Funding arb · Price arb /

META

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0272%/8h= +29.8% APRpaid last 24h +0.023%

Price spread now: Lighter against Bybit+0.001%7-day average −0.011% · you sell dearer than you buy

Net, funding: paid 7d − costs−$9as in the Funding arb table

Net, price: spread back to 7d avg − costs−$19as in the Price arb table

costs, in and out, $10k−$210.205% of the position

Long on Bybit Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.118%+$12 on $10k

Price spread, last 7 days+0.044%+$4 · spread now +0.001%, 7d avg −0.011%

Together, before fees+0.162%+ Points / potential airdropLighter: Season 3 · farm board+$16 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.011%, so right now this pair is about funding alone: +$8 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.118% in total (about 6.1% 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	Bybit METAUSDT	746.51	0	get 0.0000% / 8h	3h 16m	$7.5M	$14.5M	100x
Short	Lighter META	746.52	0.0272	get 0.0034% / 1h	16m 06s	$867K	$2.4M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter 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 LighterbpOrdersPrice spread, now +0.001%Rate

Funding earned: $57.12
Price spread: +0.001% → −0.011%: $1.2
Slippage, 4 orders: −$9.55
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Lighter: 0 bp × 2 orders: $0
Net: $37.78
Costs to cover: 0.205%
Break-even: 2.4 days

Slippage from Bybit: 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 Bybit live order book, 2 min ago	0.20 bp	10.3 bp −$10	20.4 bp −$204	doesn't fit	doesn't fit
Sell Lighter live order book, 6 min ago	0.94 bp	1.1 bp −$1	2.0 bp −$20	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	746.35	−0.021%	$330K	$1.1M	20x	as long as short
Nado META-PERP	−0.0003%	1h	746.08	−0.058%	$482K	$554K	20x	as long as short
Aster METAUSDT	0.0000%	8h	746.67	+0.021%	$492K	$577K	20x	as long as short
Extended META_24_5-USD	0.0000%	1h	746.32	−0.025%	$554K	$2.7M	17x	as long as short
Binance METAUSDT	0.0000%	8h	746.53	+0.003%	$28.5M	$182.5M	20x	as long as short
Bybit METAUSDTlong	0.0000%	8h	746.51	long leg	$7.5M	$14.5M	100x
OKX META-USDT-SWAP	0.0000%	8h	746.52	+0.001%	$6.0M	$13.3M	20x	as long as short
Gate META_USDT	0.0000%	8h	746.00	−0.068%	$380K	$5.8M	100x	as long as short
Variational Omni META	0.0000%	8h	746.33	−0.024%	$2.4M	$3.2M	—	as long as short
GRVT META_USDT_Perp	0.0000%	8h	746.41	−0.013%	$12K	$452K	10x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX META-USDT	0.0000%	8h	746.63	+0.016%	$722	$8.9M	20x	as long as short
Deribit META_USDC-PERPETUAL	0.0000%	1h	745.97	−0.072%	$31K	$247K	10x	as long as short
HTX META-USDT	0.0000%	8h	746.18	−0.044%	$106K	$303K	30x	as long as short
Phemex METAUSDT	0.0000%	4h	746.58	+0.009%	$2.0M	$8K	10x	as long as short
Bitget METAUSDT	+0.0025%	8h	746.48	−0.004%	$5.5M	$11.8M	100x	as long as short
Lighter RH META	+0.0032%	1h	746.55	+0.005%	$783K	$2.9M	20x	as long as short
Arcus META-USD	+0.0040%	1h	745.91	−0.080%	$111K	$330K	10x	as long as short
Vest META-USD-PERP	+0.0046%	1h	746.55	+0.005%	—	$10K	25x	as long as short
Polymarket Perps META-USD	+0.0050%	1h	746.04	−0.063%	$587K	$565K	10x	as long as short
SoDEX META-USD	+0.0050%	1h	746.49	−0.003%	$25K	$3K	10x	as long as short
Ondo Perps META-USD.P	+0.0050%	1h	745.39	−0.150%	$787K	$4.6M	10x	as long as short
QFEX META-USD	+0.0058%	1h	746.43	−0.011%	$2.2M	$13.8M	10x	as long as short
Paradex META-USD-PERP	+0.0058%	8h	746.44	−0.009%	—	—	5x	as long as short
Aftermath Perps METAUSD	+0.0084%	1h	746.63	+0.016%	$52K	$82K	10x	as long as short
Popdex METAUSDT	+0.0088%	1h	746.55	+0.005%	$180K	$200K	20x	as long as short
KuCoin METAUSDTM	+0.0100%	8h	746.54	+0.004%	$1.6M	$618K	20x	as long as short
ApeX Omni METAUSDT	+0.0100%	1h	745.41	−0.147%	$167K	$71K	50x	as long as short
Orderly PERP_META_USDC_mythos	+0.0100%	8h	746.33	−0.024%	$1K	$24	10x	as long as short
Aevo META-PERP	+0.0104%	1h	746.32	−0.026%	$269	—	10x	as long as short
Coinbase International META-PERP-INTX	+0.0128%	1h	745.72	−0.106%	$638K	$7.5M	10x	as long as short
Injective META/USDC PERP	+0.0220%	1h	748.48	+0.264%	$173K	$48K	30x	as long as short
Hotstuff META-PERP	+0.0232%	1h	746.42	−0.012%	$33K	$105	20x	as long as short
Lighter METAshort	+0.0272%	1h	746.52	+0.001%	$867K	$2.4M	20x
tradeXYZ xyz:META	+0.0319%	1h	746.70	+0.025%	$70.9M	$121.3M	20x	as long as short
edgeX METAUSDC	+0.0407%	4h	746.35	−0.022%	$62K	$338K	10x	as long as short
Phoenix META	+0.0633%	1h	747.26	+0.100%	$798K	$1.4M	20x	as long as short