0472%	1h	747.29	−0.020%	$33K	$105	20x	as long as short
tradeXYZ xyz:META	+0.0570%	1h	747.27	−0.023%	$83.5M	$131.7M	20x	as long as short
Phoenix META	+0.0750%	1h	748.59	+0.154%	$799K	$1.5M	20x	as long as short