META Funding Carry

Thesis

Earns the funding gap on META between Lighter and Lighter Robinhood by shorting where funding is higher and buying where it is lower.

Strategy

• Opens on a wide gap: When yearly funding differs by at least 8%, it shorts META on the higher venue and buys it on the lower, equal dollars each. • Closes on any warning: Both legs close if the gap drops below 8%, a leg nears liquidation, leg values differ over 10%, or you turn on close now. • Sized at 10x: Each leg is 10 times the smaller venue balance, about 10x your total, capped at 1% of daily trading volume.

Exposure

• Holds: Opposite META positions — A short META position on one venue and an equal-dollar long on the other, so price moves largely cancel out. • Venue: Two Lighter accounts — Lighter and Lighter Robinhood. You fund it with Lighter USDC; it moves half to Lighter Robinhood USDG itself. • Leverage: About 10x combined — Each leg is 10 times its venue's balance, with each venue set to 20x cross margin. • Costs: Funding, transfer fees — Hourly funding on each leg and the fee to move money between the two venues; standard Lighter trading is free. • Data: Circuit — Funding rates, prices and daily volume for META on both venues. • On unwind: USDC and USDG — Lighter USDC on Lighter and Lighter Robinhood USDG on Lighter Robinhood.