Funding arb · Price arb /

META

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0027%/8h= −3.0% APRpaid last 24h −0.005%

Price spread now: OKX against QFEX+0.044%54s7-day average +0.025% · you sell dearer than you buy

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

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

costs, in and out, $10k−$320.318% of the position

Long on QFEX Short on OKX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.010%−$1 on $10k

Price spread, last 7 days−0.050%−$5 · spread now +0.044%, 7d avg +0.025%

Together, before fees−0.059%−$6 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.025%, so right now this pair is about funding alone: −$1 a day on $10k at the current rate. The two prices were read 54 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	QFEX META-USD	741.59	0.0027	pay 0.0003% / 1h	12m 47s	$2.2M	$14.3M	10x
Short	OKX META-USDT-SWAP	741.92	0	get 0.0000% / 8h	12m 47s	$6.0M	$13.2M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX against QFEX. 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 QFEXbpFee OKXbpOrdersPrice spread, now +0.044%Rate

Funding earned: −$5.75
Price spread: +0.044% → +0.025%: $1.91
Slippage, 4 orders: −$11.8
Fee QFEX: 5 bp × 2 orders: −$10
Fee OKX: 5 bp × 2 orders: −$10
Net: −$35.64
Costs to cover: 0.318%
Break-even: never at this rate

Slippage from QFEX: live order book, 6 min ago; OKX: live order book, just now.

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 QFEX live order book, 6 min ago	1.62 bp	6.6 bp −$7	7.2 bp −$72	doesn't fit	doesn't fit
Sell OKX live order book, just now	0.07 bp	9.6 bp −$10	19.0 bp −$190	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	741.71	+0.016%	$328K	$1.1M	20x	as long as short
Nado META-PERP	−0.0001%	1h	741.06	−0.071%	$385K	$332K	20x	as long as short
Aster METAUSDT	0.0000%	8h	741.99	+0.054%	$457K	$540K	20x	as long as short
Extended META_24_5-USD	0.0000%	1h	741.70	+0.015%	$549K	$1.6M	17x	as long as short
Binance METAUSDT	0.0000%	8h	741.83	+0.032%	$27.4M	$180.0M	20x	as long as short
Bybit METAUSDT	0.0000%	8h	741.74	+0.020%	$7.5M	$14.0M	100x	as long as short
OKX META-USDT-SWAPshort	0.0000%	8h	741.92	+0.044%	$6.0M	$13.2M	20x
Gate META_USDT	0.0000%	8h	741.28	−0.042%	$344K	$5.5M	100x	as long as short
Bitget METAUSDT	0.0000%	8h	741.74	+0.020%	$5.6M	$11.4M	100x	as long as short
Variational Omni META	0.0000%	8h	741.89	+0.040%	$2.3M	$3.2M	—	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	741.81	+0.029%	$12K	$482K	10x	as long as short
SunX META-USDT	0.0000%	8h	741.48	−0.015%	$744	$9.5M	20x	as long as short
HTX META-USDT	0.0000%	8h	741.49	−0.013%	$107K	$285K	30x	as long as short
Phemex METAUSDT	0.0000%	4h	741.94	+0.047%	$2.0M	$7K	10x	as long as short
QFEX META-USDlong	+0.0027%	1h	741.59	long leg	$2.2M	$14.3M	10x
Lighter RH META	+0.0032%	1h	741.93	+0.046%	$761K	$3.2M	20x	as long as short
Arcus META-USD	+0.0040%	1h	741.22	−0.050%	$110K	$454K	10x	as long as short
Vest META-USD-PERP	+0.0046%	1h	741.60	+0.001%	—	$11K	25x	as long as short
Popdex METAUSDT	+0.0048%	1h	741.59	0.000%	$178K	$209K	20x	as long as short
Polymarket Perps META-USD	+0.0050%	1h	741.53	−0.008%	$550K	$849K	10x	as long as short
SoDEX META-USD	+0.0050%	1h	741.57	−0.003%	$24K	$3K	10x	as long as short
Ondo Perps META-USD.P	+0.0050%	1h	741.07	−0.070%	$759K	$4.3M	10x	as long as short
Paradex META-USD-PERP	+0.0056%	8h	741.35	−0.032%	—	—	5x	as long as short
Aftermath Perps METAUSD	+0.0071%	1h	742.32	+0.098%	$50K	$76K	10x	as long as short
Coinbase International META-PERP-INTX	+0.0096%	1h	741.24	−0.047%	$608K	$7.4M	10x	as long as short
KuCoin METAUSDTM	+0.0100%	8h	741.70	+0.015%	$1.6M	$399K	20x	as long as short
ApeX Omni METAUSDT	+0.0100%	1h	740.93	−0.089%	$166K	$74K	50x	as long as short
Orderly PERP_META_USDC_mythos	+0.0100%	8h	741.52	−0.009%	$1K	$24	10x	as long as short
Aevo META-PERP	+0.0104%	1h	741.53	−0.008%	$267	—	10x	as long as short
Phoenix META	+0.0129%	1h	741.77	+0.024%	$291K	$797K	20x	as long as short
Hotstuff META-PERP	+0.0168%	1h	741.55	−0.005%	$33K	$105	20x	as long as short
Injective META/USDC PERP	+0.0220%	1h	743.58	+0.268%	$169K	$46K	30x	as long as short
Lighter META	+0.0248%	1h	742.00	+0.055%	$860K	$2.6M	20x	as long as short
tradeXYZ xyz:META	+0.0264%	1h	741.72	+0.018%	$67.7M	$122.7M	20x	as long as short
Deribit META_USDC-PERPETUAL	+0.0465%	1h	741.55	−0.005%	$30K	$258K	10x	as long as short
edgeX METAUSDC	+0.0727%	4h	741.69	+0.013%	$62K	$334K	10x	as long as short