Funding arb · Price arb /

META

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0360%/8h= −39.4% APRpaid last 24h −0.024%

Price spread now: Bybit against Lighter−0.055%7-day average +0.011% · you buy dearer than you sell

Net, funding: paid 7d − costs−$33as in the Funding arb table

Net, price: spread back to 7d avg − costs−$27as in the Price arb table

costs, in and out, $10k−$210.206% of the position

Long on Lighter Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.124%−$12 on $10k

Price spread, last 7 days+0.018%+$2 · spread now −0.055%, 7d avg +0.011%

Together, before fees−0.106%+ Points / potential airdropLighter: Season 3 · farm board−$11 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$11 a day on $10k at the current rate, and Bybit is 0.066% cheaper against Lighter than usual: you would sell low and buy high (−$7 if the spread goes back to its 7-day average of +0.011%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.124% in total (about -6.5% 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	745.30	0.0360	pay 0.0045% / 1h	19m 22s	$1.1M	$2.7M	20x
Short	Bybit METAUSDT	744.89	0	get 0.0000% / 8h	1h 19m	$7.3M	$15.3M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.055%Rate

Funding earned: −$75.6
Price spread: −0.055% → +0.011%: −$6.57
Slippage, 4 orders: −$9.58
Fee Lighter: 0 bp × 2 orders: $0
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$102.75
Costs to cover: 0.206%
Break-even: never at this rate

Slippage from Lighter: live order book, 8 min ago; Bybit: live order book, 4 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, 8 min ago	0.40 bp	1.2 bp −$1	2.5 bp −$25	doesn't fit	doesn't fit
Sell Bybit live order book, 4 min ago	1.14 bp	9.8 bp −$10	17.8 bp −$178	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	744.97	−0.044%	$333K	$1.1M	20x	as long as short
Nado META-PERP	−0.0040%	1h	744.51	−0.106%	$480K	$559K	20x	as long as short
Aster METAUSDT	0.0000%	8h	745.16	−0.018%	$479K	$593K	20x	as long as short
Extended META_24_5-USD	0.0000%	1h	744.60	−0.094%	$548K	$1.8M	17x	as long as short
Binance METAUSDT	0.0000%	8h	744.79	−0.068%	$25.0M	$188.1M	20x	as long as short
Bybit METAUSDTshort	0.0000%	8h	744.89	−0.055%	$7.3M	$15.3M	100x
OKX META-USDT-SWAP	0.0000%	8h	744.93	−0.050%	$6.0M	$12.6M	20x	as long as short
Gate META_USDT	0.0000%	8h	744.29	−0.136%	$460K	$6.2M	100x	as long as short
Bitget METAUSDT	0.0000%	8h	744.79	−0.068%	$5.5M	$12.4M	100x	as long as short
Variational Omni META	0.0000%	8h	744.80	−0.067%	$2.4M	$3.3M	—	as long as short

Show all 37 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT META_USDT_Perp	0.0000%	8h	744.80	−0.067%	$13K	$440K	10x	as long as short
SunX META-USDT	0.0000%	8h	744.80	−0.067%	$693	$8.2M	20x	as long as short
Deribit META_USDC-PERPETUAL	0.0000%	1h	744.46	−0.113%	$34K	$275K	10x	as long as short
HTX META-USDT	0.0000%	8h	744.83	−0.063%	$106K	$308K	30x	as long as short
Phemex METAUSDT	0.0000%	4h	744.87	−0.058%	$2.0M	$8K	10x	as long as short
QFEX META-USD	+0.0031%	1h	744.57	−0.098%	$2.2M	$13.8M	10x	as long as short
Lighter RH META	+0.0032%	1h	745.14	−0.021%	$787K	$2.9M	20x	as long as short
Arcus META-USD	+0.0040%	1h	744.62	−0.091%	$112K	$339K	10x	as long as short
Vest META-USD-PERP	+0.0046%	1h	745.17	−0.017%	—	$12K	25x	as long as short
Popdex METAUSDT	+0.0048%	1h	744.85	−0.060%	$177K	$205K	20x	as long as short
Polymarket Perps META-USD	+0.0050%	1h	744.36	−0.126%	$586K	$564K	10x	as long as short
SoDEX META-USD	+0.0050%	1h	744.81	−0.066%	$25K	$3K	10x	as long as short
Ondo Perps META-USD.P	+0.0050%	1h	744.61	−0.093%	$685K	$5.2M	10x	as long as short
Paradex META-USD-PERP	+0.0059%	8h	744.78	−0.069%	—	—	5x	as long as short
Aftermath Perps METAUSD	+0.0085%	1h	745.80	+0.066%	$52K	$80K	10x	as long as short
KuCoin METAUSDTM	+0.0100%	8h	744.88	−0.056%	$1.6M	$688K	20x	as long as short
ApeX Omni METAUSDT	+0.0100%	1h	744.29	−0.136%	$167K	$72K	50x	as long as short
Orderly PERP_META_USDC_mythos	+0.0100%	8h	744.88	−0.056%	$1K	$24	10x	as long as short
Aevo META-PERP	+0.0104%	1h	744.70	−0.081%	$268	—	10x	as long as short
Coinbase International META-PERP-INTX	+0.0104%	1h	744.73	−0.076%	$650K	$7.9M	10x	as long as short
Injective META/USDC PERP	+0.0220%	1h	747.34	+0.274%	$172K	$46K	30x	as long as short
Lighter METAlong	+0.0360%	1h	745.30	long leg	$1.1M	$2.7M	20x
Hotstuff META-PERP	+0.0376%	1h	745.36	+0.008%	$33K	$105	20x	as long as short
tradeXYZ xyz:META	+0.0489%	1h	745.43	+0.017%	$77.9M	$127.6M	20x	as long as short
Phoenix META	+0.0739%	1h	746.23	+0.125%	$797K	$1.5M	20x	as long as short
Pacifica META	+0.0800%	1h	744.99	−0.041%	$16	$103	10x	as long as short
edgeX METAUSDC	+0.0905%	4h	744.74	−0.075%	$62K	$343K	10x	as long as short