Funding arb · Price arb /

META

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0027%/8h= +3.0% APRpaid last 24h −0.013%

Price spread now: QFEX against Bybit+0.003%7-day average −0.010% · 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−$34as in the Price arb table

costs, in and out, $10k−$350.355% of the position

Long on Bybit Short on QFEX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.008%−$1 on $10k

Price spread, last 7 days+0.041%+$4 · spread now +0.003%, 7d avg −0.010%

Together, before fees+0.033%+$3 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.010%, 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	741.52	0	get 0.0000% / 8h	14m 33s	$7.5M	$14.0M	100x
Short	QFEX META-USD	741.54	0.0027	get 0.0003% / 1h	14m 33s	$2.2M	$14.3M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

QFEX 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 QFEXbpOrdersPrice spread, now +0.003%Rate

Funding earned: $5.75
Price spread: +0.003% → −0.010%: $1.23
Slippage, 4 orders: −$14.47
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee QFEX: 5 bp × 2 orders: −$10
Net: −$28.49
Costs to cover: 0.355%
Break-even: 41.7 days

Slippage from Bybit: live order book, 4 min ago; QFEX: live order book, 5 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, 4 min ago	1.08 bp	11.6 bp −$12	19.5 bp −$195	doesn't fit	doesn't fit
Sell QFEX live order book, 5 min ago	1.62 bp	6.6 bp −$7	7.8 bp −$78	19.0 bp −$1,898	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	741.86	+0.046%	$328K	$1.1M	20x	as long as short
Nado META-PERP	−0.0003%	1h	741.02	−0.067%	$385K	$332K	20x	as long as short
Aster METAUSDT	0.0000%	8h	741.66	+0.019%	$457K	$540K	20x	as long as short
Extended META_24_5-USD	0.0000%	1h	741.53	+0.001%	$549K	$1.6M	17x	as long as short
Binance METAUSDT	0.0000%	8h	741.67	+0.020%	$27.4M	$180.0M	20x	as long as short
Bybit METAUSDTlong	0.0000%	8h	741.52	long leg	$7.5M	$14.0M	100x
OKX META-USDT-SWAP	0.0000%	8h	741.52	0.000%	$6.0M	$13.2M	20x	as long as short
Gate META_USDT	0.0000%	8h	741.09	−0.058%	$344K	$5.5M	100x	as long as short
Bitget METAUSDT	0.0000%	8h	741.57	+0.007%	$5.6M	$11.4M	100x	as long as short
Variational Omni META	0.0000%	8h	741.89	+0.050%	$2.3M	$3.2M	—	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	741.81	+0.039%	$12K	$482K	10x	as long as short
SunX META-USDT	0.0000%	8h	741.53	+0.001%	$744	$9.5M	20x	as long as short
HTX META-USDT	0.0000%	8h	741.54	+0.003%	$107K	$285K	30x	as long as short
Phemex METAUSDT	0.0000%	4h	741.98	+0.062%	$2.0M	$7K	10x	as long as short
QFEX META-USDshort	+0.0027%	1h	741.54	+0.003%	$2.2M	$14.3M	10x
Lighter RH META	+0.0032%	1h	741.74	+0.030%	$756K	$3.2M	20x	as long as short
Arcus META-USD	+0.0040%	1h	741.22	−0.040%	$110K	$454K	10x	as long as short
Vest META-USD-PERP	+0.0046%	1h	741.61	+0.012%	—	$11K	25x	as long as short
Popdex METAUSDT	+0.0048%	1h	741.60	+0.011%	$178K	$209K	20x	as long as short
Polymarket Perps META-USD	+0.0050%	1h	741.52	0.000%	$550K	$849K	10x	as long as short
SoDEX META-USD	+0.0050%	1h	741.63	+0.015%	$24K	$3K	10x	as long as short
Ondo Perps META-USD.P	+0.0050%	1h	741.07	−0.061%	$759K	$4.3M	10x	as long as short
Paradex META-USD-PERP	+0.0054%	8h	741.43	−0.012%	—	—	5x	as long as short
Aftermath Perps METAUSD	+0.0071%	1h	742.52	+0.135%	$50K	$76K	10x	as long as short
Coinbase International META-PERP-INTX	+0.0096%	1h	741.24	−0.038%	$608K	$7.4M	10x	as long as short
KuCoin METAUSDTM	+0.0100%	8h	741.48	−0.005%	$1.6M	$398K	20x	as long as short
ApeX Omni METAUSDT	+0.0100%	1h	741.25	−0.036%	$166K	$74K	50x	as long as short
Orderly PERP_META_USDC_mythos	+0.0100%	8h	741.31	−0.028%	$1K	$24	10x	as long as short
Aevo META-PERP	+0.0104%	1h	741.39	−0.018%	$267	—	10x	as long as short
Phoenix META	+0.0129%	1h	741.77	+0.034%	$291K	$797K	20x	as long as short
Hotstuff META-PERP	+0.0168%	1h	741.57	+0.007%	$33K	$105	20x	as long as short
edgeX METAUSDC	+0.0179%	4h	741.82	+0.041%	$62K	$333K	10x	as long as short
Injective META/USDC PERP	+0.0220%	1h	741.17	−0.047%	$169K	$46K	30x	as long as short
Lighter META	+0.0248%	1h	741.80	+0.038%	$859K	$2.6M	20x	as long as short
tradeXYZ xyz:META	+0.0262%	1h	741.53	+0.001%	$67.7M	$122.7M	20x	as long as short
Deribit META_USDC-PERPETUAL	+0.0465%	1h	741.49	−0.004%	$30K	$258K	10x	as long as short