Funding arb · Price arb /

META

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC+0.0368%/8h= +40.3% APRpaid last 24h +0.057%

Price spread now: Lighter against Binance+0.016%7-day average −0.034% · you sell dearer than you buy

Net, funding: paid 7d − costs+$8as in the Funding arb table

Net, price: spread back to 7d avg − costs−$8as in the Price arb table

costs, in and out, $10k−$130.132% of the position

Long on Binance Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.208%+$21 on $10k

Price spread, last 7 days−0.075%−$7 · spread now +0.016%, 7d avg −0.034%

Together, before fees+0.134%+ Points / potential airdropLighter: Season 3 · farm board+$13 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$11 a day on $10k at the current rate, and Lighter is 0.050% dearer against Binance than usual: you sell high and buy low: +$5 more if the spread goes back to its 7-day average of −0.034%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.208% in total (about 10.9% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made; yellow are the hours one leg has not settled yet: what the other leg paid, plus the unsettled leg at its current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance METAUSDT	739.87	0	get 0.0000% / 8h	5h 03m	$25.3M	$190.6M	20x
Short	Lighter META	739.99	0.0368	get 0.0046% / 1h	3m 55s	$1.2M	$2.7M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Binance. 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 BinancebpFee LighterbpOrdersPrice spread, now +0.016%Rate

Funding earned: $77.28
Price spread: +0.016% → −0.034%: $5.01
Slippage, 4 orders: −$3.2
Fee Binance: 5 bp × 2 orders: −$10
Fee Lighter: 0 bp × 2 orders: $0
Net: $69.09
Costs to cover: 0.132%
Break-even: 0.7 days

Slippage from Binance: live order book, 2 min ago; Lighter: 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 Binance live order book, 2 min ago	0.20 bp	7.0 bp −$7	14.1 bp −$141	40.0 bp −$3,995	doesn't fit
Sell Lighter live order book, 6 min ago	0.07 bp	0.4 bp $0	2.3 bp −$23	doesn't fit	doesn't fit

META on 37 exchanges

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
Hotstuff META-PERP	−0.1600%	1h	739.81	−0.008%	$33K	$105	20x	as long as short
BloFin META-USDT	−0.0120%	8h	740.14	+0.036%	$337K	$1.1M	20x	as long as short
Aster METAUSDT	0.0000%	8h	740.00	+0.018%	$492K	$628K	20x	as long as short
Extended META_24_5-USD	0.0000%	1h	739.61	−0.036%	$545K	$3.3M	17x	as long as short
Binance METAUSDTlong	0.0000%	8h	739.87	long leg	$25.3M	$190.6M	20x
Bybit METAUSDT	0.0000%	8h	739.74	−0.018%	$7.5M	$16.1M	100x	as long as short
OKX META-USDT-SWAP	0.0000%	8h	739.92	+0.007%	$6.0M	$13.0M	20x	as long as short
Gate META_USDT	0.0000%	8h	739.92	+0.007%	$467K	$6.4M	100x	as long as short
Bitget METAUSDT	0.0000%	8h	739.86	−0.001%	$5.7M	$12.0M	100x	as long as short
Variational Omni META	0.0000%	8h	739.78	−0.012%	$2.6M	$3.1M	—	as long as short

Show all 37 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT META_USDT_Perp	0.0000%	8h	740.12	+0.033%	$12K	$427K	10x	as long as short
SunX META-USDT	0.0000%	8h	740.08	+0.028%	$836	$6.8M	20x	as long as short
HTX META-USDT	0.0000%	8h	739.86	−0.001%	$106K	$307K	30x	as long as short
Phemex METAUSDT	0.0000%	4h	740.08	+0.028%	$2.0M	$8K	10x	as long as short
Lighter RH META	+0.0032%	1h	739.97	+0.014%	$856K	$2.9M	20x	as long as short
QFEX META-USD	+0.0038%	1h	739.92	+0.007%	$2.2M	$13.9M	10x	as long as short
Arcus META-USD	+0.0040%	1h	739.62	−0.034%	$111K	$291K	10x	as long as short
Vest META-USD-PERP	+0.0046%	1h	740.08	+0.028%	—	$11K	25x	as long as short
Deribit META_USDC-PERPETUAL	+0.0048%	1h	739.50	−0.050%	$36K	$208K	10x	as long as short
Polymarket Perps META-USD	+0.0050%	1h	739.62	−0.034%	$557K	$594K	10x	as long as short
SoDEX META-USD	+0.0050%	1h	739.74	−0.018%	$24K	$3K	10x	as long as short
Ondo Perps META-USD.P	+0.0050%	1h	739.26	−0.082%	$753K	$5.1M	10x	as long as short
Coinbase International META-PERP-INTX	+0.0064%	1h	739.76	−0.015%	$645K	$7.2M	10x	as long as short
Paradex META-USD-PERP	+0.0069%	8h	739.83	−0.005%	—	—	5x	as long as short
Aftermath Perps METAUSD	+0.0078%	1h	740.61	+0.099%	$53K	$86K	10x	as long as short
Pacifica META	+0.0100%	1h	739.46	−0.056%	$609	$3K	10x	as long as short
KuCoin METAUSDTM	+0.0100%	8h	740.01	+0.019%	$1.6M	$923K	20x	as long as short
ApeX Omni METAUSDT	+0.0100%	1h	739.42	−0.061%	$166K	$71K	50x	as long as short
Orderly PERP_META_USDC_mythos	+0.0100%	8h	739.94	+0.009%	$1K	$338	10x	as long as short
Aevo META-PERP	+0.0104%	1h	739.72	−0.021%	$266	—	10x	as long as short
Nado META-PERP	+0.0124%	1h	739.49	−0.052%	$474K	$535K	20x	as long as short
Popdex METAUSDT	+0.0144%	1h	740.09	+0.030%	$178K	$199K	20x	as long as short
Injective META/USDC PERP	+0.0220%	1h	741.41	+0.208%	$167K	$61K	30x	as long as short
tradeXYZ xyz:META	+0.0320%	1h	739.76	−0.015%	$86.9M	$136.0M	20x	as long as short
Lighter METAshort	+0.0368%	1h	739.99	+0.016%	$1.2M	$2.7M	20x
edgeX METAUSDC	+0.0568%	4h	740.12	+0.034%	$62K	$349K	10x	as long as short
Phoenix META	+0.0613%	1h	740.46	+0.080%	$791K	$1.5M	20x	as long as short