Funding arb · Price arb /

META

RWAall META markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0104%/8h= −11.4% APRpaid last 24h −0.042%

Price spread now: Phemex against Lighter−0.020%7-day average +0.049% · you buy dearer than you sell

Net, funding: paid 7d − costs−$107as in the Funding arb table

Net, price: spread back to 7d avg − costs−$101as in the Price arb table

costs, in and out, $10k−$940.939% of the position

Long on Lighter Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.136%−$14 on $10k

Price spread, last 3 days (all we have)+0.126%+$13 · spread now −0.020%, 7d avg +0.049%

Together, before fees−0.010%+ Points / potential airdropLighter: Season 3 · farm board−$1 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Phemex is 0.070% cheaper against Lighter than usual: you would sell low and buy high (−$7 if the spread goes back to its 7-day average of +0.049%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter META	740.31	0.0104	pay 0.0013% / 1h	35m 15s	$855K	$2.4M	20x
Short	Phemex METAUSDT	740.16	0	get 0.0000% / 4h	2h 35m	$2.0M	$8K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now −0.020%Rate

Funding earned: −$21.84
Price spread: −0.020% → +0.049%: −$6.96
Slippage, 4 orders: −$81.87
Fee Lighter: 0 bp × 2 orders: $0
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$122.68
Costs to cover: 0.939%
Break-even: never at this rate

Slippage from Lighter: live order book, 2 min ago; Phemex: 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, 2 min ago	0.81 bp	0.9 bp −$1	1.7 bp −$17	doesn't fit	doesn't fit
Sell Phemex live order book, 3 min ago	1.82 bp	47.9 bp −$48	doesn't fit	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
Nado META-PERP	−0.0143%	1h	739.88	−0.057%	$478K	$546K	20x	as long as short
BloFin META-USDT	−0.0120%	8h	739.99	−0.043%	$327K	$1.1M	20x	as long as short
Aster METAUSDT	0.0000%	8h	740.73	+0.056%	$466K	$549K	20x	as long as short
Extended META_24_5-USD	0.0000%	1h	740.18	−0.018%	$550K	$2.7M	17x	as long as short
Binance METAUSDT	0.0000%	8h	740.39	+0.011%	$27.3M	$179.2M	20x	as long as short
Bybit METAUSDT	0.0000%	8h	740.23	−0.011%	$7.5M	$13.8M	100x	as long as short
OKX META-USDT-SWAP	0.0000%	8h	740.36	+0.007%	$5.9M	$13.2M	20x	as long as short
Gate META_USDT	0.0000%	8h	740.14	−0.023%	$351K	$5.6M	100x	as long as short
Bitget METAUSDT	0.0000%	8h	740.28	−0.004%	$5.5M	$11.3M	100x	as long as short
Variational Omni META	0.0000%	8h	740.13	−0.024%	$2.3M	$3.1M	—	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	739.97	−0.046%	$12K	$435K	10x	as long as short
SunX META-USDT	0.0000%	8h	740.44	+0.018%	$635	$9.2M	20x	as long as short
HTX META-USDT	0.0000%	8h	740.23	−0.011%	$105K	$296K	30x	as long as short
Phemex METAUSDTshort	0.0000%	4h	740.16	−0.020%	$2.0M	$8K	10x
Deribit META_USDC-PERPETUAL	+0.0020%	1h	739.97	−0.046%	$31K	$244K	10x	as long as short
QFEX META-USD	+0.0025%	1h	740.05	−0.035%	$2.2M	$14.0M	10x	as long as short
Lighter RH META	+0.0032%	1h	740.39	+0.011%	$750K	$3.0M	20x	as long as short
Arcus META-USD	+0.0040%	1h	739.67	−0.086%	$110K	$330K	10x	as long as short
Vest META-USD-PERP	+0.0046%	1h	740.39	+0.011%	—	$11K	25x	as long as short
Popdex METAUSDT	+0.0048%	1h	740.42	+0.015%	$176K	$197K	20x	as long as short
Polymarket Perps META-USD	+0.0050%	1h	740.14	−0.023%	$558K	$855K	10x	as long as short
SoDEX META-USD	+0.0050%	1h	740.18	−0.018%	$24K	$3K	10x	as long as short
Ondo Perps META-USD.P	+0.0050%	1h	739.74	−0.077%	$697K	$4.3M	10x	as long as short
Paradex META-USD-PERP	+0.0056%	8h	740.06	−0.033%	—	—	5x	as long as short
Aftermath Perps METAUSD	+0.0068%	1h	740.70	+0.052%	$49K	$80K	10x	as long as short
KuCoin METAUSDTM	+0.0100%	8h	740.13	−0.024%	$1.6M	$477K	20x	as long as short
ApeX Omni METAUSDT	+0.0100%	1h	739.45	−0.116%	$166K	$71K	50x	as long as short
Orderly PERP_META_USDC_mythos	+0.0100%	8h	740.09	−0.030%	$1K	$24	10x	as long as short
Lighter METAlong	+0.0104%	1h	740.31	long leg	$855K	$2.4M	20x
Aevo META-PERP	+0.0104%	1h	739.88	−0.059%	$266	—	10x	as long as short
Coinbase International META-PERP-INTX	+0.0104%	1h	739.45	−0.116%	$609K	$7.2M	10x	as long as short
Hotstuff META-PERP	+0.0128%	1h	740.30	−0.001%	$33K	$105	20x	as long as short
edgeX METAUSDC	+0.0168%	4h	739.75	−0.076%	$62K	$335K	10x	as long as short
Injective META/USDC PERP	+0.0220%	1h	739.56	−0.101%	$170K	$48K	30x	as long as short
tradeXYZ xyz:META	+0.0249%	1h	740.31	0.000%	$68.3M	$120.3M	20x	as long as short
Phoenix META	+0.0313%	1h	740.68	+0.050%	$394K	$1.1M	20x	as long as short