Funding arb · Price arb /

META

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0220%/8h= +24.1% APRpaid last 24h +0.040%

Price spread now: Injective against Bybit+0.012%88s7-day average +0.305% · you sell dearer than you buy

Net, funding: paid 7d − costs−$26as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$700.698% of the position

Long on Bybit Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days+0.436%+$44 on $10k

Price spread, last 3 days (all we have)+0.156%+$16 · spread now +0.012%, 7d avg +0.305%

Together, before fees+0.592%+$59 on $10k · with fees, hour by hour

Funding pays, the price is against you. Injective is 0.293% cheaper against Bybit than usual: you would sell low and buy high (spread +0.012% now, against its 7-day average of +0.305%). If the spread goes back, that is −$29 on $10k: about 4.4 days of funding at the current rate (+$7 a day). The two prices were read 88 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	Bybit METAUSDT	740.41	0	get 0.0000% / 8h	1h 46m	$7.4M	$13.9M	100x
Short	Injective META/USDC PERP	740.50	0.0220	get 0.0028% / 1h	46m 00s	$169K	$46K	30x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against Bybit. 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 BybitbpFee InjectivebpOrdersPrice spread, now +0.012%Rate

Funding earned: $46.2
Price spread: +0.012% → +0.305%: −$29.31
Slippage, 4 orders: −$58.75
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$52.88
Costs to cover: 0.698%
Break-even: 15.0 days

Slippage from Bybit: live order book, 2 min ago; Injective: live order book, 38 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 Bybit live order book, 2 min ago	1.22 bp	8.6 bp −$9	17.6 bp −$176	doesn't fit	doesn't fit
Sell Injective live order book, 38 min ago	16.80 bp	35.6 bp −$36	doesn't fit	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	740.44	+0.004%	$328K	$1.1M	20x	as long as short
Nado META-PERP	−0.0074%	1h	740.47	+0.008%	$396K	$317K	20x	as long as short
Aster METAUSDT	0.0000%	8h	741.25	+0.113%	$458K	$536K	20x	as long as short
Extended META_24_5-USD	0.0000%	1h	740.35	−0.008%	$548K	$1.5M	17x	as long as short
Binance METAUSDT	0.0000%	8h	740.49	+0.011%	$26.9M	$177.6M	20x	as long as short
Bybit METAUSDTlong	0.0000%	8h	740.41	long leg	$7.4M	$13.9M	100x
OKX META-USDT-SWAP	0.0000%	8h	740.34	−0.009%	$6.0M	$13.1M	20x	as long as short
Gate META_USDT	0.0000%	8h	740.13	−0.038%	$321K	$5.4M	100x	as long as short
Bitget METAUSDT	0.0000%	8h	740.57	+0.022%	$5.8M	$11.0M	100x	as long as short
Variational Omni META	0.0000%	8h	740.53	+0.016%	$1.6M	$2.6M	—	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	740.86	+0.060%	$12K	$518K	10x	as long as short
SunX META-USDT	0.0000%	8h	740.78	+0.050%	$1K	$9.5M	20x	as long as short
Deribit META_USDC-PERPETUAL	0.0000%	1h	740.58	+0.023%	$30K	$256K	10x	as long as short
HTX META-USDT	0.0000%	8h	740.29	−0.016%	$105K	$283K	30x	as long as short
Phemex METAUSDT	0.0000%	4h	740.60	+0.026%	$2.0M	$8K	10x	as long as short
QFEX META-USD	+0.0003%	1h	740.41	0.000%	$2.2M	$14.2M	10x	as long as short
Lighter RH META	+0.0032%	1h	740.82	+0.055%	$744K	$3.2M	20x	as long as short
Arcus META-USD	+0.0040%	1h	740.26	−0.020%	$263K	$313K	10x	as long as short
Vest META-USD-PERP	+0.0046%	1h	741.06	+0.088%	—	$9K	25x	as long as short
Popdex METAUSDT	+0.0048%	1h	740.52	+0.015%	$178K	$201K	20x	as long as short
Polymarket Perps META-USD	+0.0050%	1h	740.65	+0.032%	$541K	$840K	10x	as long as short
SoDEX META-USD	+0.0050%	1h	740.52	+0.015%	$24K	$3K	10x	as long as short
Paradex META-USD-PERP	+0.0050%	8h	740.43	+0.003%	—	—	5x	as long as short
Ondo Perps META-USD.P	+0.0050%	1h	740.54	+0.018%	$666K	$4.0M	10x	as long as short
Aftermath Perps METAUSD	+0.0054%	1h	741.34	+0.126%	$48K	$64K	10x	as long as short
Coinbase International META-PERP-INTX	+0.0064%	1h	740.90	+0.066%	$608K	$7.3M	10x	as long as short
Phoenix META	+0.0065%	1h	740.71	+0.041%	$291K	$791K	20x	as long as short
Lighter META	+0.0088%	1h	740.81	+0.054%	$859K	$2.5M	20x	as long as short
KuCoin METAUSDTM	+0.0100%	8h	740.42	+0.001%	$1.6M	$359K	20x	as long as short
ApeX Omni METAUSDT	+0.0100%	1h	740.42	+0.001%	$166K	$73K	50x	as long as short
Orderly PERP_META_USDC_mythos	+0.0100%	8h	740.57	+0.022%	$1K	$24	10x	as long as short
Hotstuff META-PERP	+0.0104%	1h	740.67	+0.035%	$33K	$105	20x	as long as short
Aevo META-PERP	+0.0104%	1h	740.44	+0.005%	$267	—	10x	as long as short
tradeXYZ xyz:META	+0.0124%	1h	740.64	+0.031%	$68.5M	$120.5M	20x	as long as short
Injective META/USDC PERPshort	+0.0220%	1h	740.50	+0.012%	$169K	$46K	30x
edgeX METAUSDC	+0.0319%	4h	740.64	+0.031%	$62K	$330K	10x	as long as short