META

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0273%/8h= +29.9% APRnext payment +$0.34 per $10,000 · paid last 24h −0.004%

Price spread now: Phoenix against Arcus+0.134%7-day average +0.008% · 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−$22as in the Price arb table

costs, in and out, $10k−$350.350% of the position

Long on Arcus Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.049%−$5 on $10k

Price spread, last 4 days (all we have)−0.528%−$53 · spread now +0.134%, 7d avg +0.008%

Together, before fees−0.577%−$58 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$8 a day on $10k at the current rate, and Phoenix is 0.126% dearer against Arcus than usual: you sell high and buy low: +$13 more if the spread goes back to its 7-day average of +0.008%.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid -0.049% in total (about -5.2% a year). A funding rate is set anew for every payment; at this rate the next one is about +$0.34 per $10,000. 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	Arcus META-USD	740.25	0.0040	pay 0.0005% / 1h	25m 26s	$110K	$330K	10x
Short	Phoenix META	741.24	0.0313	get 0.0039% / 1h	25m 26s	$416K	$1.1M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Arcus. 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 ArcusbpFee PhoenixbpOrdersPrice spread, now +0.134%Rate

Funding earned: $57.27
Price spread: +0.134% → +0.008%: $12.6
Slippage, 4 orders: −$23.51
Fee Arcus: 2.25 bp × 2 orders: −$4.5
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $34.86
Costs to cover: 0.350%
Break-even: 2.7 days

Slippage from Arcus: live order book, 43 min ago; Phoenix: live order book, 3 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 Arcus live order book, 43 min ago	2.84 bp	6.5 bp −$7	7.2 bp −$72	doesn't fit	doesn't fit
Sell Phoenix live order book, 3 min ago	2.02 bp	8.0 bp −$8	15.1 bp −$151	doesn't fit	doesn't fit

META on 35 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
Nado META-PERP	−0.0137%	1h	739.97	−0.038%	$478K	$549K	20x	as long as short
Aster METAUSDT	0.0000%	8h	740.46	+0.028%	$466K	$549K	20x	as long as short
Extended META_24_5-USD	0.0000%	1h	740.37	+0.016%	$550K	$2.7M	17x	as long as short
Binance METAUSDT	0.0000%	8h	740.44	+0.026%	$27.3M	$179.2M	20x	as long as short
Bybit METAUSDT	0.0000%	8h	740.27	+0.003%	$7.5M	$13.8M	100x	as long as short
OKX META-USDT-SWAP	0.0000%	8h	740.55	+0.041%	$5.9M	$13.3M	20x	as long as short
Gate META_USDT	0.0000%	8h	740.38	+0.018%	$353K	$5.6M	100x	as long as short
Bitget METAUSDT	0.0000%	8h	740.60	+0.047%	$5.5M	$11.3M	100x	as long as short
Variational Omni META	0.0000%	8h	740.67	+0.057%	$2.3M	$3.1M	—	as long as short
GRVT META_USDT_Perp	0.0000%	8h	740.63	+0.051%	$12K	$432K	10x	as long as short

Show all 35 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX META-USDT	0.0000%	8h	740.53	+0.038%	$1K	$9.2M	20x	as long as short
Deribit META_USDC-PERPETUAL	0.0000%	1h	740.28	+0.004%	$31K	$244K	10x	as long as short
HTX META-USDT	0.0000%	8h	740.53	+0.038%	$105K	$296K	30x	as long as short
Phemex METAUSDT	0.0000%	4h	740.89	+0.086%	$2.0M	$8K	10x	as long as short
QFEX META-USD	+0.0025%	1h	740.35	+0.014%	$2.2M	$14.0M	10x	as long as short
Lighter RH META	+0.0032%	1h	740.49	+0.032%	$750K	$3.0M	20x	as long as short
Arcus META-USDlong	+0.0040%	1h	740.25	long leg	$110K	$330K	10x
Vest META-USD-PERP	+0.0046%	1h	740.65	+0.054%	—	$11K	25x	as long as short
Popdex METAUSDT	+0.0048%	1h	740.44	+0.026%	$176K	$197K	20x	as long as short
Polymarket Perps META-USD	+0.0050%	1h	740.19	−0.008%	$558K	$847K	10x	as long as short
SoDEX META-USD	+0.0050%	1h	740.54	+0.039%	$24K	$3K	10x	as long as short
Ondo Perps META-USD.P	+0.0050%	1h	739.78	−0.063%	$697K	$4.3M	10x	as long as short
Paradex META-USD-PERP	+0.0056%	8h	740.20	−0.007%	—	—	5x	as long as short
Aftermath Perps METAUSD	+0.0069%	1h	741.29	+0.140%	$49K	$80K	10x	as long as short
KuCoin METAUSDTM	+0.0100%	8h	740.44	+0.026%	$1.6M	$482K	20x	as long as short
ApeX Omni METAUSDT	+0.0100%	1h	740.11	−0.019%	$166K	$71K	50x	as long as short
Orderly PERP_META_USDC_mythos	+0.0100%	8h	740.58	+0.045%	$1K	$24	10x	as long as short
Aevo META-PERP	+0.0104%	1h	740.42	+0.023%	$267	—	10x	as long as short
Coinbase International META-PERP-INTX	+0.0104%	1h	740.66	+0.055%	$609K	$7.2M	10x	as long as short
Lighter META	+0.0112%	1h	740.42	+0.023%	$855K	$2.4M	20x	as long as short
Hotstuff META-PERP	+0.0120%	1h	740.43	+0.024%	$33K	$105	20x	as long as short
Injective META/USDC PERP	+0.0220%	1h	742.96	+0.366%	$171K	$48K	30x	as long as short
tradeXYZ xyz:META	+0.0237%	1h	740.36	+0.015%	$68.3M	$120.3M	20x	as long as short
Phoenix METAshort	+0.0313%	1h	741.24	+0.134%	$416K	$1.1M	20x
edgeX METAUSDC	+0.0851%	4h	740.34	+0.013%	$62K	$334K	10x	as long as short