Funding arb · Price arb /

META

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0348%/8h= +38.1% APRpaid last 24h +0.053%

Price spread now: tradeXYZ against SunX+0.013%7-day average −0.046% · you sell dearer than you buy

Net, funding: paid 7d − costs−$64as in the Funding arb table

Net, price: spread back to 7d avg − costs−$76as in the Price arb table

costs, in and out, $10k−$820.824% of the position

Long on SunX Short on tradeXYZ

What this pair did over the last

the charts below follow

Funding, last 7 days+0.181%+$18 on $10k

Price spread, last 4 days (all we have)−0.488%−$49 · spread now +0.013%, 7d avg −0.046%

Together, before fees−0.308%+ Points / potential airdroptradeXYZ: Active · farm board−$31 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$10 a day on $10k at the current rate, and tradeXYZ is 0.059% dearer against SunX than usual: you sell high and buy low: +$6 more if the spread goes back to its 7-day average of −0.046%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.181% in total (about 9.4% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX META-USDT	741.97	0	get 0.0000% / 8h	5h 22m	$1K	$9.1M	20x
Short	tradeXYZ xyz:META	742.07	0.0348	get 0.0044% / 1h	22m 47s	$69.2M	$120.1M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

tradeXYZ 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 tradeXYZbpOrdersPrice spread, now +0.013%Rate

Funding earned: $73.12
Price spread: +0.013% → −0.046%: $5.9
Slippage, 4 orders: −$56.35
Fee SunX: 4 bp × 2 orders: −$8
Fee tradeXYZ: 9 bp × 2 orders: −$18
Net: −$3.33
Costs to cover: 0.824%
Break-even: 7.3 days

Slippage from SunX: live order book, 6 min ago; tradeXYZ: live order book, 6 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, 6 min ago	28.10 bp	32.1 bp −$32	61.2 bp −$612	doesn't fit	doesn't fit
Sell tradeXYZ live order book, 6 min ago	0.07 bp	9.1 bp −$9	12.0 bp −$120	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	741.86	−0.015%	$328K	$1.1M	20x	as long as short
Nado META-PERP	−0.0020%	1h	741.43	−0.073%	$479K	$550K	20x	as long as short
Aster METAUSDT	0.0000%	8h	741.80	−0.023%	$467K	$549K	20x	as long as short
Extended META_24_5-USD	0.0000%	1h	741.71	−0.035%	$548K	$2.7M	17x	as long as short
Binance METAUSDT	0.0000%	8h	741.91	−0.008%	$27.4M	$179.2M	20x	as long as short
Bybit METAUSDT	0.0000%	8h	741.93	−0.005%	$7.5M	$13.8M	100x	as long as short
OKX META-USDT-SWAP	0.0000%	8h	741.85	−0.016%	$6.0M	$13.4M	20x	as long as short
Gate META_USDT	0.0000%	8h	741.62	−0.047%	$345K	$5.6M	100x	as long as short
Bitget METAUSDT	0.0000%	8h	741.99	+0.003%	$5.5M	$11.5M	100x	as long as short
Variational Omni META	0.0000%	8h	742.17	+0.027%	$2.4M	$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	742.19	+0.030%	$12K	$431K	10x	as long as short
SunX META-USDTlong	0.0000%	8h	741.97	long leg	$1K	$9.1M	20x
Deribit META_USDC-PERPETUAL	0.0000%	1h	741.47	−0.067%	$31K	$245K	10x	as long as short
HTX META-USDT	0.0000%	8h	741.77	−0.027%	$106K	$296K	30x	as long as short
Phemex METAUSDT	0.0000%	4h	742.47	+0.067%	$2.0M	$8K	10x	as long as short
Lighter RH META	+0.0032%	1h	742.14	+0.023%	$764K	$3.0M	20x	as long as short
QFEX META-USD	+0.0032%	1h	741.66	−0.042%	$2.1M	$13.7M	10x	as long as short
Arcus META-USD	+0.0040%	1h	741.56	−0.055%	$110K	$330K	10x	as long as short
Vest META-USD-PERP	+0.0046%	1h	742.15	+0.024%	—	$10K	25x	as long as short
Popdex METAUSDT	+0.0048%	1h	741.91	−0.008%	$178K	$199K	20x	as long as short
Polymarket Perps META-USD	+0.0050%	1h	741.73	−0.032%	$559K	$540K	10x	as long as short
SoDEX META-USD	+0.0050%	1h	741.89	−0.011%	$24K	$3K	10x	as long as short
Ondo Perps META-USD.P	+0.0050%	1h	741.36	−0.082%	$721K	$4.2M	10x	as long as short
Paradex META-USD-PERP	+0.0067%	8h	741.74	−0.032%	—	—	5x	as long as short
edgeX METAUSDC	+0.0070%	4h	741.99	+0.002%	$62K	$335K	10x	as long as short
Aftermath Perps METAUSD	+0.0078%	1h	742.53	+0.075%	$50K	$82K	10x	as long as short
Coinbase International META-PERP-INTX	+0.0096%	1h	741.67	−0.040%	$617K	$7.2M	10x	as long as short
KuCoin METAUSDTM	+0.0100%	8h	742.07	+0.013%	$1.6M	$519K	20x	as long as short
ApeX Omni METAUSDT	+0.0100%	1h	741.03	−0.127%	$166K	$71K	50x	as long as short
Orderly PERP_META_USDC_mythos	+0.0100%	8h	741.85	−0.016%	$1K	$24	10x	as long as short
Aevo META-PERP	+0.0104%	1h	741.77	−0.027%	$267	—	10x	as long as short
Injective META/USDC PERP	+0.0220%	1h	741.26	−0.096%	$171K	$48K	30x	as long as short
Hotstuff META-PERP	+0.0256%	1h	742.05	+0.011%	$33K	$105	20x	as long as short
Lighter META	+0.0264%	1h	742.10	+0.018%	$861K	$2.4M	20x	as long as short
tradeXYZ xyz:METAshort	+0.0348%	1h	742.07	+0.013%	$69.2M	$120.1M	20x
Phoenix META	+0.0496%	1h	742.80	+0.112%	$552K	$1.1M	20x	as long as short