Funding arb · Price arb /

META

RWAall META markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0220%/8h= +24.1% APRpaid last 24h +0.057%

Price spread now: Injective against OKX+0.215%108s7-day average +0.297% · you sell dearer than you buy

Net, funding: paid 7d − costs−$28as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$740.737% of the position

Long on OKX Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days+0.453%+$45 on $10k

Price spread, last 4 days (all we have)−0.080%−$8 · spread now +0.215%, 7d avg +0.297%

Together, before fees+0.374%+$37 on $10k · with fees, hour by hour

Funding pays, the price is against you. Injective is 0.082% cheaper against OKX than usual: you would sell low and buy high (spread +0.215% now, against its 7-day average of +0.297%). If the spread goes back, that is −$8 on $10k: about 30 hours of funding at the current rate (+$7 a day). The two prices were read 108 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX META-USDT-SWAP	744.96	0	get 0.0000% / 8h	1h 25m	$6.0M	$12.7M	20x
Short	Injective META/USDC PERP	746.56	0.0220	get 0.0028% / 1h	25m 35s	$172K	$46K	30x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against OKX. 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 OKXbpFee InjectivebpOrdersPrice spread, now +0.215%Rate

Funding earned: $46.2
Price spread: +0.215% → +0.297%: −$8.19
Slippage, 4 orders: −$63.73
Fee OKX: 5 bp × 2 orders: −$10
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$35.74
Costs to cover: 0.737%
Break-even: 12.4 days

Slippage from OKX: live order book, 3 min ago; Injective: live order book, 18 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 OKX live order book, 3 min ago	0.34 bp	10.2 bp −$10	20.0 bp −$200	doesn't fit	doesn't fit
Sell Injective live order book, 18 min ago	17.28 bp	37.7 bp −$38	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	745.00	+0.005%	$333K	$1.1M	20x	as long as short
Nado META-PERP	−0.0045%	1h	744.74	−0.030%	$480K	$559K	20x	as long as short
Aster METAUSDT	0.0000%	8h	745.16	+0.026%	$479K	$593K	20x	as long as short
Extended META_24_5-USD	0.0000%	1h	744.79	−0.023%	$548K	$1.8M	17x	as long as short
Binance METAUSDT	0.0000%	8h	744.97	+0.001%	$25.0M	$188.2M	20x	as long as short
Bybit METAUSDT	0.0000%	8h	744.82	−0.019%	$7.3M	$15.4M	100x	as long as short
OKX META-USDT-SWAPlong	0.0000%	8h	744.96	long leg	$6.0M	$12.7M	20x
Gate META_USDT	0.0000%	8h	744.37	−0.079%	$460K	$6.2M	100x	as long as short
Bitget METAUSDT	0.0000%	8h	745.03	+0.009%	$5.6M	$12.4M	100x	as long as short
Variational Omni META	0.0000%	8h	744.86	−0.013%	$2.4M	$3.3M	—	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	744.95	−0.001%	$12K	$440K	10x	as long as short
SunX META-USDT	0.0000%	8h	744.90	−0.008%	$699	$8.2M	20x	as long as short
Deribit META_USDC-PERPETUAL	0.0000%	1h	744.45	−0.068%	$34K	$275K	10x	as long as short
HTX META-USDT	0.0000%	8h	744.79	−0.023%	$106K	$308K	30x	as long as short
Phemex METAUSDT	0.0000%	4h	744.97	+0.001%	$2.0M	$8K	10x	as long as short
QFEX META-USD	+0.0031%	1h	744.72	−0.032%	$2.2M	$13.9M	10x	as long as short
Lighter RH META	+0.0032%	1h	745.31	+0.047%	$787K	$2.9M	20x	as long as short
Arcus META-USD	+0.0040%	1h	744.63	−0.044%	$112K	$339K	10x	as long as short
Vest META-USD-PERP	+0.0046%	1h	745.56	+0.081%	—	$12K	25x	as long as short
Popdex METAUSDT	+0.0048%	1h	744.96	0.000%	$177K	$205K	20x	as long as short
Polymarket Perps META-USD	+0.0050%	1h	744.54	−0.056%	$586K	$564K	10x	as long as short
SoDEX META-USD	+0.0050%	1h	744.97	+0.001%	$25K	$3K	10x	as long as short
Ondo Perps META-USD.P	+0.0050%	1h	744.60	−0.048%	$685K	$5.3M	10x	as long as short
edgeX METAUSDC	+0.0052%	4h	745.04	+0.010%	$62K	$342K	10x	as long as short
Paradex META-USD-PERP	+0.0060%	8h	744.84	−0.016%	—	—	5x	as long as short
Aftermath Perps METAUSD	+0.0085%	1h	745.90	+0.126%	$52K	$80K	10x	as long as short
KuCoin METAUSDTM	+0.0100%	8h	744.94	−0.003%	$1.6M	$684K	20x	as long as short
ApeX Omni METAUSDT	+0.0100%	1h	744.59	−0.050%	$167K	$72K	50x	as long as short
Orderly PERP_META_USDC_mythos	+0.0100%	8h	744.92	−0.005%	$1K	$24	10x	as long as short
Aevo META-PERP	+0.0104%	1h	744.76	−0.027%	$268	—	10x	as long as short
Coinbase International META-PERP-INTX	+0.0104%	1h	744.73	−0.031%	$650K	$8.0M	10x	as long as short
Injective META/USDC PERPshort	+0.0220%	1h	746.56	+0.215%	$172K	$46K	30x
Lighter META	+0.0360%	1h	745.47	+0.068%	$1.1M	$2.7M	20x	as long as short
Hotstuff META-PERP	+0.0368%	1h	745.36	+0.054%	$33K	$105	20x	as long as short
tradeXYZ xyz:META	+0.0486%	1h	745.39	+0.058%	$77.6M	$127.8M	20x	as long as short
Phoenix META	+0.0739%	1h	746.25	+0.173%	$797K	$1.5M	20x	as long as short
Pacifica META	+0.0800%	1h	745.04	+0.011%	$13	$46	—	as long as short