Funding arb · Price arb /

META

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0260%/8h= −28.5% APRpaid last 24h 0.000%

Price spread now: Orderly against Hotstuff−0.099%7-day average — · you buy dearer than you sell

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

Long on Hotstuff Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

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

Together, before fees—+ Points / potential airdropHotstuff: Active · farm boardneeds both histories

Both sides work against this trade now: funding costs −$8 a day on $10k at the current rate, and Orderly is 0.099% cheaper against Hotstuff than usual: you would sell low and buy high (−$10 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hotstuff META-PERP	745.60	0.0360	pay 0.0045% / 1h	26m 56s	$33K	$105	20x
Short	Orderly PERP_META_USDC_mythos	744.86	0.0100	get 0.0100% / 8h	1h 26m	$1K	$24	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly against Hotstuff. 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 HotstuffbpFee OrderlybpOrdersPrice spread, now −0.099%Rate

Funding earned: −$54.6
Price spread: −0.099% → 0.000%: −$9.92
Slippage, 4 orders: no order book: not counted
Fee Hotstuff: 2.5 bp × 2 orders: −$5
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$75.52
Costs to cover: 0.110%
Break-even: never at this rate

Slippage unknown: Hotstuff: no order-book sample; 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 Hotstuff no order-book sample	—	—	—	—	—
Sell Orderly no order-book sample	—	—	—	—	—

Hotstuff and 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	745.00	−0.080%	$333K	$1.1M	20x	as long as short
Deribit META_USDC-PERPETUAL	−0.0099%	1h	744.35	−0.168%	$34K	$275K	10x	as long as short
Nado META-PERP	−0.0045%	1h	744.95	−0.087%	$482K	$559K	20x	as long as short
Aster METAUSDT	0.0000%	8h	745.09	−0.069%	$479K	$593K	20x	as long as short
Extended META_24_5-USD	0.0000%	1h	744.69	−0.122%	$548K	$1.8M	17x	as long as short
Binance METAUSDT	0.0000%	8h	744.86	−0.099%	$25.0M	$188.4M	20x	as long as short
Bybit METAUSDT	0.0000%	8h	744.77	−0.111%	$7.3M	$15.4M	100x	as long as short
OKX META-USDT-SWAP	0.0000%	8h	744.95	−0.087%	$6.0M	$12.7M	20x	as long as short
Gate META_USDT	0.0000%	8h	744.47	−0.152%	$460K	$6.2M	100x	as long as short
Bitget METAUSDT	0.0000%	8h	745.04	−0.075%	$5.6M	$12.4M	100x	as long as short

Show all 37 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni META	0.0000%	8h	744.51	−0.146%	$2.4M	$3.3M	—	as long as short
GRVT META_USDT_Perp	0.0000%	8h	744.76	−0.113%	$12K	$439K	10x	as long as short
SunX META-USDT	0.0000%	8h	744.79	−0.109%	$699	$8.2M	20x	as long as short
HTX META-USDT	0.0000%	8h	744.88	−0.097%	$106K	$308K	30x	as long as short
Phemex METAUSDT	0.0000%	4h	744.97	−0.084%	$2.0M	$8K	10x	as long as short
QFEX META-USD	+0.0031%	1h	744.95	−0.087%	$2.2M	$14.0M	10x	as long as short
Lighter RH META	+0.0032%	1h	745.29	−0.042%	$787K	$2.9M	20x	as long as short
Arcus META-USD	+0.0040%	1h	744.59	−0.135%	$112K	$340K	10x	as long as short
Vest META-USD-PERP	+0.0046%	1h	745.67	+0.009%	—	$12K	25x	as long as short
Popdex METAUSDT	+0.0048%	1h	745.20	−0.054%	$177K	$203K	20x	as long as short
Polymarket Perps META-USD	+0.0050%	1h	744.89	−0.095%	$586K	$564K	10x	as long as short
SoDEX META-USD	+0.0050%	1h	744.95	−0.087%	$25K	$3K	10x	as long as short
Ondo Perps META-USD.P	+0.0050%	1h	744.58	−0.137%	$696K	$5.3M	10x	as long as short
Paradex META-USD-PERP	+0.0060%	8h	745.10	−0.067%	—	—	5x	as long as short
Aftermath Perps METAUSD	+0.0085%	1h	745.62	+0.003%	$52K	$81K	10x	as long as short
KuCoin METAUSDTM	+0.0100%	8h	744.91	−0.093%	$1.6M	$682K	20x	as long as short
ApeX Omni METAUSDT	+0.0100%	1h	744.47	−0.152%	$167K	$72K	50x	as long as short
Orderly PERP_META_USDC_mythosshort	+0.0100%	8h	744.86	−0.099%	$1K	$24	10x
Aevo META-PERP	+0.0104%	1h	744.75	−0.115%	$268	—	10x	as long as short
Coinbase International META-PERP-INTX	+0.0104%	1h	744.73	−0.117%	$650K	$8.0M	10x	as long as short
Injective META/USDC PERP	+0.0220%	1h	746.56	+0.129%	$172K	$46K	30x	as long as short
Lighter META	+0.0360%	1h	745.44	−0.021%	$1.1M	$2.7M	20x	as long as short
Hotstuff META-PERPlong	+0.0360%	1h	745.60	long leg	$33K	$105	20x
edgeX METAUSDC	+0.0412%	4h	744.66	−0.126%	$62K	$342K	10x	as long as short
tradeXYZ xyz:META	+0.0488%	1h	745.49	−0.015%	$77.6M	$127.8M	20x	as long as short
Phoenix META	+0.0739%	1h	746.25	+0.087%	$797K	$1.5M	20x	as long as short
Pacifica META	+0.0800%	1h	744.94	−0.089%	$13	$46	—	as long as short