Funding arb · Price arb /

META

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0282%/8h= +30.9% APRpaid last 24h +0.054%

Price spread now: tradeXYZ against SunX−0.038%52s7-day average −0.045% · you buy dearer than you sell

Net, funding: paid 7d − costs−$66as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$840.843% of the position

Long on SunX Short on tradeXYZ

What this pair did over the last

the charts below follow

Funding, last 7 days+0.184%+$18 on $10k

Price spread, last 4 days (all we have)−0.212%−$21 · spread now −0.038%, 7d avg −0.045%

Together, before fees−0.028%+ Points / potential airdroptradeXYZ: Active · farm board−$3 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.045%, so right now this pair is about funding alone: +$8 a day on $10k at the current rate. The two prices were read 52 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.184% in total (about 9.6% 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	SunX META-USDT	742.54	0	get 0.0000% / 8h	4h 34m	$1K	$9.1M	20x
Short	tradeXYZ xyz:META	742.26	0.0282	get 0.0035% / 1h	34m 28s	$69.4M	$120.3M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

tradeXYZ against SunX. 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 SunXbpFee tradeXYZbpOrdersPrice spread, now −0.038%Rate

Funding earned: $59.17
Price spread: −0.038% → −0.045%: $0.72
Slippage, 4 orders: −$58.31
Fee SunX: 4 bp × 2 orders: −$8
Fee tradeXYZ: 9 bp × 2 orders: −$18
Net: −$24.42
Costs to cover: 0.843%
Break-even: 9.9 days

Slippage from SunX: live order book, 5 min ago; tradeXYZ: live order book, 5 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 SunX live order book, 5 min ago	28.16 bp	32.2 bp −$32	doesn't fit	doesn't fit	doesn't fit
Sell tradeXYZ live order book, 5 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	742.39	−0.020%	$329K	$1.1M	20x	as long as short
Nado META-PERP	−0.0030%	1h	741.72	−0.111%	$479K	$553K	20x	as long as short
Aster METAUSDT	0.0000%	8h	742.32	−0.030%	$466K	$551K	20x	as long as short
Extended META_24_5-USD	0.0000%	1h	742.01	−0.072%	$548K	$2.7M	17x	as long as short
Binance METAUSDT	0.0000%	8h	742.20	−0.046%	$27.5M	$180.5M	20x	as long as short
Bybit METAUSDT	0.0000%	8h	742.05	−0.066%	$7.5M	$14.0M	100x	as long as short
OKX META-USDT-SWAP	0.0000%	8h	742.09	−0.061%	$6.0M	$13.5M	20x	as long as short
Gate META_USDT	0.0000%	8h	741.81	−0.098%	$363K	$5.7M	100x	as long as short
Bitget METAUSDT	0.0000%	8h	742.32	−0.030%	$5.4M	$11.7M	100x	as long as short
Variational Omni META	0.0000%	8h	742.38	−0.022%	$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	742.46	−0.010%	$13K	$440K	10x	as long as short
SunX META-USDTlong	0.0000%	8h	742.54	long leg	$1K	$9.1M	20x
Deribit META_USDC-PERPETUAL	0.0000%	1h	741.86	−0.092%	$31K	$245K	10x	as long as short
HTX META-USDT	0.0000%	8h	742.23	−0.042%	$106K	$296K	30x	as long as short
Phemex METAUSDT	0.0000%	4h	742.43	−0.015%	$2.0M	$8K	10x	as long as short
Lighter RH META	+0.0032%	1h	742.37	−0.023%	$767K	$3.0M	20x	as long as short
QFEX META-USD	+0.0036%	1h	742.23	−0.042%	$2.1M	$13.7M	10x	as long as short
Arcus META-USD	+0.0040%	1h	741.99	−0.074%	$110K	$330K	10x	as long as short
Vest META-USD-PERP	+0.0046%	1h	742.35	−0.026%	—	$10K	25x	as long as short
Popdex METAUSDT	+0.0048%	1h	742.19	−0.047%	$178K	$199K	20x	as long as short
Polymarket Perps META-USD	+0.0050%	1h	741.95	−0.079%	$559K	$540K	10x	as long as short
SoDEX META-USD	+0.0050%	1h	742.36	−0.024%	$24K	$3K	10x	as long as short
Ondo Perps META-USD.P	+0.0050%	1h	741.77	−0.104%	$709K	$4.3M	10x	as long as short
Paradex META-USD-PERP	+0.0063%	8h	742.00	−0.073%	—	—	5x	as long as short
Aftermath Perps METAUSD	+0.0081%	1h	743.15	+0.082%	$51K	$82K	10x	as long as short
KuCoin METAUSDTM	+0.0100%	8h	742.39	−0.020%	$1.6M	$543K	20x	as long as short
ApeX Omni METAUSDT	+0.0100%	1h	741.70	−0.113%	$166K	$71K	50x	as long as short
Orderly PERP_META_USDC_mythos	+0.0100%	8h	742.38	−0.022%	$1K	$24	10x	as long as short
Aevo META-PERP	+0.0104%	1h	742.28	−0.035%	$267	—	10x	as long as short
Coinbase International META-PERP-INTX	+0.0104%	1h	742.02	−0.070%	$614K	$7.2M	10x	as long as short
Hotstuff META-PERP	+0.0152%	1h	742.43	−0.015%	$33K	$105	20x	as long as short
Injective META/USDC PERP	+0.0220%	1h	744.47	+0.260%	$172K	$48K	30x	as long as short
Lighter META	+0.0240%	1h	742.34	−0.027%	$858K	$2.4M	20x	as long as short
tradeXYZ xyz:METAshort	+0.0282%	1h	742.26	−0.038%	$69.4M	$120.3M	20x
edgeX METAUSDC	+0.0398%	4h	742.31	−0.031%	$62K	$337K	10x	as long as short
Phoenix META	+0.0591%	1h	743.27	+0.098%	$656K	$1.2M	20x	as long as short