Funding arb · Price arb /

META

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0050%/8h= −5.5% APRpaid last 24h +0.010%

Price spread now: Bybit against SoDEX−0.027%46s7-day average — · you buy dearer than you sell

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

Long on SoDEX Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

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

Together, before fees—needs both histories

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Bybit is 0.027% cheaper against SoDEX than usual: you would sell low and buy high (−$3 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 46 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	SoDEX META-USD	742.68	0.0050	pay 0.0006% / 1h	36m 31s	$24K	$3K	10x
Short	Bybit METAUSDT	742.48	0	get 0.0000% / 8h	36m 31s	$7.5M	$14.0M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against SoDEX. 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 SoDEXbpFee BybitbpOrdersPrice spread, now −0.027%Rate

Funding earned: −$10.5
Price spread: −0.027% → 0.000%: −$2.69
Slippage, 4 orders: no order book: not counted
Fee SoDEX: 4 bp × 2 orders: −$8
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$32.19
Costs to cover: 0.190%
Break-even: never at this rate

Slippage unknown: SoDEX: no order-book sample; Bybit: live order book, 2 min ago. 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 SoDEX no order-book sample	—	—	—	—	—
Sell Bybit live order book, 2 min ago	1.35 bp	10.3 bp −$10	18.5 bp −$185	doesn't fit	doesn't fit

SoDEX: 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 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	742.75	+0.009%	$329K	$1.1M	20x	as long as short
Nado META-PERP	−0.0066%	1h	742.43	−0.033%	$390K	$329K	20x	as long as short
Aster METAUSDT	0.0000%	8h	742.64	−0.005%	$458K	$537K	20x	as long as short
Extended META_24_5-USD	0.0000%	1h	742.63	−0.006%	$549K	$1.6M	17x	as long as short
Binance METAUSDT	0.0000%	8h	742.53	−0.020%	$27.4M	$179.6M	20x	as long as short
Bybit METAUSDTshort	0.0000%	8h	742.48	−0.027%	$7.5M	$14.0M	100x
OKX META-USDT-SWAP	0.0000%	8h	742.49	−0.026%	$6.0M	$13.2M	20x	as long as short
Gate META_USDT	0.0000%	8h	742.29	−0.053%	$346K	$5.5M	100x	as long as short
Bitget METAUSDT	0.0000%	8h	742.53	−0.020%	$5.6M	$11.4M	100x	as long as short
Variational Omni META	0.0000%	8h	743.32	+0.086%	$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	743.64	+0.129%	$12K	$486K	10x	as long as short
SunX META-USDT	0.0000%	8h	742.62	−0.008%	$1K	$9.5M	20x	as long as short
HTX META-USDT	0.0000%	8h	742.41	−0.036%	$107K	$285K	30x	as long as short
Phemex METAUSDT	0.0000%	4h	743.51	+0.112%	$2.0M	$7K	10x	as long as short
Deribit META_USDC-PERPETUAL	+0.0019%	1h	742.58	−0.013%	$30K	$257K	10x	as long as short
QFEX META-USD	+0.0027%	1h	742.43	−0.034%	$2.2M	$14.3M	10x	as long as short
Lighter RH META	+0.0032%	1h	742.99	+0.042%	$756K	$3.2M	20x	as long as short
Arcus META-USD	+0.0040%	1h	742.28	−0.054%	$110K	$469K	10x	as long as short
Vest META-USD-PERP	+0.0046%	1h	742.85	+0.023%	—	$11K	25x	as long as short
Popdex METAUSDT	+0.0048%	1h	742.53	−0.020%	$178K	$209K	20x	as long as short
Polymarket Perps META-USD	+0.0050%	1h	742.44	−0.032%	$542K	$841K	10x	as long as short
SoDEX META-USDlong	+0.0050%	1h	742.68	long leg	$24K	$3K	10x
Ondo Perps META-USD.P	+0.0050%	1h	742.12	−0.075%	$762K	$4.3M	10x	as long as short
Paradex META-USD-PERP	+0.0051%	8h	742.59	−0.012%	—	—	5x	as long as short
Aftermath Perps METAUSD	+0.0063%	1h	743.67	+0.133%	$50K	$76K	10x	as long as short
Coinbase International META-PERP-INTX	+0.0096%	1h	743.28	+0.081%	$610K	$7.4M	10x	as long as short
KuCoin METAUSDTM	+0.0100%	8h	742.74	+0.008%	$1.6M	$381K	20x	as long as short
ApeX Omni METAUSDT	+0.0100%	1h	742.97	+0.039%	$166K	$74K	50x	as long as short
Orderly PERP_META_USDC_mythos	+0.0100%	8h	742.87	+0.026%	$1K	$24	10x	as long as short
Aevo META-PERP	+0.0104%	1h	742.70	+0.002%	$267	—	10x	as long as short
Phoenix META	+0.0129%	1h	743.01	+0.044%	$292K	$797K	20x	as long as short
Lighter META	+0.0136%	1h	742.96	+0.038%	$859K	$2.6M	20x	as long as short
Hotstuff META-PERP	+0.0152%	1h	742.91	+0.031%	$33K	$105	20x	as long as short
edgeX METAUSDC	+0.0169%	4h	743.39	+0.095%	$62K	$331K	10x	as long as short
Injective META/USDC PERP	+0.0220%	1h	745.83	+0.424%	$170K	$46K	30x	as long as short
tradeXYZ xyz:META	+0.0235%	1h	742.86	+0.024%	$67.6M	$122.3M	20x	as long as short