Funding arb · Price arb /

META

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0120%/8h= −13.1% APRpaid last 24h −0.035%

Price spread now: Orderly against Injective−0.314%58s7-day average — · you buy dearer than you sell

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

Long on Injective 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 against this trade now: funding costs −$4 a day on $10k at the current rate, and Orderly is 0.314% cheaper against Injective than usual: you would sell low and buy high (−$31 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 58 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	742.42	0.0220	pay 0.0028% / 1h	15m 42s	$171K	$48K	30x
Short	Orderly PERP_META_USDC_mythos	740.09	0.0100	get 0.0100% / 8h	6h 15m	$1K	$24	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now −0.314%Rate

Funding earned: −$25.2
Price spread: −0.314% → 0.000%: −$31.38
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$62.6
Costs to cover: 0.060%
Break-even: never at this rate

Slippage unknown: Injective: live order book, 53 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 Injective live order book, 53 min ago	14.91 bp	14.9 bp −$15	9877.0 bp −$98.8K	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 35 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
Nado META-PERP	−0.0121%	1h	739.91	−0.338%	$478K	$549K	20x	as long as short
Aster METAUSDT	0.0000%	8h	740.64	−0.240%	$466K	$549K	20x	as long as short
Extended META_24_5-USD	0.0000%	1h	739.95	−0.333%	$550K	$2.7M	17x	as long as short
Binance METAUSDT	0.0000%	8h	740.12	−0.310%	$27.3M	$179.2M	20x	as long as short
Bybit METAUSDT	0.0000%	8h	739.99	−0.327%	$7.5M	$13.8M	100x	as long as short
OKX META-USDT-SWAP	0.0000%	8h	740.25	−0.292%	$5.9M	$13.3M	20x	as long as short
Gate META_USDT	0.0000%	8h	740.09	−0.314%	$352K	$5.6M	100x	as long as short
Bitget METAUSDT	0.0000%	8h	740.28	−0.288%	$5.5M	$11.3M	100x	as long as short
Variational Omni META	0.0000%	8h	740.06	−0.318%	$2.3M	$3.1M	—	as long as short
GRVT META_USDT_Perp	0.0000%	8h	740.16	−0.305%	$12K	$433K	10x	as long as short

Show all 35 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX META-USDT	0.0000%	8h	739.98	−0.329%	$887	$9.2M	20x	as long as short
Deribit META_USDC-PERPETUAL	0.0000%	1h	739.42	−0.404%	$31K	$244K	10x	as long as short
HTX META-USDT	0.0000%	8h	740.00	−0.326%	$105K	$296K	30x	as long as short
Phemex METAUSDT	0.0000%	4h	740.23	−0.295%	$2.0M	$8K	10x	as long as short
QFEX META-USD	+0.0025%	1h	740.03	−0.322%	$2.2M	$13.9M	10x	as long as short
Lighter RH META	+0.0032%	1h	740.33	−0.282%	$750K	$3.0M	20x	as long as short
Arcus META-USD	+0.0040%	1h	739.74	−0.361%	$110K	$330K	10x	as long as short
Vest META-USD-PERP	+0.0046%	1h	740.36	−0.277%	—	$11K	25x	as long as short
Popdex METAUSDT	+0.0048%	1h	740.15	−0.306%	$176K	$197K	20x	as long as short
Polymarket Perps META-USD	+0.0050%	1h	739.86	−0.345%	$557K	$701K	10x	as long as short
SoDEX META-USD	+0.0050%	1h	740.12	−0.310%	$24K	$3K	10x	as long as short
Ondo Perps META-USD.P	+0.0050%	1h	739.55	−0.387%	$697K	$4.3M	10x	as long as short
Paradex META-USD-PERP	+0.0056%	8h	739.89	−0.340%	—	—	5x	as long as short
Aftermath Perps METAUSD	+0.0071%	1h	740.89	−0.207%	$49K	$80K	10x	as long as short
KuCoin METAUSDTM	+0.0100%	8h	740.15	−0.306%	$1.6M	$487K	20x	as long as short
ApeX Omni METAUSDT	+0.0100%	1h	739.74	−0.361%	$166K	$71K	50x	as long as short
Orderly PERP_META_USDC_mythosshort	+0.0100%	8h	740.09	−0.314%	$1K	$24	10x
Aevo META-PERP	+0.0104%	1h	739.97	−0.329%	$266	—	10x	as long as short
Coinbase International META-PERP-INTX	+0.0104%	1h	740.66	−0.237%	$609K	$7.2M	10x	as long as short
Lighter META	+0.0136%	1h	740.27	−0.290%	$860K	$2.4M	20x	as long as short
Hotstuff META-PERP	+0.0136%	1h	740.28	−0.288%	$33K	$105	20x	as long as short
Injective META/USDC PERPlong	+0.0220%	1h	742.42	long leg	$171K	$48K	30x
tradeXYZ xyz:META	+0.0246%	1h	740.10	−0.312%	$68.3M	$120.0M	20x	as long as short
Phoenix META	+0.0313%	1h	740.85	−0.211%	$434K	$1.1M	20x	as long as short
edgeX METAUSDC	+0.0949%	4h	739.98	−0.329%	$62K	$336K	10x	as long as short