Funding arb · Price arb /

META

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC+0.0048%/8h= +5.3% APRpaid last 24h +0.021%

Price spread now: Popdex against Bybit+0.028%7-day average +0.011% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$27as in the Price arb table

costs, in and out, $10k−$290.288% of the position

Long on Bybit Short on Popdex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.059%+$6 on $10k

Price spread, last 4 days (all we have)+0.079%+$8 · spread now +0.028%, 7d avg +0.011%

Together, before fees+0.138%+$14 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: +$1 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit METAUSDT	738.04	0	get 0.0000% / 8h	4h 44m	$7.4M	$16.3M	100x
Short	Popdex METAUSDT	738.25	0.0048	get 0.0006% / 1h	44m 35s	$177K	$199K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Popdex 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 PopdexbpOrdersPrice spread, now +0.028%Rate

Funding earned: $10.08
Price spread: +0.028% → +0.011%: $1.73
Slippage, 4 orders: −$11.4
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Popdex: 3.2 bp × 2 orders: −$6.4
Net: −$16.99
Costs to cover: 0.288%
Break-even: 18.8 days

Slippage from Bybit: live order book, 2 min ago; Popdex: live order book, 62 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	0.07 bp	10.7 bp −$11	17.7 bp −$177	doesn't fit	doesn't fit
Sell Popdex live order book, 62 min ago	0.47 bp	4.0 bp −$4	7.2 bp −$72	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	738.73	+0.093%	$33K	$105	20x	as long as short
BloFin META-USDT	−0.0120%	8h	738.03	−0.001%	$340K	$1.1M	20x	as long as short
Aster METAUSDT	0.0000%	8h	738.57	+0.072%	$478K	$646K	20x	as long as short
Extended META_24_5-USD	0.0000%	1h	737.96	−0.011%	$544K	$3.4M	17x	as long as short
Binance METAUSDT	0.0000%	8h	738.14	+0.014%	$25.0M	$192.4M	20x	as long as short
Bybit METAUSDTlong	0.0000%	8h	738.04	long leg	$7.4M	$16.3M	100x
OKX META-USDT-SWAP	0.0000%	8h	738.01	−0.004%	$6.0M	$13.1M	20x	as long as short
Gate META_USDT	0.0000%	8h	737.69	−0.047%	$486K	$6.3M	100x	as long as short
Bitget METAUSDT	0.0000%	8h	738.07	+0.004%	$5.9M	$12.5M	100x	as long as short
Variational Omni META	0.0000%	8h	737.95	−0.013%	$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	738.47	+0.058%	$12K	$419K	10x	as long as short
SunX META-USDT	0.0000%	8h	738.45	+0.056%	$719	$6.7M	20x	as long as short
Deribit META_USDC-PERPETUAL	0.0000%	1h	737.55	−0.066%	$36K	$209K	10x	as long as short
HTX META-USDT	0.0000%	8h	737.89	−0.020%	$108K	$309K	30x	as long as short
Phemex METAUSDT	0.0000%	4h	738.64	+0.081%	$2.0M	$9K	10x	as long as short
edgeX METAUSDC	+0.0018%	4h	738.42	+0.051%	$62K	$351K	10x	as long as short
Lighter RH META	+0.0032%	1h	738.34	+0.041%	$854K	$2.8M	20x	as long as short
Vest META-USD-PERP	+0.0046%	1h	738.29	+0.034%	—	$12K	25x	as long as short
Popdex METAUSDTshort	+0.0048%	1h	738.25	+0.028%	$177K	$199K	20x
Polymarket Perps META-USD	+0.0050%	1h	737.79	−0.034%	$556K	$590K	10x	as long as short
SoDEX META-USD	+0.0050%	1h	738.13	+0.012%	$24K	$3K	10x	as long as short
Ondo Perps META-USD.P	+0.0050%	1h	737.44	−0.081%	$752K	$5.1M	10x	as long as short
QFEX META-USD	+0.0056%	1h	738.00	−0.005%	$2.2M	$14.0M	10x	as long as short
Nado META-PERP	+0.0063%	1h	737.76	−0.038%	$473K	$536K	20x	as long as short
Paradex META-USD-PERP	+0.0065%	8h	737.90	−0.020%	—	—	5x	as long as short
Aftermath Perps METAUSD	+0.0080%	1h	738.63	+0.080%	$53K	$85K	10x	as long as short
Coinbase International META-PERP-INTX	+0.0088%	1h	737.36	−0.092%	$671K	$7.4M	10x	as long as short
Pacifica META	+0.0100%	1h	738.17	+0.018%	$611	$3K	10x	as long as short
KuCoin METAUSDTM	+0.0100%	8h	738.15	+0.015%	$1.6M	$942K	20x	as long as short
ApeX Omni METAUSDT	+0.0100%	1h	737.54	−0.068%	$165K	$71K	50x	as long as short
Orderly PERP_META_USDC_mythos	+0.0100%	8h	738.02	−0.003%	$1K	$338	10x	as long as short
Aevo META-PERP	+0.0104%	1h	737.72	−0.044%	$266	—	10x	as long as short
Arcus META-USD	+0.0209%	1h	737.75	−0.039%	$110K	$292K	10x	as long as short
Injective META/USDC PERP	+0.0220%	1h	740.69	+0.359%	$167K	$61K	30x	as long as short
tradeXYZ xyz:META	+0.0262%	1h	738.01	−0.004%	$86.7M	$136.3M	20x	as long as short
Lighter META	+0.0288%	1h	738.39	+0.047%	$1.2M	$2.6M	20x	as long as short
Phoenix META	+0.0626%	1h	739.25	+0.164%	$789K	$1.6M	20x	as long as short