Funding arb · Price arb /

META

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC−0.0050%/8h= −5.4% APRpaid last 24h −0.015%

Price spread now: Ondo Perps against Orderly−0.229%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Orderly Short on Ondo Perps

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropOndo Perps: Active · farm boardneeds both histories

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Ondo Perps is 0.229% cheaper against Orderly than usual: you would sell low and buy high (−$23 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_META_USDC_mythos	741.22	0.0100	pay 0.0100% / 8h	4h 57m	$1K	$338	10x
Short	Ondo Perps META-USD.P	739.52	0.0050	get 0.0006% / 1h	57m 32s	$753K	$5.1M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Ondo Perps against Orderly. 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 OrderlybpFee Ondo PerpsbpOrdersPrice spread, now −0.229%Rate

Funding earned: −$10.42
Price spread: −0.229% → 0.000%: −$22.94
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Net: −$44.35
Costs to cover: 0.110%
Break-even: never at this rate

Slippage unknown: Orderly: no order-book sample; Ondo Perps: no order-book sample. Net counts fees only.

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 Orderly no order-book sample	—	—	—	—	—
Sell Ondo Perps no order-book sample	—	—	—	—	—

Orderly and Ondo Perps: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

META on 37 exchanges

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
Hotstuff META-PERP	−0.1600%	1h	740.15	−0.144%	$33K	$105	20x	as long as short
BloFin META-USDT	−0.0120%	8h	742.00	+0.105%	$338K	$1.1M	20x	as long as short
Aster METAUSDT	0.0000%	8h	740.00	−0.165%	$492K	$629K	20x	as long as short
Extended META_24_5-USD	0.0000%	1h	739.57	−0.223%	$547K	$3.3M	17x	as long as short
Binance METAUSDT	0.0000%	8h	739.51	−0.231%	$25.2M	$191.9M	20x	as long as short
Bybit METAUSDT	0.0000%	8h	739.40	−0.246%	$7.5M	$16.3M	100x	as long as short
OKX META-USDT-SWAP	0.0000%	8h	739.44	−0.240%	$6.0M	$13.1M	20x	as long as short
Gate META_USDT	0.0000%	8h	740.07	−0.155%	$470K	$6.2M	100x	as long as short
Bitget METAUSDT	0.0000%	8h	739.51	−0.231%	$5.9M	$12.3M	100x	as long as short
Variational Omni META	0.0000%	8h	740.11	−0.150%	$2.6M	$3.2M	—	as long as short

Show all 37 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT META_USDT_Perp	0.0000%	8h	740.22	−0.135%	$12K	$423K	10x	as long as short
SunX META-USDT	0.0000%	8h	740.72	−0.067%	$907	$6.8M	20x	as long as short
Deribit META_USDC-PERPETUAL	0.0000%	1h	739.98	−0.167%	$36K	$209K	10x	as long as short
HTX META-USDT	0.0000%	8h	740.37	−0.115%	$106K	$310K	30x	as long as short
Phemex METAUSDT	0.0000%	4h	740.38	−0.113%	$2.0M	$9K	10x	as long as short
Lighter RH META	+0.0032%	1h	740.17	−0.142%	$856K	$2.8M	20x	as long as short
Vest META-USD-PERP	+0.0046%	1h	739.98	−0.167%	—	$11K	25x	as long as short
Popdex METAUSDT	+0.0048%	1h	739.64	−0.213%	$178K	$199K	20x	as long as short
Polymarket Perps META-USD	+0.0050%	1h	739.30	−0.259%	$557K	$590K	10x	as long as short
SoDEX META-USD	+0.0050%	1h	740.42	−0.108%	$24K	$3K	10x	as long as short
Ondo Perps META-USD.Pshort	+0.0050%	1h	739.52	−0.229%	$753K	$5.1M	10x
QFEX META-USD	+0.0056%	1h	739.49	−0.233%	$2.2M	$14.0M	10x	as long as short
Paradex META-USD-PERP	+0.0069%	8h	739.76	−0.197%	—	—	5x	as long as short
Aftermath Perps METAUSD	+0.0078%	1h	740.70	−0.070%	$53K	$86K	10x	as long as short
Nado META-PERP	+0.0083%	1h	739.74	−0.199%	$474K	$536K	20x	as long as short
Coinbase International META-PERP-INTX	+0.0088%	1h	740.34	−0.119%	$654K	$7.3M	10x	as long as short
Pacifica META	+0.0100%	1h	739.65	−0.212%	$612	$3K	10x	as long as short
KuCoin METAUSDTM	+0.0100%	8h	740.17	−0.142%	$1.6M	$930K	20x	as long as short
ApeX Omni METAUSDT	+0.0100%	1h	739.22	−0.270%	$166K	$71K	50x	as long as short
Orderly PERP_META_USDC_mythoslong	+0.0100%	8h	741.22	long leg	$1K	$338	10x
Aevo META-PERP	+0.0104%	1h	740.98	−0.032%	$267	—	10x	as long as short
tradeXYZ xyz:META	+0.0198%	1h	740.09	−0.152%	$86.9M	$136.2M	20x	as long as short
Arcus META-USD	+0.0209%	1h	739.37	−0.250%	$111K	$291K	10x	as long as short
Injective META/USDC PERP	+0.0220%	1h	741.41	+0.026%	$167K	$61K	30x	as long as short
Lighter META	+0.0296%	1h	740.43	−0.107%	$1.2M	$2.6M	20x	as long as short
Phoenix META	+0.0613%	1h	740.77	−0.061%	$791K	$1.5M	20x	as long as short
edgeX METAUSDC	+0.0845%	4h	739.97	−0.168%	$62K	$348K	10x	as long as short