Funding arb · Price arb /

META

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0532%/8h= +58.3% APRpaid last 24h +0.032%

Price spread now: tradeXYZ against Bybit+0.062%7-day average −0.023% · you sell dearer than you buy

Net, funding: paid 7d − costs−$21as in the Funding arb table

Net, price: spread back to 7d avg − costs−$29as in the Price arb table

costs, in and out, $10k−$380.380% of the position

Long on Bybit Short on tradeXYZ

What this pair did over the last

the charts below follow

Funding, last 7 days+0.171%+$17 on $10k

Price spread, last 7 days−0.040%−$4 · spread now +0.062%, 7d avg −0.023%

Together, before fees+0.131%+ Points / potential airdroptradeXYZ: Active · farm board+$13 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$16 a day on $10k at the current rate, and tradeXYZ is 0.085% dearer against Bybit than usual: you sell high and buy low: +$9 more if the spread goes back to its 7-day average of −0.023%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.171% in total (about 8.9% 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	745.92	0	get 0.0000% / 8h	57m 04s	$7.5M	$15.4M	100x
Short	tradeXYZ xyz:META	746.38	0.0532	get 0.0067% / 1h	57m 04s	$78.9M	$128.4M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

tradeXYZ 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 tradeXYZbpOrdersPrice spread, now +0.062%Rate

Funding earned: $111.81
Price spread: +0.062% → −0.023%: $8.51
Slippage, 4 orders: −$8.99
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee tradeXYZ: 9 bp × 2 orders: −$18
Net: $82.33
Costs to cover: 0.380%
Break-even: 1.8 days

Slippage from Bybit: live order book, 1 min ago; tradeXYZ: live order book, 13 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, 1 min ago	0.80 bp	8.3 bp −$8	24.2 bp −$242	doesn't fit	doesn't fit
Sell tradeXYZ live order book, 13 min ago	0.40 bp	10.1 bp −$10	doesn't fit	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-USDT	−0.0120%	8h	746.00	+0.011%	$332K	$1.1M	20x	as long as short
Aster METAUSDT	0.0000%	8h	745.93	+0.002%	$480K	$593K	20x	as long as short
Extended META_24_5-USD	0.0000%	1h	745.91	−0.002%	$548K	$1.8M	17x	as long as short
Binance METAUSDT	0.0000%	8h	746.03	+0.015%	$25.0M	$188.5M	20x	as long as short
Bybit METAUSDTlong	0.0000%	8h	745.92	long leg	$7.5M	$15.4M	100x
OKX META-USDT-SWAP	0.0000%	8h	746.00	+0.011%	$6.0M	$12.7M	20x	as long as short
Gate META_USDT	0.0000%	8h	745.56	−0.048%	$464K	$6.2M	100x	as long as short
Bitget METAUSDT	0.0000%	8h	746.08	+0.021%	$5.5M	$12.5M	100x	as long as short
Variational Omni META	0.0000%	8h	745.62	−0.040%	$2.4M	$3.1M	—	as long as short
GRVT META_USDT_Perp	0.0000%	8h	745.71	−0.028%	$12K	$436K	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	746.07	+0.020%	$944	$8.1M	20x	as long as short
Deribit META_USDC-PERPETUAL	0.0000%	1h	745.77	−0.020%	$34K	$275K	10x	as long as short
HTX META-USDT	0.0000%	8h	746.02	+0.013%	$106K	$309K	30x	as long as short
Phemex METAUSDT	0.0000%	4h	746.21	+0.039%	$2.0M	$8K	10x	as long as short
QFEX META-USD	+0.0031%	1h	746.03	+0.015%	$2.2M	$13.9M	10x	as long as short
Arcus META-USD	+0.0040%	1h	745.66	−0.035%	$112K	$339K	10x	as long as short
Vest META-USD-PERP	+0.0046%	1h	746.33	+0.055%	—	$12K	25x	as long as short
Lighter RH META	+0.0048%	1h	746.24	+0.043%	$787K	$3.1M	20x	as long as short
Polymarket Perps META-USD	+0.0050%	1h	745.61	−0.042%	$565K	$597K	10x	as long as short
SoDEX META-USD	+0.0050%	1h	746.03	+0.015%	$25K	$3K	10x	as long as short
Ondo Perps META-USD.P	+0.0050%	1h	745.40	−0.070%	$696K	$5.1M	10x	as long as short
Paradex META-USD-PERP	+0.0055%	8h	745.83	−0.013%	—	—	5x	as long as short
Nado META-PERP	+0.0073%	1h	745.79	−0.017%	$481K	$560K	20x	as long as short
Aftermath Perps METAUSD	+0.0086%	1h	746.58	+0.089%	$52K	$81K	10x	as long as short
Pacifica META	+0.0100%	1h	745.44	−0.065%	$13	$106	10x	as long as short
KuCoin METAUSDTM	+0.0100%	8h	745.78	−0.019%	$1.6M	$703K	20x	as long as short
ApeX Omni METAUSDT	+0.0100%	1h	745.11	−0.109%	$167K	$71K	50x	as long as short
Orderly PERP_META_USDC_mythos	+0.0100%	8h	746.10	+0.024%	$1K	$24	10x	as long as short
Aevo META-PERP	+0.0104%	1h	745.94	+0.002%	$269	—	10x	as long as short
Coinbase International META-PERP-INTX	+0.0104%	1h	745.50	−0.056%	$649K	$7.8M	10x	as long as short
Popdex METAUSDT	+0.0120%	1h	746.02	+0.013%	$178K	$203K	20x	as long as short
Injective META/USDC PERP	+0.0220%	1h	748.52	+0.349%	$173K	$46K	30x	as long as short
Hotstuff META-PERP	+0.0320%	1h	746.41	+0.066%	$33K	$105	20x	as long as short
Lighter META	+0.0408%	1h	746.43	+0.068%	$1.1M	$2.8M	20x	as long as short
edgeX METAUSDC	+0.0425%	4h	745.91	−0.002%	$62K	$342K	10x	as long as short
tradeXYZ xyz:METAshort	+0.0532%	1h	746.38	+0.062%	$78.9M	$128.4M	20x
Phoenix META	+0.0739%	1h	747.14	+0.164%	$798K	$1.5M	20x	as long as short