Funding arb · Price arb /

META

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0287%/8h= +31.4% APRpaid last 24h +0.046%

Price spread now: tradeXYZ against OKX+0.032%7-day average −0.039% · you sell dearer than you buy

Net, funding: paid 7d − costs−$21as in the Funding arb table

Net, price: spread back to 7d avg − costs−$32as in the Price arb table

costs, in and out, $10k−$390.388% of the position

Long on OKX Short on tradeXYZ

What this pair did over the last

the charts below follow

Funding, last 7 days+0.176%+$18 on $10k

Price spread, last 7 days−0.039%−$4 · spread now +0.032%, 7d avg −0.039%

Together, before fees+0.137%+ Points / potential airdroptradeXYZ: Active · farm board+$14 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$9 a day on $10k at the current rate, and tradeXYZ is 0.071% dearer against OKX than usual: you sell high and buy low: +$7 more if the spread goes back to its 7-day average of −0.039%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.176% in total (about 9.2% 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	OKX META-USDT-SWAP	742.11	0	get 0.0000% / 8h	4h 32m	$6.0M	$13.5M	20x
Short	tradeXYZ xyz:META	742.35	0.0287	get 0.0036% / 1h	32m 37s	$69.5M	$120.3M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

tradeXYZ 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 tradeXYZbpOrdersPrice spread, now +0.032%Rate

Funding earned: $60.3
Price spread: +0.032% → −0.039%: $7.14
Slippage, 4 orders: −$10.81
Fee OKX: 5 bp × 2 orders: −$10
Fee tradeXYZ: 9 bp × 2 orders: −$18
Net: $28.63
Costs to cover: 0.388%
Break-even: 3.7 days

Slippage from OKX: live order book, 1 min ago; tradeXYZ: live order book, 7 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, 1 min ago	1.62 bp	8.8 bp −$9	22.7 bp −$227	doesn't fit	doesn't fit
Sell tradeXYZ live order book, 7 min ago	0.47 bp	9.9 bp −$10	11.8 bp −$118	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	742.28	+0.023%	$329K	$1.1M	20x	as long as short
Nado META-PERP	−0.0028%	1h	741.81	−0.041%	$480K	$553K	20x	as long as short
Aster METAUSDT	0.0000%	8h	742.31	+0.026%	$466K	$551K	20x	as long as short
Extended META_24_5-USD	0.0000%	1h	742.20	+0.012%	$548K	$2.7M	17x	as long as short
Binance METAUSDT	0.0000%	8h	742.36	+0.034%	$27.5M	$180.5M	20x	as long as short
Bybit METAUSDT	0.0000%	8h	742.03	−0.011%	$7.5M	$14.0M	100x	as long as short
OKX META-USDT-SWAPlong	0.0000%	8h	742.11	long leg	$6.0M	$13.5M	20x
Gate META_USDT	0.0000%	8h	741.89	−0.030%	$363K	$5.7M	100x	as long as short
Bitget METAUSDT	0.0000%	8h	742.27	+0.022%	$5.4M	$11.7M	100x	as long as short
Variational Omni META	0.0000%	8h	742.38	+0.036%	$2.4M	$3.1M	—	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	742.49	+0.052%	$13K	$440K	10x	as long as short
SunX META-USDT	0.0000%	8h	742.51	+0.054%	$766	$9.1M	20x	as long as short
Deribit META_USDC-PERPETUAL	0.0000%	1h	741.72	−0.053%	$31K	$245K	10x	as long as short
HTX META-USDT	0.0000%	8h	742.21	+0.013%	$106K	$296K	30x	as long as short
Phemex METAUSDT	0.0000%	4h	742.34	+0.031%	$2.0M	$8K	10x	as long as short
Lighter RH META	+0.0032%	1h	742.48	+0.050%	$768K	$3.0M	20x	as long as short
QFEX META-USD	+0.0036%	1h	742.23	+0.016%	$2.1M	$13.7M	10x	as long as short
Arcus META-USD	+0.0040%	1h	741.95	−0.022%	$110K	$330K	10x	as long as short
Vest META-USD-PERP	+0.0046%	1h	742.36	+0.034%	—	$10K	25x	as long as short
Popdex METAUSDT	+0.0048%	1h	742.29	+0.024%	$178K	$199K	20x	as long as short
Polymarket Perps META-USD	+0.0050%	1h	742.06	−0.007%	$559K	$540K	10x	as long as short
SoDEX META-USD	+0.0050%	1h	742.27	+0.022%	$24K	$3K	10x	as long as short
Ondo Perps META-USD.P	+0.0050%	1h	741.77	−0.046%	$709K	$4.3M	10x	as long as short
Paradex META-USD-PERP	+0.0063%	8h	742.09	−0.003%	—	—	5x	as long as short
Aftermath Perps METAUSD	+0.0081%	1h	743.15	+0.140%	$51K	$82K	10x	as long as short
KuCoin METAUSDTM	+0.0100%	8h	742.54	+0.058%	$1.6M	$544K	20x	as long as short
ApeX Omni METAUSDT	+0.0100%	1h	741.36	−0.101%	$166K	$71K	50x	as long as short
Orderly PERP_META_USDC_mythos	+0.0100%	8h	742.34	+0.031%	$1K	$24	10x	as long as short
Aevo META-PERP	+0.0104%	1h	742.16	+0.006%	$267	—	10x	as long as short
Coinbase International META-PERP-INTX	+0.0104%	1h	742.02	−0.012%	$614K	$7.2M	10x	as long as short
Hotstuff META-PERP	+0.0152%	1h	742.33	+0.030%	$33K	$105	20x	as long as short
Injective META/USDC PERP	+0.0220%	1h	744.47	+0.318%	$172K	$48K	30x	as long as short
Lighter META	+0.0248%	1h	742.45	+0.046%	$858K	$2.4M	20x	as long as short
tradeXYZ xyz:METAshort	+0.0287%	1h	742.35	+0.032%	$69.5M	$120.3M	20x
Phoenix META	+0.0591%	1h	743.18	+0.144%	$660K	$1.2M	20x	as long as short
edgeX METAUSDC	+0.0888%	4h	742.35	+0.032%	$62K	$337K	10x	as long as short