Funding arb · Price arb /

META

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0058%/8h= +6.3% APRpaid last 24h +0.005%

Price spread now: QFEX against OKX−0.038%7-day average −0.026% · 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−$35as in the Price arb table

costs, in and out, $10k−$340.337% of the position

Long on OKX Short on QFEX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.012%+$1 on $10k

Price spread, last 7 days+0.045%+$5 · spread now −0.038%, 7d avg −0.026%

Together, before fees+0.057%+$6 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.026%, so right now this pair is about funding alone: +$2 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX META-USDT-SWAP	745.99	0	get 0.0000% / 8h	3h 43m	$6.0M	$13.6M	20x
Short	QFEX META-USD	745.71	0.0058	get 0.0007% / 1h	43m 36s	$2.2M	$13.7M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

QFEX 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 QFEXbpOrdersPrice spread, now −0.038%Rate

Funding earned: $12.1
Price spread: −0.038% → −0.026%: −$1.2
Slippage, 4 orders: −$13.69
Fee OKX: 5 bp × 2 orders: −$10
Fee QFEX: 5 bp × 2 orders: −$10
Net: −$22.8
Costs to cover: 0.337%
Break-even: 20.2 days

Slippage from OKX: live order book, 5 min ago; QFEX: live order book, 11 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, 5 min ago	0.94 bp	10.1 bp −$10	20.3 bp −$203	doesn't fit	doesn't fit
Sell QFEX live order book, 11 min ago	1.95 bp	6.9 bp −$7	9.2 bp −$92	21.2 bp −$2,123	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	745.26	−0.098%	$329K	$1.1M	20x	as long as short
Nado META-PERP	−0.0021%	1h	745.38	−0.081%	$482K	$553K	20x	as long as short
Aster METAUSDT	0.0000%	8h	745.20	−0.106%	$469K	$554K	20x	as long as short
Extended META_24_5-USD	0.0000%	1h	745.71	−0.037%	$550K	$2.7M	17x	as long as short
Binance METAUSDT	0.0000%	8h	745.97	−0.003%	$28.5M	$183.0M	20x	as long as short
Bybit METAUSDT	0.0000%	8h	745.60	−0.052%	$7.5M	$14.5M	100x	as long as short
OKX META-USDT-SWAPlong	0.0000%	8h	745.99	long leg	$6.0M	$13.6M	20x
Gate META_USDT	0.0000%	8h	745.31	−0.091%	$365K	$5.8M	100x	as long as short
Bitget METAUSDT	0.0000%	8h	745.69	−0.040%	$5.4M	$11.8M	100x	as long as short
Variational Omni META	0.0000%	8h	744.99	−0.133%	$2.4M	$3.2M	—	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT META_USDT_Perp	0.0000%	8h	745.25	−0.099%	$12K	$451K	10x	as long as short
SunX META-USDT	0.0000%	8h	745.27	−0.097%	$821	$9.0M	20x	as long as short
Deribit META_USDC-PERPETUAL	0.0000%	1h	744.85	−0.153%	$31K	$246K	10x	as long as short
HTX META-USDT	0.0000%	8h	745.23	−0.102%	$106K	$301K	30x	as long as short
Phemex METAUSDT	0.0000%	4h	745.19	−0.107%	$2.0M	$8K	10x	as long as short
Lighter RH META	+0.0032%	1h	745.99	0.000%	$783K	$2.9M	20x	as long as short
Arcus META-USD	+0.0040%	1h	744.75	−0.166%	$111K	$330K	10x	as long as short
Vest META-USD-PERP	+0.0046%	1h	745.96	−0.004%	—	$10K	25x	as long as short
Popdex METAUSDT	+0.0048%	1h	745.90	−0.012%	$180K	$199K	20x	as long as short
Polymarket Perps META-USD	+0.0050%	1h	745.55	−0.059%	$587K	$565K	10x	as long as short
SoDEX META-USD	+0.0050%	1h	745.33	−0.088%	$25K	$3K	10x	as long as short
Ondo Perps META-USD.P	+0.0050%	1h	744.20	−0.240%	$801K	$4.6M	10x	as long as short
QFEX META-USDshort	+0.0058%	1h	745.71	−0.038%	$2.2M	$13.7M	10x
Aftermath Perps METAUSD	+0.0084%	1h	745.19	−0.107%	$52K	$82K	10x	as long as short
Paradex META-USD-PERP	+0.0094%	8h	745.70	−0.039%	—	—	5x	as long as short
KuCoin METAUSDTM	+0.0100%	8h	745.28	−0.095%	$1.6M	$603K	20x	as long as short
ApeX Omni METAUSDT	+0.0100%	1h	744.39	−0.214%	$167K	$71K	50x	as long as short
Orderly PERP_META_USDC_mythos	+0.0100%	8h	745.25	−0.099%	$1K	$24	10x	as long as short
Aevo META-PERP	+0.0104%	1h	745.07	−0.123%	$268	—	10x	as long as short
Coinbase International META-PERP-INTX	+0.0128%	1h	744.67	−0.177%	$618K	$7.4M	10x	as long as short
Injective META/USDC PERP	+0.0220%	1h	744.08	−0.256%	$172K	$48K	30x	as long as short
Hotstuff META-PERP	+0.0232%	1h	745.33	−0.088%	$33K	$105	20x	as long as short
Lighter META	+0.0240%	1h	746.03	+0.005%	$865K	$2.4M	20x	as long as short
tradeXYZ xyz:META	+0.0337%	1h	745.94	−0.007%	$70.2M	$121.1M	20x	as long as short
Phoenix META	+0.0633%	1h	746.12	+0.017%	$768K	$1.4M	20x	as long as short
edgeX METAUSDC	+0.0979%	4h	744.81	−0.158%	$62K	$339K	10x	as long as short