Funding arb · Price arb /

META

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0104%/8h= −11.4% APRpaid last 24h +0.001%

Price spread now: Bybit against Coinbase International+0.027%7-day average +0.099% · you sell dearer than you buy

Net, funding: paid 7d − costs−$24as in the Funding arb table

Net, price: spread back to 7d avg − costs−$40as in the Price arb table

costs, in and out, $10k−$330.331% of the position

Long on Coinbase International Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.089%+$9 on $10k

Price spread, last 4 days (all we have)−0.002%$0 · spread now +0.027%, 7d avg +0.099%

Together, before fees+0.087%+$9 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Bybit is 0.072% cheaper against Coinbase International than usual: you would sell low and buy high (−$7 if the spread goes back to its 7-day average of +0.099%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.089%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International META-PERP-INTX	747.19	0.0104	pay 0.0013% / 1h	12m 03s	$644K	$8.0M	10x
Short	Bybit METAUSDT	747.39	0	get 0.0000% / 8h	12m 03s	$7.5M	$15.5M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Coinbase International. 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 Coinbase InternationalbpFee BybitbpOrdersPrice spread, now +0.027%Rate

Funding earned: −$21.84
Price spread: +0.027% → +0.099%: −$7.21
Slippage, 4 orders: −$12.09
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$62.14
Costs to cover: 0.331%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 2 min ago; Bybit: live order book, 1 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 Coinbase International live order book, 2 min ago	2.41 bp	7.9 bp −$8	10.6 bp −$106	doesn't fit	doesn't fit
Sell Bybit live order book, 1 min ago	1.61 bp	9.2 bp −$9	17.7 bp −$177	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	747.65	+0.062%	$334K	$1.1M	20x	as long as short
Aster METAUSDT	0.0000%	8h	746.95	−0.032%	$480K	$593K	20x	as long as short
Extended META_24_5-USD	0.0000%	1h	747.16	−0.004%	$548K	$3.4M	17x	as long as short
Binance METAUSDT	0.0000%	8h	747.43	+0.032%	$25.4M	$189.0M	20x	as long as short
Bybit METAUSDTshort	0.0000%	8h	747.39	+0.027%	$7.5M	$15.5M	100x
OKX META-USDT-SWAP	0.0000%	8h	747.44	+0.033%	$6.0M	$12.8M	20x	as long as short
Gate META_USDT	0.0000%	8h	747.02	−0.023%	$475K	$6.3M	100x	as long as short
Bitget METAUSDT	0.0000%	8h	747.38	+0.025%	$5.7M	$12.4M	100x	as long as short
Variational Omni META	0.0000%	8h	746.46	−0.098%	$2.5M	$3.1M	—	as long as short
GRVT META_USDT_Perp	0.0000%	8h	747.41	+0.030%	$12K	$439K	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	747.42	+0.031%	$981	$8.0M	20x	as long as short
HTX META-USDT	0.0000%	8h	747.21	+0.003%	$108K	$312K	30x	as long as short
Phemex METAUSDT	0.0000%	4h	747.47	+0.037%	$2.0M	$8K	10x	as long as short
Nado META-PERP	+0.0019%	1h	746.79	−0.053%	$482K	$560K	20x	as long as short
QFEX META-USD	+0.0031%	1h	747.32	+0.017%	$2.2M	$14.1M	10x	as long as short
Lighter RH META	+0.0040%	1h	747.72	+0.071%	$798K	$3.1M	20x	as long as short
Arcus META-USD	+0.0040%	1h	747.05	−0.019%	$112K	$338K	10x	as long as short
Vest META-USD-PERP	+0.0046%	1h	747.68	+0.066%	—	$12K	25x	as long as short
Polymarket Perps META-USD	+0.0050%	1h	747.03	−0.021%	$568K	$625K	10x	as long as short
SoDEX META-USD	+0.0050%	1h	747.37	+0.024%	$25K	$3K	10x	as long as short
Ondo Perps META-USD.P	+0.0050%	1h	747.23	+0.005%	$735K	$5.1M	10x	as long as short
Paradex META-USD-PERP	+0.0056%	8h	747.31	+0.016%	—	—	5x	as long as short
Deribit META_USDC-PERPETUAL	+0.0071%	1h	747.07	−0.016%	$34K	$276K	10x	as long as short
Popdex METAUSDT	+0.0072%	1h	747.41	+0.029%	$178K	$202K	20x	as long as short
Aftermath Perps METAUSD	+0.0087%	1h	747.86	+0.089%	$48K	$91K	10x	as long as short
Pacifica META	+0.0100%	1h	747.50	+0.041%	$37	$368	10x	as long as short
KuCoin METAUSDTM	+0.0100%	8h	747.07	−0.016%	$1.6M	$724K	20x	as long as short
ApeX Omni METAUSDT	+0.0100%	1h	746.69	−0.067%	$167K	$71K	50x	as long as short
Orderly PERP_META_USDC_mythos	+0.0100%	8h	747.29	+0.013%	$1K	$24	10x	as long as short
Aevo META-PERP	+0.0104%	1h	747.37	+0.024%	$269	—	10x	as long as short
Coinbase International META-PERP-INTXlong	+0.0104%	1h	747.19	long leg	$644K	$8.0M	10x
edgeX METAUSDC	+0.0185%	4h	747.20	+0.001%	$62K	$346K	10x	as long as short
Injective META/USDC PERP	+0.0220%	1h	748.10	+0.122%	$177K	$51K	30x	as long as short
Lighter META	+0.0448%	1h	747.85	+0.088%	$1.1M	$2.9M	20x	as long as short
Hotstuff META-PERP	+0.0488%	1h	747.75	+0.075%	$33K	$105	20x	as long as short
tradeXYZ xyz:META	+0.0573%	1h	747.73	+0.072%	$83.5M	$131.6M	20x	as long as short
Phoenix META	+0.0750%	1h	748.05	+0.115%	$799K	$1.5M	20x	as long as short