Funding arb · Price arb /

META

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.063%

Price spread now: Binance against Deribit−0.008%55s7-day average +0.055% · you buy dearer than you sell

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

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$270.272% of the position

Long on Deribit Short on Binance

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)−0.070%−$7 on $10k

Price spread, last 2 days (all we have)+0.042%+$4 · spread now −0.008%, 7d avg +0.055%

Together, before fees−0.027%−$3 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Binance is 0.063% cheaper against Deribit than usual: you would sell low and buy high, −$6 on $10k if it goes back to its 7-day average of +0.055%. The two prices were read 55 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit META_USDC-PERPETUAL	740.93	0	get 0.0000% / 1h	32m 29s	$30K	$255K	10x
Short	Binance METAUSDT	740.87	0	get 0.0000% / 8h	3h 32m	$27.4M	$175.1M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Deribit. 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 DeribitbpFee BinancebpOrdersPrice spread, now −0.008%Rate

Funding earned: $0
Price spread: −0.008% → +0.055%: −$6.34
Slippage, 4 orders: −$10.19
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Binance: 5 bp × 2 orders: −$10
Net: −$33.54
Costs to cover: 0.272%
Break-even: never at this rate

Slippage from Deribit: live order book, 16 min ago; Binance: 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 Deribit live order book, 16 min ago	0.07 bp	3.6 bp −$4	4.9 bp −$49	doesn't fit	doesn't fit
Sell Binance live order book, 1 min ago	0.07 bp	5.7 bp −$6	10.7 bp −$107	36.4 bp −$3,645	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	741.07	+0.019%	$332K	$1.1M	20x	as long as short
Aster METAUSDT	0.0000%	8h	741.70	+0.104%	$456K	$534K	20x	as long as short
Extended META_24_5-USD	0.0000%	1h	740.77	−0.022%	$561K	$1.5M	17x	as long as short
Binance METAUSDTshort	0.0000%	8h	740.87	−0.008%	$27.4M	$175.1M	20x
Bybit METAUSDT	0.0000%	8h	741.10	+0.023%	$7.6M	$13.7M	100x	as long as short
OKX META-USDT-SWAP	0.0000%	8h	740.77	−0.022%	$6.0M	$13.1M	20x	as long as short
Gate META_USDT	0.0000%	8h	740.63	−0.040%	$328K	$5.3M	100x	as long as short
Bitget METAUSDT	0.0000%	8h	740.86	−0.009%	$6.1M	$10.4M	100x	as long as short
Variational Omni META	0.0000%	8h	741.36	+0.058%	$1.7M	$2.4M	—	as long as short
GRVT META_USDT_Perp	0.0000%	8h	741.22	+0.039%	$12K	$547K	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	741.02	+0.012%	$777	$9.5M	20x	as long as short
Deribit META_USDC-PERPETUALlong	0.0000%	1h	740.93	long leg	$30K	$255K	10x
HTX META-USDT	0.0000%	8h	740.80	−0.018%	$105K	$282K	30x	as long as short
Phemex METAUSDT	0.0000%	4h	741.45	+0.070%	$2.0M	$7K	10x	as long as short
Nado META-PERP	+0.0026%	1h	740.76	−0.023%	$349K	$286K	20x	as long as short
Lighter RH META	+0.0032%	1h	741.17	+0.032%	$737K	$3.2M	20x	as long as short
Phoenix META	+0.0032%	1h	741.32	+0.053%	$304K	$774K	20x	as long as short
QFEX META-USD	+0.0037%	1h	741.03	+0.013%	$2.2M	$14.1M	10x	as long as short
Vest META-USD-PERP	+0.0046%	1h	741.37	+0.059%	—	$9K	25x	as long as short
Popdex METAUSDT	+0.0048%	1h	740.87	−0.008%	$177K	$200K	20x	as long as short
Polymarket Perps META-USD	+0.0050%	1h	740.89	−0.005%	$540K	$836K	10x	as long as short
SoDEX META-USD	+0.0050%	1h	741.03	+0.013%	$24K	$3K	10x	as long as short
Ondo Perps META-USD.P	+0.0050%	1h	740.50	−0.058%	$716K	$3.8M	10x	as long as short
Paradex META-USD-PERP	+0.0053%	8h	740.92	−0.002%	—	—	5x	as long as short
Aftermath Perps METAUSD	+0.0061%	1h	741.75	+0.110%	$37K	$52K	10x	as long as short
Coinbase International META-PERP-INTX	+0.0072%	1h	741.22	+0.039%	$618K	$7.3M	10x	as long as short
KuCoin METAUSDTM	+0.0100%	8h	740.84	−0.012%	$1.6M	$316K	20x	as long as short
ApeX Omni METAUSDT	+0.0100%	1h	740.91	−0.003%	$166K	$73K	50x	as long as short
Orderly PERP_META_USDC_mythos	+0.0100%	8h	741.33	+0.054%	$1K	$24	10x	as long as short
Aevo META-PERP	+0.0104%	1h	741.07	+0.019%	$267	—	10x	as long as short
tradeXYZ xyz:META	+0.0193%	1h	740.90	−0.004%	$69.4M	$118.9M	20x	as long as short
Lighter META	+0.0216%	1h	741.23	+0.040%	$861K	$2.6M	20x	as long as short
Injective META/USDC PERP	+0.0220%	1h	740.53	−0.054%	$171K	$47K	30x	as long as short
Arcus META-USD	+0.0224%	1h	740.82	−0.015%	$263K	$313K	10x	as long as short
Hotstuff META-PERP	+0.0232%	1h	740.87	−0.008%	$33K	$105	20x	as long as short
edgeX METAUSDC	+0.0832%	4h	741.23	+0.041%	$62K	$327K	10x	as long as short