Funding arb · Price arb /

META

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0220%/8h= +24.1% APRpaid last 24h +0.065%

Price spread now: Injective against SunX+0.319%61s7-day average +0.279% · you sell dearer than you buy

Net, funding: paid 7d − costs−$68as in the Funding arb table

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

costs, in and out, $10k−$1141.144% of the position

Long on SunX Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days+0.461%+$46 on $10k

Price spread, last 3 days (all we have)−0.271%−$27 · spread now +0.319%, 7d avg +0.279%

Together, before fees+0.190%+$19 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$7 a day on $10k at the current rate, and Injective is 0.040% dearer against SunX than usual: you sell high and buy low: +$4 more if the spread goes back to its 7-day average of +0.279%. The two prices were read 61 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	SunX META-USDT	740.06	0	get 0.0000% / 8h	6h 18m	$830	$9.2M	20x
Short	Injective META/USDC PERP	742.42	0.0220	get 0.0028% / 1h	18m 08s	$171K	$48K	30x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against SunX. 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 SunXbpFee InjectivebpOrdersPrice spread, now +0.319%Rate

Funding earned: $46.2
Price spread: +0.319% → +0.279%: $3.98
Slippage, 4 orders: −$106.39
Fee SunX: 4 bp × 2 orders: −$8
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$64.23
Costs to cover: 1.144%
Break-even: 16.7 days

Slippage from SunX: live order book, 11 min ago; Injective: live order book, 51 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 SunX live order book, 11 min ago	28.16 bp	32.2 bp −$32	doesn't fit	doesn't fit	doesn't fit
Sell Injective live order book, 51 min ago	14.91 bp	35.2 bp −$35	doesn't fit	doesn't fit	doesn't fit

META on 35 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
Nado META-PERP	−0.0122%	1h	739.93	−0.018%	$478K	$549K	20x	as long as short
Aster METAUSDT	0.0000%	8h	740.59	+0.072%	$466K	$549K	20x	as long as short
Extended META_24_5-USD	0.0000%	1h	739.99	−0.010%	$550K	$2.7M	17x	as long as short
Binance METAUSDT	0.0000%	8h	740.20	+0.019%	$27.3M	$179.2M	20x	as long as short
Bybit METAUSDT	0.0000%	8h	740.05	−0.001%	$7.5M	$13.8M	100x	as long as short
OKX META-USDT-SWAP	0.0000%	8h	740.19	+0.018%	$5.9M	$13.3M	20x	as long as short
Gate META_USDT	0.0000%	8h	740.02	−0.005%	$352K	$5.6M	100x	as long as short
Bitget METAUSDT	0.0000%	8h	740.28	+0.030%	$5.5M	$11.3M	100x	as long as short
Variational Omni META	0.0000%	8h	740.21	+0.021%	$2.3M	$3.1M	—	as long as short
GRVT META_USDT_Perp	0.0000%	8h	740.46	+0.054%	$12K	$433K	10x	as long as short

Show all 35 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX META-USDTlong	0.0000%	8h	740.06	long leg	$830	$9.2M	20x
Deribit META_USDC-PERPETUAL	0.0000%	1h	739.57	−0.066%	$31K	$244K	10x	as long as short
HTX META-USDT	0.0000%	8h	740.00	−0.008%	$105K	$296K	30x	as long as short
Phemex METAUSDT	0.0000%	4h	740.79	+0.099%	$2.0M	$8K	10x	as long as short
QFEX META-USD	+0.0025%	1h	740.15	+0.012%	$2.2M	$14.0M	10x	as long as short
Lighter RH META	+0.0032%	1h	740.40	+0.046%	$750K	$3.0M	20x	as long as short
Arcus META-USD	+0.0040%	1h	739.80	−0.035%	$110K	$330K	10x	as long as short
Vest META-USD-PERP	+0.0046%	1h	740.38	+0.043%	—	$11K	25x	as long as short
Popdex METAUSDT	+0.0048%	1h	740.16	+0.014%	$176K	$197K	20x	as long as short
Polymarket Perps META-USD	+0.0050%	1h	739.94	−0.016%	$557K	$847K	10x	as long as short
SoDEX META-USD	+0.0050%	1h	740.20	+0.019%	$24K	$3K	10x	as long as short
Ondo Perps META-USD.P	+0.0050%	1h	739.51	−0.074%	$697K	$4.3M	10x	as long as short
Paradex META-USD-PERP	+0.0057%	8h	740.00	−0.008%	—	—	5x	as long as short
Aftermath Perps METAUSD	+0.0070%	1h	740.89	+0.112%	$49K	$80K	10x	as long as short
KuCoin METAUSDTM	+0.0100%	8h	740.29	+0.031%	$1.6M	$485K	20x	as long as short
ApeX Omni METAUSDT	+0.0100%	1h	739.56	−0.068%	$166K	$71K	50x	as long as short
Orderly PERP_META_USDC_mythos	+0.0100%	8h	740.10	+0.005%	$1K	$24	10x	as long as short
Aevo META-PERP	+0.0104%	1h	739.99	−0.009%	$266	—	10x	as long as short
Coinbase International META-PERP-INTX	+0.0104%	1h	740.66	+0.081%	$609K	$7.2M	10x	as long as short
Lighter META	+0.0136%	1h	740.35	+0.039%	$860K	$2.4M	20x	as long as short
Hotstuff META-PERP	+0.0136%	1h	740.16	+0.014%	$33K	$105	20x	as long as short
Injective META/USDC PERPshort	+0.0220%	1h	742.42	+0.319%	$171K	$48K	30x
tradeXYZ xyz:META	+0.0246%	1h	740.31	+0.034%	$68.4M	$120.0M	20x	as long as short
Phoenix META	+0.0313%	1h	740.85	+0.107%	$429K	$1.1M	20x	as long as short
edgeX METAUSDC	+0.0939%	4h	740.24	+0.025%	$62K	$335K	10x	as long as short