Funding arb · Price arb /

META

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0464%/8h= +50.8% APRpaid last 24h +0.053%

Price spread now: Lighter against Phemex+0.089%7-day average −0.045% · you sell dearer than you buy

Net, funding: paid 7d − costs−$81as in the Funding arb table

Net, price: spread back to 7d avg − costs−$83as in the Price arb table

costs, in and out, $10k−$960.962% of the position

Long on Phemex Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.153%+$15 on $10k

Price spread, last 4 days (all we have)−0.194%−$19 · spread now +0.089%, 7d avg −0.045%

Together, before fees−0.041%+ Points / potential airdropLighter: Season 3 · farm board−$4 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$14 a day on $10k at the current rate, and Lighter is 0.134% dearer against Phemex than usual: you sell high and buy low: +$13 more if the spread goes back to its 7-day average of −0.045%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.153% in total (about 8.0% 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	Phemex METAUSDT	745.48	0	get 0.0000% / 4h	33m 47s	$2.0M	$8K	10x
Short	Lighter META	746.14	0.0464	get 0.0058% / 1h	33m 47s	$1.1M	$2.9M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Phemex. 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 PhemexbpFee LighterbpOrdersPrice spread, now +0.089%Rate

Funding earned: $97.44
Price spread: +0.089% → −0.045%: $13.39
Slippage, 4 orders: −$84.16
Fee Phemex: 6 bp × 2 orders: −$12
Fee Lighter: 0 bp × 2 orders: $0
Net: $14.67
Costs to cover: 0.962%
Break-even: 5.9 days

Slippage from Phemex: live order book, 4 min ago; Lighter: 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 Phemex live order book, 4 min ago	1.95 bp	46.2 bp −$46	doesn't fit	doesn't fit	doesn't fit
Sell Lighter live order book, 3 min ago	0.67 bp	0.7 bp −$1	2.6 bp −$26	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	745.79	+0.042%	$332K	$1.1M	20x	as long as short
Aster METAUSDT	0.0000%	8h	745.19	−0.038%	$479K	$593K	20x	as long as short
Extended META_24_5-USD	0.0000%	1h	745.40	−0.010%	$548K	$3.4M	17x	as long as short
Binance METAUSDT	0.0000%	8h	745.61	+0.017%	$25.1M	$188.5M	20x	as long as short
Bybit METAUSDT	0.0000%	8h	745.60	+0.016%	$7.5M	$15.3M	100x	as long as short
OKX META-USDT-SWAP	0.0000%	8h	745.69	+0.028%	$6.0M	$12.7M	20x	as long as short
Gate META_USDT	0.0000%	8h	745.01	−0.063%	$469K	$6.2M	100x	as long as short
Bitget METAUSDT	0.0000%	8h	745.57	+0.012%	$5.5M	$12.3M	100x	as long as short
Variational Omni META	0.0000%	8h	745.45	−0.004%	$2.4M	$3.1M	—	as long as short
GRVT META_USDT_Perp	0.0000%	8h	745.58	+0.013%	$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	745.35	−0.017%	$966	$8.0M	20x	as long as short
Deribit META_USDC-PERPETUAL	0.0000%	1h	744.85	−0.085%	$34K	$275K	10x	as long as short
HTX META-USDT	0.0000%	8h	745.18	−0.040%	$108K	$312K	30x	as long as short
Phemex METAUSDTlong	0.0000%	4h	745.48	long leg	$2.0M	$8K	10x
QFEX META-USD	+0.0031%	1h	745.42	−0.008%	$2.2M	$13.9M	10x	as long as short
Arcus META-USD	+0.0040%	1h	745.16	−0.043%	$112K	$339K	10x	as long as short
Nado META-PERP	+0.0042%	1h	745.10	−0.050%	$480K	$560K	20x	as long as short
Vest META-USD-PERP	+0.0046%	1h	745.71	+0.031%	—	$12K	25x	as long as short
Polymarket Perps META-USD	+0.0050%	1h	745.16	−0.043%	$565K	$621K	10x	as long as short
SoDEX META-USD	+0.0050%	1h	745.38	−0.013%	$25K	$3K	10x	as long as short
Ondo Perps META-USD.P	+0.0050%	1h	744.94	−0.072%	$729K	$5.1M	10x	as long as short
Paradex META-USD-PERP	+0.0055%	8h	745.54	+0.009%	—	—	5x	as long as short
Lighter RH META	+0.0056%	1h	745.97	+0.066%	$790K	$3.1M	20x	as long as short
Aftermath Perps METAUSD	+0.0087%	1h	746.22	+0.100%	$48K	$90K	10x	as long as short
Popdex METAUSDT	+0.0088%	1h	745.50	+0.003%	$177K	$203K	20x	as long as short
Pacifica META	+0.0100%	1h	745.74	+0.034%	$25	$189	10x	as long as short
KuCoin METAUSDTM	+0.0100%	8h	745.26	−0.030%	$1.6M	$717K	20x	as long as short
ApeX Omni METAUSDT	+0.0100%	1h	744.68	−0.107%	$167K	$71K	50x	as long as short
Orderly PERP_META_USDC_mythos	+0.0100%	8h	745.47	−0.001%	$1K	$24	10x	as long as short
Aevo META-PERP	+0.0104%	1h	745.29	−0.025%	$268	—	10x	as long as short
Coinbase International META-PERP-INTX	+0.0104%	1h	745.33	−0.020%	$645K	$7.9M	10x	as long as short
Injective META/USDC PERP	+0.0220%	1h	747.69	+0.296%	$172K	$46K	30x	as long as short
edgeX METAUSDC	+0.0275%	4h	745.30	−0.024%	$62K	$344K	10x	as long as short
Lighter METAshort	+0.0464%	1h	746.14	+0.089%	$1.1M	$2.9M	20x
Hotstuff META-PERP	+0.0472%	1h	746.06	+0.078%	$33K	$105	20x	as long as short
tradeXYZ xyz:META	+0.0574%	1h	746.14	+0.089%	$81.6M	$130.0M	20x	as long as short
Phoenix META	+0.0750%	1h	746.69	+0.162%	$797K	$1.5M	20x	as long as short