Funding arb · Price arb /

META

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0120%/8h= +13.1% APRpaid last 24h +0.007%

Price spread now: Deribit against BloFin−0.087%57s7-day average −0.072% · 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−$250.250% of the position

Long on BloFin Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)+0.204%+$20 on $10k

Price spread, last 4 days (all we have)+0.030%+$3 · spread now −0.087%, 7d avg −0.072%

Together, before fees+0.234%+$23 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.072%, so right now this pair is about funding alone: +$4 a day on $10k at the current rate. The two prices were read 57 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	BloFin META-USDT	745.06	−0.0120	get 0.0120% / 8h	51m 35s	$332K	$1.1M	20x
Short	Deribit META_USDC-PERPETUAL	744.41	0	get 0.0000% / 1h	51m 35s	$34K	$275K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against BloFin. 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 BloFinbpFee DeribitbpOrdersPrice spread, now −0.087%Rate

Funding earned: $25.2
Price spread: −0.087% → −0.072%: −$1.52
Slippage, 4 orders: −$5.95
Fee BloFin: 6 bp × 2 orders: −$12
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$1.27
Costs to cover: 0.250%
Break-even: 7.4 days

Slippage from BloFin: live order book, 1 min ago; Deribit: live order book, 52 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 BloFin live order book, 1 min ago	0.34 bp	7.4 bp −$7	13.2 bp −$132	doesn't fit	doesn't fit
Sell Deribit live order book, 52 min ago	0.07 bp	7.3 bp −$7	11.4 bp −$114	doesn't fit	doesn't fit

META on 37 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-USDTlong	−0.0120%	8h	745.06	long leg	$332K	$1.1M	20x
Aster METAUSDT	0.0000%	8h	745.55	+0.066%	$479K	$593K	20x	as long as short
Extended META_24_5-USD	0.0000%	1h	744.52	−0.072%	$547K	$2.3M	17x	as long as short
Binance METAUSDT	0.0000%	8h	744.67	−0.052%	$25.2M	$188.5M	20x	as long as short
Bybit METAUSDT	0.0000%	8h	744.58	−0.064%	$7.5M	$15.4M	100x	as long as short
OKX META-USDT-SWAP	0.0000%	8h	744.73	−0.044%	$6.0M	$12.7M	20x	as long as short
Gate META_USDT	0.0000%	8h	744.22	−0.113%	$465K	$6.2M	100x	as long as short
Bitget METAUSDT	0.0000%	8h	744.69	−0.050%	$5.5M	$12.4M	100x	as long as short
Variational Omni META	0.0000%	8h	745.61	+0.073%	$2.4M	$3.1M	—	as long as short
GRVT META_USDT_Perp	0.0000%	8h	745.24	+0.024%	$13K	$436K	10x	as long as short

Show all 37 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX META-USDT	0.0000%	8h	744.86	−0.027%	$947	$8.1M	20x	as long as short
Deribit META_USDC-PERPETUALshort	0.0000%	1h	744.41	−0.087%	$34K	$275K	10x
HTX META-USDT	0.0000%	8h	744.63	−0.058%	$106K	$309K	30x	as long as short
Phemex METAUSDT	0.0000%	4h	745.56	+0.067%	$2.0M	$8K	10x	as long as short
QFEX META-USD	+0.0031%	1h	744.50	−0.075%	$2.2M	$13.9M	10x	as long as short
Arcus META-USD	+0.0040%	1h	744.83	−0.031%	$112K	$339K	10x	as long as short
Vest META-USD-PERP	+0.0046%	1h	745.08	+0.003%	—	$12K	25x	as long as short
Polymarket Perps META-USD	+0.0050%	1h	744.48	−0.078%	$564K	$597K	10x	as long as short
SoDEX META-USD	+0.0050%	1h	744.76	−0.040%	$25K	$3K	10x	as long as short
Ondo Perps META-USD.P	+0.0050%	1h	744.17	−0.119%	$728K	$5.1M	10x	as long as short
Paradex META-USD-PERP	+0.0055%	8h	744.46	−0.081%	—	—	5x	as long as short
Lighter RH META	+0.0072%	1h	744.97	−0.012%	$787K	$3.1M	20x	as long as short
Nado META-PERP	+0.0077%	1h	744.22	−0.113%	$480K	$560K	20x	as long as short
Aftermath Perps METAUSD	+0.0087%	1h	745.64	+0.078%	$52K	$81K	10x	as long as short
Pacifica META	+0.0100%	1h	744.84	−0.030%	$13	$106	10x	as long as short
KuCoin METAUSDTM	+0.0100%	8h	744.83	−0.031%	$1.6M	$707K	20x	as long as short
ApeX Omni METAUSDT	+0.0100%	1h	744.40	−0.089%	$167K	$71K	50x	as long as short
Orderly PERP_META_USDC_mythos	+0.0100%	8h	744.78	−0.038%	$1K	$24	10x	as long as short
Aevo META-PERP	+0.0104%	1h	744.74	−0.042%	$268	—	10x	as long as short
Coinbase International META-PERP-INTX	+0.0104%	1h	744.65	−0.055%	$654K	$7.9M	10x	as long as short
Popdex METAUSDT	+0.0120%	1h	744.74	−0.043%	$177K	$203K	20x	as long as short
Injective META/USDC PERP	+0.0220%	1h	748.52	+0.464%	$173K	$46K	30x	as long as short
edgeX METAUSDC	+0.0274%	4h	745.01	−0.006%	$62K	$344K	10x	as long as short
Hotstuff META-PERP	+0.0352%	1h	745.35	+0.039%	$33K	$105	20x	as long as short
Lighter META	+0.0488%	1h	745.18	+0.016%	$1.1M	$2.9M	20x	as long as short
tradeXYZ xyz:META	+0.0543%	1h	745.13	+0.009%	$80.4M	$129.1M	20x	as long as short
Phoenix META	+0.0750%	1h	746.46	+0.188%	$797K	$1.5M	20x	as long as short