Funding arb · Price arb /

META

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0100%/8hnext payment −$1.00 per $10,000 · paid last 24h −0.022%

Price spread now: OKX against Orderly−0.123%7-day average — · you buy dearer than you sell

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

Long on Orderly Short on OKX

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and OKX is 0.123% cheaper against Orderly than usual: you would sell low and buy high (−$12 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_META_USDC_mythos	753.10	0.0100	pay 0.0100% / 8h	4h 23m	$1K	$24	10x
Short	OKX META-USDT-SWAP	752.17	0	get 0.0000% / 8h	4h 23m	$6.1M	$12.7M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX against Orderly. 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 OrderlybpFee OKXbpOrdersPrice spread, now −0.123%Rate

Funding earned: −$21
Price spread: −0.123% → 0.000%: −$12.35
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee OKX: 5 bp × 2 orders: −$10
Net: −$49.35
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: Orderly: no order-book sample; OKX: live order book, 4 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 Orderly no order-book sample	—	—	—	—	—
Sell OKX live order book, 4 min ago	1.47 bp	9.0 bp −$9	15.6 bp −$156	doesn't fit	doesn't fit

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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
Hotstuff META-PERP	−0.0120%	1h	750.17	−0.389%	$34K	$105	20x	as long as short
BloFin META-USDT	−0.0120%	8h	749.99	−0.413%	$337K	$1.0M	20x	as long as short
Phoenix META	−0.0021%	1h	746.59	−0.864%	$306K	$622K	20x	as long as short
Nado META-PERP	−0.0009%	1h	752.30	−0.106%	$403K	$227K	20x	as long as short
Aster METAUSDT	0.0000%	8h	752.85	−0.033%	$463K	$449K	20x	as long as short
Extended META_24_5-USD	0.0000%	1h	752.59	−0.068%	$561K	$1.5M	17x	as long as short
Binance METAUSDT	0.0000%	8h	752.04	−0.140%	$28.2M	$163.6M	20x	as long as short
Bybit METAUSDT	0.0000%	8h	752.25	−0.113%	$8.1M	$12.7M	100x	as long as short
OKX META-USDT-SWAPshort	0.0000%	8h	752.17	−0.123%	$6.1M	$12.7M	20x
Gate META_USDT	0.0000%	8h	752.11	−0.131%	$338K	$5.0M	100x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget METAUSDT	0.0000%	8h	751.85	−0.166%	$6.0M	$9.7M	100x	as long as short
Variational Omni META	0.0000%	8h	749.56	−0.471%	$1.6M	$2.3M	—	as long as short
GRVT META_USDT_Perp	0.0000%	8h	746.83	−0.832%	$13K	$532K	10x	as long as short
SunX META-USDT	0.0000%	8h	753.20	+0.013%	$1K	$9.4M	20x	as long as short
HTX META-USDT	0.0000%	8h	752.54	−0.074%	$107K	$283K	30x	as long as short
Phemex METAUSDT	0.0000%	4h	752.90	−0.027%	$2.0M	$7K	10x	as long as short
QFEX META-USD	+0.0012%	1h	752.76	−0.045%	$2.3M	$13.4M	10x	as long as short
Lighter META	+0.0032%	1h	752.22	−0.117%	$878K	$2.5M	20x	as long as short
Lighter RH META	+0.0032%	1h	752.34	−0.101%	$743K	$3.2M	20x	as long as short
Vest META-USD-PERP	+0.0046%	1h	752.65	−0.060%	—	$9K	25x	as long as short
Popdex METAUSDT	+0.0048%	1h	752.89	−0.028%	$176K	$194K	20x	as long as short
Coinbase International META-PERP-INTX	+0.0048%	1h	752.41	−0.092%	$649K	$6.8M	10x	as long as short
tradeXYZ xyz:META	+0.0050%	1h	752.11	−0.131%	$72.2M	$110.9M	20x	as long as short
Polymarket Perps META-USD	+0.0050%	1h	752.60	−0.066%	$548K	$836K	10x	as long as short
SoDEX META-USD	+0.0050%	1h	752.92	−0.024%	$25K	$3K	10x	as long as short
Ondo Perps META-USD.P	+0.0050%	1h	751.90	−0.159%	$689K	$3.8M	10x	as long as short
Paradex META-USD-PERP	+0.0051%	8h	752.05	−0.139%	—	—	5x	as long as short
KuCoin METAUSDTM	+0.0100%	8h	751.83	−0.169%	$1.6M	$300K	20x	as long as short
ApeX Omni METAUSDT	+0.0100%	1h	746.41	−0.888%	$167K	$71K	50x	as long as short
Orderly PERP_META_USDC_mythoslong	+0.0100%	8h	753.10	long leg	$1K	$24	10x
Aevo META-PERP	+0.0104%	1h	752.96	−0.018%	$271	—	10x	as long as short
Deribit META_USDC-PERPETUAL	+0.0122%	1h	752.84	−0.035%	$29K	$259K	10x	as long as short
Arcus META-USD	+0.0128%	1h	752.53	−0.076%	$267K	$311K	10x	as long as short
Injective META/USDC PERP	+0.0220%	1h	749.29	−0.506%	$170K	$42K	30x	as long as short
Aftermath Perps METAUSD	+0.0332%	1h	748.43	−0.620%	$42K	$49K	10x	as long as short
edgeX METAUSDC	+0.0670%	4h	748.56	−0.603%	$63K	$328K	10x	as long as short