Funding arb · Price arb /

META

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0449%/8h= −49.1% APRpaid last 24h −0.030%

Price spread now: Variational Omni against tradeXYZ−0.060%7-day average +0.037% · you buy dearer than you sell

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

Long on tradeXYZ Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.083%−$8 on $10k

Price spread, last 7 days+0.083%+$8 · spread now −0.060%, 7d avg +0.037%

Together, before fees+0.001%+ Points / potential airdroptradeXYZ: Active · Variational Omni: Active · farm board$0 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$13 a day on $10k at the current rate, and Variational Omni is 0.098% cheaper against tradeXYZ than usual: you would sell low and buy high (−$10 if the spread goes back to its 7-day average of +0.037%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid -0.083% in total (about -8.4% 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	tradeXYZ xyz:META	746.31	0.0449	pay 0.0056% / 1h	10m 28s	$75.9M	$125.6M	20x
Short	Variational Omni META	745.86	0	get 0.0000% / 8h	2h 10m	$2.4M	$3.3M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against tradeXYZ. 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 tradeXYZbpFee Variational OmnibpOrdersPrice spread, now −0.060%Rate

Funding earned: −$94.25
Price spread: −0.060% → +0.037%: −$9.77
Slippage, 4 orders: no order book: not counted
Fee tradeXYZ: 9 bp × 2 orders: −$18
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$122.02
Costs to cover: 0.180%
Break-even: never at this rate

Slippage unknown: tradeXYZ: live order book, 9 min ago; Variational Omni: RFQ quote, 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 tradeXYZ live order book, 9 min ago	0.27 bp	10.0 bp −$10	11.8 bp −$118	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 4 min ago	2.60 bp	doesn't fit	14.0 bp −$140	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	745.92	−0.052%	$330K	$1.1M	20x	as long as short
Aster METAUSDT	0.0000%	8h	745.65	−0.088%	$480K	$590K	20x	as long as short
Extended META_24_5-USD	0.0000%	1h	745.53	−0.104%	$549K	$2.6M	17x	as long as short
Binance METAUSDT	0.0000%	8h	745.86	−0.060%	$27.7M	$182.7M	20x	as long as short
Bybit METAUSDT	0.0000%	8h	745.83	−0.064%	$7.3M	$15.1M	100x	as long as short
OKX META-USDT-SWAP	0.0000%	8h	745.91	−0.054%	$6.0M	$12.5M	20x	as long as short
Gate META_USDT	0.0000%	8h	745.30	−0.135%	$433K	$5.9M	100x	as long as short
Bitget METAUSDT	0.0000%	8h	745.85	−0.062%	$5.5M	$12.1M	100x	as long as short
Variational Omni METAshort	0.0000%	8h	745.86	−0.060%	$2.4M	$3.3M	—
GRVT META_USDT_Perp	0.0000%	8h	744.06	−0.301%	$12K	$443K	10x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX META-USDT	0.0000%	8h	745.91	−0.054%	$809	$8.3M	20x	as long as short
Deribit META_USDC-PERPETUAL	0.0000%	1h	745.57	−0.099%	$31K	$263K	10x	as long as short
HTX META-USDT	0.0000%	8h	745.86	−0.060%	$106K	$306K	30x	as long as short
Phemex METAUSDT	0.0000%	4h	745.24	−0.143%	$2.0M	$8K	10x	as long as short
Nado META-PERP	+0.0004%	1h	745.61	−0.094%	$482K	$557K	20x	as long as short
Lighter RH META	+0.0032%	1h	746.18	−0.017%	$767K	$3.0M	20x	as long as short
Arcus META-USD	+0.0040%	1h	744.74	−0.210%	$110K	$331K	10x	as long as short
Vest META-USD-PERP	+0.0046%	1h	746.26	−0.007%	—	$11K	25x	as long as short
QFEX META-USD	+0.0046%	1h	745.52	−0.106%	$2.2M	$13.8M	10x	as long as short
Popdex METAUSDT	+0.0048%	1h	745.81	−0.067%	$179K	$200K	20x	as long as short
Polymarket Perps META-USD	+0.0050%	1h	745.41	−0.121%	$586K	$562K	10x	as long as short
SoDEX META-USD	+0.0050%	1h	745.06	−0.167%	$25K	$3K	10x	as long as short
Ondo Perps META-USD.P	+0.0050%	1h	745.23	−0.145%	$748K	$4.9M	10x	as long as short
Paradex META-USD-PERP	+0.0069%	8h	745.81	−0.066%	—	—	5x	as long as short
Aftermath Perps METAUSD	+0.0083%	1h	745.20	−0.149%	$52K	$81K	10x	as long as short
KuCoin METAUSDTM	+0.0100%	8h	745.67	−0.086%	$1.6M	$656K	20x	as long as short
ApeX Omni METAUSDT	+0.0100%	1h	744.10	−0.296%	$167K	$72K	50x	as long as short
Orderly PERP_META_USDC_mythos	+0.0100%	8h	745.78	−0.071%	$1K	$24	10x	as long as short
Aevo META-PERP	+0.0104%	1h	745.77	−0.072%	$268	—	10x	as long as short
Coinbase International META-PERP-INTX	+0.0128%	1h	744.53	−0.239%	$655K	$7.8M	10x	as long as short
Injective META/USDC PERP	+0.0220%	1h	742.85	−0.464%	$171K	$46K	30x	as long as short
Lighter META	+0.0304%	1h	746.26	−0.007%	$1.0M	$2.6M	20x	as long as short
Hotstuff META-PERP	+0.0360%	1h	746.32	+0.001%	$33K	$105	20x	as long as short
tradeXYZ xyz:METAlong	+0.0449%	1h	746.31	long leg	$75.9M	$125.6M	20x
edgeX METAUSDC	+0.0521%	4h	744.35	−0.263%	$62K	$339K	10x	as long as short
Phoenix META	+0.0685%	1h	745.86	−0.060%	$796K	$1.4M	20x	as long as short