Funding arb · Price arb /

META

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0200%/8h= −21.9% APRpaid last 24h −0.014%

Price spread now: Variational Omni against Lighter+0.020%7-day average +0.012% · you sell dearer than you buy

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

Long on Lighter Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.043%−$4 on $10k

Price spread, last 4 days (all we have)−0.008%−$1 · spread now +0.020%, 7d avg +0.012%

Together, before fees−0.051%+ Points / potential airdropLighter: Season 3 · Variational Omni: Active · farm board−$5 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.012%, so right now this pair is about funding alone: −$6 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid -0.043% in total (about -4.6% 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	740.68	0.0200	pay 0.0025% / 1h	2m 52s	$857K	$2.5M	20x
Short	Variational Omni META	740.83	0	get 0.0000% / 8h	7h 02m	$2.4M	$3.3M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni 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 Variational OmnibpOrdersPrice spread, now +0.020%Rate

Funding earned: −$42
Price spread: +0.020% → +0.012%: $0.83
Slippage, 4 orders: no order book: not counted
Fee Lighter: 0 bp × 2 orders: $0
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$41.17
Costs to cover: 0.000%
Break-even: from the start

Slippage unknown: Lighter: live order book, 4 min ago; Variational Omni: RFQ quote, 1 min ago. 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, 4 min ago	0.41 bp	0.7 bp −$1	1.8 bp −$18	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 1 min ago	2.46 bp	doesn't fit	18.7 bp −$187	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-USDT	−0.0120%	8h	740.77	+0.012%	$326K	$1.1M	20x	as long as short
Nado META-PERP	−0.0095%	1h	740.42	−0.035%	$490K	$518K	20x	as long as short
Deribit META_USDC-PERPETUAL	−0.0074%	1h	740.08	−0.081%	$30K	$246K	10x	as long as short
Aster METAUSDT	0.0000%	8h	740.44	−0.032%	$466K	$549K	20x	as long as short
Extended META_24_5-USD	0.0000%	1h	740.32	−0.048%	$550K	$2.7M	17x	as long as short
Binance METAUSDT	0.0000%	8h	740.45	−0.031%	$27.4M	$179.9M	20x	as long as short
Bybit METAUSDT	0.0000%	8h	740.68	0.000%	$7.5M	$14.0M	100x	as long as short
OKX META-USDT-SWAP	0.0000%	8h	740.32	−0.049%	$6.0M	$13.3M	20x	as long as short
Gate META_USDT	0.0000%	8h	740.41	−0.036%	$351K	$5.7M	100x	as long as short
Bitget METAUSDT	0.0000%	8h	740.50	−0.024%	$5.6M	$11.3M	100x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni METAshort	0.0000%	8h	740.83	+0.020%	$2.4M	$3.3M	—
GRVT META_USDT_Perp	0.0000%	8h	740.87	+0.026%	$13K	$453K	10x	as long as short
SunX META-USDT	0.0000%	8h	740.91	+0.031%	$983	$9.3M	20x	as long as short
HTX META-USDT	0.0000%	8h	740.74	+0.008%	$105K	$295K	30x	as long as short
Phemex METAUSDT	0.0000%	4h	740.72	+0.005%	$2.0M	$8K	10x	as long as short
Lighter RH META	+0.0032%	1h	740.67	−0.001%	$753K	$3.2M	20x	as long as short
Vest META-USD-PERP	+0.0046%	1h	740.96	+0.038%	—	$11K	25x	as long as short
Popdex METAUSDT	+0.0048%	1h	740.51	−0.023%	$176K	$197K	20x	as long as short
Polymarket Perps META-USD	+0.0050%	1h	740.38	−0.041%	$558K	$857K	10x	as long as short
SoDEX META-USD	+0.0050%	1h	740.51	−0.023%	$24K	$3K	10x	as long as short
Ondo Perps META-USD.P	+0.0050%	1h	740.07	−0.082%	$686K	$4.4M	10x	as long as short
QFEX META-USD	+0.0055%	1h	740.41	−0.036%	$2.2M	$14.1M	10x	as long as short
Paradex META-USD-PERP	+0.0060%	8h	740.58	−0.014%	—	—	5x	as long as short
Arcus META-USD	+0.0063%	1h	740.20	−0.065%	$110K	$331K	10x	as long as short
Aftermath Perps METAUSD	+0.0068%	1h	741.11	+0.059%	$48K	$80K	10x	as long as short
KuCoin METAUSDTM	+0.0100%	8h	740.80	+0.016%	$1.6M	$454K	20x	as long as short
ApeX Omni METAUSDT	+0.0100%	1h	740.31	−0.050%	$166K	$71K	50x	as long as short
Orderly PERP_META_USDC_mythos	+0.0100%	8h	740.53	−0.020%	$1K	$24	10x	as long as short
Aevo META-PERP	+0.0104%	1h	740.31	−0.050%	$267	—	10x	as long as short
Coinbase International META-PERP-INTX	+0.0144%	1h	740.35	−0.045%	$610K	$7.4M	10x	as long as short
Hotstuff META-PERP	+0.0152%	1h	740.70	+0.003%	$33K	$105	20x	as long as short
tradeXYZ xyz:META	+0.0165%	1h	740.62	−0.008%	$67.9M	$121.1M	20x	as long as short
Lighter METAlong	+0.0200%	1h	740.68	long leg	$857K	$2.5M	20x
Injective META/USDC PERP	+0.0220%	1h	741.98	+0.176%	$171K	$48K	30x	as long as short
Phoenix META	+0.0259%	1h	741.55	+0.117%	$335K	$930K	20x	as long as short
edgeX METAUSDC	+0.0394%	4h	740.15	−0.072%	$62K	$335K	10x	as long as short