Funding arb · Price arb /

META

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0055%/8h= +6.0% APRpaid last 24h +0.008%

Price spread now: Nado against SunX−0.111%48s7-day average −0.045% · 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—prices read too far apart to compare

costs, in and out, $10k−$840.844% of the position

Long on SunX Short on Nado

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.072%−$7 on $10k

Price spread, last 4 days (all we have)−0.039%−$4 · spread now −0.111%, 7d avg −0.045%

Together, before fees−0.111%+ Points / potential airdropNado: Active · farm board−$11 on $10k · with fees, hour by hour

Funding pays, the price is against you. Nado is 0.066% cheaper against SunX than usual: you would sell low and buy high (spread −0.111% now, against its 7-day average of −0.045%). If the spread goes back, that is −$7 on $10k: about 4.0 days of funding at the current rate (+$2 a day). Mind the row above: over the last 3 days funding on this pair cost −0.072%, so the current rate has only just turned in your favour. The two prices were read 48 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	745.87	0	get 0.0000% / 8h	2h 45m	$952	$8.5M	20x
Short	Nado META-PERP	745.04	0.0055	get 0.0007% / 1h	45m 30s	$482K	$556K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Nado 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 NadobpOrdersPrice spread, now −0.111%Rate

Funding earned: $11.45
Price spread: −0.111% → −0.045%: −$6.62
Slippage, 4 orders: −$69.38
Fee SunX: 4 bp × 2 orders: −$8
Fee Nado: 3.5 bp × 2 orders: −$7
Net: −$79.55
Costs to cover: 0.844%
Break-even: 55.7 days

Slippage from SunX: live order book, 4 min ago; Nado: live order book, 3 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, 4 min ago	28.11 bp	32.1 bp −$32	61.2 bp −$612	doesn't fit	doesn't fit
Sell Nado live order book, 3 min ago	0.60 bp	10.2 bp −$10	18.0 bp −$180	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	745.63	−0.032%	$333K	$1.1M	20x	as long as short
Aster METAUSDT	0.0000%	8h	746.29	+0.056%	$492K	$577K	20x	as long as short
Extended META_24_5-USD	0.0000%	1h	745.55	−0.043%	$547K	$2.7M	17x	as long as short
Binance METAUSDT	0.0000%	8h	745.74	−0.018%	$28.3M	$181.2M	20x	as long as short
Bybit METAUSDT	0.0000%	8h	745.67	−0.027%	$7.4M	$14.9M	100x	as long as short
OKX META-USDT-SWAP	0.0000%	8h	745.77	−0.013%	$6.0M	$12.6M	20x	as long as short
Gate META_USDT	0.0000%	8h	745.14	−0.098%	$434K	$5.9M	100x	as long as short
Variational Omni META	0.0000%	8h	745.64	−0.030%	$2.4M	$3.2M	—	as long as short
GRVT META_USDT_Perp	0.0000%	8h	745.37	−0.067%	$12K	$450K	10x	as long as short
SunX META-USDTlong	0.0000%	8h	745.87	long leg	$952	$8.5M	20x

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX META-USDT	0.0000%	8h	745.53	−0.046%	$106K	$305K	30x	as long as short
Phemex METAUSDT	0.0000%	4h	746.15	+0.038%	$2.0M	$8K	10x	as long as short
Arcus META-USD	+0.0040%	1h	745.21	−0.088%	$111K	$331K	10x	as long as short
Vest META-USD-PERP	+0.0046%	1h	745.70	−0.023%	—	$11K	25x	as long as short
QFEX META-USD	+0.0046%	1h	745.62	−0.034%	$2.2M	$13.7M	10x	as long as short
Bitget METAUSDT	+0.0049%	8h	745.77	−0.013%	$5.4M	$11.9M	100x	as long as short
Polymarket Perps META-USD	+0.0050%	1h	745.26	−0.082%	$586K	$564K	10x	as long as short
SoDEX META-USD	+0.0050%	1h	745.48	−0.052%	$25K	$3K	10x	as long as short
Ondo Perps META-USD.P	+0.0050%	1h	745.04	−0.111%	$758K	$4.5M	10x	as long as short
Nado META-PERPshort	+0.0055%	1h	745.04	−0.111%	$482K	$556K	20x
Lighter RH META	+0.0056%	1h	745.78	−0.012%	$770K	$2.9M	20x	as long as short
Deribit META_USDC-PERPETUAL	+0.0059%	1h	745.27	−0.080%	$31K	$256K	10x	as long as short
Paradex META-USD-PERP	+0.0078%	8h	745.43	−0.060%	—	—	5x	as long as short
Aftermath Perps METAUSD	+0.0087%	1h	746.29	+0.056%	$52K	$82K	10x	as long as short
KuCoin METAUSDTM	+0.0100%	8h	745.72	−0.020%	$1.6M	$633K	20x	as long as short
ApeX Omni METAUSDT	+0.0100%	1h	744.41	−0.196%	$167K	$72K	50x	as long as short
Orderly PERP_META_USDC_mythos	+0.0100%	8h	745.59	−0.038%	$1K	$24	10x	as long as short
Aevo META-PERP	+0.0104%	1h	745.47	−0.053%	$268	—	10x	as long as short
Coinbase International META-PERP-INTX	+0.0128%	1h	746.41	+0.072%	$671K	$7.6M	10x	as long as short
Popdex METAUSDT	+0.0136%	1h	745.77	−0.013%	$179K	$199K	20x	as long as short
Injective META/USDC PERP	+0.0220%	1h	748.43	+0.343%	$173K	$46K	30x	as long as short
edgeX METAUSDC	+0.0361%	4h	745.34	−0.071%	$62K	$340K	10x	as long as short
Lighter META	+0.0384%	1h	745.84	−0.004%	$984K	$2.5M	20x	as long as short
Hotstuff META-PERP	+0.0448%	1h	745.82	−0.007%	$33K	$105	20x	as long as short
tradeXYZ xyz:META	+0.0524%	1h	745.84	−0.004%	$72.5M	$122.9M	20x	as long as short
Phoenix META	+0.0685%	1h	746.70	+0.111%	$797K	$1.4M	20x	as long as short