Funding arb · Price arb /

META

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC−0.0056%/8h= −6.2% APRpaid last 24h −0.010%

Price spread now: HTX against QFEX+0.005%7-day average −0.016% · you sell dearer than you buy

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

Net, price: spread back to 7d avg − costs−$29as in the Price arb table

costs, in and out, $10k−$320.316% of the position

Long on QFEX Short on HTX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.022%−$2 on $10k

Price spread, last 4 days (all we have)+0.098%+$10 · spread now +0.005%, 7d avg −0.016%

Together, before fees+0.076%+$8 on $10k · with fees, hour by hour

The price spread pays, funding is against you. HTX is 0.021% dearer against QFEX than usual: you sell high and buy low (spread +0.005% now, against its 7-day average of −0.016%): +$2 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 30 hours. At the pace of the last 4 days (−0.022% in total) that is about 3.7 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	QFEX META-USD	739.00	0.0056	pay 0.0007% / 1h	53m 30s	$2.2M	$14.0M	10x
Short	HTX META-USDT	739.04	0	get 0.0000% / 8h	4h 53m	$108K	$309K	30x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX against QFEX. 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 QFEXbpFee HTXbpOrdersPrice spread, now +0.005%Rate

Funding earned: −$11.84
Price spread: +0.005% → −0.016%: $2.13
Slippage, 4 orders: −$9.55
Fee QFEX: 5 bp × 2 orders: −$10
Fee HTX: 6 bp × 2 orders: −$12
Net: −$41.27
Costs to cover: 0.316%
Break-even: never at this rate

Slippage from QFEX: live order book, 4 min ago; HTX: live order book, 52 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 QFEX live order book, 4 min ago	1.01 bp	6.0 bp −$6	9.9 bp −$99	doesn't fit	doesn't fit
Sell HTX live order book, 52 min ago	2.30 bp	8.6 bp −$9	13.7 bp −$137	doesn't fit	doesn't fit

META on 37 exchanges

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	−0.1600%	1h	739.12	+0.016%	$33K	$105	20x	as long as short
BloFin META-USDT	−0.0120%	8h	739.33	+0.045%	$337K	$1.1M	20x	as long as short
Aster METAUSDT	0.0000%	8h	739.71	+0.096%	$492K	$629K	20x	as long as short
Extended META_24_5-USD	0.0000%	1h	738.78	−0.030%	$547K	$3.3M	17x	as long as short
Binance METAUSDT	0.0000%	8h	739.11	+0.015%	$25.2M	$191.9M	20x	as long as short
Bybit METAUSDT	0.0000%	8h	738.71	−0.039%	$7.5M	$16.3M	100x	as long as short
OKX META-USDT-SWAP	0.0000%	8h	739.00	0.000%	$6.0M	$13.1M	20x	as long as short
Gate META_USDT	0.0000%	8h	738.66	−0.046%	$493K	$6.3M	100x	as long as short
Bitget METAUSDT	0.0000%	8h	739.02	+0.003%	$5.9M	$12.3M	100x	as long as short
Variational Omni META	0.0000%	8h	739.44	+0.060%	$2.6M	$3.2M	—	as long as short

Show all 37 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT META_USDT_Perp	0.0000%	8h	739.32	+0.044%	$12K	$422K	10x	as long as short
SunX META-USDT	0.0000%	8h	739.50	+0.068%	$796	$6.8M	20x	as long as short
HTX META-USDTshort	0.0000%	8h	739.04	+0.005%	$108K	$309K	30x
Phemex METAUSDT	0.0000%	4h	739.62	+0.084%	$2.0M	$9K	10x	as long as short
Deribit META_USDC-PERPETUAL	+0.0021%	1h	738.64	−0.049%	$36K	$209K	10x	as long as short
Lighter RH META	+0.0032%	1h	739.15	+0.020%	$856K	$2.8M	20x	as long as short
Vest META-USD-PERP	+0.0046%	1h	739.18	+0.024%	—	$11K	25x	as long as short
Popdex METAUSDT	+0.0048%	1h	739.07	+0.009%	$178K	$199K	20x	as long as short
Polymarket Perps META-USD	+0.0050%	1h	738.66	−0.046%	$557K	$590K	10x	as long as short
SoDEX META-USD	+0.0050%	1h	739.14	+0.019%	$24K	$3K	10x	as long as short
Ondo Perps META-USD.P	+0.0050%	1h	738.72	−0.038%	$754K	$5.1M	10x	as long as short
QFEX META-USDlong	+0.0056%	1h	739.00	long leg	$2.2M	$14.0M	10x
Paradex META-USD-PERP	+0.0068%	8h	738.66	−0.046%	—	—	5x	as long as short
Aftermath Perps METAUSD	+0.0079%	1h	739.65	+0.089%	$53K	$86K	10x	as long as short
Coinbase International META-PERP-INTX	+0.0088%	1h	739.08	+0.011%	$642K	$7.3M	10x	as long as short
Pacifica META	+0.0100%	1h	738.53	−0.064%	$611	$3K	10x	as long as short
KuCoin METAUSDTM	+0.0100%	8h	739.13	+0.018%	$1.6M	$933K	20x	as long as short
ApeX Omni METAUSDT	+0.0100%	1h	738.25	−0.101%	$165K	$71K	50x	as long as short
Orderly PERP_META_USDC_mythos	+0.0100%	8h	739.01	+0.001%	$1K	$338	10x	as long as short
Aevo META-PERP	+0.0104%	1h	738.83	−0.024%	$266	—	10x	as long as short
Nado META-PERP	+0.0112%	1h	738.48	−0.070%	$474K	$536K	20x	as long as short
edgeX METAUSDC	+0.0122%	4h	739.43	+0.058%	$62K	$349K	10x	as long as short
Arcus META-USD	+0.0209%	1h	738.60	−0.054%	$110K	$291K	10x	as long as short
Injective META/USDC PERP	+0.0220%	1h	740.69	+0.229%	$167K	$61K	30x	as long as short
tradeXYZ xyz:META	+0.0300%	1h	739.00	0.000%	$86.9M	$136.1M	20x	as long as short
Lighter META	+0.0360%	1h	739.23	+0.031%	$1.2M	$2.6M	20x	as long as short
Phoenix META	+0.0626%	1h	740.45	+0.196%	$791K	$1.6M	20x	as long as short