Funding arb · Price arb /

META

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0296%/8h= −32.4% APRpaid last 24h −0.056%

Price spread now: Gate against Lighter−0.086%7-day average −0.023% · you buy dearer than you sell

Net, funding: paid 7d − costs−$51as in the Funding arb table

Net, price: spread back to 7d avg − costs−$42as in the Price arb table

costs, in and out, $10k−$360.356% of the position

Long on Lighter Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days−0.156%−$16 on $10k

Price spread, last 7 days+0.100%+$10 · spread now −0.086%, 7d avg −0.023%

Together, before fees−0.057%+ Points / potential airdropLighter: Season 3 · farm board−$6 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$9 a day on $10k at the current rate, and Gate is 0.063% cheaper against Lighter than usual: you would sell low and buy high (−$6 if the spread goes back to its 7-day average of −0.023%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.156% in total (about -8.1% 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	Lighter META	743.34	0.0296	pay 0.0037% / 1h	21m 26s	$1.2M	$2.9M	20x
Short	Gate META_USDT	742.70	0	get 0.0000% / 8h	7h 21m	$486K	$6.3M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now −0.086%Rate

Funding earned: −$62.16
Price spread: −0.086% → −0.023%: −$6.34
Slippage, 4 orders: −$20.61
Fee Lighter: 0 bp × 2 orders: $0
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$104.12
Costs to cover: 0.356%
Break-even: never at this rate

Slippage from Lighter: live order book, 6 min ago; Gate: live order book, 2 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, 6 min ago	0.74 bp	1.1 bp −$1	3.2 bp −$32	doesn't fit	doesn't fit
Sell Gate live order book, 2 min ago	2.83 bp	13.0 bp −$13	35.5 bp −$355	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	742.85	−0.066%	$336K	$1.1M	20x	as long as short
Nado META-PERP	0.0000%	1h	742.85	−0.066%	$478K	$560K	20x	as long as short
Aster METAUSDT	0.0000%	8h	743.04	−0.040%	$487K	$612K	20x	as long as short
Extended META_24_5-USD	0.0000%	1h	743.02	−0.043%	$544K	$3.4M	17x	as long as short
Binance METAUSDT	0.0000%	8h	743.26	−0.011%	$25.8M	$191.3M	20x	as long as short
Bybit METAUSDT	0.0000%	8h	743.18	−0.022%	$7.5M	$15.6M	100x	as long as short
OKX META-USDT-SWAP	0.0000%	8h	743.15	−0.026%	$6.0M	$12.8M	20x	as long as short
Gate META_USDTshort	0.0000%	8h	742.70	−0.086%	$486K	$6.3M	100x
Bitget METAUSDT	0.0000%	8h	743.16	−0.024%	$5.7M	$12.2M	100x	as long as short
Variational Omni META	0.0000%	8h	741.77	−0.211%	$2.5M	$3.0M	—	as long as short

Show all 37 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT META_USDT_Perp	0.0000%	8h	742.85	−0.066%	$12K	$437K	10x	as long as short
SunX META-USDT	0.0000%	8h	743.45	+0.015%	$866	$7.7M	20x	as long as short
Deribit META_USDC-PERPETUAL	0.0000%	1h	742.83	−0.069%	$36K	$270K	10x	as long as short
HTX META-USDT	0.0000%	8h	742.89	−0.061%	$107K	$300K	30x	as long as short
Phemex METAUSDT	0.0000%	4h	743.58	+0.032%	$2.0M	$8K	10x	as long as short
Lighter RH META	+0.0032%	1h	743.16	−0.024%	$794K	$2.9M	20x	as long as short
QFEX META-USD	+0.0036%	1h	743.03	−0.042%	$2.2M	$14.1M	10x	as long as short
Arcus META-USD	+0.0040%	1h	742.81	−0.071%	$112K	$337K	10x	as long as short
Vest META-USD-PERP	+0.0046%	1h	743.42	+0.011%	—	$12K	25x	as long as short
Popdex METAUSDT	+0.0048%	1h	743.15	−0.026%	$180K	$205K	20x	as long as short
Polymarket Perps META-USD	+0.0050%	1h	742.96	−0.051%	$565K	$619K	10x	as long as short
SoDEX META-USD	+0.0050%	1h	743.07	−0.036%	$24K	$3K	10x	as long as short
Ondo Perps META-USD.P	+0.0050%	1h	742.41	−0.125%	$741K	$5.0M	10x	as long as short
Paradex META-USD-PERP	+0.0054%	8h	743.07	−0.036%	—	—	5x	as long as short
Aftermath Perps METAUSD	+0.0077%	1h	743.53	+0.025%	$51K	$93K	10x	as long as short
Pacifica META	+0.0100%	1h	743.16	−0.025%	$606	$2K	10x	as long as short
KuCoin METAUSDTM	+0.0100%	8h	743.10	−0.032%	$1.6M	$777K	20x	as long as short
ApeX Omni METAUSDT	+0.0100%	1h	742.56	−0.105%	$166K	$71K	50x	as long as short
Orderly PERP_META_USDC_mythos	+0.0100%	8h	743.28	−0.008%	$1K	$24	10x	as long as short
Aevo META-PERP	+0.0104%	1h	743.04	−0.040%	$267	—	10x	as long as short
Coinbase International META-PERP-INTX	+0.0120%	1h	742.26	−0.145%	$628K	$7.9M	10x	as long as short
Injective META/USDC PERP	+0.0220%	1h	744.78	+0.194%	$176K	$52K	30x	as long as short
Hotstuff META-PERP	+0.0256%	1h	743.14	−0.027%	$33K	$105	20x	as long as short
Lighter METAlong	+0.0296%	1h	743.34	long leg	$1.2M	$2.9M	20x
tradeXYZ xyz:META	+0.0309%	1h	743.29	−0.007%	$85.2M	$133.7M	20x	as long as short
Phoenix META	+0.0791%	1h	743.95	+0.082%	$794K	$1.5M	20x	as long as short
edgeX METAUSDC	+0.0992%	4h	742.56	−0.105%	$62K	$347K	10x	as long as short