Funding arb · Price arb /

META

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0048%/8h= −5.3% APRpaid last 24h +0.004%

Price spread now: Bybit against Popdex−0.013%7-day average −0.012% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$28as in the Price arb table

costs, in and out, $10k−$280.280% of the position

Long on Popdex Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.054%−$5 on $10k

Price spread, last 4 days (all we have)−0.081%−$8 · spread now −0.013%, 7d avg −0.012%

Together, before fees−0.135%−$14 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.012%, so right now this pair is about funding alone: −$1 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Popdex METAUSDT	745.37	0.0048	pay 0.0006% / 1h	44m 04s	$177K	$205K	20x
Short	Bybit METAUSDT	745.27	0	get 0.0000% / 8h	1h 44m	$7.3M	$15.2M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Popdex. 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 PopdexbpFee BybitbpOrdersPrice spread, now −0.013%Rate

Funding earned: −$10.08
Price spread: −0.013% → −0.012%: −$0.1
Slippage, 4 orders: −$10.58
Fee Popdex: 3.2 bp × 2 orders: −$6.4
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$38.16
Costs to cover: 0.280%
Break-even: never at this rate

Slippage from Popdex: live order book, 65 min ago; Bybit: live order book, 4 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 Popdex live order book, 65 min ago	0.40 bp	3.6 bp −$4	6.3 bp −$63	doesn't fit	doesn't fit
Sell Bybit live order book, 4 min ago	1.61 bp	10.2 bp −$10	17.1 bp −$171	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	745.51	+0.019%	$334K	$1.1M	20x	as long as short
Nado META-PERP	−0.0022%	1h	745.05	−0.042%	$482K	$559K	20x	as long as short
Aster METAUSDT	0.0000%	8h	745.50	+0.017%	$479K	$593K	20x	as long as short
Extended META_24_5-USD	0.0000%	1h	745.24	−0.018%	$552K	$2.6M	17x	as long as short
Binance METAUSDT	0.0000%	8h	745.39	+0.003%	$25.3M	$187.6M	20x	as long as short
Bybit METAUSDTshort	0.0000%	8h	745.27	−0.013%	$7.3M	$15.2M	100x
OKX META-USDT-SWAP	0.0000%	8h	745.54	+0.023%	$6.1M	$12.7M	20x	as long as short
Gate META_USDT	0.0000%	8h	744.81	−0.075%	$457K	$6.1M	100x	as long as short
Bitget METAUSDT	0.0000%	8h	745.36	−0.001%	$5.5M	$12.2M	100x	as long as short
Variational Omni META	0.0000%	8h	745.37	+0.001%	$2.4M	$3.3M	—	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	745.59	+0.030%	$13K	$438K	10x	as long as short
SunX META-USDT	0.0000%	8h	745.39	+0.003%	$552	$8.3M	20x	as long as short
HTX META-USDT	0.0000%	8h	745.16	−0.028%	$106K	$307K	30x	as long as short
Phemex METAUSDT	0.0000%	4h	745.95	+0.078%	$2.0M	$8K	10x	as long as short
QFEX META-USD	+0.0031%	1h	745.24	−0.017%	$2.2M	$13.9M	10x	as long as short
Lighter RH META	+0.0040%	1h	745.71	+0.046%	$787K	$2.9M	20x	as long as short
Arcus META-USD	+0.0040%	1h	745.11	−0.035%	$109K	$333K	10x	as long as short
Vest META-USD-PERP	+0.0046%	1h	745.69	+0.043%	—	$12K	25x	as long as short
Popdex METAUSDTlong	+0.0048%	1h	745.37	long leg	$177K	$205K	20x
Polymarket Perps META-USD	+0.0050%	1h	744.99	−0.051%	$586K	$564K	10x	as long as short
SoDEX META-USD	+0.0050%	1h	745.36	−0.001%	$25K	$3K	10x	as long as short
Ondo Perps META-USD.P	+0.0050%	1h	744.94	−0.058%	$711K	$5.2M	10x	as long as short
Paradex META-USD-PERP	+0.0065%	8h	745.35	−0.003%	—	—	5x	as long as short
Aftermath Perps METAUSD	+0.0085%	1h	746.39	+0.136%	$52K	$81K	10x	as long as short
KuCoin METAUSDTM	+0.0100%	8h	745.48	+0.015%	$1.6M	$671K	20x	as long as short
ApeX Omni METAUSDT	+0.0100%	1h	744.89	−0.064%	$167K	$72K	50x	as long as short
Orderly PERP_META_USDC_mythos	+0.0100%	8h	745.48	+0.015%	$1K	$24	10x	as long as short
Aevo META-PERP	+0.0104%	1h	745.28	−0.012%	$268	—	10x	as long as short
Coinbase International META-PERP-INTX	+0.0104%	1h	745.43	+0.008%	$650K	$7.9M	10x	as long as short
Injective META/USDC PERP	+0.0220%	1h	748.64	+0.439%	$173K	$46K	30x	as long as short
Deribit META_USDC-PERPETUAL	+0.0247%	1h	745.32	−0.007%	$34K	$271K	10x	as long as short
edgeX METAUSDC	+0.0385%	4h	745.39	+0.003%	$62K	$344K	10x	as long as short
Lighter META	+0.0392%	1h	745.87	+0.067%	$1.1M	$2.7M	20x	as long as short
Hotstuff META-PERP	+0.0448%	1h	745.78	+0.055%	$33K	$105	20x	as long as short
tradeXYZ xyz:META	+0.0548%	1h	745.71	+0.046%	$76.9M	$127.1M	20x	as long as short
Phoenix META	+0.0739%	1h	747.27	+0.255%	$798K	$1.5M	20x	as long as short