Funding arb · Price arb /

META

RWAall META markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0032%/8h= +3.5% APRpaid last 24h +0.017%

Price spread now: Lighter RH against Phemex−0.036%7-day average −0.021% · you buy dearer than you sell

Net, funding: paid 7d − costs−$88as in the Funding arb table

Net, price: spread back to 7d avg − costs−$97as in the Price arb table

costs, in and out, $10k−$960.955% of the position

Long on Phemex Short on Lighter RH

What this pair did over the last

the charts below follow

Funding, last 7 days+0.077%+$8 on $10k

Price spread, last 4 days (all we have)−0.410%−$41 · spread now −0.036%, 7d avg −0.021%

Together, before fees−0.333%+ Points / potential airdropLighter RH: Points live · farm board−$33 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.021%, 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	Phemex METAUSDT	741.89	0	get 0.0000% / 4h	1h 46m	$2.0M	$8K	10x
Short	Lighter RH META	741.62	0.0032	get 0.0004% / 1h	46m 17s	$763K	$3.0M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter RH against Phemex. 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 PhemexbpFee Lighter RHbpOrdersPrice spread, now −0.036%Rate

Funding earned: $6.72
Price spread: −0.036% → −0.021%: −$1.58
Slippage, 4 orders: −$83.54
Fee Phemex: 6 bp × 2 orders: −$12
Fee Lighter RH: 0 bp × 2 orders: $0
Net: −$90.4
Costs to cover: 0.955%
Break-even: 101.2 days

Slippage from Phemex: live order book, 2 min ago; Lighter RH: live order book, 2 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 Phemex live order book, 2 min ago	2.02 bp	48.2 bp −$48	doesn't fit	doesn't fit	doesn't fit
Sell Lighter RH live order book, 2 min ago	1.21 bp	1.7 bp −$2	4.9 bp −$49	44.2 bp −$4,419	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	741.19	−0.094%	—	$1.1M	20x	as long as short
Nado META-PERP	−0.0032%	1h	740.59	−0.175%	$479K	$549K	20x	as long as short
Aster METAUSDT	0.0000%	8h	741.41	−0.065%	$466K	$549K	20x	as long as short
Extended META_24_5-USD	0.0000%	1h	741.17	−0.097%	$549K	$2.7M	17x	as long as short
Binance METAUSDT	0.0000%	8h	741.35	−0.073%	$27.3M	$178.9M	20x	as long as short
Bybit METAUSDT	0.0000%	8h	741.05	−0.113%	$7.5M	$13.7M	100x	as long as short
OKX META-USDT-SWAP	0.0000%	8h	741.10	−0.106%	$5.9M	$13.3M	20x	as long as short
Gate META_USDT	0.0000%	8h	740.86	−0.139%	$345K	$5.6M	100x	as long as short
Bitget METAUSDT	0.0000%	8h	741.24	−0.088%	$5.4M	$11.4M	100x	as long as short
Variational Omni META	0.0000%	8h	741.74	−0.020%	$2.3M	$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	741.92	+0.004%	$13K	$432K	10x	as long as short
SunX META-USDT	0.0000%	8h	741.03	−0.116%	$963	$9.1M	20x	as long as short
Deribit META_USDC-PERPETUAL	0.0000%	1h	740.98	−0.123%	$31K	$245K	10x	as long as short
HTX META-USDT	0.0000%	8h	741.13	−0.102%	$106K	$296K	30x	as long as short
Phemex METAUSDTlong	0.0000%	4h	741.89	long leg	$2.0M	$8K	10x
Lighter RH METAshort	+0.0032%	1h	741.62	−0.036%	$763K	$3.0M	20x
QFEX META-USD	+0.0032%	1h	741.10	−0.106%	$2.1M	$13.7M	10x	as long as short
Arcus META-USD	+0.0040%	1h	740.94	−0.128%	$110K	$330K	10x	as long as short
Vest META-USD-PERP	+0.0046%	1h	741.65	−0.032%	—	$10K	25x	as long as short
Popdex METAUSDT	+0.0048%	1h	741.20	−0.093%	$178K	$199K	20x	as long as short
Polymarket Perps META-USD	+0.0050%	1h	741.21	−0.092%	$558K	$548K	10x	as long as short
SoDEX META-USD	+0.0050%	1h	741.18	−0.096%	$24K	$3K	10x	as long as short
Ondo Perps META-USD.P	+0.0050%	1h	740.41	−0.199%	$702K	$4.2M	10x	as long as short
Paradex META-USD-PERP	+0.0059%	8h	740.91	−0.132%	—	—	5x	as long as short
Aftermath Perps METAUSD	+0.0074%	1h	741.82	−0.010%	$50K	$82K	10x	as long as short
Coinbase International META-PERP-INTX	+0.0096%	1h	741.82	−0.009%	$610K	$7.1M	10x	as long as short
KuCoin METAUSDTM	+0.0100%	8h	741.51	−0.051%	$1.6M	$507K	20x	as long as short
ApeX Omni METAUSDT	+0.0100%	1h	740.56	−0.179%	$166K	$71K	50x	as long as short
Orderly PERP_META_USDC_mythos	+0.0100%	8h	741.37	−0.070%	$1K	$24	10x	as long as short
Aevo META-PERP	+0.0104%	1h	741.20	−0.092%	$267	—	10x	as long as short
Injective META/USDC PERP	+0.0220%	1h	743.34	+0.195%	$171K	$48K	30x	as long as short
Lighter META	+0.0256%	1h	741.53	−0.049%	$861K	$2.4M	20x	as long as short
Hotstuff META-PERP	+0.0264%	1h	741.30	−0.080%	$33K	$105	20x	as long as short
tradeXYZ xyz:META	+0.0356%	1h	741.50	−0.053%	$69.0M	$120.0M	20x	as long as short
edgeX METAUSDC	+0.0423%	4h	741.61	−0.038%	$62K	$336K	10x	as long as short
Phoenix META	+0.0496%	1h	742.78	+0.120%	$500K	$1.1M	20x	as long as short