Funding arb · Price arb /

META

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0071%/8h= −7.8% APRpaid last 24h +0.024%

Price spread now: Bybit against Deribit+0.035%55s7-day average +0.056% · 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—prices read too far apart to compare

costs, in and out, $10k−$310.314% of the position

Long on Deribit Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)+0.004%$0 on $10k

Price spread, last 4 days (all we have)−0.041%−$4 · spread now +0.035%, 7d avg +0.056%

Together, before fees−0.037%−$4 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Bybit is 0.021% cheaper against Deribit than usual: you would sell low and buy high (−$2 if the spread goes back to its 7-day average of +0.056%). Swap the legs. 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	747.07	0.0071	pay 0.0009% / 1h	11m 29s	$34K	$276K	10x
Short	Bybit METAUSDT	747.33	0	get 0.0000% / 8h	11m 29s	$7.5M	$15.4M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now +0.035%Rate

Funding earned: −$14.99
Price spread: +0.035% → +0.056%: −$2.08
Slippage, 4 orders: −$13.37
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$48.44
Costs to cover: 0.314%
Break-even: never at this rate

Slippage from Deribit: live order book, 27 min ago; Bybit: live order book, 2 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, 27 min ago	0.07 bp	10.3 bp −$10	13.1 bp −$131	doesn't fit	doesn't fit
Sell Bybit live order book, 2 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	+0.078%	$334K	$1.1M	20x	as long as short
Aster METAUSDT	0.0000%	8h	746.96	−0.014%	$480K	$593K	20x	as long as short
Extended META_24_5-USD	0.0000%	1h	747.22	+0.020%	$548K	$3.4M	17x	as long as short
Binance METAUSDT	0.0000%	8h	747.34	+0.036%	$25.4M	$189.1M	20x	as long as short
Bybit METAUSDTshort	0.0000%	8h	747.33	+0.035%	$7.5M	$15.4M	100x
OKX META-USDT-SWAP	0.0000%	8h	747.44	+0.050%	$6.0M	$12.7M	20x	as long as short
Gate META_USDT	0.0000%	8h	746.70	−0.050%	$475K	$6.3M	100x	as long as short
Bitget METAUSDT	0.0000%	8h	747.36	+0.039%	$5.7M	$12.4M	100x	as long as short
Variational Omni META	0.0000%	8h	746.46	−0.082%	$2.5M	$3.1M	—	as long as short
GRVT META_USDT_Perp	0.0000%	8h	747.47	+0.054%	$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	+0.047%	$981	$8.0M	20x	as long as short
HTX META-USDT	0.0000%	8h	747.21	+0.019%	$108K	$312K	30x	as long as short
Phemex METAUSDT	0.0000%	4h	747.47	+0.054%	$2.0M	$8K	10x	as long as short
Nado META-PERP	+0.0019%	1h	746.94	−0.017%	$482K	$560K	20x	as long as short
QFEX META-USD	+0.0031%	1h	747.21	+0.019%	$2.2M	$14.1M	10x	as long as short
Lighter RH META	+0.0040%	1h	747.69	+0.083%	$798K	$3.1M	20x	as long as short
Arcus META-USD	+0.0040%	1h	747.07	0.000%	$112K	$338K	10x	as long as short
Vest META-USD-PERP	+0.0046%	1h	747.65	+0.078%	—	$12K	25x	as long as short
Polymarket Perps META-USD	+0.0050%	1h	747.10	+0.004%	$568K	$625K	10x	as long as short
SoDEX META-USD	+0.0050%	1h	747.37	+0.040%	$25K	$3K	10x	as long as short
Ondo Perps META-USD.P	+0.0050%	1h	747.23	+0.021%	$744K	$5.1M	10x	as long as short
Paradex META-USD-PERP	+0.0056%	8h	747.27	+0.027%	—	—	5x	as long as short
Deribit META_USDC-PERPETUALlong	+0.0071%	1h	747.07	long leg	$34K	$276K	10x
Popdex METAUSDT	+0.0072%	1h	747.33	+0.035%	$178K	$202K	20x	as long as short
Aftermath Perps METAUSD	+0.0088%	1h	747.87	+0.107%	$49K	$91K	10x	as long as short
Pacifica META	+0.0100%	1h	747.48	+0.055%	$37	$368	10x	as long as short
KuCoin METAUSDTM	+0.0100%	8h	747.15	+0.011%	$1.6M	$724K	20x	as long as short
ApeX Omni METAUSDT	+0.0100%	1h	746.75	−0.043%	$167K	$71K	50x	as long as short
Orderly PERP_META_USDC_mythos	+0.0100%	8h	747.36	+0.039%	$1K	$24	10x	as long as short
Aevo META-PERP	+0.0104%	1h	747.37	+0.040%	$269	—	10x	as long as short
Coinbase International META-PERP-INTX	+0.0104%	1h	747.19	+0.016%	$644K	$8.0M	10x	as long as short
edgeX METAUSDC	+0.0185%	4h	747.20	+0.017%	$62K	$346K	10x	as long as short
Injective META/USDC PERP	+0.0220%	1h	748.10	+0.138%	$177K	$51K	30x	as long as short
Lighter META	+0.0448%	1h	747.86	+0.106%	$1.1M	$2.9M	20x	as long as short
Hotstuff META-PERP	+0.0480%	1h	747.71	+0.086%	$33K	$105	20x	as long as short
tradeXYZ xyz:META	+0.0572%	1h	747.70	+0.084%	$83.5M	$131.6M	20x	as long as short
Phoenix META	+0.0750%	1h	748.59	+0.203%	$799K	$1.5M	20x	as long as short