Funding arb · Price arb /

META

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0180%/8h= −19.7% APRpaid last 24h −0.019%

Price spread now: Orderly against Lighter−0.044%7-day average — · you buy dearer than you sell

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

Long on Lighter 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—+ Points / potential airdropLighter: Season 3 · farm boardneeds both histories

Both sides work against this trade now: funding costs −$5 a day on $10k at the current rate, and Orderly is 0.044% cheaper against Lighter than usual: you would sell low and buy high (−$4 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	Lighter META	748.11	0.0280	pay 0.0035% / 1h	7m 13s	$905K	$2.5M	20x
Short	Orderly PERP_META_USDC_mythos	747.78	0.0100	get 0.0100% / 8h	3h 07m	$1K	$24	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now −0.044%Rate

Funding earned: −$37.8
Price spread: −0.044% → 0.000%: −$4.41
Slippage, 4 orders: no order book: not counted
Fee Lighter: 0 bp × 2 orders: $0
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$48.21
Costs to cover: 0.060%
Break-even: never at this rate

Slippage unknown: Lighter: live order book, 5 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 Lighter live order book, 5 min ago	0.80 bp	0.8 bp −$1	2.9 bp −$29	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 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-USDT	−0.0120%	8h	748.02	−0.012%	$331K	$1.1M	20x	as long as short
Nado META-PERP	−0.0002%	1h	747.45	−0.088%	$483K	$556K	20x	as long as short
Aster METAUSDT	0.0000%	8h	747.46	−0.087%	$493K	$577K	20x	as long as short
Extended META_24_5-USD	0.0000%	1h	747.66	−0.060%	$548K	$2.7M	17x	as long as short
Binance METAUSDT	0.0000%	8h	747.98	−0.018%	$28.5M	$182.5M	20x	as long as short
Bybit METAUSDT	0.0000%	8h	748.05	−0.008%	$7.5M	$14.6M	100x	as long as short
OKX META-USDT-SWAP	0.0000%	8h	748.00	−0.015%	$6.0M	$13.1M	20x	as long as short
Gate META_USDT	0.0000%	8h	747.43	−0.091%	$427K	$5.9M	100x	as long as short
Variational Omni META	0.0000%	8h	748.56	+0.060%	$2.4M	$3.2M	—	as long as short
GRVT META_USDT_Perp	0.0000%	8h	747.65	−0.061%	$12K	$448K	10x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX META-USDT	0.0000%	8h	747.78	−0.044%	$621	$8.8M	20x	as long as short
Deribit META_USDC-PERPETUAL	0.0000%	1h	747.37	−0.099%	$31K	$252K	10x	as long as short
HTX META-USDT	0.0000%	8h	747.74	−0.049%	$107K	$304K	30x	as long as short
Phemex METAUSDT	0.0000%	4h	748.07	−0.005%	$2.0M	$8K	10x	as long as short
Lighter RH META	+0.0032%	1h	748.13	+0.003%	$771K	$3.0M	20x	as long as short
Arcus META-USD	+0.0040%	1h	747.39	−0.096%	$111K	$331K	10x	as long as short
Vest META-USD-PERP	+0.0046%	1h	747.79	−0.043%	—	$11K	25x	as long as short
Polymarket Perps META-USD	+0.0050%	1h	747.37	−0.099%	$588K	$565K	10x	as long as short
SoDEX META-USD	+0.0050%	1h	747.84	−0.036%	$25K	$3K	10x	as long as short
Ondo Perps META-USD.P	+0.0050%	1h	747.09	−0.136%	$773K	$4.6M	10x	as long as short
QFEX META-USD	+0.0058%	1h	747.45	−0.088%	$2.2M	$13.8M	10x	as long as short
Paradex META-USD-PERP	+0.0062%	8h	747.63	−0.064%	—	—	5x	as long as short
Aftermath Perps METAUSD	+0.0084%	1h	748.25	+0.019%	$52K	$82K	10x	as long as short
Bitget METAUSDT	+0.0088%	8h	747.87	−0.032%	$5.5M	$11.9M	100x	as long as short
Popdex METAUSDT	+0.0096%	1h	747.91	−0.027%	$180K	$199K	20x	as long as short
KuCoin METAUSDTM	+0.0100%	8h	747.76	−0.047%	$1.6M	$623K	20x	as long as short
ApeX Omni METAUSDT	+0.0100%	1h	747.06	−0.140%	$167K	$71K	50x	as long as short
Orderly PERP_META_USDC_mythosshort	+0.0100%	8h	747.78	−0.044%	$1K	$24	10x
Aevo META-PERP	+0.0104%	1h	747.64	−0.063%	$269	—	10x	as long as short
Coinbase International META-PERP-INTX	+0.0128%	1h	747.35	−0.102%	$667K	$7.6M	10x	as long as short
Injective META/USDC PERP	+0.0220%	1h	747.19	−0.123%	$172K	$48K	30x	as long as short
Hotstuff META-PERP	+0.0248%	1h	748.02	−0.012%	$33K	$105	20x	as long as short
Lighter METAlong	+0.0280%	1h	748.11	long leg	$905K	$2.5M	20x
tradeXYZ xyz:META	+0.0339%	1h	748.00	−0.015%	$72.0M	$121.7M	20x	as long as short
Phoenix META	+0.0633%	1h	749.25	+0.152%	$800K	$1.4M	20x	as long as short
edgeX METAUSDC	+0.0974%	4h	747.99	−0.016%	$62K	$338K	10x	as long as short