Funding arb · Price arb /

META

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 20:00 UTC−0.0032%/8hnext payment −$0.04 per $10,000 · paid last 24h +0.119%

Price spread now: Extended against Lighter−0.141%7-day average −0.003% · you buy dearer than you sell

Net, funding: paid 7d − costs−$9as in the Funding arb table

Net, price: spread back to 7d avg − costs−$26as in the Price arb table

costs, in and out, $10k−$120.121% of the position

Long on Lighter Short on Extended

What this pair did over the last

the charts below follow

Funding, last 7 days+0.027%+$3 on $10k

Price spread, last 3 days (all we have)+0.117%+$12 · spread now −0.141%, 7d avg −0.003%

Together, before fees+0.144%+ Points / potential airdropLighter: Season 3 · Extended: Active · farm board+$14 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Extended is 0.138% cheaper against Lighter than usual: you would sell low and buy high (−$14 if the spread goes back to its 7-day average of −0.003%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter META	752.22	0.0032	pay 0.0004% / 1h	23m 25s	$878K	$2.5M	20x
Short	Extended META_24_5-USD	751.16	0	get 0.0000% / 1h	23m 25s	$561K	$1.5M	17x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Extended 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 ExtendedbpOrdersPrice spread, now −0.141%Rate

Funding earned: −$6.72
Price spread: −0.141% → −0.003%: −$13.84
Slippage, 4 orders: −$7.15
Fee Lighter: 0 bp × 2 orders: $0
Fee Extended: 2.5 bp × 2 orders: −$5
Net: −$32.71
Costs to cover: 0.121%
Break-even: never at this rate

Slippage from Lighter: live order book, 8 min ago; Extended: 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 Lighter live order book, 8 min ago	0.67 bp	1.4 bp −$1	3.0 bp −$30	doesn't fit	doesn't fit
Sell Extended live order book, 4 min ago	0.07 bp	5.0 bp −$5	41.3 bp −$413	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
Hotstuff META-PERP	−0.0144%	1h	752.11	−0.015%	$34K	$105	20x	as long as short
BloFin META-USDT	−0.0120%	8h	749.99	−0.296%	$337K	$1.0M	20x	as long as short
Phoenix META	−0.0021%	1h	746.59	−0.748%	$315K	$622K	20x	as long as short
Nado META-PERP	−0.0006%	1h	750.96	−0.168%	$403K	$227K	20x	as long as short
Aster METAUSDT	0.0000%	8h	752.47	+0.033%	$463K	$449K	20x	as long as short
Extended META_24_5-USDshort	0.0000%	1h	751.16	−0.141%	$561K	$1.5M	17x
Binance METAUSDT	0.0000%	8h	751.21	−0.134%	$28.1M	$163.8M	20x	as long as short
Bybit METAUSDT	0.0000%	8h	751.41	−0.108%	$8.1M	$12.7M	100x	as long as short
OKX META-USDT-SWAP	0.0000%	8h	751.19	−0.137%	$6.1M	$12.7M	20x	as long as short
Gate META_USDT	0.0000%	8h	751.04	−0.157%	$338K	$5.0M	100x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget METAUSDT	0.0000%	8h	751.04	−0.157%	$6.0M	$9.7M	100x	as long as short
Variational Omni META	0.0000%	8h	749.56	−0.354%	$1.6M	$2.3M	—	as long as short
GRVT META_USDT_Perp	0.0000%	8h	750.02	−0.293%	$13K	$528K	10x	as long as short
SunX META-USDT	0.0000%	8h	751.51	−0.094%	$554	$9.4M	20x	as long as short
HTX META-USDT	0.0000%	8h	752.54	+0.043%	$107K	$283K	30x	as long as short
Phemex METAUSDT	0.0000%	4h	752.90	+0.090%	$2.0M	$7K	10x	as long as short
QFEX META-USD	+0.0012%	1h	751.90	−0.043%	$2.3M	$13.4M	10x	as long as short
Lighter METAlong	+0.0032%	1h	752.22	long leg	$878K	$2.5M	20x
Lighter RH META	+0.0032%	1h	752.34	+0.016%	$743K	$3.2M	20x	as long as short
Vest META-USD-PERP	+0.0046%	1h	752.00	−0.029%	—	$9K	25x	as long as short
Popdex METAUSDT	+0.0048%	1h	752.31	+0.012%	$176K	$194K	20x	as long as short
Coinbase International META-PERP-INTX	+0.0048%	1h	752.41	+0.025%	$649K	$6.8M	10x	as long as short
tradeXYZ xyz:META	+0.0050%	1h	751.07	−0.153%	$72.1M	$111.2M	20x	as long as short
Polymarket Perps META-USD	+0.0050%	1h	751.64	−0.077%	$547K	$836K	10x	as long as short
SoDEX META-USD	+0.0050%	1h	752.92	+0.093%	$25K	$3K	10x	as long as short
Ondo Perps META-USD.P	+0.0050%	1h	751.90	−0.043%	$689K	$3.8M	10x	as long as short
Paradex META-USD-PERP	+0.0051%	8h	752.05	−0.022%	—	—	5x	as long as short
Deribit META_USDC-PERPETUAL	+0.0056%	1h	750.99	−0.164%	$28K	$259K	10x	as long as short
KuCoin METAUSDTM	+0.0100%	8h	751.59	−0.084%	$1.6M	$300K	20x	as long as short
ApeX Omni METAUSDT	+0.0100%	1h	749.92	−0.306%	$168K	$71K	50x	as long as short
Orderly PERP_META_USDC_mythos	+0.0100%	8h	751.11	−0.148%	$1K	$24	10x	as long as short
Aevo META-PERP	+0.0104%	1h	751.21	−0.134%	$270	—	10x	as long as short
Arcus META-USD	+0.0128%	1h	751.02	−0.160%	$267K	$311K	10x	as long as short
Injective META/USDC PERP	+0.0220%	1h	752.38	+0.021%	$171K	$43K	30x	as long as short
Aftermath Perps METAUSD	+0.0332%	1h	749.70	−0.336%	$42K	$49K	10x	as long as short
edgeX METAUSDC	+0.0728%	4h	749.99	−0.297%	$63K	$328K	10x	as long as short