Funding arb · Price arb /

META

RWAall META markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0032%/8h= −3.5% APRpaid last 24h −0.013%

Price spread now: SunX against QFEX−0.009%7-day average +0.017% · 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−$81as in the Price arb table

costs, in and out, $10k−$780.781% of the position

Long on QFEX Short on SunX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.019%−$2 on $10k

Price spread, last 4 days (all we have)+0.347%+$35 · spread now −0.009%, 7d avg +0.017%

Together, before fees+0.328%+$33 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and SunX is 0.027% cheaper against QFEX than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of +0.017%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	QFEX META-USD	741.10	0.0032	pay 0.0004% / 1h	46m 24s	$2.1M	$13.7M	10x
Short	SunX META-USDT	741.03	0	get 0.0000% / 8h	5h 46m	$979	$9.1M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX 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 SunXbpOrdersPrice spread, now −0.009%Rate

Funding earned: −$6.77
Price spread: −0.009% → +0.017%: −$2.69
Slippage, 4 orders: −$60.06
Fee QFEX: 5 bp × 2 orders: −$10
Fee SunX: 4 bp × 2 orders: −$8
Net: −$87.52
Costs to cover: 0.781%
Break-even: never at this rate

Slippage from QFEX: live order book, 8 min ago; SunX: live order book, 13 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 QFEX live order book, 8 min ago	1.68 bp	6.7 bp −$7	8.7 bp −$87	doesn't fit	doesn't fit
Sell SunX live order book, 13 min ago	28.13 bp	32.1 bp −$32	61.7 bp −$617	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	741.19	+0.012%	—	$1.1M	20x	as long as short
Nado META-PERP	−0.0032%	1h	740.59	−0.068%	$479K	$549K	20x	as long as short
Aster METAUSDT	0.0000%	8h	741.40	+0.041%	$466K	$549K	20x	as long as short
Extended META_24_5-USD	0.0000%	1h	741.02	−0.011%	$549K	$2.7M	17x	as long as short
Binance METAUSDT	0.0000%	8h	741.34	+0.032%	$27.3M	$178.9M	20x	as long as short
Bybit METAUSDT	0.0000%	8h	741.20	+0.013%	$7.5M	$13.7M	100x	as long as short
OKX META-USDT-SWAP	0.0000%	8h	741.14	+0.005%	$5.9M	$13.3M	20x	as long as short
Gate META_USDT	0.0000%	8h	740.86	−0.032%	$345K	$5.6M	100x	as long as short
Bitget METAUSDT	0.0000%	8h	741.13	+0.004%	$5.4M	$11.4M	100x	as long as short
Variational Omni META	0.0000%	8h	741.74	+0.086%	$2.3M	$3.1M	—	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	741.92	+0.111%	$13K	$432K	10x	as long as short
SunX META-USDTshort	0.0000%	8h	741.03	−0.009%	$979	$9.1M	20x
HTX META-USDT	0.0000%	8h	740.94	−0.022%	$106K	$296K	30x	as long as short
Phemex METAUSDT	0.0000%	4h	741.89	+0.107%	$2.0M	$8K	10x	as long as short
Lighter RH META	+0.0032%	1h	741.28	+0.024%	$763K	$3.0M	20x	as long as short
QFEX META-USDlong	+0.0032%	1h	741.10	long leg	$2.1M	$13.7M	10x
Arcus META-USD	+0.0040%	1h	740.94	−0.022%	$110K	$330K	10x	as long as short
Vest META-USD-PERP	+0.0046%	1h	741.65	+0.074%	—	$10K	25x	as long as short
Popdex METAUSDT	+0.0048%	1h	741.20	+0.013%	$178K	$199K	20x	as long as short
Polymarket Perps META-USD	+0.0050%	1h	741.21	+0.015%	$558K	$548K	10x	as long as short
SoDEX META-USD	+0.0050%	1h	741.00	−0.013%	$24K	$3K	10x	as long as short
Ondo Perps META-USD.P	+0.0050%	1h	740.41	−0.093%	$702K	$4.2M	10x	as long as short
Paradex META-USD-PERP	+0.0059%	8h	740.91	−0.026%	—	—	5x	as long as short
Aftermath Perps METAUSD	+0.0074%	1h	741.82	+0.097%	$50K	$82K	10x	as long as short
Coinbase International META-PERP-INTX	+0.0096%	1h	741.82	+0.097%	$610K	$7.1M	10x	as long as short
KuCoin METAUSDTM	+0.0100%	8h	741.49	+0.053%	$1.6M	$507K	20x	as long as short
ApeX Omni METAUSDT	+0.0100%	1h	740.56	−0.073%	$166K	$71K	50x	as long as short
Orderly PERP_META_USDC_mythos	+0.0100%	8h	741.37	+0.036%	$1K	$24	10x	as long as short
Aevo META-PERP	+0.0104%	1h	741.20	+0.014%	$267	—	10x	as long as short
Deribit META_USDC-PERPETUAL	+0.0182%	1h	740.88	−0.030%	$31K	$245K	10x	as long as short
Injective META/USDC PERP	+0.0220%	1h	743.34	+0.302%	$171K	$48K	30x	as long as short
Lighter META	+0.0256%	1h	741.25	+0.020%	$860K	$2.4M	20x	as long as short
Hotstuff META-PERP	+0.0264%	1h	741.30	+0.027%	$33K	$105	20x	as long as short
tradeXYZ xyz:META	+0.0356%	1h	741.50	+0.054%	$69.0M	$120.0M	20x	as long as short
edgeX METAUSDC	+0.0423%	4h	741.61	+0.068%	$62K	$336K	10x	as long as short
Phoenix META	+0.0496%	1h	742.78	+0.227%	$500K	$1.1M	20x	as long as short