Funding arb · Price arb /

META

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0568%/8h= +62.2% APRpaid last 24h +0.058%

Price spread now: Lighter against BloFin+0.040%7-day average −0.030% · you sell dearer than you buy

Net, funding: paid 7d − costs+$18as in the Funding arb table

Net, price: spread back to 7d avg − costs−$9as in the Price arb table

costs, in and out, $10k−$160.156% of the position

Long on BloFin Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.337%+$34 on $10k

Price spread, last 4 days (all we have)−0.135%−$13 · spread now +0.040%, 7d avg −0.030%

Together, before fees+0.202%+ Points / potential airdropLighter: Season 3 · farm board+$20 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$17 a day on $10k at the current rate, and Lighter is 0.070% dearer against BloFin than usual: you sell high and buy low: +$7 more if the spread goes back to its 7-day average of −0.030%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.337% in total (about 17.6% 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	BloFin META-USDT	746.93	−0.0120	get 0.0120% / 8h	8m 47s	$333K	$1.1M	20x
Short	Lighter META	747.23	0.0448	get 0.0056% / 1h	8m 47s	$1.1M	$2.9M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter 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 LighterbpOrdersPrice spread, now +0.040%Rate

Funding earned: $119.28
Price spread: +0.040% → −0.030%: $7.02
Slippage, 4 orders: −$3.63
Fee BloFin: 6 bp × 2 orders: −$12
Fee Lighter: 0 bp × 2 orders: $0
Net: $110.67
Costs to cover: 0.156%
Break-even: 0.5 days

Slippage from BloFin: live order book, 3 min ago; Lighter: 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 BloFin live order book, 3 min ago	0.07 bp	6.9 bp −$7	10.5 bp −$105	doesn't fit	doesn't fit
Sell Lighter live order book, 3 min ago	0.60 bp	1.2 bp −$1	2.3 bp −$23	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	746.93	long leg	$333K	$1.1M	20x
Aster METAUSDT	0.0000%	8h	746.54	−0.052%	$480K	$593K	20x	as long as short
Extended META_24_5-USD	0.0000%	1h	746.55	−0.051%	$548K	$3.4M	17x	as long as short
Binance METAUSDT	0.0000%	8h	746.79	−0.019%	$25.4M	$189.7M	20x	as long as short
Bybit METAUSDT	0.0000%	8h	746.78	−0.020%	$7.5M	$15.5M	100x	as long as short
OKX META-USDT-SWAP	0.0000%	8h	746.89	−0.005%	$6.0M	$12.8M	20x	as long as short
Gate META_USDT	0.0000%	8h	746.25	−0.091%	$473K	$6.3M	100x	as long as short
Bitget METAUSDT	0.0000%	8h	746.81	−0.016%	$5.7M	$12.4M	100x	as long as short
Variational Omni META	0.0000%	8h	747.21	+0.038%	$2.5M	$3.2M	—	as long as short
GRVT META_USDT_Perp	0.0000%	8h	747.23	+0.040%	$12K	$439K	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	747.01	+0.011%	$815	$8.0M	20x	as long as short
Deribit META_USDC-PERPETUAL	0.0000%	1h	746.35	−0.078%	$34K	$276K	10x	as long as short
HTX META-USDT	0.0000%	8h	746.78	−0.020%	$108K	$311K	30x	as long as short
Phemex METAUSDT	0.0000%	4h	747.33	+0.054%	$2.0M	$8K	10x	as long as short
Nado META-PERP	+0.0017%	1h	746.61	−0.043%	$482K	$560K	20x	as long as short
QFEX META-USD	+0.0031%	1h	746.82	−0.015%	$2.2M	$14.1M	10x	as long as short
Lighter RH META	+0.0040%	1h	747.05	+0.016%	$797K	$3.1M	20x	as long as short
Arcus META-USD	+0.0040%	1h	746.93	0.000%	$112K	$338K	10x	as long as short
Vest META-USD-PERP	+0.0046%	1h	747.32	+0.052%	—	$12K	25x	as long as short
Polymarket Perps META-USD	+0.0050%	1h	746.70	−0.031%	$568K	$625K	10x	as long as short
SoDEX META-USD	+0.0050%	1h	746.79	−0.019%	$25K	$3K	10x	as long as short
Ondo Perps META-USD.P	+0.0050%	1h	746.50	−0.058%	$744K	$5.1M	10x	as long as short
Paradex META-USD-PERP	+0.0056%	8h	746.77	−0.021%	—	—	5x	as long as short
Popdex METAUSDT	+0.0072%	1h	747.01	+0.011%	$178K	$202K	20x	as long as short
Aftermath Perps METAUSD	+0.0088%	1h	747.78	+0.114%	$49K	$91K	10x	as long as short
Pacifica META	+0.0100%	1h	746.87	−0.008%	$633	$1K	10x	as long as short
KuCoin METAUSDTM	+0.0100%	8h	746.90	−0.004%	$1.6M	$724K	20x	as long as short
ApeX Omni METAUSDT	+0.0100%	1h	746.55	−0.051%	$167K	$71K	50x	as long as short
Orderly PERP_META_USDC_mythos	+0.0100%	8h	746.95	+0.003%	$1K	$24	10x	as long as short
Aevo META-PERP	+0.0104%	1h	746.70	−0.031%	$269	—	10x	as long as short
Coinbase International META-PERP-INTX	+0.0104%	1h	746.79	−0.019%	$651K	$8.0M	10x	as long as short
Injective META/USDC PERP	+0.0220%	1h	750.24	+0.443%	$177K	$51K	30x	as long as short
Lighter METAshort	+0.0448%	1h	747.23	+0.040%	$1.1M	$2.9M	20x
Hotstuff META-PERP	+0.0464%	1h	747.32	+0.052%	$33K	$105	20x	as long as short
tradeXYZ xyz:META	+0.0565%	1h	747.13	+0.027%	$83.6M	$131.6M	20x	as long as short
Phoenix META	+0.0750%	1h	748.59	+0.222%	$799K	$1.5M	20x	as long as short
edgeX METAUSDC	+0.0931%	4h	747.28	+0.047%	$62K	$344K	10x	as long as short