Funding arb · Price arb /

META

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0040%/8h= +4.4% APRpaid last 24h +0.056%

Price spread now: Arcus against OKX−0.107%47s7-day average −0.022% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$340.342% of the position

Long on OKX Short on Arcus

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.133%+$13 on $10k

Price spread, last 4 days (all we have)+0.101%+$10 · spread now −0.107%, 7d avg −0.022%

Together, before fees+0.234%+$23 on $10k · with fees, hour by hour

Funding pays, the price is against you. Arcus is 0.085% cheaper against OKX than usual: you would sell low and buy high (spread −0.107% now, against its 7-day average of −0.022%). If the spread goes back, that is −$9 on $10k: about 7.1 days of funding at the current rate (+$1 a day). At the pace of the last 4 days (+0.133% in total) that is about 2.4 days. The two prices were read 47 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX META-USDT-SWAP	746.35	0	get 0.0000% / 8h	57m 44s	$6.0M	$12.7M	20x
Short	Arcus META-USD	745.55	0.0040	get 0.0005% / 1h	57m 44s	$112K	$339K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Arcus against OKX. 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 OKXbpFee ArcusbpOrdersPrice spread, now −0.107%Rate

Funding earned: $8.46
Price spread: −0.107% → −0.022%: −$8.53
Slippage, 4 orders: −$19.74
Fee OKX: 5 bp × 2 orders: −$10
Fee Arcus: 2.25 bp × 2 orders: −$4.5
Net: −$34.31
Costs to cover: 0.342%
Break-even: 35.4 days

Slippage from OKX: live order book, just now; Arcus: live order book, 46 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 OKX live order book, just now	0.54 bp	8.2 bp −$8	20.3 bp −$203	doesn't fit	doesn't fit
Sell Arcus live order book, 46 min ago	2.55 bp	11.0 bp −$11	14.0 bp −$140	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	745.94	−0.055%	$332K	$1.1M	20x	as long as short
Aster METAUSDT	0.0000%	8h	745.93	−0.056%	$480K	$593K	20x	as long as short
Extended META_24_5-USD	0.0000%	1h	746.18	−0.022%	$548K	$1.8M	17x	as long as short
Binance METAUSDT	0.0000%	8h	746.21	−0.019%	$25.0M	$188.3M	20x	as long as short
Bybit METAUSDT	0.0000%	8h	746.09	−0.035%	$7.4M	$15.4M	100x	as long as short
OKX META-USDT-SWAPlong	0.0000%	8h	746.35	long leg	$6.0M	$12.7M	20x
Gate META_USDT	0.0000%	8h	745.72	−0.084%	$464K	$6.2M	100x	as long as short
Bitget METAUSDT	0.0000%	8h	746.25	−0.013%	$5.6M	$12.4M	100x	as long as short
Variational Omni META	0.0000%	8h	745.62	−0.097%	$2.4M	$3.1M	—	as long as short
GRVT META_USDT_Perp	0.0000%	8h	745.71	−0.086%	$12K	$436K	10x	as long as short

Show all 37 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX META-USDT	0.0000%	8h	746.10	−0.033%	$792	$8.1M	20x	as long as short
Deribit META_USDC-PERPETUAL	0.0000%	1h	745.83	−0.070%	$34K	$275K	10x	as long as short
HTX META-USDT	0.0000%	8h	746.12	−0.031%	$106K	$309K	30x	as long as short
Phemex METAUSDT	0.0000%	4h	746.22	−0.017%	$2.0M	$8K	10x	as long as short
QFEX META-USD	+0.0031%	1h	745.91	−0.059%	$2.2M	$13.9M	10x	as long as short
Arcus META-USDshort	+0.0040%	1h	745.55	−0.107%	$112K	$339K	10x
Vest META-USD-PERP	+0.0046%	1h	746.31	−0.005%	—	$12K	25x	as long as short
Lighter RH META	+0.0048%	1h	746.18	−0.023%	$787K	$3.1M	20x	as long as short
Polymarket Perps META-USD	+0.0050%	1h	745.74	−0.082%	$565K	$597K	10x	as long as short
SoDEX META-USD	+0.0050%	1h	746.16	−0.025%	$25K	$3K	10x	as long as short
Ondo Perps META-USD.P	+0.0050%	1h	745.42	−0.125%	$696K	$5.1M	10x	as long as short
Paradex META-USD-PERP	+0.0055%	8h	745.82	−0.071%	—	—	5x	as long as short
Nado META-PERP	+0.0071%	1h	745.63	−0.097%	$481K	$559K	20x	as long as short
Aftermath Perps METAUSD	+0.0086%	1h	746.31	−0.006%	$52K	$81K	10x	as long as short
Pacifica META	+0.0100%	1h	745.48	−0.117%	$13	$106	10x	as long as short
KuCoin METAUSDTM	+0.0100%	8h	745.94	−0.055%	$1.6M	$702K	20x	as long as short
ApeX Omni METAUSDT	+0.0100%	1h	745.11	−0.166%	$167K	$71K	50x	as long as short
Orderly PERP_META_USDC_mythos	+0.0100%	8h	746.12	−0.031%	$1K	$24	10x	as long as short
Aevo META-PERP	+0.0104%	1h	745.99	−0.048%	$269	—	10x	as long as short
Coinbase International META-PERP-INTX	+0.0104%	1h	745.50	−0.114%	$649K	$7.8M	10x	as long as short
Popdex METAUSDT	+0.0176%	1h	746.18	−0.023%	$178K	$203K	20x	as long as short
Injective META/USDC PERP	+0.0220%	1h	748.52	+0.291%	$173K	$46K	30x	as long as short
Hotstuff META-PERP	+0.0288%	1h	746.46	+0.015%	$33K	$105	20x	as long as short
Lighter META	+0.0408%	1h	746.37	+0.003%	$1.1M	$2.8M	20x	as long as short
tradeXYZ xyz:META	+0.0527%	1h	746.37	+0.003%	$78.8M	$128.4M	20x	as long as short
Phoenix META	+0.0739%	1h	746.85	+0.067%	$797K	$1.5M	20x	as long as short
edgeX METAUSDC	+0.0835%	4h	745.64	−0.095%	$62K	$345K	10x	as long as short