Funding arb · Price arb /

META

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0042%/8h= +4.6% APRpaid last 24h +0.028%

Price spread now: Orderly against Deribit+0.068%55s7-day average — · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Deribit Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and Orderly is 0.068% dearer against Deribit than usual: you sell high and buy low: +$7 more if the spread goes back to zero (this spread has no 7-day history yet). 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	746.16	0.0058	pay 0.0007% / 1h	5m 25s	$34K	$276K	10x
Short	Orderly PERP_META_USDC_mythos	746.67	0.0100	get 0.0100% / 8h	5m 25s	$1K	$24	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now +0.068%Rate

Funding earned: $8.75
Price spread: +0.068% → 0.000%: $6.83
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Orderly: 3 bp × 2 orders: −$6
Net: $2.58
Costs to cover: 0.130%
Break-even: 4.9 days

Slippage unknown: Deribit: live order book, 33 min ago; Orderly: no order-book sample. Net counts fees only.

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, 33 min ago	0.07 bp	10.3 bp −$10	13.1 bp −$131	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	746.81	+0.087%	$333K	$1.1M	20x	as long as short
Aster METAUSDT	0.0000%	8h	746.55	+0.053%	$480K	$593K	20x	as long as short
Extended META_24_5-USD	0.0000%	1h	746.40	+0.032%	$548K	$3.4M	17x	as long as short
Binance METAUSDT	0.0000%	8h	746.59	+0.058%	$25.4M	$189.7M	20x	as long as short
Bybit METAUSDT	0.0000%	8h	746.81	+0.087%	$7.5M	$15.5M	100x	as long as short
OKX META-USDT-SWAP	0.0000%	8h	746.67	+0.068%	$6.0M	$12.8M	20x	as long as short
Gate META_USDT	0.0000%	8h	746.28	+0.016%	$473K	$6.3M	100x	as long as short
Bitget METAUSDT	0.0000%	8h	746.53	+0.050%	$5.7M	$12.4M	100x	as long as short
Variational Omni META	0.0000%	8h	746.51	+0.047%	$2.5M	$3.2M	—	as long as short
GRVT META_USDT_Perp	0.0000%	8h	746.79	+0.084%	$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	746.58	+0.056%	$1K	$8.0M	20x	as long as short
HTX META-USDT	0.0000%	8h	746.28	+0.016%	$108K	$312K	30x	as long as short
Phemex METAUSDT	0.0000%	4h	747.25	+0.146%	$2.0M	$8K	10x	as long as short
Nado META-PERP	+0.0015%	1h	746.03	−0.018%	$481K	$560K	20x	as long as short
QFEX META-USD	+0.0031%	1h	746.43	+0.036%	$2.2M	$14.1M	10x	as long as short
Lighter RH META	+0.0040%	1h	746.81	+0.087%	$797K	$3.1M	20x	as long as short
Arcus META-USD	+0.0040%	1h	746.51	+0.047%	$112K	$338K	10x	as long as short
Vest META-USD-PERP	+0.0046%	1h	747.15	+0.133%	—	$12K	25x	as long as short
Polymarket Perps META-USD	+0.0050%	1h	746.21	+0.007%	$567K	$621K	10x	as long as short
SoDEX META-USD	+0.0050%	1h	746.53	+0.050%	$25K	$3K	10x	as long as short
Ondo Perps META-USD.P	+0.0050%	1h	745.93	−0.031%	$734K	$5.1M	10x	as long as short
Paradex META-USD-PERP	+0.0056%	8h	746.52	+0.049%	—	—	5x	as long as short
Deribit META_USDC-PERPETUALlong	+0.0058%	1h	746.16	long leg	$34K	$276K	10x
Popdex METAUSDT	+0.0072%	1h	746.59	+0.058%	$178K	$202K	20x	as long as short
Aftermath Perps METAUSD	+0.0087%	1h	747.44	+0.172%	$49K	$91K	10x	as long as short
Pacifica META	+0.0100%	1h	746.75	+0.079%	$633	$1K	10x	as long as short
KuCoin METAUSDTM	+0.0100%	8h	746.81	+0.087%	$1.6M	$729K	20x	as long as short
ApeX Omni METAUSDT	+0.0100%	1h	746.01	−0.020%	$167K	$71K	50x	as long as short
Orderly PERP_META_USDC_mythosshort	+0.0100%	8h	746.67	+0.068%	$1K	$24	10x
Aevo META-PERP	+0.0104%	1h	746.51	+0.047%	$269	—	10x	as long as short
Coinbase International META-PERP-INTX	+0.0104%	1h	746.79	+0.084%	$651K	$8.0M	10x	as long as short
Injective META/USDC PERP	+0.0220%	1h	749.54	+0.453%	$177K	$51K	30x	as long as short
Lighter META	+0.0448%	1h	747.03	+0.117%	$1.1M	$2.9M	20x	as long as short
Hotstuff META-PERP	+0.0464%	1h	747.00	+0.113%	$33K	$105	20x	as long as short
edgeX METAUSDC	+0.0471%	4h	746.62	+0.062%	$62K	$345K	10x	as long as short
tradeXYZ xyz:META	+0.0564%	1h	747.02	+0.115%	$83.7M	$131.7M	20x	as long as short
Phoenix META	+0.0750%	1h	747.82	+0.222%	$798K	$1.5M	20x	as long as short