Funding arb · Price arb /

META

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0232%/8h= −25.4% APRpaid last 24h −0.041%

Price spread now: OKX against Lighter+0.032%7-day average +0.026% · you sell dearer than you buy

Net, funding: paid 7d − costs−$35as in the Funding arb table

Net, price: spread back to 7d avg − costs−$21as in the Price arb table

costs, in and out, $10k−$220.218% of the position

Long on Lighter Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.135%−$14 on $10k

Price spread, last 7 days−0.050%−$5 · spread now +0.032%, 7d avg +0.026%

Together, before fees−0.185%+ Points / potential airdropLighter: Season 3 · farm board−$19 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.026%, so right now this pair is about funding alone: −$7 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.135% in total (about -7.1% 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	745.60	0.0232	pay 0.0029% / 1h	40m 22s	$865K	$2.4M	20x
Short	OKX META-USDT-SWAP	745.84	0	get 0.0000% / 8h	3h 40m	$6.0M	$13.7M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now +0.032%Rate

Funding earned: −$48.72
Price spread: +0.032% → +0.026%: $0.63
Slippage, 4 orders: −$11.85
Fee Lighter: 0 bp × 2 orders: $0
Fee OKX: 5 bp × 2 orders: −$10
Net: −$69.93
Costs to cover: 0.218%
Break-even: never at this rate

Slippage from Lighter: live order book, 6 min ago; OKX: 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, 6 min ago	0.67 bp	0.8 bp −$1	1.6 bp −$16	doesn't fit	doesn't fit
Sell OKX live order book, 3 min ago	0.54 bp	10.3 bp −$10	19.2 bp −$192	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
BloFin META-USDT	−0.0120%	8h	745.98	+0.051%	$329K	$1.1M	20x	as long as short
Nado META-PERP	−0.0025%	1h	745.56	−0.005%	$482K	$553K	20x	as long as short
Aster METAUSDT	0.0000%	8h	745.37	−0.031%	$469K	$555K	20x	as long as short
Extended META_24_5-USD	0.0000%	1h	745.29	−0.042%	$550K	$2.7M	17x	as long as short
Binance METAUSDT	0.0000%	8h	745.50	−0.013%	$28.5M	$183.1M	20x	as long as short
Bybit METAUSDT	0.0000%	8h	745.63	+0.004%	$7.5M	$14.5M	100x	as long as short
OKX META-USDT-SWAPshort	0.0000%	8h	745.84	+0.032%	$6.0M	$13.7M	20x
Gate META_USDT	0.0000%	8h	745.39	−0.028%	$365K	$5.8M	100x	as long as short
Bitget METAUSDT	0.0000%	8h	745.62	+0.003%	$5.5M	$11.8M	100x	as long as short
Variational Omni META	0.0000%	8h	746.02	+0.057%	$2.4M	$3.2M	—	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT META_USDT_Perp	0.0000%	8h	745.25	−0.047%	$12K	$451K	10x	as long as short
SunX META-USDT	0.0000%	8h	745.95	+0.047%	$759	$9.0M	20x	as long as short
Deribit META_USDC-PERPETUAL	0.0000%	1h	745.09	−0.068%	$31K	$246K	10x	as long as short
HTX META-USDT	0.0000%	8h	745.32	−0.038%	$106K	$302K	30x	as long as short
Phemex METAUSDT	0.0000%	4h	745.47	−0.017%	$2.0M	$8K	10x	as long as short
Lighter RH META	+0.0032%	1h	746.06	+0.062%	$783K	$2.9M	20x	as long as short
Arcus META-USD	+0.0040%	1h	745.43	−0.023%	$111K	$330K	10x	as long as short
Vest META-USD-PERP	+0.0046%	1h	745.82	+0.030%	—	$10K	25x	as long as short
Popdex METAUSDT	+0.0048%	1h	745.76	+0.021%	$179K	$200K	20x	as long as short
Polymarket Perps META-USD	+0.0050%	1h	745.26	−0.046%	$586K	$565K	10x	as long as short
SoDEX META-USD	+0.0050%	1h	745.48	−0.016%	$25K	$3K	10x	as long as short
Ondo Perps META-USD.P	+0.0050%	1h	745.55	−0.007%	$786K	$4.6M	10x	as long as short
QFEX META-USD	+0.0058%	1h	745.34	−0.035%	$2.2M	$13.7M	10x	as long as short
Aftermath Perps METAUSD	+0.0085%	1h	746.26	+0.089%	$52K	$82K	10x	as long as short
Paradex META-USD-PERP	+0.0091%	8h	745.62	+0.002%	—	—	5x	as long as short
KuCoin METAUSDTM	+0.0100%	8h	745.42	−0.024%	$1.6M	$607K	20x	as long as short
ApeX Omni METAUSDT	+0.0100%	1h	745.30	−0.040%	$167K	$71K	50x	as long as short
Orderly PERP_META_USDC_mythos	+0.0100%	8h	745.56	−0.005%	$1K	$24	10x	as long as short
Aevo META-PERP	+0.0104%	1h	745.43	−0.023%	$268	—	10x	as long as short
Coinbase International META-PERP-INTX	+0.0128%	1h	745.74	+0.019%	$621K	$7.4M	10x	as long as short
Injective META/USDC PERP	+0.0220%	1h	747.17	+0.211%	$172K	$48K	30x	as long as short
Lighter METAlong	+0.0232%	1h	745.60	long leg	$865K	$2.4M	20x
Hotstuff META-PERP	+0.0240%	1h	746.07	+0.063%	$33K	$105	20x	as long as short
tradeXYZ xyz:META	+0.0338%	1h	745.60	0.000%	$70.3M	$121.2M	20x	as long as short
edgeX METAUSDC	+0.0515%	4h	745.73	+0.017%	$62K	$336K	10x	as long as short
Phoenix META	+0.0633%	1h	746.93	+0.178%	$777K	$1.4M	20x	as long as short