Funding arb · Price arb /

META

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0488%/8h= −53.4% APRpaid last 24h −0.054%

Price spread now: BloFin against Lighter−0.054%7-day average +0.033% · you buy dearer than you sell

Net, funding: paid 7d − costs−$50as in the Funding arb table

Net, price: spread back to 7d avg − costs−$25as in the Price arb table

costs, in and out, $10k−$160.164% of the position

Long on Lighter Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.333%−$33 on $10k

Price spread, last 4 days (all we have)+0.201%+$20 · spread now −0.054%, 7d avg +0.033%

Together, before fees−0.133%+ Points / potential airdropLighter: Season 3 · farm board−$13 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$15 a day on $10k at the current rate, and BloFin is 0.086% cheaper against Lighter than usual: you would sell low and buy high (−$9 if the spread goes back to its 7-day average of +0.033%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.333% in total (about -17.4% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter META	746.38	0.0368	pay 0.0046% / 1h	51m 02s	$1.1M	$2.7M	20x
Short	BloFin META-USDT	745.98	−0.0120	pay 0.0120% / 8h	1h 51m	$332K	$1.1M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin against Lighter. 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 LighterbpFee BloFinbpOrdersPrice spread, now −0.054%Rate

Funding earned: −$102.48
Price spread: −0.054% → +0.033%: −$8.62
Slippage, 4 orders: −$4.39
Fee Lighter: 0 bp × 2 orders: $0
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$127.49
Costs to cover: 0.164%
Break-even: never at this rate

Slippage from Lighter: live order book, 6 min ago; BloFin: live order book, 1 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 Lighter live order book, 6 min ago	0.27 bp	1.2 bp −$1	1.6 bp −$16	doesn't fit	doesn't fit
Sell BloFin live order book, 1 min ago	0.07 bp	6.6 bp −$7	10.2 bp −$102	doesn't fit	doesn't fit

META on 36 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-USDTshort	−0.0120%	8h	745.98	−0.054%	$332K	$1.1M	20x
Nado META-PERP	−0.0044%	1h	745.55	−0.111%	$483K	$558K	20x	as long as short
Aster METAUSDT	0.0000%	8h	745.55	−0.111%	$479K	$592K	20x	as long as short
Extended META_24_5-USD	0.0000%	1h	745.69	−0.092%	$552K	$2.6M	17x	as long as short
Binance METAUSDT	0.0000%	8h	745.93	−0.060%	$27.0M	$184.8M	20x	as long as short
Bybit METAUSDT	0.0000%	8h	745.86	−0.070%	$7.3M	$15.2M	100x	as long as short
OKX META-USDT-SWAP	0.0000%	8h	745.93	−0.060%	$6.1M	$12.6M	20x	as long as short
Gate META_USDT	0.0000%	8h	745.32	−0.142%	$435K	$6.0M	100x	as long as short
Bitget METAUSDT	0.0000%	8h	746.05	−0.044%	$5.5M	$12.2M	100x	as long as short
Variational Omni META	0.0000%	8h	745.55	−0.111%	$2.4M	$3.3M	—	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT META_USDT_Perp	0.0000%	8h	746.20	−0.024%	$12K	$438K	10x	as long as short
SunX META-USDT	0.0000%	8h	745.74	−0.086%	$661	$8.3M	20x	as long as short
Deribit META_USDC-PERPETUAL	0.0000%	1h	745.56	−0.110%	$31K	$266K	10x	as long as short
HTX META-USDT	0.0000%	8h	745.54	−0.113%	$106K	$307K	30x	as long as short
Phemex METAUSDT	0.0000%	4h	746.09	−0.039%	$2.0M	$8K	10x	as long as short
edgeX METAUSDC	+0.0003%	4h	745.95	−0.057%	$62K	$343K	10x	as long as short
QFEX META-USD	+0.0031%	1h	745.89	−0.066%	$2.2M	$13.9M	10x	as long as short
Lighter RH META	+0.0032%	1h	746.15	−0.031%	$788K	$2.9M	20x	as long as short
Arcus META-USD	+0.0040%	1h	745.63	−0.100%	$110K	$332K	10x	as long as short
Vest META-USD-PERP	+0.0046%	1h	746.29	−0.012%	—	$12K	25x	as long as short
Popdex METAUSDT	+0.0048%	1h	746.05	−0.044%	$178K	$202K	20x	as long as short
Polymarket Perps META-USD	+0.0050%	1h	745.64	−0.099%	$587K	$564K	10x	as long as short
SoDEX META-USD	+0.0050%	1h	745.92	−0.062%	$25K	$3K	10x	as long as short
Ondo Perps META-USD.P	+0.0050%	1h	745.77	−0.082%	$720K	$5.1M	10x	as long as short
Paradex META-USD-PERP	+0.0064%	8h	745.85	−0.071%	—	—	5x	as long as short
Aftermath Perps METAUSD	+0.0084%	1h	746.77	+0.052%	$52K	$81K	10x	as long as short
KuCoin METAUSDTM	+0.0100%	8h	745.88	−0.067%	$1.6M	$666K	20x	as long as short
ApeX Omni METAUSDT	+0.0100%	1h	745.61	−0.103%	$167K	$72K	50x	as long as short
Orderly PERP_META_USDC_mythos	+0.0100%	8h	745.96	−0.056%	$1K	$24	10x	as long as short
Aevo META-PERP	+0.0104%	1h	745.90	−0.065%	$269	—	10x	as long as short
Coinbase International META-PERP-INTX	+0.0104%	1h	745.35	−0.138%	$670K	$7.9M	10x	as long as short
Injective META/USDC PERP	+0.0220%	1h	753.11	+0.902%	$174K	$46K	30x	as long as short
Lighter METAlong	+0.0368%	1h	746.38	long leg	$1.1M	$2.7M	20x
Hotstuff META-PERP	+0.0496%	1h	746.58	+0.027%	$33K	$105	20x	as long as short
tradeXYZ xyz:META	+0.0570%	1h	746.46	+0.011%	$76.7M	$126.7M	20x	as long as short
Phoenix META	+0.0739%	1h	747.55	+0.157%	$798K	$1.5M	20x	as long as short