Funding arb · Price arb /

META

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0032%/8h= −3.5% APRpaid last 24h −0.010%

Price spread now: Bybit against Lighter RH−0.007%7-day average +0.001% · you buy dearer than you sell

Net, funding: paid 7d − costs−$31as in the Funding arb table

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

costs, in and out, $10k−$260.262% of the position

Long on Lighter RH Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.052%−$5 on $10k

Price spread, last 7 days+0.012%+$1 · spread now −0.007%, 7d avg +0.001%

Together, before fees−0.040%+ Points / potential airdropLighter RH: Points live · farm board−$4 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.001%, so right now this pair is about funding alone: −$1 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter RH META	744.00	0.0032	pay 0.0004% / 1h	17m 15s	$795K	$3.0M	20x
Short	Bybit METAUSDT	743.95	0	get 0.0000% / 8h	7h 17m	$7.5M	$15.6M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Lighter RH. 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 Lighter RHbpFee BybitbpOrdersPrice spread, now −0.007%Rate

Funding earned: −$6.72
Price spread: −0.007% → +0.001%: −$0.74
Slippage, 4 orders: −$15.23
Fee Lighter RH: 0 bp × 2 orders: $0
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$33.69
Costs to cover: 0.262%
Break-even: never at this rate

Slippage from Lighter RH: live order book, 1 min ago; Bybit: 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 RH live order book, 1 min ago	1.28 bp	3.1 bp −$3	7.7 bp −$77	doesn't fit	doesn't fit
Sell Bybit live order book, 1 min ago	0.67 bp	11.1 bp −$11	23.3 bp −$233	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	743.79	−0.028%	$336K	$1.1M	20x	as long as short
Nado META-PERP	0.0000%	1h	743.21	−0.106%	$478K	$560K	20x	as long as short
Aster METAUSDT	0.0000%	8h	744.00	0.000%	$479K	$620K	20x	as long as short
Extended META_24_5-USD	0.0000%	1h	743.62	−0.050%	$544K	$3.4M	17x	as long as short
Binance METAUSDT	0.0000%	8h	743.86	−0.018%	$25.9M	$191.5M	20x	as long as short
Bybit METAUSDTshort	0.0000%	8h	743.95	−0.007%	$7.5M	$15.6M	100x
OKX META-USDT-SWAP	0.0000%	8h	744.11	+0.015%	$6.1M	$12.9M	20x	as long as short
Gate META_USDT	0.0000%	8h	743.46	−0.073%	$472K	$6.4M	100x	as long as short
Bitget METAUSDT	0.0000%	8h	743.83	−0.023%	$5.7M	$12.2M	100x	as long as short
Variational Omni META	0.0000%	8h	743.23	−0.104%	$2.5M	$3.0M	—	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	742.98	−0.137%	$12K	$437K	10x	as long as short
SunX META-USDT	0.0000%	8h	743.98	−0.003%	$1K	$7.7M	20x	as long as short
Deribit META_USDC-PERPETUAL	0.0000%	1h	743.72	−0.038%	$36K	$270K	10x	as long as short
HTX META-USDT	0.0000%	8h	743.69	−0.042%	$107K	$300K	30x	as long as short
Phemex METAUSDT	0.0000%	4h	743.55	−0.060%	$2.0M	$8K	10x	as long as short
Lighter RH METAlong	+0.0032%	1h	744.00	long leg	$795K	$3.0M	20x
QFEX META-USD	+0.0036%	1h	743.97	−0.004%	$2.2M	$14.1M	10x	as long as short
Arcus META-USD	+0.0040%	1h	743.47	−0.071%	$112K	$337K	10x	as long as short
Vest META-USD-PERP	+0.0046%	1h	744.02	+0.003%	—	$12K	25x	as long as short
Popdex METAUSDT	+0.0048%	1h	743.93	−0.009%	$180K	$205K	20x	as long as short
Polymarket Perps META-USD	+0.0050%	1h	743.68	−0.043%	$566K	$619K	10x	as long as short
SoDEX META-USD	+0.0050%	1h	743.48	−0.070%	$24K	$3K	10x	as long as short
Ondo Perps META-USD.P	+0.0050%	1h	742.56	−0.194%	$741K	$5.0M	10x	as long as short
Paradex META-USD-PERP	+0.0054%	8h	743.65	−0.047%	—	—	5x	as long as short
Aftermath Perps METAUSD	+0.0076%	1h	743.54	−0.062%	$51K	$92K	10x	as long as short
Pacifica META	+0.0100%	1h	743.06	−0.126%	$611	$2K	10x	as long as short
KuCoin METAUSDTM	+0.0100%	8h	743.63	−0.050%	$1.6M	$781K	20x	as long as short
ApeX Omni METAUSDT	+0.0100%	1h	742.75	−0.168%	$166K	$71K	50x	as long as short
Orderly PERP_META_USDC_mythos	+0.0100%	8h	743.61	−0.052%	$1K	$24	10x	as long as short
Aevo META-PERP	+0.0104%	1h	743.43	−0.076%	$268	—	10x	as long as short
Coinbase International META-PERP-INTX	+0.0120%	1h	743.28	−0.097%	$639K	$8.0M	10x	as long as short
Injective META/USDC PERP	+0.0220%	1h	744.78	+0.105%	$176K	$52K	30x	as long as short
Hotstuff META-PERP	+0.0232%	1h	743.25	−0.101%	$33K	$105	20x	as long as short
Lighter META	+0.0296%	1h	744.17	+0.023%	$1.2M	$2.9M	20x	as long as short
tradeXYZ xyz:META	+0.0299%	1h	743.88	−0.016%	$85.5M	$134.0M	20x	as long as short
edgeX METAUSDC	+0.0762%	4h	742.87	−0.153%	$63K	$348K	10x	as long as short
Phoenix META	+0.0791%	1h	743.95	−0.007%	$794K	$1.5M	20x	as long as short