Funding arb · Price arb /

META

RWAall META markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0220%/8h= −24.1% APRpaid last 24h −0.057%

Price spread now: OKX against Injective−0.506%108s7-day average −0.297% · you buy dearer than you sell

Net, funding: paid 7d − costs−$115as in the Funding arb table

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

costs, in and out, $10k−$690.692% of the position

Long on Injective Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.453%−$45 on $10k

Price spread, last 4 days (all we have)+0.379%+$38 · spread now −0.506%, 7d avg −0.297%

Together, before fees−0.075%−$7 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$7 a day on $10k at the current rate, and OKX is 0.209% cheaper against Injective than usual: you would sell low and buy high (−$21 if the spread goes back to its 7-day average of −0.297%). Swap the legs. The two prices were read 108 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	Injective META/USDC PERP	748.52	0.0220	pay 0.0028% / 1h	51m 39s	$173K	$46K	30x
Short	OKX META-USDT-SWAP	744.73	0	get 0.0000% / 8h	51m 39s	$6.0M	$12.7M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX against Injective. 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 InjectivebpFee OKXbpOrdersPrice spread, now −0.506%Rate

Funding earned: −$46.2
Price spread: −0.506% → −0.297%: −$20.92
Slippage, 4 orders: −$59.16
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee OKX: 5 bp × 2 orders: −$10
Net: −$136.3
Costs to cover: 0.692%
Break-even: never at this rate

Slippage from Injective: live order book, 52 min ago; OKX: 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 Injective live order book, 52 min ago	17.28 bp	17.3 bp −$17	9880.1 bp −$98.8K	doesn't fit	doesn't fit
Sell OKX live order book, 2 min ago	0.47 bp	7.5 bp −$7	18.8 bp −$188	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	745.06	−0.462%	$332K	$1.1M	20x	as long as short
Aster METAUSDT	0.0000%	8h	745.55	−0.396%	$479K	$593K	20x	as long as short
Extended META_24_5-USD	0.0000%	1h	744.52	−0.534%	$547K	$2.3M	17x	as long as short
Binance METAUSDT	0.0000%	8h	744.67	−0.514%	$25.2M	$188.5M	20x	as long as short
Bybit METAUSDT	0.0000%	8h	744.58	−0.526%	$7.5M	$15.4M	100x	as long as short
OKX META-USDT-SWAPshort	0.0000%	8h	744.73	−0.506%	$6.0M	$12.7M	20x
Gate META_USDT	0.0000%	8h	744.22	−0.574%	$465K	$6.2M	100x	as long as short
Bitget METAUSDT	0.0000%	8h	744.69	−0.512%	$5.5M	$12.4M	100x	as long as short
Variational Omni META	0.0000%	8h	745.61	−0.389%	$2.4M	$3.1M	—	as long as short
GRVT META_USDT_Perp	0.0000%	8h	745.24	−0.439%	$13K	$436K	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	744.86	−0.489%	$947	$8.1M	20x	as long as short
Deribit META_USDC-PERPETUAL	0.0000%	1h	744.41	−0.549%	$34K	$275K	10x	as long as short
HTX META-USDT	0.0000%	8h	744.63	−0.520%	$106K	$309K	30x	as long as short
Phemex METAUSDT	0.0000%	4h	745.56	−0.395%	$2.0M	$8K	10x	as long as short
QFEX META-USD	+0.0031%	1h	744.50	−0.537%	$2.2M	$13.9M	10x	as long as short
Arcus META-USD	+0.0040%	1h	744.83	−0.493%	$112K	$339K	10x	as long as short
Vest META-USD-PERP	+0.0046%	1h	745.08	−0.460%	—	$12K	25x	as long as short
Polymarket Perps META-USD	+0.0050%	1h	744.48	−0.540%	$564K	$597K	10x	as long as short
SoDEX META-USD	+0.0050%	1h	744.76	−0.502%	$25K	$3K	10x	as long as short
Ondo Perps META-USD.P	+0.0050%	1h	744.17	−0.581%	$728K	$5.1M	10x	as long as short
Paradex META-USD-PERP	+0.0055%	8h	744.46	−0.543%	—	—	5x	as long as short
Lighter RH META	+0.0072%	1h	744.97	−0.474%	$787K	$3.1M	20x	as long as short
Nado META-PERP	+0.0077%	1h	744.22	−0.575%	$480K	$560K	20x	as long as short
Aftermath Perps METAUSD	+0.0087%	1h	745.64	−0.385%	$52K	$81K	10x	as long as short
Pacifica META	+0.0100%	1h	744.84	−0.492%	$13	$106	10x	as long as short
KuCoin METAUSDTM	+0.0100%	8h	744.83	−0.493%	$1.6M	$707K	20x	as long as short
ApeX Omni METAUSDT	+0.0100%	1h	744.40	−0.550%	$167K	$71K	50x	as long as short
Orderly PERP_META_USDC_mythos	+0.0100%	8h	744.78	−0.500%	$1K	$24	10x	as long as short
Aevo META-PERP	+0.0104%	1h	744.74	−0.504%	$268	—	10x	as long as short
Coinbase International META-PERP-INTX	+0.0104%	1h	744.65	−0.517%	$654K	$7.9M	10x	as long as short
Popdex METAUSDT	+0.0120%	1h	744.74	−0.505%	$177K	$203K	20x	as long as short
Injective META/USDC PERPlong	+0.0220%	1h	748.52	long leg	$173K	$46K	30x
edgeX METAUSDC	+0.0274%	4h	745.01	−0.469%	$62K	$344K	10x	as long as short
Hotstuff META-PERP	+0.0352%	1h	745.35	−0.424%	$33K	$105	20x	as long as short
Lighter META	+0.0488%	1h	745.18	−0.446%	$1.1M	$2.9M	20x	as long as short
tradeXYZ xyz:META	+0.0543%	1h	745.13	−0.453%	$80.4M	$129.1M	20x	as long as short
Phoenix META	+0.0750%	1h	746.46	−0.275%	$797K	$1.5M	20x	as long as short