META

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0543%/8h= +59.5% APRnext payment +$0.68 per $10,000 · paid last 24h +0.059%

Price spread now: Phoenix against ApeX Omni+0.172%7-day average +0.041% · you sell dearer than you buy

Net, funding: paid 7d − costs−$53as in the Funding arb table

Net, price: spread back to 7d avg − costs−$58as in the Price arb table

costs, in and out, $10k−$710.713% of the position

Long on ApeX Omni Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.188%+$19 on $10k

Price spread, last 4 days (all we have)−0.264%−$26 · spread now +0.172%, 7d avg +0.041%

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

Both sides work for this trade now. Funding pays +$16 a day on $10k at the current rate, and Phoenix is 0.131% dearer against ApeX Omni than usual: you sell high and buy low: +$13 more if the spread goes back to its 7-day average of +0.041%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.188% in total (about 9.8% a year). A funding rate is set anew for every payment; at this rate the next one is about +$0.68 per $10,000. In the chart: green and red are payments made; yellow are the hours one leg has not settled yet: what the other leg paid, plus the unsettled leg at its current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	ApeX Omni METAUSDT	743.26	0.0100	pay 0.0013% / 1h	19m 18s	$166K	$71K	50x
Short	Phoenix META	744.54	0.0643	get 0.0080% / 1h	19m 18s	$795K	$1.5M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against ApeX Omni. 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 ApeX OmnibpFee PhoenixbpOrdersPrice spread, now +0.172%Rate

Funding earned: $114.02
Price spread: +0.172% → +0.041%: $13.13
Slippage, 4 orders: −$54.35
Fee ApeX Omni: 5 bp × 2 orders: −$10
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $55.8
Costs to cover: 0.713%
Break-even: 3.6 days

Slippage from ApeX Omni: live order book, 29 min ago; Phoenix: 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 ApeX Omni live order book, 29 min ago	2.62 bp	39.2 bp −$39	434.5 bp −$4,345	doesn't fit	doesn't fit
Sell Phoenix live order book, 2 min ago	2.02 bp	8.0 bp −$8	15.1 bp −$151	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
BloFin META-USDT	−0.0120%	8h	743.76	+0.067%	$337K	$1.1M	20x	as long as short
Aster METAUSDT	0.0000%	8h	744.94	+0.226%	$495K	$628K	20x	as long as short
Extended META_24_5-USD	0.0000%	1h	743.39	+0.017%	$544K	$3.3M	17x	as long as short
Binance METAUSDT	0.0000%	8h	743.62	+0.048%	$26.0M	$192.1M	20x	as long as short
Bybit METAUSDT	0.0000%	8h	743.47	+0.028%	$7.7M	$15.8M	100x	as long as short
OKX META-USDT-SWAP	0.0000%	8h	743.60	+0.046%	$6.1M	$12.9M	20x	as long as short
Gate META_USDT	0.0000%	8h	743.16	−0.013%	$456K	$6.5M	100x	as long as short
Bitget METAUSDT	0.0000%	8h	743.65	+0.052%	$5.7M	$12.2M	100x	as long as short
Variational Omni META	0.0000%	8h	743.55	+0.039%	$2.5M	$3.0M	—	as long as short
GRVT META_USDT_Perp	0.0000%	8h	743.88	+0.083%	$12K	$433K	10x	as long as short

Show all 37 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX META-USDT	0.0000%	8h	744.00	+0.100%	$943	$7.4M	20x	as long as short
Deribit META_USDC-PERPETUAL	0.0000%	1h	743.38	+0.016%	$36K	$265K	10x	as long as short
HTX META-USDT	0.0000%	8h	743.41	+0.020%	$108K	$299K	30x	as long as short
Phemex METAUSDT	0.0000%	4h	743.90	+0.086%	$2.0M	$8K	10x	as long as short
Lighter RH META	+0.0032%	1h	743.75	+0.066%	$821K	$2.8M	20x	as long as short
Nado META-PERP	+0.0040%	1h	743.43	+0.023%	$477K	$551K	20x	as long as short
Arcus META-USD	+0.0040%	1h	743.26	0.000%	$111K	$284K	10x	as long as short
QFEX META-USD	+0.0041%	1h	743.64	+0.051%	$2.2M	$14.0M	10x	as long as short
Vest META-USD-PERP	+0.0046%	1h	744.12	+0.116%	—	$11K	25x	as long as short
Popdex METAUSDT	+0.0048%	1h	743.66	+0.054%	$179K	$201K	20x	as long as short
Polymarket Perps META-USD	+0.0050%	1h	743.32	+0.008%	$560K	$612K	10x	as long as short
SoDEX META-USD	+0.0050%	1h	743.59	+0.044%	$24K	$3K	10x	as long as short
Ondo Perps META-USD.P	+0.0050%	1h	743.04	−0.030%	$704K	$5.0M	10x	as long as short
Paradex META-USD-PERP	+0.0052%	8h	743.51	+0.033%	—	—	5x	as long as short
Aftermath Perps METAUSD	+0.0075%	1h	744.42	+0.156%	$52K	$77K	10x	as long as short
Coinbase International META-PERP-INTX	+0.0096%	1h	743.43	+0.023%	$652K	$7.8M	10x	as long as short
Pacifica META	+0.0100%	1h	743.60	+0.046%	$634	$2K	10x	as long as short
KuCoin METAUSDTM	+0.0100%	8h	743.76	+0.067%	$1.6M	$837K	20x	as long as short
ApeX Omni METAUSDTlong	+0.0100%	1h	743.26	long leg	$166K	$71K	50x
Orderly PERP_META_USDC_mythos	+0.0100%	8h	743.70	+0.059%	$1K	$24	10x	as long as short
Aevo META-PERP	+0.0104%	1h	743.39	+0.018%	$268	—	10x	as long as short
Hotstuff META-PERP	+0.0192%	1h	743.66	+0.054%	$33K	$105	20x	as long as short
Injective META/USDC PERP	+0.0220%	1h	745.07	+0.244%	$168K	$60K	30x	as long as short
tradeXYZ xyz:META	+0.0258%	1h	743.62	+0.048%	$86.1M	$135.0M	20x	as long as short
Lighter META	+0.0272%	1h	743.89	+0.085%	$1.2M	$2.7M	20x	as long as short
Phoenix METAshort	+0.0643%	1h	744.54	+0.172%	$795K	$1.5M	20x
edgeX METAUSDC	+0.0721%	4h	743.57	+0.042%	$62K	$348K	10x	as long as short