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: KuCoin against Lighter−0.082%7-day average −0.035% · you buy dearer than you sell

Net, funding: paid 7d − costs−$94as in the Funding arb table

Net, price: spread back to 7d avg − costs−$105as in the Price arb table

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

Long on Lighter Short on KuCoin

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+0.025%+$2 · spread now −0.082%, 7d avg −0.035%

Together, before fees+0.085%+ Points / potential airdropLighter: Season 3 · farm board+$8 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 KuCoin is 0.046% cheaper against Lighter than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of −0.035%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.060%, so the current rate has only just turned against you.

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	Lighter META	746.37	0.0408	pay 0.0051% / 1h	57m 26s	$1.1M	$2.8M	20x
Short	KuCoin METAUSDTM	745.76	0.0100	get 0.0100% / 8h	57m 26s	$1.6M	$703K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now −0.082%Rate

Funding earned: −$64.68
Price spread: −0.082% → −0.035%: −$4.64
Slippage, 4 orders: −$88.16
Fee Lighter: 0 bp × 2 orders: $0
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$169.49
Costs to cover: 1.002%
Break-even: never at this rate

Slippage from Lighter: live order book, 5 min ago; KuCoin: live order book, 8 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, 5 min ago	0.20 bp	0.2 bp $0	0.2 bp −$2	59.1 bp −$5,908	doesn't fit
Sell KuCoin live order book, 8 min ago	5.23 bp	47.6 bp −$48	doesn't fit	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	−0.058%	$332K	$1.1M	20x	as long as short
Aster METAUSDT	0.0000%	8h	745.93	−0.059%	$480K	$593K	20x	as long as short
Extended META_24_5-USD	0.0000%	1h	745.77	−0.080%	$548K	$1.8M	17x	as long as short
Binance METAUSDT	0.0000%	8h	746.15	−0.029%	$25.0M	$188.4M	20x	as long as short
Bybit METAUSDT	0.0000%	8h	745.74	−0.084%	$7.5M	$15.4M	100x	as long as short
OKX META-USDT-SWAP	0.0000%	8h	745.75	−0.083%	$6.0M	$12.7M	20x	as long as short
Gate META_USDT	0.0000%	8h	745.57	−0.107%	$464K	$6.2M	100x	as long as short
Bitget METAUSDT	0.0000%	8h	746.11	−0.035%	$5.5M	$12.4M	100x	as long as short
Variational Omni META	0.0000%	8h	745.62	−0.100%	$2.4M	$3.1M	—	as long as short
GRVT META_USDT_Perp	0.0000%	8h	745.71	−0.088%	$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	−0.036%	$792	$8.1M	20x	as long as short
Deribit META_USDC-PERPETUAL	0.0000%	1h	745.83	−0.072%	$34K	$275K	10x	as long as short
HTX META-USDT	0.0000%	8h	746.12	−0.033%	$106K	$309K	30x	as long as short
Phemex METAUSDT	0.0000%	4h	746.22	−0.020%	$2.0M	$8K	10x	as long as short
QFEX META-USD	+0.0031%	1h	746.03	−0.046%	$2.2M	$13.9M	10x	as long as short
Arcus META-USD	+0.0040%	1h	745.66	−0.095%	$112K	$339K	10x	as long as short
Vest META-USD-PERP	+0.0046%	1h	746.33	−0.005%	—	$12K	25x	as long as short
Lighter RH META	+0.0048%	1h	746.18	−0.025%	$787K	$3.1M	20x	as long as short
Polymarket Perps META-USD	+0.0050%	1h	745.61	−0.102%	$565K	$597K	10x	as long as short
SoDEX META-USD	+0.0050%	1h	746.16	−0.028%	$25K	$3K	10x	as long as short
Ondo Perps META-USD.P	+0.0050%	1h	745.40	−0.130%	$696K	$5.1M	10x	as long as short
Paradex META-USD-PERP	+0.0055%	8h	745.83	−0.073%	—	—	5x	as long as short
Nado META-PERP	+0.0073%	1h	745.79	−0.077%	$481K	$560K	20x	as long as short
Aftermath Perps METAUSD	+0.0086%	1h	746.58	+0.028%	$52K	$81K	10x	as long as short
Pacifica META	+0.0100%	1h	745.44	−0.125%	$13	$106	10x	as long as short
KuCoin METAUSDTMshort	+0.0100%	8h	745.76	−0.082%	$1.6M	$703K	20x
ApeX Omni METAUSDT	+0.0100%	1h	745.11	−0.169%	$167K	$71K	50x	as long as short
Orderly PERP_META_USDC_mythos	+0.0100%	8h	746.12	−0.033%	$1K	$24	10x	as long as short
Aevo META-PERP	+0.0104%	1h	745.99	−0.051%	$269	—	10x	as long as short
Coinbase International META-PERP-INTX	+0.0104%	1h	745.50	−0.117%	$649K	$7.8M	10x	as long as short
Popdex METAUSDT	+0.0120%	1h	746.02	−0.047%	$178K	$203K	20x	as long as short
Injective META/USDC PERP	+0.0220%	1h	748.52	+0.288%	$173K	$46K	30x	as long as short
Hotstuff META-PERP	+0.0320%	1h	746.41	+0.005%	$33K	$105	20x	as long as short
Lighter METAlong	+0.0408%	1h	746.37	long leg	$1.1M	$2.8M	20x
edgeX METAUSDC	+0.0425%	4h	745.91	−0.062%	$62K	$342K	10x	as long as short
tradeXYZ xyz:META	+0.0532%	1h	746.41	+0.005%	$78.9M	$128.4M	20x	as long as short
Phoenix META	+0.0739%	1h	747.14	+0.103%	$798K	$1.5M	20x	as long as short